Bitcoin investing has become very popular recently, especially since many brokers are listing Bitcoin, Litecoin, Dash and Ripple as available assets.
Large exchanges in America, CME and CBOE made Bitcoin future contracts available in December 2017. Australian & European CFD Forex brokers, started bitcoin trading in August of 2017.
So although every broker you find, will give you the opportunity to trade bitcoin contracts, many brokers have ridiculously wide spreads. A recent comparison of brokers on March 4th showed spreads ranging as wide as $300, to as narrow as $30, when the price of bitcoin was at: $11,050.
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How To Compare Bitcoin Brokers
Here is a quick checklist of items to compare between bitcoin brokers.
- Verify the Bitcoin broker is licensed.
- Signup for their Free demo account.
- Check minimum trade size
- Check minimum deposit requirement.
- See how tight the spread is on Bitcoin.
If Your Broker is Not Regulated… You Will Be Scammed!
Only Invest With a Licensed Bitcoin Broker.
Avoid Bitcoin Scams
There are two types of scams that are very popular in the bitcoin space now.
The first one being “trading robots” which are suppose to make you a lot of money by automatically trading on your behalf. You should read about real trading software, see here.
The second are the brokers who are not licensed or regulated. Every financial company must be licensed by the government. Popular brokers are licensed in Australia by ASIC or in United Kingdom by the FCA. If you go with a broker who promises to make you rich, and they are not licensed, you can read the complaints page now, so you understand what you will be dealing with.