The volatility of Bitcoin is huge. Everybody knows that. Despite this fact, Bitcoin and other cryptocurrencies are still growing in popularity. Binary and forex brokers, of course, are aware of this and some of them have made it possible for the best known cryptocurrency to be used as a deposit currency.
For example, you can deposit money into your account in BTC, instead of the US dollar, the British pound, the euro, Indian Rupees, or pretty much any other currency.
How to get Bitcoin to MetaTrader and what are the advantages? You will find out in our article.
How deposit Bitcoin into a trading account
After you open a forex trading account with one of the BTC brokers, you will be asked to make the transfer of Bitcoin. Traditionally, the transfer takes place from one digital wallet to another digital wallet, i.e. from your crypto-wallet or Bitcoin exchange to the broker’s account.
You don’t really have to worry about making a deposit. Most brokers even offer an example completed with screenshots. While English is almost a necessity at this point, even those who don’t speak English can make do from the screenshots. For example, see Nature Forex.
If you clicked on the link above, you can see that just entering your Bitcoin wallet address (BTC wallet address) is basically everything you need to do.
Brokers allowing trading in Bitcoins
If you’ve searched for this phrase, beware, as search engine results can be misleading. Today almost all forex brokers (such as Expert Option or Olymp Trade) offer the possibility of Bitcoin trading, but in terms of speculation on the movement of the currency pair.
If your account’s currency is USD,EUR or others, you can also trade EUR / USD, as well as you can trade BTC / USD. However, you want a Bitcoin account and that’s a bit tricky.
Fortunately, the number of brokers supporting the deposit in Bitcoins is growing and you can choose from a variety of forex brokers. Is your broker amongst them?
The list of forex brokers allowing deposit in Bitcoins
- Caesar Trade
- Evolve Market Ltd
- Fortrade LTD
- Nature Forex
- Nova FX Trading
Of course, new names are being added to this list constantly. So, if you do not stick directly to Bitcoin and it would only be a small advantage for you, you can wait if your broker does not implement Bitcoin in the coming days or weeks, or you can ask the customer line/chat.
Why should you own trading account in Bitcoins?
Every coin has two sides to it. In general, the deposit currency is widely discussed in forex discussions. You may be one of those traders who speculate on the movement of the deposit currency itself.
For example, you deposit $ 5,000 at an exchange rate of 71 Indian rupee for one dollar. If the exchange rate rises to 75 rupees for one dollar and you exchange your $ 5,000 back, you earned 20 000 rupees. Without a single trade! (You deposited 355 000 INR and you withdrew 375 000 INR).
Is it therefore worth having an account in your own currency? There is no simple answer to that question, because if you are about to trade with forex currency pairs, where the base currency is the US dollar, every trade will convert crowns to dollars and when leaving the position, the opposite will happen; the broker exchanges dollars back to crowns. You don’t even notice this process and you may not even see the exchange rate, so it’s seemingly safer, but the exchange rate risk is always present.
If you often trade Bitcoin, believe in Bitcoin in terms of a stable currency or speculate on its movement, it makes sense to have an account in Bitcoins. As stated above, this should not be done at a whim but for the benefits that are individual to each trader. It depends on the trading portfolio, trading strategy (how long you have been in trading business) and so on.