Who is the best crypto broker? That's how you voted
Selecting the best crypto broker is of course an individual choice. One trader might pay more attention to various analysis functions, for example, while another is more concerned about fees. Here you will find only the rating of our readers. That's 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 broker.
AskTraders.com is an independent consumer portal, which means we are not dependent on or committed to anything with regard to any broker. Therefore our reviews are objective and trustworthy. We carry out intensive tests of the individual providers ourselves. Because of our many years of experience in online trading, we know what really matters. To this end we have developed a kind of checklist consisting of 10 categories. To make your assessment a bit easier, we would now 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 – then, of course, you should also consider these points in your assessment.
Categories & Criteria for Your Crypto Broker Test
1. Trade offer
In the category „trade offer“ we evaluate especially the range of different crypto currencies a broker makes available to clients. Since crypto brokers are CFD providers, we realize that the offering is far from covering the range of digital currencies generally available. There are supposed to be more than 1,000 cryptocurrencies by now. It would be impossible for a crypto broker to cover a majority of them.
Therefore, we evaluate the available virtual currencies only in comparison with other crypto brokers, but not in comparison to the overall number. 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.
- Range of tradable cryptocurrencies compared to other brokers
- How quickly does the provider integrate new interesting digital currencies
- Minimum trading size and short positions
As crypto brokers are generally active as CFDs and Forex brokers, they usually also offer other underlying assets like indices, equities, commodities and currencies.
2. Conditions, Costs & Fees
In our crypto broker experience it becomes clear that the providers are sometimes very different. The size of the spread (difference between buying and selling price) can sometimes be seen as very differently among brokers. Since cryptocurrencies are far from the liquidity some currency pairs have, 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 reaching break-even. Granted, the volatility (fluctuation range) in cryptocurrencies is much higher than with other underlyings. Nevertheless, the spread is a significant cost factor to be taken into account.
Beside 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 fee. The weighting of fees, however, takes place according to importance and not equally. This is because some fees have a much greater impact on the trade 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, brokerage 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, but less to cryptocurrencies. Whoever trades purely digital currencies 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 like traders might know from the Forex trading are very unusual for cryptocurrencies to date.
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 other customers do not get.
- 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 the account models, there is usually much more variety here. This is just because, as often stated, the providers usually act as CFD and Forex brokers, and in this segment it is customary to provide various trading platforms.
Beginners usually use the web-based platform. This can be called up directly in the investor‘s browser. A 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 offer separate software for download. Often external programs such as MetaTrader 4 are embedded. When choosing the crypto broker test winner, you can take this point into account. But we do not think the development of a proprietary trading platform is necessarily a prerequisite, 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 finding out if 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-friendliness of the website as well as the trading platform is a criterion, we include in our test result. Ease of use goes far beyond the look and design. 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? These are just a few questions that we clarify here. When a company addresses the needs of its customers this shows the provider cares for a good customer relationship.
We also take a closer look at the registration and verification process. Of course there are certain legal requirements to be met. As a result, opening an account can seem lengthy and less customer-friendly from the customer's point of view. But these are not issues we‘d hold against a broker.
The accessibility of the website is important, too, especially during turbulent phases of the stock market. This shows which broker is really interested in the success of the clients.
You might want to pay attention to these issues in terms of usability:
- Easy 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 immediately, testing the support of the company at the same time.
6. Customer support
Anyone who wants to establish himself as the best crypto broker should offer excellent services in this area. We believe that one can 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 seriously cares about a good customer relationship. Here we look at the communication channels available for the support. The team should be available via a free telephone hotline, via 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.
Have you already gained experience with customer service? 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 of support
At this point, we would like to point out that it is perfectly alright if an employee has to check back with higher support in case of more complex issues.
7. Payment methods
This category is essential in our overall assessment, in particular how the provider processes payouts. Sometimes investors hint at crypto broker fraud, especially if they feel that payouts are delayed.
Therefore we test in this category, among other things, whether the crypto broker pays out at all, and above all, how fast and under which conditions. Therefore, we 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 provide a reasonable selection. To the best of our knowledge, each crypto broker allows payments by bank transfer. The advantage here is that there is virtually no amount limit. The disadvantage is that payments require at least one working day until they are received by the broker.
But crypto providers should also offer payment methods where the capital is credited directly 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, though very few brokers have Paysafecard on offer.
You might consider this 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 comparison great providers should offer more than just the standard. But an additional offer means less a crypto broker bonus or rewards, such as a voucher on deposits. Although none of us would probably reject it, a bonus is just the icing on the cake. The main component of the additional offers should be things that help making crypto trading permanently successful. To this effect the company has to offer some help to the customer.
This includes among other things a free crypto demo account. In this 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. 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 crypto trading well 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 active commerce as long as you implement the learning content. Incidentally, we pay particular attention to the quality of the content.
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 we can never absolutely call a crypto broker reputable. But there are some clues pointing this out.
In order to rule out crypto broker fraud as far as possible when trading, a trustworthy regulation is elementary. 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 this country already offer a very high standard. In addition to regulation, 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 GBP 50.000 per investor. There are even some listed companies, which might be another indicator of integrity, as these companies have to meet even more requirements, as conditions such as MiFID or compliance guidelines must also be met.
Of course, we also pay attention to security in terms of IT. Unfortunately the increasing digitization means more and more hacker attacks. To protect the 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 think that a company has to prove itself for some time. Even if the conditions are excellent and all other conditions are suitable, we want to see if the broker can keep it up and maintain these services for a while, because making promises comes easy, but maybe you see this differently.
In order to get 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 are active on the market for a while receive trustworthy awards. Often these are awarded for excellent customer service, top conditions or perfect trading conditions. But we don’t just count the awards, we check out 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 seen in detail which criteria we use in our test reports. Granted, our standards are high and the judgment is strict. When choosing your personal crypto broker test winner, you are welcome to consider these points in your reviews.
As mentioned above, the rating on this page of who is best crypto broker is based solely on the judgment of our readers. Our opinion does not matter for this ranking. We'll just give you some help to make an informed assessment easier.
Since we have extensive experience in online trading for many years, 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 like.
If you already have had some experience with a provider, please cast your vote as well. At the end of the year we will look at which broker received the most votes – this provider will then receive the Readers‘ Award.