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COMPARE THE BEST CRYPTO BROKERS

Updated: 22 April 2020
1st

eToro

Trader Rating
Open Demo Account Full Review
Strengths
  • The first social trading platform ever.
  • Offers access to a variety of assets.
  • Regulated and authorised by the FCA.
Weaknesses
  • Limited educational tools are available.
  • There have been some outages on the trading platform in the past.
62% OF RETAIL ACCOUNTS LOSE MONEY
2nd

StormGain

Trader Rating
Open Demo Account Full Review
Strengths
  • Multilingual website
  • Loyalty program and bonuses
  • Security
  • Ability to buy cryptocurrency using bank cards
  • 24/7 customer support
Weaknesses
  • Replenishment of accounts only possible with cryptocurrencies.
  • StormGain is currently not regulated. However, the StormGain legal team provides adequate control.
  • Only cryptocurrencies can be withdrawn from the platform.
Note: 76.4% of Forex retail accounts lose money
3rd

Plus500 Review

Trader Rating
Open Demo Account Full Review
Strengths
  • Regulated and authorised by the FCA.
  • The parent company is publicly listed on the London Stock Exchange’s Main Market.
  • The platform is easy to use.
Weaknesses
  • It offers limited research, analysis, and educational tools.
80,5% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford take the high risk of losing your money.
4th

ETFinance

Trader Rating
Open Demo Account Full Review
Strengths
  • Well-regulated by one of the most trusted bodies in global finance.
  • Commission-free trading is offered throughout.
  • An extensive range of educational material is available.
Weaknesses
  • No proprietary trading platform is offered
  • Bonuses are limited due to the stringent regulatory requirements in place.
Note: 76.4% of Forex retail accounts lose money
5th

ROinvesting Review

Trader Rating
Open Demo Account Full Review
Strengths
  • Leverage is available up to 1:500.
  • ROinvesting offers more than 300 CFD assets.
  • ROinvesting is licensed and regulated by CySEC.
  • The broker offers multiple platforms, including a WebTrader, MT4, and a mobile version.
Weaknesses
  • All assets offered are CFDs.
Note: 76.4% of Forex retail accounts lose money
To be deemed the ‘Best Crypto Broker’, a provider must meet several criteria. Whether you already have trading experience or are at the start of your currency trading journey, choosing a broker is an important process. In our cryptocurrency broker comparison, we assess key criteria, such as fees, support and trading offers, and explain what to look for when selecting providers. Beside trading conditions and costs, we also take into account the current situations on the market – in order to identify the right Crypto broker for you.

What are the key criteria our traders use when evaluating cryptocurrency brokers

To be deemed the Best Crypto Broker here at AskTraders, you have to meet and exceed expectations in several different criteria. Whether you already have trading experience or are at the start of your cryptocurrency trading journey, choosing a broker is a necessary and vital process. We assess fundamental criteria which include fees, customer support, and their platform amongst others. We do this to help you understand what to look out for when you are on the hunt for your perfect crypto broker. We also take into account the current situations on the market – to identify the right Crypto broker for you.

FEES

Whichever cryptocurrency broker you choose, in nearly all instances opening an account is often free of charge. However, brokers find other ways to make their money. They have to make profits as well so many brokers charge fees based on the dealing spread, real-time prices and add-ons for their trading platforms. Some bitcoin brokers may also charge for deposits and withdrawals.

We also have to talk about leverage here, as it is an essential aspect when comparing crypto brokers. Leverage allows you utilise more capital than you have available in your trading account. In some instances, brokers stagger the leverage on the money invested. Increased leverage can be more appealing for experienced traders. However, while leverage is a crucial point, high leverage is not always beneficial and may not be a positive fit for your current trading activities.

Account types

There are an increasing amount of cryptocurrency brokers that now offer a choice of accounts. These typically include beginner, advanced and VIP accounts. Your deposit amount usually decides the type of account you have however trading volume can also determine your account type. Traders might begin with a starter account and then upgrade to another account, according to either trade volume or increasing your deposit amount.

When comparing the differences between crypto brokers, you should be able to answer the following questions: What services do I get with each account? How do accounts differ? Are there any business offers?

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Platforms

When looking for a broker, one of the most crucial aspects you need to analyse is the platform as it can be a critical factor in determining your trading success. The best crypto trading platforms will have an intuitive and easy to use interface, where the charting is smooth and indicators are easy to find.

Specially developed software solutions are often available as well as existing platforms such as MetaTrader 4. A customisable interface is particularly advantageous. The focus should be on technical indicators and the trading systems offered when analysing the platform. Technical indicators will become vital as you build your profitable trading strategy. The better the platform and the more support it offers, the better you can focus on actual trading.

One last point to mention in this section is looking at opportunities to trade on the move. It has become a must-have feature – one that allows for flexible use at any time — all of the best crypto trading platforms have well-designed apps that make it easy to trade from your phone or tablet. When researching the app, you should focus on the charting and ability to enter and exit trades.

Usability

When looking at the crypto broker’s website, you should first check that it is available in a language you can understand – sometimes, this is only obvious upon second glance. In most cases, the broker will have an English language site, but it will often be possible to set the language to your preference. Make sure that the translation is complete and all aspects of the website are easy to understand.

A vital component of the website is navigation – it should be organised and guide you through swiftly. ‘One-click’ navigation is a particularly popular feature, as it allows you to find everything immediately. The website will need to provide you with easy access to information such as contact options, cost models and fees, offers, account types and terms of service. Other general information about the broker and an FAQ section may also be helpful.

Crypto broker comparison

CUSTOMER SUPPORT

Trading can be a problematic endeavour and issues can arise, especially with a new asset class like cryptocurrency. There is great value to be had in having a fantastic customer support team, so at AskTraders we place particular importance on this part of our broker analysis.

Many top crypto brokers provide a live chat option, and you can usually reach customer support via hotlines, e-mail or a contact form. Contacting the customer support team is, in many cases, free of charge.

Equally important are the languages that are spoken by the support team. In the majority of cases, staff will speak English, but many brokers offer other languages too. There may also be varying levels of support that are dependent on your account type. For example, if you have a VIP or platinum account, you may be able to access a more significant level of support. Again, depending on the type of account you have, some brokers may provide you with a personal account manager.

PAYMENT METHODS

Opening a new account will require you to deposit money into the account before you can start trading and, if you are successful, you are going to want to transfer your profits to your private bank account. So, to be thorough in our research, we have to analyse the possible payment methods.

Most Crypto brokers will offer credit cards, bank transfer and online payment services such as Neteller or Skrill. As well as these, you will, of course, be able to open a crypto trading account with cryptocurrencies. However, a credit card is still a popular means of payment, as transactions are uncomplicated and processed within a short time. Bank transfers, while considered very secure, usually take a long time to process. With many crypto brokers, you will also be allowed to deposit and withdraw through online payment services such as Skrill, Neteller and PayPal – these are popular methods due to their transaction speeds.

As mentioned in the fees section of higher up this page, some brokers will charge fees for deposits and withdrawals, so make sure to consider these. There could also be specific limits in place when depositing or withdrawing money — for example, only being able to deposit a minimum of £100. Some will only allow a certain number of payments per month, and each additional transfer may come with a fee. It is often the case that brokers will only allow withdrawals using the same method used when depositing.

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Best Offers

Many reputable crypto brokers will provide enticing offers to their customers – starting with education and training. Only those providers who have well-developed education and training offers are deserving of the ‘Best Crypto Broker for Beginners’ award. Educational offers not only benefit beginners, but they also provide great insights to the more experienced traders. Some brokers will offer seminars, while others will only provide education via a blog with tips or even an online trading academy. You may also find other tools such as a market calendar and updates useful that will come as part of their offers section.

REGULATION AND DEPOSIT PROTECTION

Now, onto a vital part of the research for a broker. Regulation and deposit insurance are important issues, yet, they are not a guarantee that you will get a reputable Crypto broker. It is not possible to completely exclude the possibility of Crypto fraud in trading. Still, you can be sure that opening an account with regulated providers means they are licensed to offer their services on the market.

The financial authorities are the ones responsible for checking work at regular intervals. To confirm that a broker is regulated, you will be able to search for them on the relevant financial authorities website and any broker that is regulated will clearly state this on their website. Deposit insurance is crucial, and we recommend finding out how much deposit insurance you are provided with when assessing any cryptocurrency broker. It will provide additional protection and secures your funds in the event of bankruptcy, up to a certain amount.

Concerning your data, if you are worried about Crypto fraud, there are a few checks that you may wish to perform. In a provider comparison, you should make sure that the data transfer is always encrypted. By choosing a secure password, you can also contribute to your data security.

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AWARDS

Press information about a broker can be helpful in a broker assessment, and if it comes from financial press associations, this can be even better. Forums, on the other hand, tend to be less reliable. Positive opinions might be expressed about payments, while negative contributions usually come down to personal misjudgements in trading or lack of market experience.
Experienced brokers or brokers who have already received awards such as ‘Best Crypto Trading Platform’ will garner attention in the press. Many brokers link to media coverage on their website. Please take advantage of this opportunity to gain an overview of the current media coverage they got the awards they have won.

If a broker has received an award in the past, it’s still worth seeing if they have any more recent awards. These awards are essential and help brokers to build trust with their customers. Various crypto companies will subject brokers to a test and give annual titles and awards for Crypto trading. They will regularly scrutinise platforms, broker support services and security. Awards are certainly a good verometer of assessing a broker – brokers will typically list any awards they have won on their website.