As a payment method, Bitcoin is reliable for its low cost and quick process. Brokers have been integrating Bitcoin as one of their funding methods especially after the cryptocurrency's rise in popularity. Now, traders who have digital wallets can easily transfer their funds to and from their trading accounts.
With its role as the biggest and most favored cryptocurrency today, Bitcoin keeps gaining interest around the world. It is highly possible that more brokers will add Bitcoin as a payment method in the future, side by side with other established e-payments that provide fast, cheap, and simple transactions on a global scale.
- Check your Accepts Bitcoin broker has a history of at least 2 years.
- Check your Accepts Bitcoin broker has a reasonable sized customer support of at least 15.
- Does the Accepts Bitcoin broker fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
- Check your Accepts Bitcoin broker has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
- Does your Accepts Bitcoin broker have an international presence in multiple countries. This includes local seminar presentations and training.
- Make sure your Accepts Bitcoin can hire people from various locations in the world who can better communicate in your local language.
How Does Bitcoin Work?
Bitcoin transactions require the use of wallets. All Bitcoin users’ wallets are assigned unique addresses. Transactions are recorded on the Blockchain.
Bitcoin can be transferred from one user’s wallet to another. Therefore, forex brokers who accept Bitcoin will be required to accept deposits by having the trader transfer BTC to their wallet. In the same vein, Bitcoin withdrawals by traders involve the transfer of BTC from the broker’s wallet to the trader’s wallet.
Why Use Bitcoin as Your Deposit/Withdrawal Method?
Bitcoin can serve as a good means of deposits and withdrawal. Most brokers that accept Bitcoin for deposits and withdrawal also allow the trader to trade BTC. Bitcoin is presently in limited supply and forex trading of BTC allows traders to get their hands on this cryptocurrency without having to mine it for themselves. Mining BTC is presently very expensive, consumes a lot of power and requires specialized equipment, which most traders do not have. So rather than go mining BTC or trading it on Bitcoin wallets, why not get more of it by trading it on the forex platforms and then withdrawing it to your BTC wallets?
There are Bitcoin exchanges all over the place and people are making money buying and selling Bitcoin. Any extra money you make from your forex broker can be withdrawn and sold for cash. Unlike other digital wallets, the BTC you withdraw from your forex account can increase in value over time and you will make more from selling it when the value increases.
Benefits of Choosing a Broker that Accepts Bitcoin
Here are the benefits of choosing a broker that accepts Bitcoin:
- Bitcoin is one of the most secure non-fiat currency platforms as transactions must undergo a host of confirmatory processes before approval, all done with minutes. The security of this cryptocurrency makes it a favoured means of transaction.
- If your broker accepts Bitcoin and also provides BTC asset for trading (as BTC/USD), you have access to charts and technical tools to know when the price is headed up or down. You know exactly when to trade.
- It is very easy to create a Bitcoin wallet which is used to fund your forex account. Deposit and withdrawal transactions are easy and can be concluded in minutes.
Deposits & Withdrawals
Bitcoin accepts various deposit methods including credit cards, USD bank transfers and other cryptocurrencies via payment portals such as Binance and Coinbase. It is best to check the offering of each cryptocurrency exchange and choose which one suits your trading needs, whether that be accepting mobile app payments or favourable foreign conversion fees. In some cases, it is also possible to split Bitcoin payments across digital wallets and fiat currency.
Crypto attributes make Bitcoin payments challenging for both ecommerce and clients, all deposit transactions must be made manually by the trader. Log in to your trading account and follow your broker’s process to make a Bitcoin payment.
Bitcoin payments can be free. However, many wallets charge default fees, such as Electrum, though higher charges can result in faster confirmation times. Fees are not generally related to the number of Bitcoins being sent and can be reviewed before sending the transaction.
Brokers such as LiteForex, Instaforex, Octafx free deposits and withdrawals using Bitcoin, though this is subject to the cryptocurrency network system.