- Jump to:
- Main Features of the Best Crypto Forex Brokers
- How to Fund Your Forex Account with Cryptocurrencies
- How to Withdraw From Your Forex Account with Cryptocurrencies
- Benefits
- Disadvantages
- Fees and Limits
- Crypto Chargeback on a Forex Account
- Security When Trading Forex with Cryptocurrencies
- Conclusion
With forex brokers striving to maintain a fair, safe, and user-friendly trading environment, the list of supported payment solutions at each trading website continues to grow. As you may have noticed, in addition to forex pairs, CFDs on cryptocurrencies have become a popular trading vehicle. Additionally, cryptocurrencies have become a popular payment solution traders use to fund their accounts or withdraw their profits.
Plus500 USThis content applies only to Plus500 US and clients from the United States. Trading futures involves the risk of loss.
eToro61% of retail investor accounts lose money
Fusion Markets74-89% of retail's CFD accounts lose money
FP Markets73.85% of retail investor accounts lose money
Eightcap59.57% of retail investor accounts lose money when trading CFDs with this provider.
BlackBull MarketsTrading leveraged products is risky
Global Prime74-89% of retail CFD accounts lose money
Pepperstone75.5% of retail investor accounts lose money
easyMarkets71% of retail investor accounts lose money
Tickmill70% of retail investor accounts lose money
Our team has thoroughly evaluated all brokers listed below using TradingPedia’s exclusive methodology.
Main features of the best crypto forex brokers
- Brand
- Trading platforms
- Minimum deposit
- Regulations
- Trading instruments
- Spreads
- Leverage for Forex CFDs
- Leverage for Crypto CFDs
- Leverage for Indices CFDs
- Deposit methods
- Withdrawal Methods
- Commission per Lot
- Contact details
How to fund your forex account with cryptocurrencies
Depositing with cryptocurrencies at forex brokers is a convenient and secure way to fund your trading account. With multiple popular digital coins accepted, including Bitcoin, Ethereum, Ripple, and Litecoin, the process is quite straightforward once you have set up your crypto wallet. Below is a simple step-by-step guide to the entire deposit process.
- Set Up a Crypto Wallet: Before depositing, you must have a cryptocurrency wallet ready to store your digital assets. This can be a software wallet (online, desktop, or mobile app) or a hardware wallet (offline device). You must hold some cryptocurrency in your wallet before making a deposit.
- Register and Log In to Your Forex Broker Account: If you are not already registered, open a trading account with a broker that accepts cryptocurrency deposits. After signing up and passing the required identity verification, log in to your client area.
- Navigate to the Deposit Section: Within your broker’s client portal, find the section typically labelled ‘Deposit’ or ‘Funds’.
- Select Cryptocurrency as Your Deposit Method: Choose ‘Cryptocurrency’ or ‘Crypto payments’ as your preferred deposit option.
- Choose the Cryptocurrency to Deposit: Select the specific cryptocurrency you want to deposit. Popular options commonly accepted include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), ADA (Cardano), Dogecoin (DOGE), and other altcoins depending on the broker.
- Obtain the Broker’s Crypto Wallet Address: The broker will generate a unique crypto wallet address for the currency you selected. This address is where you will send your deposit.
- Transfer Funds from Your Crypto Wallet to the Broker’s Address: Open your crypto wallet and choose the option to send or transfer funds. Enter or paste the broker’s wallet address carefully to avoid mistakes. Specify the amount you want to deposit.
- Review and Confirm the Transaction: Double-check all details, including the wallet address and deposit amount. Confirm the transaction within your wallet.
- Wait for Blockchain Confirmation: The deposit transaction must be confirmed on the blockchain network. Depending on the cryptocurrency and network traffic, this may take a few minutes to a couple of hours.
- Funds Credited to Your Trading Balance: After the blockchain confirms the transaction, your forex trading account will be credited with the deposited amount, which will be converted, if necessary, to the account’s base currency.
How to withdraw from your forex account with cryptocurrencies
Depending on the broker you join, you may be asked to provide your crypto wallet address during the deposit process. Your address will be saved so that you can easily use it for crypto withdrawals. You will find the withdrawal process is identical to initiating a deposit. When you are ready to transfer your profits from your balance to your crypto wallet, you must choose the withdrawal option from the payments section of your client area.
Select crypto withdrawals and pick a cryptocurrency for your withdrawal. Enter the amount you would like to transfer to your crypto wallet and select the address you have previously saved, or copy and paste the correct address from your crypto wallet. You must also use your private key to authenticate the transaction. As soon as you authenticate the payment, the transaction will begin processing. Just like deposits, the processing time of crypto withdrawals may vary from several minutes to a few hours.
Benefits of using cryptocurrencies for forex trading
If you are still unsure whether cryptocurrencies are a suitable payment option for deposits and withdrawals from your forex trading account, you should consider the advantages of using this method.
With more forex brokers adopting Bitcoin and other popular cryptocurrencies for payments, finding a reputable trading site that enables deposits and withdrawals via cryptocurrencies should be relatively easy. Brokers accepting payments with cryptocurrencies usually enable traders to choose from popular crypto coins like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Tether, and more.
Remember that you must still verify your identity even if you use cryptocurrencies for deposits and withdrawals. All regulated forex brokers follow strict KYC procedures as part of their licensing and regulatory requirements. Prospective clients must often undergo obligatory identity verification during the registration process and cannot initiate any transactions prior to submitting the requested documents.
Conveniently enough, cryptocurrencies are usually available for both deposits and withdrawals. Funding your forex account via cryptocurrencies or withdrawing funds to your crypto wallet is a straightforward process that often takes 15 minutes to a few hours to complete. Crypto payments can be considerably faster than conventional fiat methods, such as a bank transfer, owing to the absence of intermediaries like banks, which also helps reduce transaction costs. Cryptocurrencies also provide enhanced privacy, as you generally do not need to share sensitive banking information with your broker.
Global accessibility is yet another benefit, as cryptocurrencies do not have geographic boundaries, allowing traders worldwide to deposit and withdraw without issues related to currency conversion, sanctions, or cross-border banking restrictions. Using crypto also eliminates the risk of chargebacks, offering more stability for brokers and traders alike.
Disadvantages of using cryptocurrencies for forex trading
While crypto payments certainly have their perks, you should also consider the shortcomings of using this solution for your forex payments. Cryptocurrencies are not as broadly available for deposits and withdrawals as conventional fiat-based methods like cards, bank transfers, and online wallets. Many brokers only support them for specific countries and regions, limiting accessibility.
Another disadvantage results from the inconvenience of having to set up a crypto wallet to initiate payments to and from your forex account. Some brokers bypass this step by using the services of on-ramping platforms like MoonPay, which allow users to purchase cryptocurrencies with fiat methods without setting up dedicated crypto wallets, but this option is not universally available.
While crypto payments are considered extremely safe due to their decentralised nature, the fact that they are more difficult to trace can prove problematic. When initiating a crypto payment, you need to provide the broker’s crypto wallet address or the address of the wallet you are using for your withdrawals. If you are not careful and provide the wrong address, your money will be lost forever without the option to request a chargeback.
Cryptocurrency prices are extremely volatile, which means the value of your deposit can change drastically in a short period of time. This can be a major risk for some traders. There are also security risks to consider. Crypto wallets and exchanges are targets for hackers, and if your funds are stolen, there is often no way to get them back.
The crypto space also has far less regulatory oversight compared to traditional finance, which means fewer protections for you as an investor and greater difficulties if you run into a dispute with a broker. Finally, you might encounter technical issues that can affect the speed of your transactions. Issues such as network congestion can cause unexpected delays, which is frustrating when you need to fund your forex account quickly.
Fees and limits when using cryptocurrencies to trade forex
Whenever you decide to top up your forex account with cryptocurrencies, you can count on speedy and cost-efficient transactions. Most forex brokers impose no additional charges on cryptocurrency deposits and withdrawals. When fees are in place, they are broker-specific.
Even though some brokers have no specific requirements for minimum deposits, others do. It would be best to check the applicable limits beforehand, as they can vary dramatically from one broker to the next. When in place, minimum deposit limits generally range from as little as $25 to $200 at most forex brokers.
When withdrawals to crypto wallets are supported, transaction fees will again vary depending on the specific broker’s policies. Most brokers do not charge extra for crypto withdrawals, but you may incur some blockchain fees when moving cryptocurrencies to and from your wallet. These fees depend on transaction size and network congestion, among other factors. As for the limits imposed on crypto withdrawals, typically, the minimum starts from $50. Maximum limits might also apply depending on the broker and the account type.
It is worth noting that some brokers add a conversion fee when cryptocurrencies must be converted into the account base currency, as well as trading fees on the crypto assets themselves. While these costs are relatively low in most cases, they can add up over time.
Cryptocurrency transactions do away with traditional banking intermediaries and currency-conversion restrictions, but users should consider the potential for blockchain network delays or congestion that might impact transaction times and costs.
Crypto chargeback on a forex account
One of the drawbacks of crypto payments is the inability to request a chargeback. The decentralised nature of crypto transactions means there is no central authority to reverse or dispute erroneous payments. As mentioned earlier, traders should be extra careful when entering the address of their crypto wallet.
Since crypto wallet addresses are unique, entering a single incorrect digit will result in transferring the funds to a different wallet. You will lose the funds, as transactions cannot be reversed once recorded on the blockchain. Carefully verifying all transaction details before confirming a deposit or withdrawal is essential.
We advise traders to save their wallet addresses in their trading accounts before they initiate any withdrawals. As for deposits, it is recommended to first try an initial deposit with a smaller amount to confirm the address is correct before proceeding with larger deposits.
The simplest way to avoid mistakes is to copy wallet addresses instead of typing them. Using wallets or address books that have built-in security features like address whitelisting or QR code scanning can further reduce human errors and enhance safety.
Security when trading forex with cryptocurrencies
Whether you use a cold, hot, custodial, or non-custodial wallet or an on-ramp platform like MoonPay, you can rest assured your funds are protected with sophisticated encryption. Many brokers and exchanges enable customers to add an extra layer of protection with two-factor authentication. Biometric authentication is usually available to mobile app users as well.
Regulated crypto brokers have also adopted similar security measures to keep your funds safe. Whenever you initiate a transfer of funds to your forex account, the transaction will be protected via industry-standard encryption. What is more, as crypto payments are difficult to trace, you can maintain a higher level of anonymity when funding your forex account.
If you decide to withdraw your forex profits to an offline crypto wallet, you can be certain that your funds, wallet address, and private keys will be protected via advanced security tools, allowing no one but yourself access to your money.
Conclusion
More and more forex brokers are starting to accept cryptocurrency payments, providing traders with a convenient alternative for their deposits and withdrawals. On the downside, cryptocurrency payments are often unavailable to clients from certain countries. Traders who have access to this method can initiate fast, secure, and cost-effective deposits and withdrawals to and from their online trading accounts.









