When planning to buy Bitcoin, selecting the right platform offering a seamless trading experience is important. In this article, we will explore three crypto brokers you can use to trade Bitcoin. Keep reading to learn more.
Defining Crypto Broker
Simply put, crypto brokers are platforms that allow you to buy and sell digital currencies such as Bitcoin and Ethereum. For every trade you make, a crypto broker takes a commission.
Most crypto brokers support a wide range of fiat currencies, making it easy for traditional investors to use their cash to purchase digital coins.
Top 3 Crypto Brokers
This broker is among the top because of its copy trading offering. With eToro, novice crypto traders can easily copy the strategies of experienced traders, thus improving their chances of making profits. The broker is available in over 100 countries. In the United States, eToro has a presence in 44 states.
To start trading Bitcoin, you need to deposit at least $100. The trading fee charged is 1%.
Pros and Cons of eToro
- The broker is highly regulated
- Offers copy trading service.
- Supports several cryptocurrencies.
- eToro’s interface is user-friendly.
The broker doesn’t have bots to let users automate their trading strategies.
Offers limited access to traditional research tools and materials.
Uphold is a go-to broker for many beginners due to its user-friendly interface that allows anyone to buy and sell Bitcoin with ease. You can access the Uphold platform via mobile and desktop apps.
What makes the broker more special is its Autopilot feature, which lets users make recurring purchases as part of their dollar-cost averaging strategy.
In terms of security, Uphold adopts industry-standard security protocols like two-factor authentification and Know Your Customer checks. Moreover, your Bitcoin is stored in cold wallets, thus shielding it from any online threats.
You can deposit a minimum amount of $10 to start trading Bitcoin. The fee charged per trade is 1.5%.
Pros and Cons of Uphold
- Uphold has a user-friendly interface, making it ideal for beginners.
- Its fee structure is transparent.
- Supports only a few cryptocurrencies.
AvaTrade is among the top brokers for trading Bitcoin since it supports CFD trading, which allows you to place bets on the price fluctuations of Bitcoin and other cryptocurrencies without owning them.
When trading Bitcoin on this broker, you will have access to over 90 indicators, which you can use to conduct technical analysis.
The minimum deposit required to trade Bitcoin is $100. The best part is that you do not incur charges when trading crypto assets.
Pros and Cons of AvaTrade
- Opening an AvaTrade account is easy and fast.
- AvaTrade gives access to a wide range of research tools.
- Funding your account is free.
- You will be charged a high inactivity fee if you don’t use your AvaTrade account for six months.
Key Difference Between Crypto Exchange and an Exchange
Both crypto exchanges and brokers facilitate Bitcoin trading but don’t operate the same. Crypto exchanges can be considered as marketplaces that connect crypto buyers and sellers. These platforms do not purchase or sell cryptocurrencies themselves. Instead, they facilitate crypto trading between traders, who determine the prices of crypto assets.
Crypto brokers, on the other hand, trade directly with their users. That means when you purchase Bitcoin through a crypto Broker, you are buying it from the platform itself. The biggest upside of brokers is that they are highly liquid, enabling trades to be settled instantly and at the expected prices.
Why Use a Crypto Broker as a Beginner?
If you are totally green to crypto trading, using a crypto broker rather than a decentralized exchange to trade Bitcoin is advisable. That’s because they are easy to use.
Moreover, most brokers are regulated by top financial watchdogs. This ensures that your money is safe. Lastly, crypto brokers offer great customer support, which is key to having a seamless trading experience.
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