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Best Cryptocurrency Brokers for 2020

Daniel ‘Harris’ Major

I have tested 40+ crypto brokers. You can find the best cryptocurrency brokers below. This is by far the easiest way to get started with cryptocurrencies.

Cryptocurrency trading has become really popular in the past years. It’s growing more ever year.

Many big trading brokers have already added some of these cryptocurrencies. Everybody can sign up and start trading Bitcoin or other crypto coins. This is the easiest and probably the simplest way to invest in cryptocurrency.

After trying out most brokers, here are the best cryptocurrency brokers:

Best Cryptocurrency Brokers (Non-US Traders Only)

Plus500 – Top Rated Trading Platform

Plus500 is a big name in the trading industry. They have a really low minimum deposit requirement and a great trading site.

Buy/Sell CFDs on Bitcoin in addition to buying stocks, commodities, forex etc (traded only through CFDs). Plus500 is the most complete trading platform.

  • Trade CFDs on Bitcoin & many other Cryptos
  • Minimum Deposit is only $100
  • Regulated and Trusted Platform
  • Very fast signup process
  • Live Chat
  • Many payment methods (even Paypal)
  • You cannot withdraw any cryptocurrency
  • You have to complete a questionnaire, upon sign up

Plus500 Disclaimer: 76.4% of retail CFD accounts lose money.

IQ Option – Lowest Minimum Deposit ($10)

If you don’t want to make a huge initial investment, then IQ Option is the best broker for you. The minimum deposit requirement is only $10. This is by far the lowest in the industry.

  • You can trade many cryptocurrencies
  • Minimum Deposit is only $10
  • Best trading platform
  • Multiple account currencies
  • Free demo account
  • Regulated by CYSEC (#247/14)
  • They don’t allow traders from USA, Japan and Israel

eToro – Top Crypto Broker

eToro is a really popular trading site. They have been around since 2006. eToro is regulated by CYSEC, FCA and ASIC.

Buy/Sell Bitcoin on eToro in addition to buying stocks, commodities, forex etc. eToro is the most complete trading platform.

  • Trade Bitcoin & many other Cryptos
  • Minimum Deposit is $200
  • Regulated and Trusted Platform
  • Australian Traders Are Also Accepted
  • Great Support Team
  • Many Payment Methods (even Paypal)
  • You cannot withdraw any cryptocurrency
  • You have to complete a questionnaire, upon sign up

eToro Disclaimer: 75% of retail CFD accounts lose money.

Highlow – Best All-Round Crypto Broker

Due to regulation HighLow stopped accepting traders from the EU and UK.

Highlow is an Australian trading broker (AFSL No.364264). What I like most about this broker is the intuitive platform. It is so easy to use. Especially new traders will like the clean layout.

I’ve been using highlow for a few years now and I never had a problem. Highlow publishes their number of trades on the homepage. There are millions of trades on this broker each month.

I use the main platform which is web based. This means, that you don’t have to download any software. This platform is stable and safe (they use SSL).

I have also tried the iOS app and the android app. They are great, but I just don’t like trading on smartphones in general.

The payouts on Highlow are amazing (up to 200%, which is more than on other brokers).

Highlow is a great broker for cryptocurrencies (but only if you are not from EU,UK, US). They have a good reputation, great support team and awesome promotions for new traders.

  • Trade Bitcoin & other Cryptos
  • Minimum Deposit is only $50
  • Regulated and trusted Platform
  • Fastest signup process (no questionnaires)
  • Multiple account currencies
  • Free demo account (no registration needed)
  • You cannot withdraw any cryptocurrency

Best US Cryptocurrency Brokers – June, 2020

IG – Best for Bitcoin Trading

IG is one of the oldest and biggest names in the trading industry. It was founded in 1974 and the Headquarters are in the UK.

IG is best known for Forex and CFD trading, which includes cryptocurrency trading.

  • Trade 10 Major Cryptocurrencies
  • Free Demo account
  • Minimum Deposit is only $100
  • Regulated and Trusted Broker
  • FTSE 250 Listed Provider
  • 24/7 Support
  • No Crypto Withdrawals

IG Disclaimer: 76% of retail CFD accounts lose money.

Nadex – US Traders Welcome

Nadex is a CFTC regulated broker. In fact, this is probably the only US broker that has this regulation.

Only US traders are allowed on Nadex. Non-US Traders check out the next broker.

Update OCTOBER 2020: Looks like Nadex removed crypto trading. After contacting them I found out that they will add it back soon. Register on Nadex now and get updated when they add it.

Recently, Nadex started offering Bitcoin trading.

  • Trade Bitcoin, Forex or Binary Options
  • Minimum Deposit is $250
  • CFTC Regulated Broker
  • Great Support Team
  • Many Payment Methods (even Paypal)
  • You cannot withdraw any cryptocurrency

Crypto Brokers With Most Cryptocurrencies

Here are the most popular cryptocurrencies offered by cryptocurrency brokers:

  • Etoro – Bitcoin, Ethereum, Litecoin, Dash, Ethereum Classic, NEO and Ripple.
  • Plus500 – Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Ripple, IOTA.
  • AvaTrade – Bitcoin, Ethereum, Ethereum Classic, Ripple, Dash, Bitcoin cash Litecoin, Monero and NEO.

Lowest Minimum Deposit Brokers

These are the best brokers with low minimum deposit requirements:

This is really important because the crypto market itself is unregulated. Depositing on a regulated broker means that your money is safe.

We’ve also looked at the support team and the payment methods. You can deposit easily using multiple payment methods on the brokers below.

Top Rated Brokers That Have Cryptocurrencies

While we are all familiar with the broad definition of a broker, is there something more to it when it comes to cryptocurrencies?

Simply put, a cryptocurrency broker refers to a website that traders will visit to trade cryptocurrencies at a set price. In many ways, they are similar to forex brokers whose services are a lot more familiar to the general public.

Rank Broker Min. Deposit Regulated Features Visit*
$250 YES + US TRADERS ONLY TRADE NOW
$10 YES + CRYPTO/BINARY TRADING TRADE NOW
$200 YES + CRYPTO TRADING TRADE NOW

eToro Disclaimer: 75% of retail CFD accounts lose money.

You still can’t decide which broker is best for you?

How to Choose your Cryptocurrency Broker

Is Leverage Really Necessary? Cryptocurrency markets are volatile in nature with prices fluctuating immensely thereby generating high profits even in the absence of leverage. But for some traders, the desire for more earnings justifies the use of leverage.

Before choosing your broker, settle yourself on whether the already immense profits that come from a cryptocurrency market are enough for you or you would like to use leverage to enhance them even further, bearing in mind, of course, that will also significantly increase the risk factor to your funds.

Negative Balance Protection: It is always advisable to trade with a broker that affords the negative balance protection facility. That way, you will never be at risk of losing more than what you invested in case you sustain very heavy losses.

How Suitable Is The Required Capital For You? This is another subjective part to your decision. Do you prefer trading with a small capital or bigger one to help you zero in on bigger returns? Find out what size trades your broker is offering before you open an account.

Narrow Spreads for the Win: Let us be honest, it is only fair that your broker gets a cut from the money you generated having provided you with the essential facilities for it and all. But let us be honest, you definitely want every last dime for yourself.

A spread refers to the difference between the buying price and selling price of a trade and it varies with each broker. The spread is what counts as fees for your broker so the smaller it is, the lower the cost will be on your part.

Lets go into what aspects you as a trader must consider when choosing a broker to trade cryptocurrencies.

Which Cryptocurrencies Are You Interested In Trading?

Make sure you have decided on which cryptocurrencies you want to trade in before signing up with your broker.

If your choice is a prominent cryptocurrency like Bitcoin (official site), Litecoin (official site), or Ethereum(official site), there will be a relatively broad availability of brokers that have trading options for those. However, less prevalent examples like Monero, IOTA, or Zcash may be a little harder to come by.

So study the cryptocurrencies being offered by a broker before you sign up for an account.

Pros And Cons Of Cryptocurrency Brokers

No broker is perfect.

Here are some features that these broker have or don’t:
Pros

  • Signup up with a crypto broker is probably the fastest way to get started with cryptocurrency trading
  • If you are less tech-savvy then a broker is safer for you
  • You can start buying cryptocurrency while traditional exchanges don’t always accept this payment method

Cons

  • Most of the time you can’t withdraw cryptocurrencies from a broker. You have to exchange it back to fiat money (USD/EUR etc.)

Cryptocurrency Brokers – What To Look For

Here are some of the more understated details about your cryptocurrency broker that could make your trading experiences so much more efficient and successful.

1. What Are The Weekend Hours Like?

This is a key detail that distinguishes cryptocurrencies from other prominent trading markets like forex, futures, and equity. Cryptocurrency brokers operate during the weekends as well.

There is virtually no difference in purchasing bitcoin at the end of the week as opposed to the middle of the week during peak hours.

But there is a catch. While digital currency exchanges are available during the weekend, your broker may not (Why is the stock market closed on the weekend?). So in effect, if there is considerable movement within your relevant cryptocurrency market during a weekend when your broker is not operating, you may not have the ability to respond in any way.

2. How Is It Hedging?

Your broker is probably not keen on revealing if it is hedging cryptocurrency traders but it is important information for you to know.

Why is it so important for you to know?

Because, as a trader, you want to be absolutely in the clear regarding the policies for risk management being followed by your broker. Let us not forget that cryptocurrency markets are extremely volatile and an unhedged broker is more easily prone to major losses incurred by its clients. Naturally, those costs will warrant compensation via fatter spreads and additional costs for traders. It will be best to sign up with a broker that will not withhold the relevant information from you.

More Great Features You Could Be Interested In

Commissions and Trading On Margin – An important thing to note while trading cryptocurrencies is that their prices tend to be more similar to equities than they are to real currencies. So your broker could be charging you commissions in addition to a wide spread on each trade. That, of course, raises the cost probably a bit much for your liking.

Another similarity with equities is that the margin conditions with cryptocurrencies are significantly more than they are with forex or CFDs. Consequently, leverage is usually up to 10x. How considerable the margin rate will be for traders is down to what trading strategies and risk management they subscribe to.

Authenticity of Market Data – Aside from merely evaluating how it influences spreads, market data for cryptocurrency CFD prices can be a good indicator of how the quality of the product will be in the future.

One of the more recent examples of this is BTC-e which was an immensely popular platform for trading bitcoin before it was shut down by Feds. BTC-e was the first bitcoin exchange to incorporate forex trades and so made their exchange accessible via MT4 and supplied cryptocurrency liquidity for brokers.

But once it was shut down, every broker that depended squarely upon BTC-e was left with no hedging options or market data to put a price on its crypto CFDs.

Are Short Sales Available? For many traders, shorting is a crucial strategy option, the lack of which can be a deal breaker with a potential broker. Many brokers tend to offer ‘long’ only since there are only a few hedging solutions when opening short trades.

As you see, investing in cryptocurrencies can be a truly lucrative venture for you but only if you get it right.

And a lot of that is down to which broker you decide to trade with.

Ready To Start Trading?

Trade with the cryptocurrency brokers listed above to make sure that your money is safe, you pick a broker with a stellar reputation and you keep the fees low. Excel at trading bitcoin by creating your own trading strategy.

These cryptocurrency brokers make it really easy to trade bitcoin and other coins. You don’t have to be a trading expert. It helps if you know what a blockchain is or how the ledger and transactions work, but this is all optional.

Sign up now and see for yourself how easy it is to get started.

Forex Brokers with Cent Accounts

Here, you will find those FX brokers that offer cent accounts to traders. In 99% of cases, such brokers provide MetaTrader platform and use the accounts denominated in USD or EUR cents to circumvent the trading platform’s natural limit on order volume. MT4 does not allow a trade size less than 0.01 standard lot, which means that traders have to utilize the volumes of 1,000 units or more. Switching the account’s currency from the US dollars (or euros) to cents, brokerage companies effectively decrease the minimum volume by a factor of one hundred — to 10 units. In other words, cent accounts offer an opportunity to trade with nano-lots and smaller position size via MetaTrader software. Of course, if you want to go below 10-unit volumes, you will have to consider non-MetaTrader micro-lot brokers. You will find 21 brokers listed in the table below.

Forex Broker Min. Account Size Broker Rating Min. Position Size Payment Max. Leverage Serious Regulation Spread US
ExnessExness $1 7.4 0.01 1:2000
  • MetaTrader 4
  • MetaTrader 5
  • Mobile Trading Platform
  • Web Trading
    • CySEC, 178/12
    • FCA (UK), 730729
    • FSA (Seychelles), SD025
  • RoboForexRoboForex $10 3.0 0.01 1:2000
      • MetaTrader 4
      • MetaTrader 5
      • cTrader
      • WebTrader
      • R Trader
      • CySEC, 191/13
      • IFSC (Belize), IFSC/60/271/TS/14
      • NBRB (Belarus), 15
    Binary.comBinary.com $1 0.01 1:1000
      • MetaTrader 5
      • FSA (Japan), 2949
      • MFSA, IS/70156
    Forex4youForex4you $1 5.3 0.01 1:1000
      • MetaTrader 4
      • Forex4you
      • FSC (BVI), SIBA/L/12/1027
      • The Financial Commission, 22.10.2020
    InstaForexInstaForex $1 7.9 0.0001 1:1000
      • MetaTrader 4
      • MetaTrader 5
    ForexMartForexMart $1 4.4 0.01 1:500
    AGEAAGEA $1 6.3 0.01 1:500
    FIBOGroupFIBOGroup $1 7.4 0.01 1:1000
    FXCLFXCL $1 7.8 0.01 1:500
    ProfiforexProfiforex $1 6.0 0.01 1:500
    Forex OptimumForex Optimum $10 9.1 0.01 1:500
    ForexChiefForexChief $50 9.5 0.01 1:400
    TifiaTifia $10 0.01 1:1000
    World ForexWorld Forex $1 10 0.01 1:500
    AMEGAAMEGA $1 7.8 0.01 1:1000
    Capital Street FXCapital Street FX $100 0.01 1:3500
    FBSFBS $1 5.3 0.01 1:3000
    FXTMFXTM $10 8.5 0.01 1:2000
    JustForexJustForex $1 8.4 0.01 1:3000
    PaxForexPaxForex $10 8.7 0.0001 1:500
    Fort Financial ServicesFort Financial Services $1 9.2 0.01 1:1000

    Advantages of using the cent accounts are pretty obvious but here is the list of reasons to open such an account:

    • You plan to deposit only a small amount to test the broker’s work.
    • You need a high level of accuracy when setting position size — especially important when trading with a large number of relatively small trades.
    • You want to be able to open tiny positions and still use the power of MetaTrader platform.
    • You want to test an expert advisor in a real account without changing its money management rules and without risking serious money.

    Forex trading bears intrinsic risks of loss. You must understand that Forex trading, while potentially profitable, can make you lose your money. Never trade with the money that you cannot afford to lose! Trading with leverage can wipe your account even faster.

    CFDs are leveraged products and as such loses may be more than the initial invested capital. Trading in CFDs carry a high level of risk thus may not be appropriate for all investors.

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