Business

7 Best Cryptocurrency Platforms 2018

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.

Pros

Their customer support team is multilingual
A demo account is available
The market capitalization is around $3.8 billion

Cons

The high minimum deposit is $200
Many additional charges for withdrawals
ID documents must be provided before withdrawals are authorized
Customer reviews are mixed

2. easyMarkets

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.

Pros

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

Cons

Not available to US customers

3. Plus500

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.

Pros

The mobile trading platform is well designed
Opening an account on Plus500 is very simple
Spreads are competitive

Cons

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

4. Pepperstone

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.

Pros

No fees for deposits and withdrawals
Good customer service
Low commissions and good spreads
Regulated in Australia and the UK

Cons

User reviews are often negative
Scant research materials available
The fees are variable
No proprietary trading platform offered

5. eToro

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.

Pros

$100,000 demo account available
Low minimum deposit
Mobile app available
Short crypto positions regulated by CySec and FCA

Cons

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

6. AvaTrade

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’.

Pros

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.

Cons

Customer reviews posted online are mixed
The website is poorly designed
Online FAQs are not very helpful

7. InstaForex

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.

Pros

Winner of several World Finance Awards
The InstaForex website is available in 30+ languages
Bonuses and promotions available
High leverages available

Cons

The website can be confusing to use for inexperienced traders
InstaForex isn’t regulated

Editor’s Pick

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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