WHO IS THE BEST CRYPTO BROKER? YOUR VOTE COUNTS
Selecting the best crypto broker is of course an individual choice. One trader might pay more attention to technical analysis tools, for example, while another is more concerned about fees. Here you will only find our reader ratings, which is why your opinion is called for. If you have already gained experience with one or more crypto brokers, then please vote and reveal who you think is the best crypto provider. This will help other readers to get a realistic image of the brokers available.
AskTraders.com is an independent consumer website, which means we are not dependent on or committed to promoting or endorsing any particular broker. Therefore, our reviews are objective and trustworthy. We carry out intensive tests of the individual providers ourselves. With our many years of experience in online trading, we know what really matters. To this end we have developed a checklist consisting of 10 categories. To make your assessment a bit easier, we would like to introduce you to these categories in more detail. We'll show you what we look for and what we include in our reviews.
Please consider this a suggestion for your personal crypto broker test. Maybe other aspects are important to you. If that’s the case, of course, you should also consider these points in your assessment.
Categories & Criteria for Your Crypto Broker Test
1. Trade offer
In the ‘trade offer’ category, we evaluate the range of different crypto currencies a broker makes available to clients. Since crypto brokers are CFD providers, we realise that the offer will never cover the entire range of digital currencies available. It has been estimated that there are more than 1,000 cryptocurrencies on the market these days. It would be impossible for a crypto broker to cover them all, even the majority of them.
Therefore, we evaluate the available virtual currencies only in comparison with other crypto brokers, not in comparison to the overall number available. Naturally the most important cryptocurrencies should be tradable, such as Bitcoin, Ethereum, Ripple, Litecoin or the digital currencies generated by hard forks, such as Bitcoin Cash and Bitcoin Gold. In this context, we also look at how quickly the crypto broker is adding new digital currencies.
In our assessment, we also include factors such as maximum leverage, minimum trading size and if short positions are possible.
- We evaluate the range of tradable cryptocurrencies compared to other brokers
- We examine how quickly the provider integrates new interesting digital currencies
- We include factors such as minimum trading size and short positions
As crypto brokers are generally active as CFD and Forex brokers, they usually also offer other underlying assets like indices, equities, commodities and currencies.
2. CONDITIONS, COSTS AND FEES
Through our crypto broker comparisons, it is clear that providers are often very different. The size of the spread (the difference between buying and selling price) can sometimes vary significantly among brokers. Since cryptocurrencies have a lot less liquidity than some currency pairs, the spreads are on average higher than just a few pips. In most cases there will be a percentage spread. All in all, the lower the spread, the better the result in our test.
For example, if there is a spread of 0.5 percent, then an investor must first make a profit of 0.5 percent before breaking even. Granted, the volatility (fluctuation range) in cryptocurrencies is much higher than with other underlying assets. Nevertheless, the spread is a significant cost factor to be taken into account.
As well as the spread, all other fees are included in our test result. These include, for example, commissions, fees for deposits and withdrawals, and any account maintenance fees. The weighting of fees, however, is given according to importance. This is because some fees have a much greater impact on your trading result (for example, spreads and commissions) than others (like inactivity fees).
Top 3 Crypto Broker Comparison
3. Account models for different investor groups
Of course, as mentioned earlier, selecting a broker is an individual choice. To meet the different needs of traders, some crypto brokers offer different account models. But our experience shows that this mainly relates to the offer in terms of CFDs and Forex, and much less to cryptocurrencies. If you are trading purely in digital currencies, you will usually not need different account models. Most providers in the crypto area act as market makers (that is, they provide the prices themselves). Thus, spreads are often fixed and a trade execution is almost guaranteed. ECN or STP accounts, which some traders might be familiar with from Forex trading, are very unusual for cryptocurrencies at this time.
VIP customers often receive preferential treatment. In this sense, there are different account models. But each broker defines individually what constitutes a ‘VIP customer’. In order to become the best crypto provider, we do not think it is necessary to provide a VIP account. VIP customers receive better conditions, their own customer service and other services that other customers do not get.
- There are usually no different account models in the crypto area
- VIP customers occasionally receive preferential treatment
- Crypto brokers usually act as market makers
- ECN and STP accounts are extremely uncommon for cryptocurrencies
4. TRADING PLATFORM AND MOBILE TRADING
Another category in our crypto broker test is evaluating the trading platform. Unlike with account models, there is usually much more variety here. This is because, as we have stated, the providers usually act as CFD and Forex brokers, and in this sector, it is customary to provide various trading platforms.
Beginners usually use a web-based platform. This can be accessed directly in the investor‘s browser. A software download and installation is therefore not required. This has the advantage that the trader can log in and out of his broker account from anywhere. In addition, crypto brokers often offer separate proprietary software for download, and often external programs such as MetaTrader 4. When choosing your nominated crypto broker, you can take this point into account, but we do not think the development of a proprietary trading platform is necessarily important, as long as the overall offer satisfies the customers.
In addition to the offer, we also look closely at the scope of the trading platform. By this we mean whether the platform is suitable for beginners and experienced traders. This in turn means that additional features and functions such as chart analysis etc. should be available. In the field of mobile trading, we investigate whether there is a broker app for Android and iOS or whether the provider can come up with alternatives, such as a mobile web view for smartphones or iPhones.
5. Ease of use of the website
The user-friendly aspect of the website, as well as the trading platform, is an important consideration that we include in our test results. Ease of use goes far beyond the look and design of the site. We test whether all important information is easily accessible. Is the website intuitive? Can users easily access the registration and trading area? Do customers find their way around easily? These are just a few questions that we clarify. When a company addresses the needs of its customers this shows the provider is prioritising a good customer relationship.
We also take a closer look at the registration and verification process. Of course, there are always certain legal requirements to be met. As a result, opening an account can seem lengthy and less customer-friendly than the client would like, but these are not issues that we hold against a broker.
The accessibility of the website is important too, especially during turbulent phases of the stock market. Ensuring constant uptime in hectic times shows that the broker is really interested in the success of the clients.
You might want to pay attention to these issues in terms of website usability:
- Convenient location of information
- Easy registration and verification process
- Correct use of language on the homepage
- Applications, such as the search function, must work well
Incidentally, if we find any errors, we will inform the customer service team immediately, testing the support of the company at the same time.
6. CUSTOMER SUPPORT
Any company that wants to establish itself as the best crypto broker should offer excellent service in this area. We believe it is possible to draw conclusions about the general quality of the crypto broker from the standard of the customer service. After all, the employees are the direct link to the customer. If they are well trained, this shows that the provider sincerely cares about a good customer relationship. We look closely at the communication channels available for customer support. The team should be available via a free telephone hotline, e-mail and live chat. Live chat in particular has become more and more important in recent years. A comprehensive FAQ area answering the most important questions in advance is very important too.
Do you have experience with the customer service at the crypto brokers you have used? If so, how satisfied were you with the staff in terms of speed, friendliness and competence? You are welcome to include these questions in your evaluation.
What we pay attention to regarding customer service:
- Politeness and courtesy
- Response rate to our inquiries
- Competence of the employees
- Times of availability for support
It is important to note that it is perfectly acceptable if an employee has to check back with a higher support team in case of more complex issues. In our opinion, this shows attention to detail and a dedication to ensuring customers get the right answers.
7. PAYMENT METHODS
This category is essential in our overall assessment, and in particular we look at how the provider processes payouts. Sometimes, investors hint at crypto broker fraud, especially if they feel that payouts are delayed unnecessarily.
Therefore, in this category we test, amongst other things, whether the crypto broker pays out at all, and very importantly, how fast and under which conditions. We also pay attention to the fees for deposits and withdrawals and the number of payment methods.
Fortunately, most crypto brokers offer a wide range of payment methods. Anyone who wants to be considered an excellent provider must offer a reasonable selection of funding options. To the best of our knowledge, every crypto broker allows payments by bank transfer. The advantage here is that there is virtually no limit to the amount you can transfer. The disadvantage is that payments require at least one working day before they are received by the broker.
However, crypto providers should also offer payment methods where the funds are credited instantly to the broker. Such payment methods include, for example, credit cards (with Visa and Mastercard usually accepted), PayPal, Sofortüberweisung, Giropay, Skrill, Neteller and also Paysafecard, although very few brokers have Paysafecard on offer.
You might consider the following points important:
- Amount of the minimum deposit
- Amount of the minimum payout
- Choice and number of payment methods
- Speed of transactions
- Fees for deposits and withdrawals
8. ADDITIONAL OFFERS
In our crypto comparisons, we believe that great providers should offer more than just the standard. However, an additional offer does not just mean a crypto broker bonus or rewards, such as a voucher on deposits. Although none of us would reject it, a bonus is just the icing on the cake. The main component of the additional offers should be things that help make crypto trading permanently successful. To achieve this, the company has to offer some help to the customer.
This includes, among other things, a free crypto demo account. In a free test account, users can make their first trades with virtual capital and under real trading conditions, but without the risk of losing real money, (and of course, no real profits are made either). The demo account does not make you a professional trader, but you get a feel for the not-so-easy crypto trade.
In addition to the demo account, extensive education and training content should be available as well. Our crypto broker experience shows that beginners can learn a lot about crypto trading through video courses, webinars or e-books. Of course, you will not become a professional trader overnight just by reading an e-book, but it will definitely help you in your trading activities, as long as you implement the content you learn. We pay particular attention to the quality of the content rather than the quantity.
9. Regulation and deposit insurance
Another important area in our broker comparison is the security of your money with the broker. To this end we look at the regulation and deposit insurance in detail. Of course, you can never be absolutely sure a crypto broker is trustworthy. But there are certainly some clues you can look for.
In order to rule out crypto broker fraud as far as possible, a trustworthy regulation is essential. In particular, the regulatory authorities of the EU, USA, Canada, Australia or Japan should be mentioned here as trustworthy supervisory authorities. Crypto brokers licensed in these countries already offer a very high standard.
We also pay attention to the nature and extent of deposit insurance. This goes hand in hand with regulation. For example, UK registered crypto brokers offer deposit protection of £50,000 per investor. There are some listed companies, which might be another indicator of integrity. These companies have to meet even more requirements, such as MiFID conditions or compliance guidelines.
Of course, we also pay attention to security in terms of IT. Unfortunately, increasing digitisation means more and more hacker attacks. To protect clients’ money, the vast majority of crypto brokers invest large sums in IT security.
10. OPINIONS OF THE TRADE PRESS & AWARDS
In our opinion, no broker who has just entered into the market can become a test winner. We believe that a company has to prove itself first. Even if the conditions are excellent and all other features are satisfactory, we want to see if the broker can maintain its standards and levels of service. Making promises comes easy, but it’s important to show that those promises can be kept.
In order to gain a different perspective, we include opinions of the trade press in our evaluation. Start-ups usually do not have objective and well-founded coverage. We ignore press releases that originate directly from the broker.
Of course, media coverage is not always objective, and especially with large crypto brokers, there may be the occasional negative headline, but on the whole, the coverage should be positive.
Only crypto providers that have been active on the market for a while receive trustworthy awards. Often these are awarded for excellent customer service, top conditions or perfect trading conditions. However, we don’t just count the awards, we check who awards them. Awards from renowned institutes carry more weight than awards from unknown companies. Again, quality is more important to us than the quantity of the awards.
Who is your personal crypto broker test winner?
You have now seen exactly which criteria we use in our test reports. Granted, our standards are high and the judgment is strict. You will have your own criteria, no doubt, when choosing your personal crypto broker test winner, but you are welcome to consider these points in your evaluation.
As mentioned above, the rating on this page regarding who is the best crypto broker is based solely on the judgment of our readers. Our opinion is irrelevant for this ranking. Our advice is simply provided to give you a little help and make an informed assessment easier.
We have had extensive experience in online trading for many years, meaning we know exactly what to look for in tests. You can rest assured that our test reports are authentic and objective. AskTraders.com is not dependent on any crypto broker in any way. We open accounts with the providers, test the platform, contact support, make trades and look at the fine print. So, feel free to fall back on our expertise if you wish.
If you have already had some experience with a provider, please cast your vote. At the end of the year we will look at which broker has received the most votes – this provider will then receive the Readers’ Award.