Best Crypto Forex Brokers 2024
The cryptocurrency market is extremely volatile, and its potential for growth has many new investors excited. In the first half of 2018 alone, the price of bitcoin increased by almost 300 percent, giving it a market cap of over $200 billion. While this kind of explosive growth sounds great to new investors looking for a big return on their money, the volatility also makes it an extremely risky investment.
However, that doesn’t mean it’s impossible to find the best crypto brokers for beginners in 2023. The trick is knowing where to look. Read on to learn more about the best crypto forex brokers in the industry and how to choose one that's right for your investing needs.
Start Trading Crypto Now with ByBit!Top 10 Cryptocurrency Forex Brokers
Below, we go over the top cryptocurrency Forex brokers.
Exness
Exness is one of the world’s largest brokers, known for its competitive trading conditions, high security, and wide selection of assets. The company serves over 700,000 active clients and processes a monthly volume exceeding $4 trillion.
While specializing in currency pairs, Exness also offers CFDs on stocks, commodities, indices, and cryptocurrencies. The broker caters to all experience levels with various account types – from cent accounts and social trading for beginners to high leverage and Expert Advisor support for seasoned professionals.
Exness holds multiple international licenses, including the stringent FCA and CySEC, ensuring trader funds are protected.
With features like 24/7 support, fast withdrawals, and analytics tools, Exness strives to provide an optimal trading experience.
Eightcap
Eightcap is a leading Forex and CFD broker, offering over 800 trading instruments, including currency pairs, cryptocurrencies, indices, stocks, and commodities. With tight spreads starting from 0 pips, leverage up to 1:500, and no withdrawal fees, Eightcap provides a competitive trading environment. The broker is regulated by top-tier authorities such as ASIC and FCA, ensuring a secure trading experience.
Comprehensive educational resources, advanced analytics, and innovative functionality such as code-free automated trading through Capitalise.ai and enhanced order execution with FlashTrader distinguish the platform from others.
Though Eightcap does not offer passive income opportunities or joint accounts, it is a popular choice for those seeking a reliable and feature-rich broker.
TeleTrade
TeleTrade is a global broker serving clients worldwide. They offer trading on Forex, indices, stocks, metals,cryptocurrencies, and energies. While lacking PAMM accounts and certain investment options, TeleTrade boasts a robust copy trading service, a strong affiliate program, and diverse account types (ECN, NDD, crypto). With sufficient leverage (up to 1:500) and spreads from 0 pips, the broker caters to various trading styles, including scalping, intraday trading, and medium to long-term strategies.
TeleTrade supports traders with market analytics, expert forecasts, an economic calendar, and a comprehensive education section on their website.
FxPro
FxPro is a well-established broker offering traders access to over 2,100 financial instruments across multiple asset classes, including Forex, stocks, commodities, indices, and cryptocurrencies. It is regulated by reputable authorities – FCA, CySEC and others.
The broker stands out with its focus on technology and offers an average order execution speed of 14-30 ms, setting a market benchmark. FxPro also provides an impressive suite of trading tools and educational resources, such as Trading Central analytics. The minimum deposit of $100, however, is higher than some competitors.
With a company capital exceeding 100 million euro, and a track record of reliability, FxPro stands out as a top-tier choice for traders looking for a secure and dynamic trading environment.
Forex4you
Forex4you caters to a wide range of traders, offering different account types, including cent accounts and ECN accounts with tight spreads from 0.1 pips. The broker provides leverage of up to 1:1000, order execution speed from 0.1 sec, and access to over 150 trading instruments, including Forex pairs, indices, commodities, and stocks. Its proprietary copy trading platform, Share4you, allows traders to earn additional income by sharing their strategies or copying successful traders. Additional features like cashback, bonuses, and partnership programs further enhance the trading experience.
Forex4you doesn't accept clients from the U.S., Canada, Japan, and EU countries, but it presents a compelling option for eligible traders seeking a well-rounded trading experience.
XM Group
XM Group is a globally recognized broker, operational in nearly 190 countries and serving over 5 million traders. The broker offers over 1,000 trading instruments, including Forex pairs, stocks, commodities, cryptocurrencies, and precious metals. With licenses from regulators like ASIC and CySEC, XM ensures a secure trading environment.
The company is committed to high-speed order execution without requotes, ensuring 99.35% of trades are completed nearly instantly. The broker's leverage varies by region, offering up to 1:1000 for some non-EU countries while maintaining strict compliance with European standards for others. The spreads start from 0.6 pips.
XM doesn't offer passive investment options like PAMM accounts but provides access to MQL5 copy trading and a VPS for algorithmic trading.
AMarkets
AMarkets provides a wide range of trading instruments, including Forex, stocks, commodities, and cryptocurrencies.
With average execution speeds of 35-50ms and floating spreads from 0 pips on the ECN account, it implements a low-latency environment suitable for high-frequency and scalping strategies. Leverage up to 1:3000 is available across account types. Traders can utilize advanced analytical tools like AutoChartist, Trade Analyzer, Sentiment Indicator, and a large database of EAs. The broker’s copy trading platform allows investors to seamlessly copy successful trading strategies. While offshore regulated, the broker offers additional security through a compensation fund and independent third-party audits.
AMarkets provides a robust environment for those looking for advanced trading conditions.
Deriv
Deriv is a brokerage company that started its activities in 1999. Deriv's mission is to make trading accessible. For this reason, the company has low minimum deposit requirements, but high-quality working conditions. DTrader is one of the broker's several proprietary trading platforms. Two others are Deriv bot and Deriv MT5. Deriv offers its clients to trade Forex assets, stocks, indices (including synthetic ones), CFDs, commodities, and options. Deriv is an international broker licensed and regulated by the following bodies: Vanuatu Financial Services Commission (VFSC, 14556), Malta and Labuan Financial Services Authority (MFSA, 71479 and Labuan FSA, MB/18/0024), BVI FSC (SIBA/L/18/1114). The rights of traders are guarded by the Financial Commission, of which Derive is also a member.
Libertex
Libertex is an online broker that provides access to trading CFDs on stocks, commodities, cryptocurrencies, and more. The company has been in the market for over 10 years. One of the advantages and distinctive features of the broker is its proprietary web trading platform with non-standard functionality designed for novice traders. It features a user-friendly interface, high information content, and advanced technical functionality.
InstaForex
InstaForex has been in the international financial market since 2007. Over the years of its operation, the company has attracted more than 7,000,000 traders from over 140 countries. The broker has 2,500+ trading instruments, including cryptocurrencies, synthetic indices, etc. The company strives to develop its competitive advantages by offering traders and investors new technological solutions and analytical tools every day.
The InstaForex group of companies comprises:
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Instant Trading Ltd., regulated by BVI FSC (British Virgin Islands, SIBA/L/14/1082).
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Instant Trading EU Ltd., regulated by CySEC (Cyprus, 266/15).
InstaForex is also regulated by BaFin (Germany), AFM (Netherlands), MFSA (Malta), and regulators of Greece, UK, Czech Republic, etc.
What Are Crypto Forex Brokers?
Crypto forex brokers are online platforms that allow investors to make trades in cryptocurrencies. These are brokers that give cryptocurrencies CFDs for trading. If you want to trade in cryptocurrencies, but don’t want to deal with the hassle of buying bitcoin or another altcoin in person, this is a great option for you.
Trading cryptocurrencies through a forex broker is very similar to buying stocks. You make an investment and then wait for it to rise or fall in value over time. With that being said, you should make sure to research each broker thoroughly before making a deposit. Brokers may be unregulated in the U.S., but that doesn’t mean they aren’t held accountable by the government. Make sure to read reviews online so that you can find an honest broker that has a good reputation for customer service and security.
How to Choose a Crypto Forex Broker
Online Reviews
The first thing you should do when selecting a crypto forex broker is find reviews online. This is a great way to ensure that any broker you’re considering is honest and has a good reputation. It’s important to look for reviews from credible sources, like e-commerce sites like Trustpilot or well-known financial review sites.
Reliability
One of the most important things to consider when choosing a crypto forex broker is the company’s reliability and trustworthiness. You should always be sure to check the legal status of any broker before signing up, and a good place to start is to see whether the broker is regulated by a major regulatory body.
Most countries have some form of regulation for online financial trading platforms, but regulations vary widely between countries. Some of the most commonly used regulatory bodies include the Financial Conduct Authority (FCA) in the UK, the Securities and Exchange Commission (SEC) in the United States, and the Australian Securities and Investments Commission (ASIC).
Best Forex Trading RegulatorsSupported Crypto Assets
Another important consideration when choosing a crypto forex broker is the assets they offer. Some brokers offer a very limited selection of crypto assets to trade, while others offer hundreds of options. The best crypto brokers for beginners will offer a variety of different crypto assets, including the most popular coins like bitcoin, ether, and litecoin.
Many brokers will also offer obscure altcoins that have very low trading volumes as a way to attract new investors who might not be able to get in on the more popular coins. A good strategy for beginners is to only invest in the most popular cryptocurrencies that have high trading volumes and a proven track record for longevity.
Crypto Fees
Another important consideration is the exchange rates or commission fees that you’ll have to pay when you buy or sell assets on your crypto forex broker’s platform. A good crypto forex broker will offer discounted rates on asset exchange rates and volume discounts to encourage new investors to sign up.
Most brokers will charge a percentage fee on every transaction, but this fee usually varies depending on the volume of your transaction and your trading strategy. A good way to make the most of your investment is to choose a broker that charges low fees and offers volume discounts.
Passive Income Options
One of the most exciting aspects of the crypto forex industry is the potential for passive income. A few of the most common passive income options are PAMM (Programmed Auto-trading Machine) and staking. Some brokers offer PAMM accounts, which are a type of managed account where one investor acts as a manager for other investors’ funds.
For example, a PAMM account might allow investors to put $50 each into a managed account. The account’s manager will then use those funds to buy a diverse range of crypto assets. The manager can then choose to keep the profits from the investments or return 80 percent of them to the investors. PAMM accounts are a great way to automatically earn extra income from your crypto investments.
How to Start Trading Crypto
In order to start trading with a cryptocurrency broker, you need to:
Choose a good cryptocurrency broker. Brokerprofiles on the Traders Union’s website can be of great help. There is a referral link in each profile that you can use to register.
Fund your account. You can start with depositing a minimum amount to test the broker, its features and functionality. Information about the minimum deposit must be provided on the broker’s website. Traders can also find it in their Traders Union’s profile.
Select assets to trade. Some brokers offer a limited selection of instruments, such as only the most popular cryptocurrencies. Other companies offer a large list that includes dozens or even hundreds of digital assets.
Open a position. To do this, you need to understand how the trading platform of the brokerworks and check the selection of orders. Orders must be selected in accordance with the trading strategy.
Cryptocurrency trading is not much different to Forex trading or working with other assets. The goal is to buy low and sell high. If you work with contracts for differences (CFDs), then you can earn on the price difference. If you are just starting to trade in the financial markets, it is recommended to take one of the educational courses.
Is Crypto Trading Risky?
Yes, crypto trading is risky. In fact, with the potential for such high gains, it’s one of the riskiest investments you can make. This is due to market volatility, which means prices rise and fall sharply within a short period of time. As a result, you have a greater risk of losing money when investing.
Due to low industry regulation, lack of liquidity, and the need to maintain an adequate margin, crypto CFDs are even riskier assets to trade. Risks, however, can be reduced and profit potential increased with a reasonable approach and risk management.
This means you should only invest money in cryptocurrencies that you can afford to lose. Most experts recommend that new investors don’t invest more than 10 percent of their total investment portfolio in cryptocurrencies.
There are also a few other things to keep in mind. First, you should always do your own research and make sure you understand the technology behind any coin you’re interested in investing in. This will help you decide which coins are worth investing in. Second, you should make sure you’re diversifying your portfolio.
This means you should be investing in different types of cryptocurrencies so that if one drops, a few others may rise to take its place, minimizing your losses. There is no guaranteed strategy for making big profits when investing in cryptocurrencies, but if you follow a few simple rules, you can decrease your risk and increase your potential for profit.
Methodology for compiling our ratings of crypto exchanges
Traders Union applies a rigorous methodology to evaluate crypto exchanges using over 100 quantitative and qualitative criteria. Multiple parameters are given individual scores that feed into an overall rating.
Key aspects of the assessment include:
User reviews. Client reviews and feedback are analyzed to determine customer satisfaction levels. Reviews are fact-checked and verified.
Trading instruments. Exchanges are evaluated on the range of assets offered, as well as the breadth and depth of available markets.
Fees and commissions. All trading fees and commissions are analyzed comprehensively to determine overall costs for clients.
Trading platforms. Exchanges are assessed based on the variety, quality, and features of platforms offered to clients.
Extra services. Unique value propositions and useful features that provide traders with more options for yield generation.
Other factors like brand popularity, client support, and educational resources are also evaluated.
FAQ
Are there crypto CFDs?
Trading cryptocurrencies with CFDs offers you the flexibility to speculate on whether a cryptocurrency rises or falls without actually owning any. By purchasing or selling cryptocurrencies, profit can be made, resulting in more trading opportunities.
What are CFDs in crypto?
In finance, this financial product is called a "contract for difference" or CFD. With CFDs, you can get indirect exposure to assets such as securities, commodities, indices, cryptocurrencies, as well as other types of assets by buying or selling positions in the underlying asset.
Is crypto trading risky?
Yes, it’s risky, but that doesn’t mean you can’t make money. With careful research and a good strategy, you can decrease your risk and increase your chance of profit.
What are the best cryptocurrencies to trade?
There is no one “best” cryptocurrency to trade. Every coin has its own advantages and disadvantages, making it best for certain types of investors.
Glossary for novice traders
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Broker
A broker is a legal entity or individual that performs as an intermediary when making trades in the financial markets. Private investors cannot trade without a broker, since only brokers can execute trades on the exchanges.
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Trading
Trading involves the act of buying and selling financial assets like stocks, currencies, or commodities with the intention of profiting from market price fluctuations. Traders employ various strategies, analysis techniques, and risk management practices to make informed decisions and optimize their chances of success in the financial markets.
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CFD
CFD is a contract between an investor/trader and seller that demonstrates that the trader will need to pay the price difference between the current value of the asset and its value at the time of contract to the seller.
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Investor
An investor is an individual, who invests money in an asset with the expectation that its value would appreciate in the future. The asset can be anything, including a bond, debenture, mutual fund, equity, gold, silver, exchange-traded funds (ETFs), and real-estate property.
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Cryptocurrency
Cryptocurrency is a type of digital or virtual currency that relies on cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies operate on decentralized networks, typically based on blockchain technology.
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Team that worked on the article
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).