With the rapid rise of cryptocurrencies, many forex brokers have begun offering crypto trading alongside traditional currency pairs. This combination gives traders the opportunity to diversify their portfolios, taking advantage of the volatility in both markets. However, not all brokers provide the same level of service, security, or trading features for cryptocurrencies.
In this blog, we’ll compare the top 7 forex brokers for crypto trading based on factors like spreads, platform features, security, and the variety of cryptocurrencies offered. Let’s dive into which brokers stand out and why they might be the best fit for your trading needs.
1. eToro: Best for Social Crypto Trading
eToro is one of the most popular brokers for crypto trading, particularly due to its social trading feature, which allows traders to copy the trades of successful investors.
Key Features:
- Cryptos Available: Over 90 cryptocurrencies, including Bitcoin, Ethereum, and altcoins
- Spreads: Variable, starting from 0.75% for Bitcoin
- Trading Platform: Web and mobile platforms with a focus on social trading
- Security: Regulated by top-tier authorities (FCA, ASIC, CySEC)
- Additional Features: CopyTrading allows you to replicate the trades of top crypto traders
Pros:
- Extensive crypto selection
- CopyTrading for beginner traders
- User-friendly platform
Cons:
- Relatively high spreads for crypto
- Limited to CFDs for non-EU users
2. Binance: Best for Low Fees and Deep Liquidity
While Binance is primarily a cryptocurrency exchange, it also offers forex trading services with crypto-fiat pairs, making it an attractive option for traders who prioritize low fees and liquidity.
Key Features:
- Cryptos Available: Over 350 cryptocurrencies, including a wide range of altcoins
- Spreads: Low fees, starting at 0.10%
- Trading Platform: Binance web and mobile app with advanced trading tools
- Security: Two-factor authentication (2FA), asset insurance, and industry-leading encryption
- Additional Features: Access to staking, crypto savings accounts, and liquidity pools
Pros:
- Extremely low fees
- Huge selection of cryptocurrencies
- Advanced tools for experienced traders
Cons:
- Steeper learning curve for beginners
- Limited regulatory oversight for forex services
3. IG Markets: Best for Advanced Crypto Traders
IG Markets is a well-established broker with over 45 years in the market, offering a combination of forex, CFDs, and cryptocurrency trading. It’s best suited for advanced traders who want sophisticated tools and platforms.
Key Features:
- Cryptos Available: Bitcoin, Ethereum, Litecoin, Ripple, and more
- Spreads: Variable, starting at 0.40% for Bitcoin
- Trading Platform: IG Trading platform and MetaTrader 4 (MT4)
- Security: Regulated by the FCA, ASIC, and other reputable bodies
- Additional Features: Advanced charting tools and a comprehensive educational resource center
Pros:
- Wide range of technical analysis tools
- Strong regulatory framework
- Competitive spreads for crypto
Cons:
- Minimum deposit can be high for some traders
- No crypto asset ownership (crypto traded as CFDs)
4. Plus500: Best for Simplicity and User Experience
Plus500 is known for its intuitive platform, making it ideal for beginner crypto traders. It offers a straightforward user experience while providing a wide range of crypto and forex pairs.
Key Features:
- Cryptos Available: Bitcoin, Ethereum, Ripple, Litecoin, and more
- Spreads: Variable, starting at 1.4% for Bitcoin
- Trading Platform: Web and mobile platforms with clean UI/UX
- Security: Regulated by the FCA, ASIC, CySEC
- Additional Features: Risk management tools like guaranteed stop-loss
Pros:
- Easy-to-use platform for beginners
- Regulated by multiple authorities
- No commissions on trades
Cons:
- Higher spreads compared to competitors
- Limited advanced trading tools
5. AvaTrade: Best for Beginner to Intermediate Traders
AvaTrade is an excellent option for traders who want a reliable, well-rounded platform with a good selection of crypto assets. It is particularly known for its educational resources, making it ideal for beginner traders who want to learn about both forex and crypto markets.
Key Features:
- Cryptos Available: 20+ cryptos, including Bitcoin, Ethereum, Dash, and Ripple
- Spreads: Variable, starting from 0.25% for Bitcoin
- Trading Platform: AvaTradeGO, MT4, MT5, and WebTrader
- Security: Regulated by multiple authorities, including the Central Bank of Ireland and ASIC
- Additional Features: Extensive educational materials, webinars, and trading courses
Pros:
- Great educational resources for beginners
- Multiple trading platforms (MT4, MT5)
- Competitive crypto spreads
Cons:
- Fewer crypto assets compared to dedicated crypto exchanges
- Limited advanced features for professional traders
6. Pepperstone: Best for Low Spreads
Pepperstone is a top choice for traders looking to trade crypto with low spreads and fast execution. It is well-known for its forex offerings but has been expanding its crypto trading options to meet demand.
Key Features:
- Cryptos Available: Bitcoin, Ethereum, Litecoin, Dash, and more
- Spreads: Extremely low, starting from 0.10% for Bitcoin
- Trading Platform: MetaTrader 4, MetaTrader 5, and cTrader
- Security: Regulated by ASIC, FCA, and other global authorities
- Additional Features: Algorithmic trading options and access to multiple liquidity providers
Pros:
- Super-low crypto spreads
- Fast execution speeds
- Suitable for professional and algorithmic traders
Cons:
- Limited selection of cryptocurrencies
- No dedicated social trading feature
7. Forex.com: Best for Regulation and Security
Forex.com is a highly regulated broker known for its transparency and robust security features. It offers a solid range of forex and crypto trading options, making it ideal for traders who prioritize safety and want exposure to both markets.
Key Features:
- Cryptos Available: Bitcoin, Ethereum, Litecoin, Ripple, and more
- Spreads: Competitive, starting from 0.30% for Bitcoin
- Trading Platform: MetaTrader 4, MetaTrader 5, WebTrader
- Security: Regulated by top-tier authorities like the FCA, CFTC, and IIROC
- Additional Features: Advanced trading tools and charting options
Pros:
- Strong regulatory oversight
- Low minimum deposit requirements
- Comprehensive research and analysis tools
Cons:
- Fewer cryptocurrency options compared to crypto exchanges
- Spreads slightly higher than some specialized crypto brokers
Conclusion: Which Broker Is Right for You?
The best broker for crypto trading largely depends on your experience level, trading style, and priorities. Here’s a quick recap to help you decide:
- eToro is ideal for beginners looking to learn through social trading.
- Binance is best for traders focused on low fees and a wide selection of cryptos.
- IG Markets caters to advanced traders with a need for in-depth analysis tools.
- Plus500 offers simplicity and ease of use, perfect for beginners.
- AvaTrade is great for intermediate traders who want solid educational resources.
- Pepperstone is the best choice for those prioritizing low spreads and fast execution.
- Forex.com stands out for traders seeking strong regulation and security.
Each of these brokers offers something unique, so take your time to consider your trading needs before making a decision. Most brokers also offer demo accounts, so you can test their crypto trading platforms risk-free. Happy trading!