As cryptocurrencies gained value, their trade gained popularity. For a long time, those wishing to capitalize on digital assets were left to their own devices. Not knowing the exact rules of the game, they gradually advanced, learned from their own mistakes and gradually gained experience.
Others, having gained a bitter experience, left the market. Closer to 2017, everything has changed. A sharp jump in the value rate of top cryptocurrencies forced brokers from traditional financial markets to pay attention to them, and those who gained knowledge through their own labor began to help others earn money.
- Cryptobroker is an intermediary platform with which you can conduct transactions of purchase and sale of digital assets using special exchange tools.
This is a kind of assistant in making transactions in the cryptocurrency market, but brokers charge a fee for their services. In exchange, an easy way of trading is offered, which does not require special knowledge and skills.
The broker accompanies the trader at all stages:
- Opens trading accounts and cryptocurrency wallets;
- Helps to make transactions on sale;
- Provides such instruments as leverage, CFD, hedging;
- Helps in finding counterparties.
Brokers provide their clients with a powerful analytical basis in the form of various indicators, statistics, technical analysis and ready-made trading strategies. The quality of this data significantly affects the success of cooperation with a broker.
The difference between the broker and the exchange
Brokers offered a trading arsenal significantly exceeding that offered by the exchange:
- The opportunity to earn both bull and bear trends;
- Huge leverage of 1: 1000 versus 1: 100 on cryptocurrency exchanges;
- High-quality tools for technical analysis and automated trading.
Trading through brokers is highly reliable. Over the past few years, trading floors have repeatedly discredited themselves. Everyone remembers the scandalous bankruptcy of Mt.Gox in 2013 and the recent blocking of BTC-e exchange accounts. Against this background, brokerage companies, which are regulated by law, look more reliable.
On a cryptocurrency exchange, users are left to their own devices. A broker-based trader receives professional support and access to tools such as leverage, CFDs and hedging.
If exchanges offer to trade mainly through websites, then most brokerage companies also provide trading terminals equipped with a huge number of tools for technical analysis.
The number of cryptocurrencies presented also differs. Brokerage companies often provide 10-15 top cryptocurrencies for trading, while large exchanges list up to several hundred coins, including illiquid ones.
Top cryptocurrency brokers
Cryptocurrencies provide a unique chance to significantly increase your capital. If you want to make money on any movements of the course, and not just wait until the purchased asset increases in value many times, then brokers cannot do without the help of brokers.
- Website: bitmex.com
- Leverage: 1: 100 for Bitcoin and 1:50 for Ethereum.
- Supported cryptocurrencies: 8 top cryptocurrencies from Bitcoin to Cardano.
- Terminal: TradingView.
- Commission: 0.0250% maker; 0.0750% taker.
- Trading time: any.
- Advantages: no commission for depositing and withdrawing funds.
- Disadvantages: does not work with fiat currencies.
BitMEX is a peer-to-peer (P2P) trading platform. The platform was founded by crypto enthusiasts, experts in the field of finance, web development and high-frequency algorithmic trading. The platform and its mobile version are owned by HDR Global Trading Limited, a company registered in the Republic of Seychelles.
The site provides a comprehensive API, all the necessary tools for profitable trading and detailed materials for self-study.
- Website: simplefx.com
- Leverage: up to 1: 500.
- Supported cryptocurrencies: 10 trading pairs from the BTC, ETH, ETC, LTC and XRP.
- Terminal: MetaTrader 4.
- Commission: no trading commission.
- Trading time: 24 for 7 and 365 days a year.
- Advantages: profitable affiliate program.
- Disadvantages: a relatively small number of cryptocurrencies are presented.
SimpleFX is a reliable online trading service provider registered in the UK. The company strives to provide the simplest conditions for trading. To do this, a huge selection of trading tools is offered, which can be used from a PC or smartphones.
The sizes of the minimum and maximum deposit are not limited here. Traders can also rely on the fast execution of orders and their automatic execution according to a given scenario, as well as on protection against negative balance.
- Website: maxitrade.com
- Leverage: 1: 200.
- Supported cryptocurrencies: over 500 coins, including Bitcoin, Etherium, Ripple, Monero, Bitcoin Cash, Litecoin, Zcash, NEO, Altcoin Index, EOS.
- Terminal: MT4 web-terminal, MetaTrader 4.
- Commission: none.
- Trading Time: European.
- Advantages: impeccable reputation, multi-stage loyalty program for traders.
- Disadvantages: lack of transparency, unregulated broker.
Maxitrade is an innovative cryptocurrency broker that provides convenient and high-tech services for working in global financial markets.
The service is managed by the Maxi Services holding, which has been on the market for more than 10 years, registered and managed by the British SVGFSA. In Russia, the company’s activities are regulated by the CROFR. Licenses can be found on the official website.
Crypto broker allows you to open several types of accounts, including the ability to open a demo account. Depending on the type of account to be opened, clients of the company can also count on a bonus increase in deposit from 50% to 150%.
- Website: lh-crypto.biz
- Leverage: 1: 500.
- Supported cryptocurrencies: Bitcoin, Etherium, Litecoin and others.
- Terminal: METATRADER 5, WEB TERMINAL, MT5 MOBILE.
- Commission: none.
- Trading time: Asian session.
- Advantages: high leverage.
- Disadvantages: little work experience.
LH-CRYPTO is a relatively new brokerage company, which was launched only in 2018. Its ICO was held a year earlier, with more than 12,000 investors participating in it. The project is developed and administered with the support of the popular broker Larson & Holz, who has been working in the CFD contract market since 2004.
The company does not manage funds, but provides a convenient service with which novice traders can easily enter into profitable trading transactions thanks to properly configured software.
- Website: finmaxfx.com
- Leverage: 1: 200.
- Supported cryptocurrencies: more than 30 cryptocurrencies.
- Terminal: MetaTrader 5, mobile and web platforms.
- Commission: 7% for MTC.
- Trading hours: Monday 00:00 to Friday 23:59.
- Advantages: more than 2000 instruments for trading, narrow spreads (up to 3), protection against going negative.
- Disadvantages: withdrawal commission.
FinmaxFX is a brokerage company whose activities are carried out in accordance with the rules prescribed in the EU Directive on Financial Instrument Markets. The broker offers its clients various trading options and more than 2000 tools for market analysis.
A training center has been created on the basis of the platform with video tutorials, webinars, market reviews and investment strategies. In addition, customers are offered regular bonuses, promotions and status upgrades to VIP.
- Website: weltrade.com.ua
- Leverage: 1: 200.
- Supported cryptocurrencies: 15 trading pairs, the most popular of which are BTC, ETH, LTC, XMR / USD.
- Terminal: MetaTrader 4.
- Commission: trade commission 0.5%.
- Trading time: 00: 00-24: 00 EET.
- Advantages: withdrawal applications are processed within 30 minutes at any time, every day.
- Disadvantages: a commission is charged for each transaction.
WELTRADE is 65 professionals with vast experience in the financial market. For more than 12 years of experience, this regulated broker has managed to attract more than 100,000 traders from 18 countries around the world and has received prestigious awards.
The broker provides its clients with more than 80 tools for market analysis, bonuses for each deposit of up to $ 1,000 and a savings program with which you can put your savings in a safe deposit box and earn up to 12% per annum.
- Website: nordfx.com
- Leverage: up to 1: 1000.
- Supported cryptocurrencies: 13 top cryptocurrencies.
- Terminal: MetaTrader 4, Multiterminal, MetaTrader 5.
- Commission: from 0.02% to 0.09%.
- Trading Time: Unlimited.
- Advantages: a company with a history and reputation, a high leverage.
- Disadvantages: the main emphasis is on the trading of familiar assets.
NordFX is an international brokerage company, founded back in 2008 and represented in more than 100 countries. In 2017, the broker expanded his field of activity to traditional pairs with precious metals, and added cryptocurrencies.
- Website: roboforex.com
- Leverage: up to 1:50.
- Supported cryptocurrencies: more than 26.
- Terminal: MetaTrader 4, MetaTrader 5, and R Trader.
- Commission: 0%.
- Trading Time: 24/7.
- Advantages: advanced trading tools and the ability to choose among several terminals.
- Disadvantages: a small leverage.
Roboforex has been involved in crypto trading since 2016. Today, using the platform, you can trade all popular cryptocurrencies using the classic MetaTrader 4 terminal, the ‘advanced’ MetaTrader 5 or the new generation R Trader web platform.
In total, the broker provides about 30 tools for the technical analysis of cryptocurrency assets and several types of accounts. To open a standard account, you will need to make a deposit of at least 10 dollars, while the spread will start from 1.3 points.
If you trade with RoboForex, then you get more protection from a negative balance and the ability to store funds in the accounts of major banks.
- Website: amarkets.biz
- Leverage: up to 1: 1000.
- Supported cryptocurrencies: 7 cryptocurrencies.
- Terminal: MetaTrader 4 and MetaTrader 5.
- Commission: depends on the type of account.
- Trading time: Monday to Friday from 00:00 to 23:59.
- Advantages: regular webinars and trading chat for experienced traders.
- Disadvantages: cryptocurrency trading pairs are only with dollars.
The company has been on the market for over 10 years and offers more than 250 advanced tools for trading, as well as professional training. AMarkets is the owner of 9 prestigious awards and a member of the International Finance Commission.
The interests of each client of the company are protected by a compensation fund in the amount of up to 20,000 euros.
In total, the platform offers over 250 professional trading tools and high-quality technical support. The waiting time for a specialist’s response in online chat is only 1 minute.
- Website: instaforex.com
- Leverage: 1: 1 to 1: 1000.
- Supported cryptocurrencies: only Bitcoin and Ethereum.
- Terminal: MetaTrader 4.
- Commission: Trading time: unlimited.
- Advantages: + 30% on each deposit.
- Disadvantages: ambiguous reputation.
The broker began his work in 2007. Over the long years of its existence, it has gathered a client base of more than 7 million traders, but has also earned an ambiguous reputation. Nevertheless, among the negative comments there are also those that inspire confidence in the company.
The company provides over 100 trading instruments and accurate quotes containing 4 decimal places.
How to choose a broker
A brokerage company is your cryptocurrency trading partner. It is very important not to make a mistake with the choice and start cooperation with a quality platform that can provide a high level of security and profitability of transactions.
It is recommended to start the choice of a broker by studying reviews and blacklists. There are a lot of scammers in the cryptocurrency industry, and if you are “lucky” to get a “black” broker, then in return for the money written off you will not get anything.
When choosing a broker, you should pay attention to several important criteria:
- Trading time. Not all brokers allow you to trade around the clock. Sometimes time can be limited to weekdays or specific hours.
- The presence of short positions. The cryptocurrency market is highly volatile. The cost of coins can vary significantly several times a day, so the trading platform must necessarily provide the opportunity to open short positions.
- Commissions. Net profit – the amount earned, taking into account the deduction of the commission. It is necessary to take into account fees for depositing / withdrawing funds, trading and servicing leverage.
- Insurance. A good broker will certainly offer traders protection from negative balance and insurance.
- Forecasting and training. Of course, only on the basis of some tips you should not risk money, but it will be very useful for novice traders to get acquainted with the opinions and experience of professionals.
It is quite difficult for a newcomer to choose his broker from thousands of companies and not fall into the hands of scammers. That is why the material contains a list of the best brokers with a proven track record. By choosing a market leader that is trusted by hundreds of thousands of other traders, you are definitely not mistaken.
How to make money through a broker
Trading through a broker is not much different from trading on an exchange. It is necessary:
- Register on the broker’s website.
- Install a trading terminal from the broker’s official website.
- Top up account.
- Make transactions selling cryptocurrencies more expensive than they were bought.
It is important for a trader to learn to understand the charts, indicators and quotes that the terminal will provide him. This may take some time. You can practice making deals and working with the terminal by opening a demo account. This service is provided by most companies.
How much can you earn
Earnings of a trader depends on the amount of his trading capital and his ability to manage it. The price of coins can rise and fall by tens of percent. It is only important to seize the moment and make a profitable deal.
It is worth noting that thanks to brokers, namely, high leverage and minimal spreads, you can earn good money even with minimal deposits. For example, if under normal circumstances, relying only on his capital, a trader could earn only 10 USD, then with a leverage of 1: 100, earnings can be 100 USD.
The benefits of trading through brokers
If we compare trading through a broker with trading on a regular exchange, we can distinguish several advantages in favor of the first:
- High level of transaction security;
- The presence of a single trading platform that allows you to trade many assets at once;
- The ability to reduce the amount of start-up capital without sacrificing profit, thanks to leverage;
- Advanced trading tools for deep technical analysis of the asset;
- Support and training.
In simple words, a cryptocurrency broker is a company that will help you enter the world of crypto trading with minimal risks and investments, train you in trading and insure against minus. This is an attractive solution both for beginners who need accompaniment and training materials, as well as for professional traders interested in tools for market analysis. In addition, cooperation with brokers is often accompanied by additional bonuses, for example, an increase in deposit and additional earnings on loyalty programs.