Cryptocurrencies have been grown during recent years rapidly and more people are now using them either as a way of transactions or trading them. That’s why I decided to find the best top 10 forex brokers accepting Bitcoin for deposit and withdrawal.

Although there are some forex brokers apply Bitcoin as a way of transactions, most brokers in the industry haven’t adopted that yet.

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Why Traders Use Bitcoin for Deposit and Withdrawal?

There are a few reasons that a trader may want to use bitcoin for deposit and withdrawal. Let’s take a look at them.

Bitcoin Is the Only Available Option

One of the reasons that traders might choose bitcoin in particular or any other cryptocurrencies in general as the way of transactions to their brokers is that they are living in a country that there are some limitations for forex trading.

For example, if you live in the US, there are some rules and regulations that prevent or limit you from using some features or strategies.

For instance, you can’t use more than 1:50 as leverage if you go with a broker that is under the watch of CFTC, The Commodity Futures Trading Commission.

That’s not a bad rule in general because prevents retail traders from losing their money, however, if you are a professional trader who is fully aware of money management, trading on leverage, and the risk involved in such a trading; low leverage can be a pain in the neck.

Since offshore brokers offer higher leverage, the traders seeking that kind of leverage are willing to pick them, however, they can’t deposit and withdraw using common methods such as credit cards or bank wires, and the only available option for them is Cryptocurrencies.

That’s why they need Forex brokers accepting Bitcoin or other cryptos as payment options.

There are some other examples from other countries where Forex is somehow illegal but the rules are gray and there isn’t a solid tax system so people tend to use Cryptocurrencies.

Avoidance of Document submission

Another reason is that some people don’t want to share their documents with Forex brokers or they want to be anonymous.

Forex brokers have a good reason for asking documents such as proof of ID or proof of address because their regulatory bodies request such documents because of preventing money laundry or anti-terrorism purposes.

On the other hand, there might be reasonable arguments for traders reluctant to give such documents to brokers. One reason could be they don’t want their information to be exposed because of identity theft.

Although it might be the case when we are talking about new unregulated brokers, that barley happens in an unregulated broker that has been around for years and has a good reputation and almost impossible to happen in a well-regulated forex broker.

Another reason that some people don’t want to submit their documents is that they don’t have them. For instance, they can’t provide documents such as utility bills or bank statements which either of them is necessary for the proof of their address.

For whatever reason that you don’t want to or can’t provide the necessary documents for the verification of your account, you need to know all the regulated brokers ask for those documents and there isn’t a single one that does the opposite.

They ask you because the financial authorities that have regulated them request such documents so basically the brokers don’t have any other choices but to ask for the documents.

Even almost all unregulated forex brokers ask such documents, however, there are a few of them that don’t — one of the brokers in our top 10 is one of the few ones.

Transaction fee

The next reason that some people are willing to use Bitcoin for deposits and withdrawals is that they want to pay less fee for their deposits and withdrawals.

As you know, payment options such as online payments, wire banks, or credit cards each charge a fee when you deposit or withdraw money.

Bitcoin option is not an exception and when you transfer it you have to pay a fee, however, there is a difference between sending BTC from a bitcoin wallet to another wallet and deposit to or withdraw from a crypto exchange or forex broker.

In general, when you want to transfer Bitcoin from one bitcoin wallet to another you can set transaction fees. Most wallets have some options for the transaction fee. For example, if you want a fast transaction, you have to pay more fees. Alternatively you can set the fee and speed to “normal”. in this case you pay less but it takes a bit longer to receive or send your BTC. There is also a more advanced option where you can use a custom fee and set the fee even lower than the slowest option offered by your wallet.

On the other hand, when you want to deposit Bitcoin to or withdraw it from a forex broker, there is a fixed fee determined by the broker. In other words, there is no option to change it, however, there are some forex brokers that reimburse the fees of deposits and withdrawals. They do that as the bonus they provide to their clients — “No” in the “withdraw/deposit fee” section of our comparison table means that.

Now you might ask which one is better in terms of paying the transaction fee. Do I pay less fee if I deposit and withdraw using Bitcoin or when I use more common ways such as credit cards, Paypal, etc. charge less?

well, it depends!

The most common BTC transaction fee among forex brokers is 0.0005 BTC. Since it’s a fixed amount, there is no difference between transferring a few bucks or a huge amount of money. let’s say Bitcoin is $35k so if the fee is 0.0005 BTC, you pay $17.5 for any amount of money you withdraw or deposit whether it’s $100, $100k, or any other amount.

Thus, the answer to the question is if you deposit or withdraw small amounts such as $100, you should use the methods such as Cards or Paypal since you pay around 3% which is $3 in this case while you have to pay $17.5 if you deposit or withdraw using Bitcoin.

On the other hand if you want to transfer larger amounts, Bitcoin is far better and you pay a fraction of what you pay using those common methods. For example if you withdraw $100k using visa card, you pay around 2% on average which is $2000 in this case while you pay $17.5 if you transfer the money via Bitcoin.

Best Forex Brokers Accepting Bitcoin for Deposit and Withdrawal

Here’s a list of top 10 Forex brokers that accept Bitcoin for deposit and withdrawal.

• Coinexx
• PaxForex
• IFC Markets
• LiteForex
• Grand Capital
• Trader’s Way
• CryptoRocket
• EagleFX

It’s actually 11 brokers but for the sake of the title of this article, let’s called it top 10

*POI Stands for Proof of Identity such as ID cards, Passport, Driver’s license, and etc

**POA Stands for Proof of Address such as utility bills, bank statements, and etc

The brokers that have No in their deposit/withdraw fees cover the fees as a bonus