Cryptocurrencies have boomed in popularity in the last five years. As public awareness of alternative currencies increases, so too does demand. There are now a number of online exchanges where you can buy and sell cryptocurrency for fiat currency or other altcoins. If you prefer not to own virtual currency, another option is to use online brokerages to trade in cryptocurrency instead.
In the wake of high demand, several online trading brokers have increased their offerings to include cryptocurrencies such as Bitcoin and Ethereum. It is now possible to trade cryptocurrency pairs such as ETH/USD and BTC/JPY. You can also trade cryptocurrency CFDs if you prefer.
In this review, we are going to look at seven cryptocurrency trading platforms. Use our analysis to help you make a more informed choice when you decide to branch out into cryptocurrency trading.
1. IG Markets
IG offers forex, CFD, and spread betting trading services. It also gives traders access to cryptocurrency CFDs. IG is regulated in the UK, New Zealand, and South Africa. IG offers MT4, as well as their own ProRealTime trading platform. IG has one of the largest product ranges in the industry, with more than 10,000 instruments supported.
- Their customer support team is multilingual
- A demo account is available
- The market capitalization is around $3.8 billion
- The high minimum deposit is $200
- Many additional charges for withdrawals
- ID documents must be provided before withdrawals are authorized
- Customer reviews are mixed
easyMarkets is a well-known online forex broker, which offers access to 300+ markets. Forex traders can select many instruments to work with, including cryptocurrencies. easyMarkets is regulated in Australia, Europe, and several other countries, so it’s a reputable and trusted brand. Experienced crypto-traders like easyMarkets because the platform has several powerful features, including Freeze Rate and free guaranteed stop loss.
- Several platforms available
- Free Islamic and demo accounts available
- Negative balance protection
- A responsive customer service team is available 24/5
- Freeze Rate – this tool lets you freeze the price you see, giving you an extra time buffer when making trades
- dealCancellation – you can cancel a trade before it expires without losing any money
- Not available to US customers
Plus500 was established in 2008. It soon achieved prominence as a leading online forex broker and today it is listed on the FTSE 250. Plus500 offers a number of CFD products, including cryptocurrency. The trading platform is easy to use and there is a mobile option for trading on-the-go. The site is regulated in Australia, the UK, and Cyprus.
- The mobile trading platform is well designed
- Opening an account on Plus500 is very simple
- Spreads are competitive
- Customer service isn’t great and there is no telephone support number
- Analysis, news feeds, raw data and other research tools are absent from the site
- Organic customer reviews online are often poor
Pepperstone is a global broker with access to many markets. It offers a full range of currency pairs, including cryptocurrencies. Pepperstone has two accounts: a standard account and a Razor account for experienced traders. Regular traders can qualify for the Pepperstone Active Trader program. This offers discounted commissions when trade lots exceed 200 per month.
- No fees for deposits and withdrawals
- Good customer service
- Low commissions and good spreads
- Regulated in Australia and the UK
- User reviews are often negative
- Scant research materials available
- The fees are variable
- No proprietary trading platform offered
eToro is a social investment broker. Social trading is a relatively new phenomenon. Traders can follow other traders on the platform and ‘copy’ their trades. This is useful for inexperienced traders who have yet to build a successful trading strategy. eToro has recently added cryptocurrencies to its marketplace. Seven virtual currencies are available, including Bitcoin, Litecoin, and Ethereum. eToro also offers cryptocurrency CFDs.
- $100,000 demo account available
- Low minimum deposit
- Mobile app available
- Short crypto positions regulated by CySec and FCA
- Fees charged for every withdrawal made and foreign currency conversions incur further charges
- ID documents requested before withdrawals are allowed
- There is a fee for overnight positions
- No signals service available
- Long crypto positions offer no investor protection
AvaTrade was established in 2006. It is a regulated broker providing currency trading to all clients, regardless of how much experience they have. AvaTrade offers a range of trading services, including bitcoin, ETFs, and commodities. The broker is licensed to operate in the BVI, South Africa, EU, Australia, and Japan. It has won several awards, including ‘Best Customer Service’.
- A multilingual customer service team is available 24/5
- Eight trading platforms available, including Meta Trader for web and mobile
- Automated trading tools
- Eight cryptocurrencies supported: Bitcoin, Bitcoin Cash, Ethereum, Neo, Ripple, Dash, and Monero.
- Customer reviews posted online are mixed
- The website is poorly designed
- Online FAQs are not very helpful
InstaForex isn’t the best-known name in the currency trading marketplace, but it is trying to boost its brand by using well-known sports personalities as brand ambassadors. Visit the InstaForex website and you will be greeted with photos of Ales Loprais, Oleg Taktarov, and Daria Kasatkina. InstaForex is also the official partner of Dragon Racing and an official participant in the Dakar Rally. InstaForex has been operating since 2007. Platform users can trade cryptocurrencies, forex, commodities, stocks, and more.
- Winner of several World Finance Awards
- The InstaForex website is available in 30+ languages
- Bonuses and promotions available
- High leverages available
- The website can be confusing to use for inexperienced traders
- InstaForex isn’t regulated
Our editors have conducted an in-depth analysis of each of the platforms listed above. We tested their range of offerings, customer service responsiveness, and trading tools, and resources. When everything is taken into account, easyMarkets gets our vote. easyMarkets ticks the most boxes when it comes to customer service, as seen by its top rating on Trustpilot, as well as providing a good range of instruments and trading tools. easyMarkets also offers a demo account for new clients, so you can practice your crypto trading strategy before you risk your capital.
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