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Deciding on which cryptocurrency broker to invest with is one of the most important tasks in the crypto industry. You have to invest with a reliable and trustworthy broker which not only ensures the safety of your funds but also can help you make a profit. To do this, you have to consider some factors like the coin spreads, available trading platforms, regulation, minimum deposit, etc.
Here, we’ll figure out which is the best cryptocurrency broker by comparing some of the top dogs out there.
What Is The Best Cryptocurrency Broker?
Plus500 – self-described as the World’s Trading Machine – is a CFD broker for trading cryptocurrencies among other trading commodities. The broker is owned by Plus500UK Ltd and has its headquarters in London, United Kingdom. The world’s top cryptocurrencies can be traded on Plus500 and the trading platform is available 24/7. With Plus500, you can try a Free Demo Account to practice your trading skills before registering for live trading and as a CFD, you do not need to own the cryptocurrencies before you can trade them.
- Bitcoin Spread: Bitcoin is traded at a spread of 0.37% on Plus500.
- Ethereum Spread: Ethereum is traded at a spread of 0.87% on Plus500.
- Ripple Spread: Ripple is traded at a spread of 1.85% on Plus500.
- Trading Platforms: Plus500 offers several trading platforms which include an Android an iOS mobile app, Windows 10 Trader, and Web Trader.
- Minimum Deposit: The minimum you can deposit on Plus500 is $100 for electronic payments and $500 for bank transfers.
- Deposit and Withdrawal fees: No deposit or withdrawal fee is charged on Plus 500
- Regulation: Through its subsidiaries, Plus500 is regulated by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and Seychelles Financial Services Authority (SFSA).
IQ Option is the cryptocurrency broker choice for most traders because of its quick deposit & withdrawal and short selling features. Though it is renowned majorly for Forex, Stocks, and Options trading, IQ option is still one of the leading crypto brokers in the world. The platform was founded in 2013 and boasts of close to 50 million registered users; over 1 million trades are completed daily which amounts to about $11 billion every month. You can trade cryptocurrencies normally and as CFD. A demo account is featured before trying your hands on the real deal.
- Bitcoin Spread: Bitcoin is traded at a spread of 430 on IQ Option.
- Ethereum Spread: Ethereum is traded at a spread of 9.6 on IQ Option.
- Ripple Spread: Ripple is traded at a spread of 0.0875 on IQ Option.
- Trading Platforms: IQ Option features mobile trading, desktop trading, and online trading. There are apps for Android, iOS, macOS, Ubuntu, and Windows devices.
- Minimum Deposit: IQ option accepts a minimum deposit amount of just $10.
- Deposit and Withdrawal fees: No fees are charged when you deposit or withdraw money on IQ Option.
- Regulation: IQ option is a cryptocurrency broker regulated by the Cyprus Securities and Exchange Commission (CySEC).
eToro has been around since 2007 and has more than 10 million users worldwide. Fifteen of the most popular cryptocurrency are available to be traded on eToro; this includes Bitcoin and fourteen other altcoins. The platform is focused on copy trading services with a CopyTrader technology so you can imitate the winning trading strategies of top crypto traders. It is user-friendly and optimized for both crypto trading beginners and experts. The platform features a risk-free practice trading account with up to $100,000 virtual funds.
- Bitcoin Spread: Bitcoin is traded at a spread of 0.75% on eToro
- Ethereum Spread: Ethereum is traded at a spread of 1.90% on eToro
- Ripple Spread: Ripple is traded at a spread of 2.45% on eToro
- Trading Platforms; iOS and Android trading applications are made available by eToro. A web trading platform is also featured.
- Minimum Deposit: $50 is the minimum amount you can deposit on eToro to start trading
- Deposit and Withdrawal fees: No fees are charged for deposits but a $5 fee is charged for withdrawals.
- Regulation: eToro is regulated by the Financial Conduct Authority (FCA) and the Cyprus Securities & Exchange Commission (CySEC).
XTB.com was rated by Brokerchooser as the Best CFD Broker for 2020. The platform is used by about 170,000 traders across the globe. Cryptocurrency can be traded all days of the week except from 9 pm on Fridays to 3 am on Saturdays. The platform features a free demo trading account that you can use for up to 4 weeks.
- Bitcoin Spread: Bitcoin is traded at a spread of 1% on XTB.com.
- Ethereum Spread: Ethereum is traded at a spread of 2% on XTB.com.
- Ripple Spread: Ripple is traded at a spread of 2% on XTB.com.
- Trading Platforms: XTB.com offers two major trading platforms, xStation 5 and MetaTrader 4 on the web. Also, there are trading apps for iOS and Android.
- Minimum Deposit: The minimum deposit on XTB is relatively on the high side being pegged at $250.
- Deposit & Withdrawal fees: XTB charges no fees for deposits if done via bank transfer and credit/debit cards. E-payment platforms charge a 2% fee and there is no withdrawal fee.
- Regulation: XTB.com is registered with the name- XTB LTD UK. Also, it is both regulated and authorized by the Financial Conduct Authority (FRN 522157).
Side By Side Comparison
|Broker||BTC Spread||ETH Spread||XRP Spread||Trading Platforms||Min. Deposit||Deposit / Withdrawal Fees||Regulation|
|Plus 500||0.37%||0.87%||1.85%||Android app, iOS app, Windows 10 Trader, Web Trader||$100 for e-payments, $500 for bank transfer||Nil||FCA, CySEC, SFSA|
|IQ Option||430||9.6||0.0875||Android app, iOS app, Windows software, macOS software, Ubuntu software, Online||$10||Nil||CySEC|
|eToro||0.75%||1.90%||2.45%||Android app, iOS app, Web trader||$50||$5 for withdrawal||FCA, CySEC|
|XTB.com||1%||2%||2%||Android app, iOS app, xStation 5, Meta Trader 4||$250||2% deposit fee for e-payment platforms||FRN|
From the comparison, the best cryptocurrency broker out of the lot is Plus500. The platform is well regulated by different bodies and relatively low spreads for all top 3 cryptocurrencies. However, it is important to note that since cryptocurrencies are volatile, the spreads can change at any time.