Bitcoin CFD Broker Comparison

Bitcoin Brokers | Compare And Find The Right CFD Broker

Bitcoin CFD Brokers Comparison Table
Online BrokerMinimum DepositBitcoinBitcoin CashBitcoin GoldWeekend TradingBroker vs Broker
Plus500$100
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
FOREX.com$50
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
Z.com Trade$50
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
ThinkMarketsNone
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
Pepperstone$200
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
City IndexNone
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
Dukascopy$100
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
UFX$100
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
Markets.com$100
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
easyMarkets$100
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
ETX Capital$100
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
IC Markets$200
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
IronFX$100
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
AAAFx$300
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading
Trade360$250
Minimum Deposit
Bitcoin
Bitcoin Cash
Bitcoin Gold
Weekend Trading

Bitcoin Broker Comparison

The brokers in the table offer trading in the cryptocurrencies Bitcoin, Bitcoin Cash or Bitcoin Gold using derivative products, thus the trader does not own the underlying asset (which means no wallet is needed).

As a derivative, the trader does not trade with actual cryptocurrencies, rather trades with CFDs, based on their price movement. Cryptocurrencies, including Bitcoin, Bitcoin Cash and Bitcoin Gold, are subject to highly volatile price movement.

All these brokers also offer other markets to trade, including Forex. The brokers themselves can be compared in more detail, broker versus broker, to compare features such as minimum deposits, range of cryptocurrencies available, other markets, account types, regulation and platforms.

Weekend trading

Some brokers offer Bitcoin trading during normal market hours (Sunday evening to Friday evening, GMT). Others allow 24/7 trading, that is trading through the weekend. However trading may be interrupted for a few hours on Sunday for maintenance.

Minimum deposit

The minimum deposit given in the table is the minimum deposit to start trading with the broker. However depending on such factors as the price of the CFD, minimum trade size and leverage, the trader may need to deposit a larger amount to open a position in a particular cryptocurrency.

What is Bitcoin ?

Bitcoin is decentralised payment system, using the cryptocurrency Bitcoin to make peer-to-peer payments, from wallet to wallet. Payments are processed on the Bitcoin blockchain, by miners, and added to the blockchain in a competitive process known as mining. The blockchain itself is made secure using cryptography (hence the name 'crypto' currency). The currency itself is not created by a central authority, but as a product of the process of processing payments (i.e. 'mining').

What is the blockchain ?

The blockchain is an electronic ledger. This means it is a record of all transactions which have taken place with the cryptocurrency. It consists of connected blocks of data, which includes transactions (there is also other data in the blocks). Miners get the right to add a new block (the size of which is limited) by solving a computationally intensive mathematical problem.

Transactions are verified by the miner and added to a block with a timestamp, which is then set to point to the previous block, thus creating a chain of transaction records. This blockchain is regarded as immutable because it must conform to cryptographic rules (i.e. rules which are secure because of the difficulty involved in breaking them).

One reason miners do this computationally intensive process of mining (i.e. there is a cost to it), is because they are rewarded by receiving new Bitcoin, created as part of the block 'discovery' process, as well as any transaction fees.

The total number of Bitcoin which can be produced by mining is ultimately limited, however blocks can be added indefinitely. To answer the question of how miners are paid when no more Bitcoin can be mined, they will get paid by transactions fees.

What is the problem to be solved ?

Each block of bundled transactions is hashed. This is a method of creating a number, which is an identifier of the content of that block. A random number is added to this hash and this is rehashed. However this hash has to be less than or equal to a target number (which can be changed to regulate the number of blocks being produced). This is what makes it computationally intensive, as the process has to be repeated, with the random number changed, until the hash is less than or equal to the target number, using trial and error.

Mining and decentralisation

Mining underlies a key feature of Bitcoin. It makes Bitcoin decentralised. There is no central clearinghouse to process payments, clearing is done by incentivised miners, operating autonomously. This process (the production of Bitcoin as an incentive or reward) also creates the cryptocurrency. Thus there is no centralised production and control of a currency. The self regulating mechanisms which can change the 'difficulty' to solve the problem which allows for block to be created, can thus control the rate at which the cryptocurrency will be produced, and the total number of Bitcoin which can be produced is pre-set.

Scale-up

A potential issue with decentralised payment processing (mining) is that it can create a bottleneck (for various reasons consequent on this process), limiting the rate at which transactions can be processed as the number of transactions per second being processed increases or scales-up. So other cryptocurrencies have been created, some forked from the Bitcoin blockchain, to try and address this from different angles. It should be noted that Bitcoin itself is working on this issue as well, by trying to make payment processing more efficient.

Bitcoin Cash

Bitcoin Cash (ticker symbol BCH) is a fork of the Bitcoin blockchain (on August 1st, 2017), creating a new cryptocurrency. Bitcoin Cash enables the number of transactions possible in a given time frame to be increased (it does this by allowing the blocksize limit to be adjusted) and creates new transaction signatures.

Bitcoin Gold

Bitcoin Gold (BTG) is a fork of the Bitcoin blockchain. The aim is to make Bitcoin more decentralised. It does this by changing Bitcoin's proof-of-work algorithm so that mining can be performed on computers which are more accessible.

Bitcoin trading platform

As a CFD, Bitcoin may be traded on the platforms provided by the broker, along with other markets available.

Bitcoin Forex

Bitcoin CFDs are typically available as a pair, for example BTC/USD. The CFD brokers which offer Bitcoin trading, usually provide Forex trading as well.

ECN Bitcoin

Some of the brokers in the table are ECN brokers and can offer Bitcoin trading in ECN trading conditions (e.g. low latency order execution and no dealing desk intervention).

MT4 Bitcoin

A number of brokers offer Bitcoin CFD trading on the MetaTrader4 (MT4) platform.

Bitcoin alternative

Some of these brokers may offer other cryptocurrencies, such as Ethereum and Litecoin. Please see Cryptocurrency Trading for more details.

Bitcoin chart

As a product offering by the broker, Bitcoin may be examined on the broker's charting. This means that the charting tools and technical indicators, for example, available for other CFDs may be used to examine Bitcoin.

Exchange trading vs CFD trading

  • Cryptocurrencies are typically traded as assets on exchanges - the trader can buy, store (for example in a wallet) and sell the cryptocurrency
  • CFDs are based on the price movement of the cryptocurrency, typically sourced from exchanges
  • The trader therefore does not own the cryptocurrency when buying or selling a CFD
  • Thus the trader does not need to store it and no wallet is needed
  • The trader can go long - speculate on a price movement up, or short - speculate on a price movement down
  • Cryptocurrency price movement can be extremely volatile

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