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Forex Brokers Allowing Bitcoin Deposit



Jan 7, 2021   1313 
Bitcoin has entered the forex market not only as a trading instrument but also as a payment method. Since not every broker offers deposit and withdrawal via Bitcoin, here are some examples to name a few.

Besides being the largest market, many traders are interested in entering the forex market mainly because of its flexibility. It is a broad global market that opens 24 hours a day, five days a week and accepts participants worldwide. As if that's not enough, cryptocurrencies like Bitcoin have evolved tremendously, adding a new dynamic to the market.

With the growing popularity of Bitcoin in general, many traders are considering using it for deposits in forex trading and making it a part of their portfolios. But did you know that Bitcoin is also useful as a payment gateway to forex brokers?

 

The Advantages of Bitcoin Payment

Before Bitcoin arrived, cross-border payments were only possible via Wire Transfers, Credit Cards, and some e-payments that provide instant deposit and withdrawal at low fees. In addition, some brokers offer transfers via local banks as a payment method. What makes the new payment Bitcoin different from other available options?

First, Bitcoin is a Blockchain-based technology. Blockchain is a type that stores transactions in the form of blocks, which will eventually create chains. Blockchain allows Bitcoin to operate without central authority by creating chains and spreading its network across computers. In other words, traders can carry their transactions from peer-to-peer without storing their data in a third party. That way, Blockchain can make the transactions safer, faster, and less costly.

Moreover, not using a third party makes the process more efficient than other online transaction methods. While some other methods only operate during business hours, Bitcoin never s. The transaction can be carried out at any time and doesn't take a long time (approximately 10 minutes). Bitcoin transactions are also encrypted in a cryptographic system that ensures high privacy. Again, because there is no third party, the user's identity would be safe from the risk of personal data leakage.

 

Forex Brokers Allowing Bitcoin Deposit

Now that the advantages of using cryptocurrency payment have been revealed, here are a few forex brokers that allow deposit via Bitcoin.

 

1. InstaForex

InstaForex offers quite a wide variety of payment methods, including Bitcoin. Using Bitcoin, you can deposit your funds in only 3 hours with no fees. In addition, you can also withdraw via Bitcoin, but the process usually takes 1-7 hours, and you will be charged a 0.5% fee.

InstaForex highly supports the growing popularity of Bitcoin and other cryptocurrencies by integrating it into their services. You can see the commitment from the special section regarding Bitcoin the broker hosts. It consists of Bitcoin analysis, special charts, and a mobile app for Bitcoin trading.

 

2. Exness

Exness is another well-known broker that provides forex deposits via Bitcoin with no commission or minimum amount requirements. Bitcoin is also available for withdrawal, although there ought to be some limits that need to be considered. That being said, Bitcoin is one of the easier ways to deposit and withdraw in Exness.

 

3. Grand Capital

Grand Capital first announced the addition of Bitcoin and five other cryptocurrencies as a part of its trading instruments on July 25, 2017. Following the announcement, the broker includes Bitcoin in deposit and withdrawal methods. This service is available for all types of trading accounts Grand Capital provides.

If you choose Bitcoin payment in this broker, no deposit commission is charged, but there is a 1% fee for withdrawal. The processing time required for deposits is around 15 minutes, whereas withdrawals need about 1-3 days. Aside from Bitcoin, the broker offers Ethereum as a payment method. The types of currencies that can be transferred via Ethereum are not limited to USD because you can also process your transactions in ETH.

 

4. OctaFX

OctaFX began integrating crypto trading into their service in September 2017. The broker also provides Bitcoin as a payment method, where clients can use BTC to fund or withdraw from their accounts. Both deposit and withdrawal transactions are processed instantly and without commission. However, a minimum requirement is 0.00096000 BTC for deposit and withdrawal.

 

5. FXTM

FXTM also provides commission-free forex deposits with Bitcoin. This broker has included a complete guide and details of transactions via Bitcoin on its official website, which can be accessed without logging in to the Member Area first. The deposit process is relatively instant and only takes about 1-2 hours (but it can be up to 24 hours for large transactions, generally over 3,000 USD/EUR/GBP), not only for the deposit but also for withdrawing funds from FXTM's account using Bitcoin. There is a 1% fee; the transfer duration is around 24 to 48 hours.

It is important to note that in FXTM, clients cannot withdraw funds larger than their deposited Bitcoin. Also, there is a maximum limit for all transactions via Bitcoin, which is 25,000 USD/EUR/GBP per month. Furthermore, FXTM also recommends using specific Bitcoin wallets, such as Bitpay, Copay, Mycelium, Airbitz, Electrum, Bitcoin Core, Bitcoin.com, and BRD (Bread). The suggestion is to ensure clients only use updated wallets with the latest Bitcoin protocols.

 

6. ThinkMarkets

ThinkMarkets is an Australian broker that provides forex deposits with Bitcoin via BitPay. This allows for other cryptocurrency payments like Ether and Bitcoin Cash. Based on the information provided on the broker's website, depositing via Bitcoin will take approximately 10 minutes. It is one of the only 5 payment methods available in ThinkMarkets.

 

7. LiteFinance

LiteFinance is a beginner-friendly forex broker and usually follows the trend in the forex industry. Therefore, it didn't come as a surprise when the broker announced the offering of Bitcoin and several other cryptocurrencies as their payment methods. This is why the broker's deposit and withdrawal table has a particular cryptocurrency section. Specifically for Bitcoin, LiteForex does not charge any commission but sets a minimum of $10 for any transaction. This broker also emphasizes that Blockchain will prioritize transferring funds via Bitcoin. That is why the broker may not always instantly process forex deposits with Bitcoin.

 

8. FBS

FBS, a global forex broker, now offers cryptocurrency trading with a user-friendly platform, 24/7 customer support, educational resources, and various account types, including a no-commission Zero spread option. They provide competitive spreads for crypto trading and the option to use leverage, allowing traders to magnify profits but also increasing potential losses. FBS brokers facilitate Bitcoin deposits, enabling traders to use this cryptocurrency to fund their accounts.

 

The Bottom Line

The emergence of Bitcoin and other cryptocurrencies into the forex market as trading instruments and payment methods shows that forex trading is always evolving. As a trader, depositing money via Bitcoin can give a new edge to your experience; aside from keeping up with the latest trend, using Bitcoin payment also brings instant and efficient transactions with a new level of safety protocol to protect your identity. This is why any forex trader must be up to date with what is new and kicking in the industry to ensure that the new updates can benefit them.

Should you be interested in trading with one of the brokers above, you may need to pay attention to their other payment features besides the Bitcoin payment.