In 2017 there was a real boom in the popularity of crypto-currencies. 9 years about bitcoin knew only geeks, and today even grandmothers on benches speak about him. Nevertheless, investment and trade in the cryptocurrency are still difficult.
You need to create wallets, register on exchanges, work with exchangers, which charge a huge commission. You will lose the secret phrase from your wallet – you will remain without money, as you cannot restore access.
If you do not want to bind yourself to additional difficulties, you can choose to bid for bitcoin on Forex. You do not need crypto-currency wallets. You do not need to buy coins, overpaying exchangers. Do not write passwords in several places.
The main problem of trading a cryptocurrency with a broker is that not all dealers offer this trading instrument. However, many companies have already caught the trend and added at least one pair – BTCUSD. And we are sure, the list will be replenished.
Now we note the main difference. On the platform of the broker, you do not trade the currency directly. You conclude CFD contracts. Before we go any further, let’s deal with it. What kind of tool is this?
What is CFD?
CFDs are contracts for difference. Dealers have long offered such contracts for stocks, commodities, indices. The bottom line is that a trader does not buy the asset himself, but opens deals on the difference in rates. At the same time, you can also trade with a leverage, which can increase the profit margin several times, rather than keeping the bitcoin on your wallet.
However, do not forget that trading with a leverage is an additional risk. You can earn considerably more, but the losses will also increase.
Another feature of CFD – you can earn both on the increase in the value of the asset, and on the fall of quotations. If you keep bitcoin on the exchange, the fall in its value will bring losses. Yes, you can shorten it, but it’s hard for beginners to do it.
Trade bitcoin on Forex with the best brokers
Now let’s find out what conditions for Forex trading are offered by Forex dealers. To do this, consider the trading opportunities of several top dealers.
The broker offers only 1 CFD for crypto-currencies (BTCUSD). In order to gain access to the tool, you need to get one of 3 accounts:
- ECN.MT4 – the minimum deposit is 300 USD / 18 000 RUB;
- PRO.ECN.MT4 – min. deposit 500 USD / 30 000 RUB;
- ECN.MT5 – min. deposit 500 USD / 30 000 RUB.
The specification of the BTCUSD contract depends on the selected account type. On the official site of the broker there is a table with the description of the features of the contract for each type of account. However, in fact, only the spread differs. On ECN.MT4, the minimum spread is 40010 points. On the other accounts – 0. In this case, the average spread is almost the same.
And finally, let’s consider the remaining parameters of bidding bitcoin from Forex dealer Alpari :
- Lot size – 1 bitcoin;
- The minimum contract is 0,1 lots;
- The cost of 1 point for 0.1 lot is 0.0001 USD;
The maximum volume of one transaction is 30 lots.
Unlike Alpari, Instaforex offers its traders CFD contracts also for Ethereum, Litecoin and Ripple. In addition, the spreads on the BTC here are much lower – 15,000, and the commission 0.1%. Another feature is the lack of leverage. In trading with the crypto currency on the Instaforex platform, you will only need to use your own investments.
For more comfortable work with bitcoin, InstaForex has developed its own mobile application for Andoid-devices.
In the application, you can track the quotes of crypto currency in several currency pairs, monitor the latest news in the field of crypt. The application is simple and convenient. And even if you are not going to work with the company, we recommend downloading the program.
You can learn about the peculiarities of trading bitcoin on Forex with other brokers independently. But in general terms are standard everywhere. Differences can concern spreads, swaps and some other features.