What is Bitcoin Cryptocurrency?
Bitcoin (strong) or in short BTC is an online virtual currency. In other words, Bitcoin is cryptocurrency or a form of digital currency that has been created and now used in trading and payment electronically online. There is no regulatory body for bitcoin and this virtual money doesn’t get printed out like all the regular money we are used to.
What makes it unlike regular currency we are all familiar with?
Bitcoin doesn’t have a physical image. It exists only online and can be used to pay for or trade against other currencies electronically with Bitcoin Brokers.
What is risky about the digical currency? What are the advantages?
Bitcoin is not regulated by any institution. While it is indeed risky, some people find it very comforting to not have their money constantly controlled by the central banks.
How did the digital money start?
A computer genius Satoshi Nakamoto suggested bitcoin – an unique currency completely uncontrolled by any of the government or regulatory authority, which can be used instantly for payments and services.
Our regular currency has always been linked to gold or silver. Bitcoin, unlike dollars and euros, is not based on any gold, but rather on mathematics.
Another interesting characteristic of bitcoin is that it is anonymous. You can have the money without it being linked to names or addresses or anything personal that links it to you directly.
Of course, there is a way to track the bitcoin transactions because a so called blockchain stores the history of bitcoin details used in every single transaction online.
If you use bitcoin address publicly, blockchain knows how many bitcoins is stored in that specific address, but it cannot link it directly to you. There are ways to hide that information as well.
Bitcoin is super fast. You can easily send money from one place to another and it shows up instantly. There is almost no transaction fee compared to bank fee for each transfer you make.
Where can you Trade Bitcoin?
Today Bitcoin is becoming widely accepted and used along side with the physical currencies all around the globe, including in investing and online trading.
Bitcoin hasn’t been around long enough in Forex trading yet, but it is gaining major interest from traders. At the moment there are only several brokers that allow deposit and withdrawal with Bitcoin.
List of Bitcoin Forex Brokers reviews
The list of Forex brokers that offer Bitcoin Trading
|Bitcoin Broker||Rating||Demo||Leverage||Bonus||Platforms||Min Deposit||Payments|
|InstaForex||9||yes||1:1,000||$100 No Deposit Bonus||MetaTrader 4, Metatrader 5, Webtrader||1||Bitcoin, CashU, credit cards, EgoPay, Neteller, Skrill, Ukash, UnionPay, WebMoney, wire transfer|
|FBS||7||yes||up to 1:3,000||$123 Welcome Bonus||MetaTrader 4, Metatrader 5, Webtrading||1||credit cards, fasapay, Indonesia local banks, Neteller, okpay, perfectmoney, Skrill, Webmoney, wire transfer, Thai local banks, Exchangers, Malaysian banks and Bitcoin by Skrill|
|Pepperstone||7||yes||1:500||100% Match Bonus||Metatrader 4, Metatrader 5, cTrader, cAlgo, cMirror||200||bPay, credit cards, Paypal|
|eToro||6||yes||1:500||-||eToro Platform||50||Credit Cards, Debit Cards, Paypal, Neteller, Skrill, Webmoney, Wire Transfer|
|DFMarkets||3||yes||1:200||10% Trading Credit Promotion up to $1,000||DFTrader, DF WebTrader, DF Mobile||100||Bank wire, Credit/Debit cards|
|AvaTrade||2||yes||1:400||100%||AvaTrader, MetaTrader 4, MetaTrader Floating Spread, Mac Trading, Web Trading, Mobile Trading, Automatic Trading, AvaOptions||100||Credit Cards, Debit Cards, Skrill, Wire Transfer, PayPal, Neteller, WebMoney|
|FXOpen||1||yes||1:500||$100||MetaTrader 4||1||Wire, WebMoney, AlertPay, CashU, c-gold, PerfectMoney|
|Fort Financial Services||1||yes||1:1,000||MetaTrader 4, CQG, Ninja trader, binary options||5||Credit cards, webmoney, Skrill, Neteller, perfect money, fasapay, wire transfer|
|TraderTrust||1||yes||1:200||100% upto $5,000||SmartForex||100||Skrill, Credit Cards|
|Simplefx||1||yes||1:100||MetaTrader 4 and in-house web-based platform||1||Wire transfer, Credit/debit cards, Skrill, Neteller, Astropay, Webmoney, FasaPay, Qiwi, Moneta, ru, Yandex, China UnionPay, Bitcoin and litecoin|
|Markets.com||0||yes||1:200||up to $2,000||Meta Trader 4,MarketTrader, Market WebTrader, Market Java Trader, Market Mobile Trader, Market WAP Trader, Market iTrader, Market AutoTrader||100||Credit/Debit Cards, Wire Transfer, Webmoney, Local Payments|
|CMS Trader||0||yes||1:200||Sirix||500||credit cards|
|Trade360||0||yes||1:1,000||35%, $60 no deposit for real account||Trade360||100||credit cards, skrill, neteller, wire transfer|
Do you know another Bitcoin Forex broker? Comment below and make a suggestion to our list.