Bitcoin has become a popular method for making deposits and withdrawals in Forex over recent years, due to its level of anonymity and ability to be stored online. While many brokers will allow Bitcoin trading, only a selected few Forex brokers will accept Bitcoin deposits. The scarcity of BTC accounts is primarily due to the extreme volatility of cryptocurrency and due to the anonymity of Bitcoin, Brokers find it difficult to comply with anti-money laundering obligations. Whatever the reason may be, Bitcoin accounts are extremely rare, and not all brokers will be clear about the fact that they accept Bitcoin deposits. Bitcoin deposits are normally converted to USD in a trading account, which in turn opens up Bitcoin depositors to the risk of Bitcoin’s continually fluctuating exchange rate against the USD, whether they trade or not.
Recommended Bitcoin wallets for Forex trading include:
BitPay
BitPay was founded in 2011 and is used by thousands of businesses worldwide. Businesses who use BitPay includes Microsoft, Twitch and the American Red Cross. BitPay offers users personal Bitcoin wallets with all the security and features one could expect.
Bitcoin Wallet (Schildbach Wallet)
This was the first mobile Bitcoin wallet, launched in 2011. This app is only available on Android devices and security is not as strict as other wallets.
BRD
BRD is a mobile Bitcoin wallet, with an app available on both Android and iOS. BRD is a fully decentralized wallet which connects directly to the blockchain by using a securely generated 12-word paper key. A paper key not only means that there are no accounts to set up but also no passwords to remember or servers to hack.
Blockchain Wallet
Blockchain Wallet is the world’s most popular cryptocurrency wallet choice which is also available on iOS and Android respectively. Blockchain Wallet security is extremely strict, with both biometrics and advanced two-factor authentication. Blockchain Wallet supports over 20 languages and gives traders access to Bitcoin markets in 36 countries.
Copay
Copay was developed by BitPay in order to hold the company’s funds. Copay is a multi-signature wallet which means that more than one user can have access to the same wallet. Copay also supports multiple wallets in different cryptocurrencies.
Mycelium Wallet
Mycelium claims to have bank-grade security on their wallets. Mycelium Wallet is available on iOS and Android, and has five levels of security depending on a trader’s needs.
Deposits from Bitcoin wallets fund an investors trading account instantly. If a trader transfers a more substantial amount, it is routine to provide a screenshot of the summary of the account. This request is to prevent the Forex broker from being used as part of a fraudulent online scheme.
Here is an overview of the 12 Best Forex Brokers and Trading Platforms who accept Bitcoin.
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Roboforex
Roboforex are an online, global broker which was founded in 2009 and offers traders Forex and CFDs trading. RoboForex is authorized and regulated by the International Financial Services Commission (IFSC) with license number IFSC/60/271/TS.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2009 | Not FCA Regulated |
| Regulated by IFSC Belize | |
| Min. deposit from $10 |
When starting off with Roboforex traders will need to make a minimum deposit of $1 and there is an option available for a demo account for those who would like to get acquainted with the platform. Roboforex can accommodate various levels of traders, from experienced to beginner, and they can trade a wide variety of instruments and currency pairs. Roboforex offers over 100 instruments and over 35 currency pairs in total. Roboforex offers traders both of the MetaTrader platforms; MT4 and MT5 plus the cTrader platform developed for traders. Roboforex also offer mobile apps for Android and iOS.
Trading Benefits
| Trading Benefits | Accounts Offered | Funding Methods |
| Allows scalping | Micro | Credit cards |
| Allows hedging | Mini | Bank Transfer |
| Offers STP | Standard | Payoneer |
| Low min deposit | Zero | Neteller |
| ECN | ||
| STP | ||
| Islamic |
Customer support is available via phone, Webchat, Wechat, Skype, Viber, Telegram, Facebook chat, WhatsApp, email and a call-back request.
FXPrimus
FXPrimus is an online broker founded in 2009 offering Forex trading, and Social Trading and is global broker with a head office in Cyprus.
- Regulated by the Cyprus Securities and Exchange Commission (CySEC), The markets in financial instruments directive (MiFID)
- Used by over 10,000 traders
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2009 | Not FCA Regulated |
| Regulated by CySEC, MiFID | |
| Min. deposit from $100 |
FXPrimus has won numerous industry awards over the 11 years a wide variety of instruments and trading currency pairs. FXPrimus offers over 125 different instruments to trade, including over 43 currency pairs.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Payoneer |
| Low min deposit | Standard account | Neteller |
| ECN account | ||
| Managed account | ||
| Islamic account |
Customer Support is available via email, webform, phone and live chat.
Forex Time (FXTM)
FXTM or ForexTime was founded in 2011 and is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295. FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary. Three accounts are offered under the Standard category. Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2011 | Not ASIC Regulated |
| Regulated by CySEC | |
| Min. deposit from $10 |
FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Payoneer |
| Low min deposit | Standard account | Neteller |
| Offers Negative Balance Protection | Zero spread account | |
| ECN account | ||
| Islamic account |
Customer Service is available phone, email, online chat options – WhatsApp, live chat, Viber, Telegram or Messenger.
HotForex
HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2010 | Not FCA Regulated |
| Regulated by CySEC | |
| Min. deposit from $1 |
The HotForex MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar. The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Micro account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Neteller |
| Low min deposit | Zero spread account | |
| Offers Negative Balance Protection | Islamic account |
Customer support is available via phone and email.
XM Group
XM Group (XM) is a group of regulated online brokers regulated by the Cyprus Securities and Exchange Commission.
Pros and Cons
| Pros | Cons |
| • Low stock CFD and withdrawal fees | • Limited product portfolio |
| • Easy and fast account opening | • Average forex and stock index CFD fees |
| • Great educational tools | • No investor protection for non-EU clients |
XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDs. Forex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs. Traders must take note that XM does not offer binary options or futures.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Negative Balance Protection | Micro | Wire Transfer |
| Low Spreads | Standard | Credit/Debit |
| Low Commission | XM Zero | Neteller |
| Hedging Allowed | UnionPay | |
| Scalping Allowed | WebMoney | |
| Qiwi |
Customer Service is available via live chat, Phone and email support.
BDSwiss
BDSwiss is a Forex and CFD broker which is regulated by CySEC.
Pros and Cons
| Pros | Cons |
| 250+ instruments | No US clients |
| Well Regulated | No Fixed Spread Accounts |
| Commission Free Accounts | |
| Free VPS | |
| Daily Trading Alerts |
BDSwiss offers full demo and Islamic accounts and traders can fund their account via one of multiple choices.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Negative Balance Protection | Classic | Wire Transfer |
| Multiple Trading Accounts | VIP | Credit Card |
| No Deposit or Withdrawal fee | Raw | Skrill |
| Neteller |
BDSwiss offers multilingual customer support 24/5 via Live Chat, Telephone, Email, Call Back, WhatsApp, Telegram and an FAQ section.
OctaFX
OctaFX is an online broker which was founded in 2011, offering Forex trading. As OctaFX is regulated by the Financial Conduct Authority (FCA), each new client must pass a few basic compliance checks when signing up for an account. OctaFX has won numerous industry awards over the course of 9 years and is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.
Pros and Cons
| Pros | Cons |
| Used by 300,000+ traders | Doesn’t offer VPS |
| Established in 2011 | Limited range of instruments |
| Regulated by FSA | Not FCA Regulated |
| Min. deposit from $5 |
OctaFX provides an array of educational tools to assist beginner traders to become more experienced and even professionals in trading.
Trading Benefits
| Trading benefits | Accounts Offered | Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Offers STP | Mini account | Neteller |
| Low min deposit | Standard account | |
| Guaranteed stop loss | Zero spread account | |
| Negative Balance Protection | STP account | |
| Islamic account |
Customer Support is available 24/5 via Live Chat, Email, Phone, WhatsApp and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.
AvaTrade
AvaTrade is an online broker which was founded in 2006 and offers Forex, CFDs, Spread Betting and Social Trading and is a global broker with their head office situated in The British Virgin Islands. AvaTrade is regulated in Europe, the British Virgin Islands, Australia, Japan, and South Africa by ASIC, CySEC and FCA.
Pros and Cons
| Pros | Cons |
| Used by 200,000+ traders | Doesn’t offer VPS |
| Established in 2006 | Not FCA Regulated |
| Regulated by Central Bank of Ireland, ASIC, IIROC, FSA, FSB, UAE and BVI | |
| Min. deposit from $100 |
For those who are looking to start out with AvaTrade will need a minimum deposit of $250 and a demo account is available for those who want to get acquaint with the popular MT4 forex trading platform. AvaTrade also offer mobile apps for Android and iOS.
Trading Benefits
| Trading Features: | Accounts offered: | Funding methods: |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Micro account | Bank Transfer |
| Low min deposit | Mini account | PayPal |
| Standard account | Skrill | |
| Islamic account | Payoneer | |
| Neteller |
Customer support is available by email, phone, or live chat.
Exness
Exness is authorised by the Financial Services Authority (FSA) of Seychelles and was founded in 2008. Traders have the ability to trade on Forex and CFDs on Crypto, Metals, Energies, Stocks and Indices on the MetaTrader4 and MetaTrader5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.
Pros and Cons
| Pros | Cons |
| 107 currency pairs. | Licensing in the Seychelles –low level of protection |
| Low commissions | Narrow choice of markets. |
| Zero spread accounts. | No instruments for passive investment. |
| Wide choice of trading accounts | Superficial learning and analytical content. |
| Over 60 base currencies of the account |
Exness offers traders 5 different trading accounts to choose from and over 105 different instruments to trade, including over 103 currency pairs.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Low Trading Fees | Cent | Visa |
| Allows Hedging | Classic | MasterCard |
| Allows Scalping | Mini | E-wallets |
| Mobile Trading | ECN | Perfect Money |
| One Click Execution | FasaPay | |
| Web Based Trading | Wire Transfer |
Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email.
InstaForex
InstaForex is a global online brokerage which is registered and regulated in several offshore jurisdictions around the world, including the EU jurisdiction of Cyprus.
Pros and Cons
| Pros | Cons |
| No requirements for minimum deposit | High commissions on Forex market |
| Low commissions on CFDs on stocks | Low diversity of available markets |
| Support of Islamic accounts | |
| Wide selection of trading platforms |
InstaForex allows traders open an account with as little as $1 and Welcome bonuses may be on offer.
Trading Benefits
| Trading Features | Accounts offered | Funding Methods |
| PAMM Accounts | Insta.Standard | Credit Cards |
| Market Analysis | Insta.Eurica | E-Wallets |
| Cent.Standard | Bitcoin | |
| Cent.Eurica | Wire Transfer |
Customer service is available 24 hours a day, with local phone numbers for nine countries, as well as through popular apps like Telegram, WhatsApp, Skype, and others channels.
ThinkMarkets
ThinkMarkets is a forex and CFD trading broker regulated by the Financial Conduct Authority and FMA in New Zealand.
Pros and Cons
| Pros | Cons |
| Segregates client funds | Limited range of instruments |
| Established in 2010 | |
| Regulated by Financial Conduct Authority and ASIC | |
| Min. deposit from $0 |
In order to open a live account, no minimum deposit is required. ThinkMarkets offers over 50 different instruments to trade, including over 34 currency pairs on both the MetaTrader Platforms, MT4 and MT5.
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Allows scalping | Demo account | Credit cards |
| Allows hedging | Mini account | Bank Transfer |
| Offers STP | Standard account | Payoneer |
| Low min deposit | Zero spread account | Neteller |
| Islamic account |
Customer support is available via Live Chat, Telephone, and Email.
LiteForex
LiteForex is a forex broker which is based out of Cyprus and the Marshall Islands. LiteForex is registered under the name LiteForex (Europe) Limited, and regulated by the Cyprus Securities and Exchange Commission (CySEC). Underlying trading assets on offer includes more than 50 FX pairs, 20 different cryptocurrency pairs, stocks of more than 40 large American companies, as well as major stock indices and various commodity CFDs. All trading instruments can be traded on either the MetaTrader4 or 5 (MT4/MT5.
Pros and Cons
| Pros | Cons |
| Low-Cost Structure | Limited Countries |
| Excellent Customer Service | Limited Shares Trading |
Trading Benefits
| Trading Features | Accounts Offered | Funding Methods |
| Social Trading Platform | ECN | Bitcoin |
| Mobile Trading | Classic | MasterCard |
| Expert Analysis | WebMoney |
Customer service is available 24 hours a day via live chat on the company’s website.
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In Conclusion
When choosing a broker, the same conditions apply regardless of the deposit method used. An investor should always be able to trust their broker completely and it is important to verify that their chosen Broker is well-regulated and compliant with all regulations.
Frequently Asked Questions
Are there forex brokers in South Africa that accepts Bitcoin?
Yes, there are Bitcoin accepting forex brokers available for South African traders.
Is it safe to trade with a Bitcoin broker?
Yes, it is considered safe because Bitcoin transactions are safeguarded by advanced cryptography, which make them more secure than is the case with traditional financial transactions.
Will I have to pay higher fees when trading with a Bitcoin broker?
No, not necessarily, Bitcoin accepting brokers tend to have lower fees compared to traditional forex brokers because they don’t have the same regulatory and compliance issues to deal with.
How long does Bitcoin transactions via a forex broker take?
Bitcoin transactions are fast and effective and most transactions with forex brokers are completed within a few hours.
How safe is my financial activity from governments and institutions when trading with Bitcoin forex brokers?
Bitcoin is known as a decentralized currency which means that it is not controlled by any government or financial institution which is very beneficial for traders who do not want their financial activities monitored or regulated.
Top 4 Brokers
