If you want to trade cryptocurrencies such as Bitcoin, FXGT is the best broker.
The reason is as follows.
- Can trade with the least amount of money
- Bonus programs and the margin increases
- Lowest cost
- Largest number of pairs
- With negative balance protection system you never have debt
I will explain these reasons in detail.
However, cryptocurrency trading at forex brokers is not a spot trading, it is CFD.
Forex brokers do not provide you Bitcoin wallets.
Since you do not own the physical Bitcoin, you cannot send Bitcoin to anyone.
If you want to keep Bitcoin as asset for a long time, please skip this article.
If you didn’t open FXGT account yet, please refer to another article and open it.
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About Cryptocurrency
Entering the second half of 2020, Bitcoin price is steadily rising.
The price has dropped considerably since the outbreak of Covid-19, but as of November 2020, when this article was written, it has already exceeded $ 15,000.
Will the day come when the price will exceed $ 20,000 again at the end of 2017?
**In January 2021, it finally exceeded $40,000 per BTC!!
It is also said to be the return of the 2017 cryptocurrency boom, boosting price increases.
Please see the separate article “Best Forex Brokers for Crypto Trading” for an easy-to-understand summary of cryptocurrencies.
It also explains why cryptocurrencies are popular with forex traders and what is the difference between forex brokers and Bitcoin exchange company.
Forex Brokers that Offers Crypto Trading
The following 7 brokers.
Each has its own characteristics, but FXGT is the best.
| Forex Broker | Cryptocurrencies | Max Leverage |
|---|---|---|
FXGT | 30 Pairs (8 Cryptos) BTC:Bitcoin EHT:Ethereum XRP:Ripple LTC:Litecoin BCH:Bitcoin Cash ADA:Cardano DOT:Polkadot XLM:Stellar Lumens | 1:1000 |
FBS | 5 Pairs (5 Cryptos) BTC:Bitcoin EHT:Ethereum XRP:Ripple LTC:Litecoin BCH:Bitcoin Cash | 1:3 |
HotForex | 12 Pairs (9 Cryptos) BCH:Bitcoin Cash BNB:Binance BTC:Bitcoin EOS:EOS ETH:Ethereum LTC:Litecoin XLM:Stellar XMR:Monero XRP:Ripple | 1:10 (XRPUSD : 1:5） |
TitanFX | 18 Pairs (9 Cryptos) BCH: Bitcoin Cash BTC: Bitcoin ETH: Ethereum LTC: Litecoin LINK: Chainlink XLM:Stellar Lumens XRP: Ripple DOT: Polkadot EOS: Eos | 1:20 |
iFOREX | 17 Pairs (15 Cryptos) BTC:Bitcoin ETH:Ethereum XRP:Ripple BTC:Bitcoin Cash LTC:Litecoin DOGE:Dogecoin TRX:TRON ADA:Cardano XLM:Stellar IOTA:IOTA NEO:NEO DASH:Dash EOS:EOS XMR:Monero DOT:Polkadot | Bitcoin : 1:13.3 Ripple : 1:5 Others : 1:10 |
Tradeview | 5 Pairs (4 Cryptos) BTC:Bitcoin ETH:Ethereum LTC:Litecoin XBN:BItcoin Cash XRP:Ripple | Bitcoin : 1:10 Others : 1:5 |
TMGM | 5 Pairs (5 Cryptos) BCH:Bitcoin Cash BTC:Bitcoin ETH:Ethereum LTC:Litecoin XRP:Ripple | 1:5 |
Why FXGT is the BEST
As mentioned at the beginning, the reasons are as follows.
From the risk and cost perspectives, I think FXGT is the only choice.
- Can trade with the least amount of money
- Bonus programs and the margin increases
- Lowest cost
- With negative balance protection system you never have debt
Let’s look at the specific reasons in order.
Can Trade With the Least Amount of Money
The biggest feature of forex broker is high leverage.
It’s normal, like 500 times or 1000 times.
However, unlike currency pairs, cryptocurrencies have large price fluctuations (volatility), so the leverage is set lower than usual.
Cryptocurrency exchange companies offer spot trading and margin trading.
Margin trading is usually up to 4-5 times leverage.
Margin trading is not offered by all cryptocurrency exchange companies.
The Thai cryptocurrency exchange company I use can only do spot trading. This means, leverage is 1:1. No leverage.
The maximum leverage when trading Bitcoin with the forex broker I am introducing is as follows.
| Forex Broker | Max Leverage |
|---|---|
| FXGT | 1:1000 |
| HotForex | 1:10 |
| TitanFX | 1:20 |
| iFOREX | 1:13.3 |
| Tradeview | 1:10 |
| TMGM | 1:5 |
| Crypto Exchange Company A | 1:4 |
| Crypto Exchange Company B | 1:1 |
FXGT is 1000 times the same as a currency pair!!
FXGT has been offering 500x leverage so far, but from June 28, 2021, they have increased it to 1000x.
Other Brokers have a maximum of 1:20.
TMGM is the most conservative, 1:5
Many cryptocurrency exchanges allow margin trading 1:4.
The leverage of a company that offers only spot trading is only 1:1.
How much does it cost to buy 1 BTC?
Now, let’s calculate how much it takes to buy 1 BTC.
As of June 2021, the price of Bitcoin is hovering around $35,000.
Let’s define it as follows so that it is easy to calculate.
- １BTC = $35,000
| Forex Broker | Leverage | Margin required to buy 1 BTC |
|---|---|---|
| FXGT | 1:1000 (Up tp $3,000) 1:500 (Up to $10,000) 1:200 (For more than $10,001) | $142 |
| HotForex | 1:10 | $3,500 |
| TitanFX | 1:20 | $1,750 |
| iFOREX | 1:13.3 | $2,632 |
| Tradeview | 1:10 | $3,500 |
| TMGM | 1:5 | $7,000 |
| Crypto Exchange Company A | 1:4 | $8,750 |
| Crypto Exchange Company B | 1:1 | $35,000 |
In FXGT, leverage is limited in stages depending on the transaction amount.
FXGT calls this “Dynamic Leverage”.
The FXGT rules allow for high leverage: 1,000x for transactions up to $3,000, 500x for transactions up to $10,000, and 200x for transactions over $10,000 and up to $50,000..
The formula is as follows
Bitcoin 3,000 USD ÷ 1:1000 = $3 margin requirement
Bitcoin 7,000 USD ÷ 1:500 = $14 margin requirement
Bitcoin 25,000 USD ÷ 1:200 = $125 margin requirement
In other words, to purchase 1 BTC = $35,000 with FXGT, you can purchase it with $142 by utilizing leverage.
With leverage, you can see easily that you can trade the same lot for less.
Bonus Programs and the Margin Increases
Each forex broker offers the following bonuses.
*As of June, 2021
| Non-deposit Bonus | Deposit Bonus | Others | |
|---|---|---|---|
| FXGT | – | 50%/20% （Max $6,500） | – |
| HotForex | – | 30% （Max $7,000） | Cashback |
| TitanFX | – | – | – |
| Tradeview | – | – | – |
| iFOREX | – | – | Cashback |
| TMGM | – | 10% （Max $10,000） | Gift Exchange |
FXGT, HotForex and TMGM offer deposit bonuses.
Tradeview doesn’t have any bonus programs.
The bonus cannot be withdrawn by itself, but can be used as part of the margin.
For example, in the case of FXGT, if you deposit $100, the deposit will be $100 + deposit bonus 50% ($50) = $150 in total.
(*Please note that the bonus amount of FXGT changes every month because it changes every month.)
With $150, you can buy 1 BTC with high leverage.
This means that you can invest $35,000 in Bitcoin with a deposit of only $100.
With bonuses, you can trade with less money at risk.
Lowest Cost
Cryptocurrencies such as Bitcoin have high volatility and generally have higher transaction fees than currency pairs.
Even in that state, FXGT is by far the best and the fee is the cheapest.
Below are the commissions (spreads) for trading BTCUSD with each broker.
It is a spread actually measured from a trading tool at the same time (around noon on weekdays).
*Measured in June 2021. 1BTC = $35,000
Min spread that brokers shows in website is also listed.
| Broker | Real Spread (USD) | Min Spread (Official website) |
|---|---|---|
| FXGT | $18 – $23 | $15 |
| HotForex | $50 – $55 | $26.0 |
| TitanFX | $25 – $28 | N/A |
| iFOREX | $100 – $120 | $130.99 |
| Tradeview | $62 – $72 * | N/A |
| TMGM | $39 – $42 | $23.0 |
Only Tradeview shows the spread notation with the transaction fee added separately because my account is an ECN account.
Tradeview charges a virtual currency transaction fee of 1.5 points.
In the case of BTCUSD, it is equivalent to 0.0015 BTC. So there is a fee of $35,000 x 0.0015 = $52.5.
If you look at this, you can see that FXGT is by far the cheapest.
Trading 1 BTC, the commission is about 18-23 USD.
TMGM and HotForex, which have relatively good conditions, TMGM charges 39-42 USD, and HotForex charges 50-55 USD, so FXGT is much cheaper.
Largest number of pairs
The number of cryptocurrency pairs handled by FXGT is 30, which is the largest.
As for cryptocurrencies, FXGT handle not only major cryptocurrencies such as Bitcoin (BTC) and ETH (Ethereum), but also ADA (Cardano) and DOD (Polkadot), which are extremely new and have been attracting attention recently.
Below is a list of cryptocurrency pairs handled by FXGT.
| No | Symbol | Cryptocurrency Pair |
|---|---|---|
| 1 | ADABTC | Cardano / Bitcoin |
| 2 | ADAEUR | Cardano / EUR |
| 3 | ADAJPY | Cardano / JPY |
| 4 | ADAUSD | Cardano / USD |
| 5 | BCHEUR | Bitcoin Cash / EUR |
| 6 | BCHJPY | Bitcoin Cash / JPY |
| 7 | BCHUSD | Bitcoin Cash / USD |
| 8 | BTCEUR | Bitcoin / EUR |
| 9 | BTCJPY | Bitcoin / JPY |
| 10 | BTCUSD | Bitcoin / USD |
| 11 | DOTBTC | Polkadot / Bitcoin |
| 12 | DOTEUR | Polkadot / EUR |
| 13 | DOTJPY | Polkadot / JPY |
| 14 | DOTUSD | Polkadot / USD |
| 15 | ETHBTC | Ethereum / Bitcoin |
| 16 | ETHEUR | Ethereum / USD |
| 17 | ETHJPY | Ethereum / JPY |
| 18 | ETHUSD | Ethereum / USD |
| 19 | LTCBTC | Litecoin / Bitcoin |
| 20 | LTCEUR | Litecoin / USD |
| 21 | LTCJPY | Litecoin / JPY |
| 22 | LTCUSD | Litecoin / USD |
| 23 | XLMBTC | Stellar Lumens / Bitcoin |
| 24 | XLMEUR | Stellar Lumens / EUR |
| 25 | XLMJPY | Stellar Lumens / JPY |
| 26 | XLMUSD | Stellar Lumens / USD |
| 27 | XRPBTC | Ripple / Bitcoin |
| 28 | XRPEUR | Ripple / EUR |
| 29 | XRPJPY | Ripple / JPY |
| 30 | XRPUSD | Ripple / USD |
Negative Balance Protection System
This is common to all forex brokers, not only FXGT.
Even if the price moves in the opposite direction and you got a stop out, you will not be in debt more than the amount you deposited.
In the previous example, in FXGT, you can trade 1 BTC with a deposit of $100, but even if you got a stop out, you will only lose $100.
Negative Balance Protection System will definitely protect you.
You will be able to start over again.
In addition, the story that I actually met the stop out and was saved by NBP system is summarized in another article. Please see if you are interested.
Cryptocurrency Can be Used for Deposit
FXGT accepts Bitcoin, Ethereum, Ripple and Tether deposits.
As far as I know, all cryptocurrency exchanges support domestic bank transfer, so if you do not have a cryptocurrency exchange account yet, create one.
Domestic bank → Cryptocurrency exchange → Bitcoin remittance to FXGT, it seems the fee is cheep.
If you are worried about Bitcoin price fluctuations during remittance, Tether is recommended.
I think it’s a good idea to choose a cryptocurrency exchange that supports Tether.
Summary
That’s why FXGT is the best broker for Bitcoin trading.
Focus on the volatility of cryptocurrencies and aim for big profits while controlling risks with a small amount of funds.
- Can trade with the least amount of money
- Bonus programs and the margin increases
- Lowest cost
- Largest number of pairs
- With negative balance protection system you never have debt
＼Just 3 minutes!!／
Open an Account
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