Best Crypto Forex Brokers 2024

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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.

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Top 10 Cryptocurrency Forex Brokers

Below, we go over the top cryptocurrency Forex brokers.

Eightcap

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Eightcap offers more than 800 trading instruments, namely CFDs [contract for (price) differences] on currency pairs, cryptocurrencies, indices, stocks, commodities, and precious metals. The broker has a minimum deposit of $100, a free demo account, and two live account types, which differ in trading costs. One account type has standard spreads without a fee, and the other has raw spreads that carry a brokerage fee. The maximum leverage is 1:500. Traders can use any strategy with minimal restrictions. Trading is carried out through MetaTrader 4, MetaTrader 5, and TradingView. Eightcap has two main features. First, the broker has a powerful training and analytical base. Second, the platform offers a number of unique tools, for example, Capitalise.ai, which provides automated trading with minimal risk. At the same time, there are no options for passive income, not even a referral program.

Exness

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The Exness brand is known worldwide due to its profitable trading conditions, high-security level, and wide range of financial instruments. It focuses on trading CFDs, especially currency pairs. Cryptocurrencies, commodities, stocks, and derivative stock indices are also available. Exness offers account types for novice traders, more experienced traders, and professionals. It allows traders to use a variety of strategies including passive ones, such as copy trading and algorithmic trading. The proprietary Exness platform for social trading is used by over 20,000 investors globally. The broker’s activities are legal and its services are available in over 130 countries. Exness is supervised by 8 financial commissions, including CySEC (Cyprus, 178/12), one of the strictest European regulators, and FCA (UK, 730729), FSA (Seychelles, SD025), FSC (BVI) SIBA/L/20/1133, CBCS (Curacao, 0003LSI), FSCA (South Africa, 51024), and CMA (Kenya, 162). The broker offers demo and cent accounts for novice traders, as well as standard and ECN account types for experienced traders.

Forex4you

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The broker Forex4you started in 2007. The company provides a full range of active and passive trading services in the Forex market. The company runs its operations in the British Virgin Islands, under the license BVI FSC (license number SIBA/L/12/1027). Forex4you is committed to responsibility and professionalism. In 2018, according to Le Fonti, the company was awarded the ‘Best Broker’ which is the highest award achievable, and prior to this it has consistently won and received nominations for awards including ‘Forex Broker of the Year’ and ‘Best Service Quality’ nomination. Read more about Forex4You Available Countries.

TeleTrade

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TeleTrade was established in 1994. The company won 2018 Traders Union Awards as the Best Broker in Europe. The brokerage company is a member of the Association of Forex Dealers, a self-regulatory organization in the financial market. The company is also regulated by the Cyprus Securities and Exchange Commission (CySEC, 158/11). The European branch of TeleTrade has adopted the brand name Earn.
The broker provides access to trading various currency pairs, as well as metals, stocks, cryptocurrencies, indices, and energies.

FxPro

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The FxPro broker was registered in July 2006 in Cyprus. The company’s activities are licensed by financial regulators: CySEC, 078/07 (Cyprus), Bahamas SCB (SIA-F184), FCA, 509956 (UK), and South African FSCA (45052). FxPro is successfully operating in more than 170 countries for retail and institutional clients. The broker has received more than 85 awards, including “Best Forex Trading Platform” and “Best Trading Platform”. FxPro has become known for providing the best trading tools. With FxPro broker, traders can trade more than 70 currency pairs, futures and stocks (Twitter, Apple, Google). The broker has over 2,100 trading assets in its pool, including cryptocurrencies, which are subject to the account type. The basic set of assets is available on cTrader accounts, the full set is available on accounts opened on MT4 and MT5. FxPro sets high safety standards with the client's funds being kept in large international banks. They are insured and separated from the broker's equity.

XM Group

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77.74% of retail investor accounts lose money when trading CFDs with this provider.

XM Broker was founded in 2009. Initially, the company covered a narrow niche of the trader market, specializing exclusively in intermediary services at the foreign exchange market. It has since experienced considerable success and growth. XM is reliable and safe. It has diversified and is now an international broker operating in almost 190 countries around the world. For over a decade XM Broker has attracted more than 5 million traders, offering unique technological solutions. The company is now being recognised as the Fastest Growing Broker, the Best Forex Service Provider and various other contributing achievements. The team at XM Broker is committed to continually working hard to improve the quality of the services provided every year as they are committed to continually providing the best service to their traders. XM Profile Details

AMarkets

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AMarkets is an international company with dozens of offices in Europe and the CIS. It was established in 2007, but its structure has gone through major changes since then. Initially, the company was called AForex. Over time, the brand became a symbol of reliability and European quality service standards. Today, AMarkets is a modern ECN broker, actively developing both “trading for beginners” and professional algorithmic trading.

Pepperstone

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Pepperstone (Pepperstone.com) was founded in 2010 in Melbourne, Australia, by professional traders who were not satisfied with the quality of services provided by most brokers. The founders decided to avoid many of the disadvantages of competitors, including high commissions, delayed execution of orders, etc. The founders therefore focused on improving the technical component. The company has set itself the goal of changing the “rules of the game” and setting the bar high for online trading.
Today, Pepperstone offers clients all over the world some of the best technological solutions and favorable trading conditions. The company also provides professional tools that help traders not only master the fine art of trading, but also significantly increase trading efficiencies. In addition, Pepperstone’s platform is scrutinized by seven regulatory authorities, including ASIC (Australian Securities and Investments Commission, AFSL No.414530), FCA (UK Financial Conduct Authority, 684312), DFSA (F004356), BaFin (151148), CMA (128), SCB (SIA-F217), and CySec (388/20). Moreover, with Pepperstone, clients' assets are maintained in aggregated accounts with several major, global banking institutions. These facts confirm the reliability of the company and guarantee the safety of the client's capital.

4XC

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4XC is a reliable broker with the FSC license MC03/2018 . With 4XC, customers can trade on MT4, MT5, mobile apps, and Webtrader and get access to trade CFDs on Forex, Precious Metals, Stocks, Indices, Oil, and Cryptocurrencies. 4XC offers live trading or trust management options. The company is loyal to any kind of trading strategies creating a friendly trading environment for every customer.

Libertex

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73.77% of retail investor accounts lose money when trading CFDs with this provider.

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.

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 Regulators

Supported 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.

Team that worked on the article

Ivan Andriyenko
Author at Traders Union

Ivan Andriyenko is a financial expert and analyst. He specializes in trading in the Forex, stock and cryptocurrency markets. His preferred trading style is conservative strategies with low or medium risk, medium and long-term investments. He has 7 years of experience in the financial markets. Ivan is involved in preparation of articles for novice traders, and also of the reviews and evaluation of brokers, analyzing their reliability, trading conditions and peculiarities.

Ivan continuously tests new strategies for various assets, choosing the most effective options. In addition, he believes that helping novice traders is an important aspect of work. He shares information that beginners require – educational materials, strategies.

Ivan’s motto: continuous studying and experimentation lead to success.

Dr. BJ Johnson
Dr. BJ Johnson
Developmental English Editor

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.

The topics he covers include trading signals, cryptocurrencies, Forex brokers, stock brokers, expert advisors, binary options. He has also worked on the ratings of brokers and many other materials.

Dr. BJ Johnson’s motto: It always seems impossible until it’s done. You can do it.

Mirjan Hipolito
Cryptocurrency and stock expert

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). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.