Bitcoin Forum

There are MANY people here who do Crypto trading via exchange but also a lot of people who prefer Crypto Broker. So, how do you make your selection of a broker? Do you make comparison before joining up any broker?

I certainly do, and I consider it extremely important as well. I find it simpler with this site https://fx-list.com/crypto-forex-brokers, where all brokers are AVAILABLE to make comparison. Although, it got all types of brokers available with their reviews, but with Crypto brokers, it makes comparison so much easier!

There's no better alternative than to get your feet wet by yourself. I usually go by public reviews left by people on review platforms like Trustpilot etc - they tend to be more accurate than any broker comparing website / tool. My experience tells me they always upsell & promote stuff and mislead people.

I've never heard about a legit crypto broker company.Most of them are usually HYIP scams that say "give us your bitcoins,we guarantee you XXX% return of your investment".If it's too good to be true,just run away and keep your bitcoins.

I have made use of a crypto broker just once, this is because I had a lot of work to do within those period and I don't want to loss money from trading, I never compared my broker with anyone because I have known him for years and one thing I know about him is that he is very good in trading, he makes up to $1000 daily from trades and takes it as a life job, he also own a office where he takes funds from people to trade.

To me, one of the greatest criteria to selecting a crypto broker is to compare the features.
The marketing strategy implored by them is not enough to make decision if one should go with a particular broker or not, I have to know their strength, limit and progress by comparing to be able to pick the broker of your choice.

In fact, comparing them also help me know which of them has low or no commission fee or their charges, but I will never advise that one compare by review because a lot of them pay for reviews to be able to get audience attention.

I think crypto brokers don't suit much in crypto. I think they just suits in Forex or Stock Exchange. It's because I don't think there are really experts in trading with cryptocurrency as most of the time it's being influenced by whales or whatsoever they called it which is the reason why a lot of crypto traders are losing their money. Thus, trusting such crypto broker in growing your money the major issue.

All above crypto broker provide CFDs trading that use leverage, and to get maximum profit with less risk we should be choose it according to fully regulation, low spread, and provide low leverage for crypto pair because i have seen some broker only provide leverage 1 :500, and this is too much risky because crypto with high fluctuacion should be the leverage not more than 1 ; 3.

I have the same thought about it. There is no legit crypto broker that I knew of. Why let other people to manage your cryptos if you can do it on your own? All you have to do is study it. Leeting other people manage your money is too risky for me specially in the crypto industry.

Well when it comes to trading, I don’t think Whales have much influence in the market, the major time they influence the market is at once when they want to do major dump or pump but when it comes to daily trading, crypto trading is more or less same way forex trading works too, ever since I have been into crypto trading too.

It has been quite easy for me since I already understand how the market fluctuation operates, don’t forget we have trader whales and analysis available is strong enough to determine their action. So, crypto brokers also matters in this too and that is why we quite have many of them now and some good ones have been performing well like the sample OP gave.

Yes, of course I will compare it before choosing a crypto broker, this must be done to be able to trade well in the right place. The most important are complete order features such as Pending Orders, Stop Loss, Take Profit, Trailing Stop, etc. Because some crypto brokers don't have complete features. Moreover, it is difficult to find a crypto broker that is truly legit so we have to compare it carefully.

I never use crypto forex broker, and I only use exchanges to trade. I don't join in the name of forex because it will be too risky for me, and I don't know much about forex. For me, it is better to trade in the exchanges because I can buy the coin directly without paying the broker and if I can get profit, that profit will all be mine.

The broker should take a bigger fee and if we calculate, our profit will be less than the real profit because they eat bigger profit from us.

Hi,

You can read this post How to select cryptocurrency trading platform? (https://www.cryptocointrade.com/education/select-cryptocurrency-trading-platform/)

It goes through
10 STEPS TO FINDING A PERFECT TRADING PLATFORM

1. Check Deposit Methods, Fees and Minimum Deposit
2. Look for Demo account and Education
3. Check the Reputation and the Rating
4. See what Customer Support availability they offer
5. Regulation and Verification for crypto trading
6. Security, AML and KYC
7. Trading Fees and Spreads – Advanced trading
8. Liquidity in the cryptocurrency market – Advanced trading
9. Cryptocurrency trading app – Advanced trading
10. Trading features – Advanced trading

It's better to trade by itself, it will make ourselves able to improvise. The full decision is that we hold it. Trading must start from the beginning, we analyze and then choose coins and in the end we try to put the right momentum in making a decision. using a brokerage service will not guarantee that we will make a profit, even now more services are scam and do not provide anything.

Yes it is necessary to compare brokers and the above listed factors are good for a check. For instance, an investor who do not like KYC, would quietly avoid a broker who makes it a priority. Again minimum deposit, trading fees and spread. In fact, all items are necessary for comparison.

I would have given this poster some merit for doing a nice job in listing some of the needed factors to compare in brokers but I don't have smerit.

Importantly, to add to the list, withdrawal method/pattern and time is important.

Well, brokers were invented as a job to help people to invest with exchanges and get the trust of the people for them to sustain their business.
However, bitcoins brokers are extremely unreliable for now because they will not be able to guarantee you the returns you are expected to have and they have this system called pyramid scheme. A large scheme to make profits by having networks and multiply fast to sustain the scheme and earn a big amount of profit.

Always prefer who do have the most positive feedback.Tried out to surf that link and i do only see the brokers i had been used in the past like Binary.com, simplefx and iqoption
when it comes to trading or simply doing that binary options thing but i have lost too much so i leave with these brokers and find traditional crypto exchange which it do extent out on doing
trades due to lots of coins to be trade.

Crypto brokers are good especially if you are a fund and want to trade using USD or other fiat curencies. In other words keeping your profits in stable fiat value. Also if you are working with a regulated broker you are probably guaranteed a certain amount of your funds so you can trade with peace of mind.

I really don't know what will be a major advantages of joining any crypto broker?

Everyone here is trading for themselves and I'm one of them so I don't see anything that will help me if ever I joined a broker. I guess crypto broker is more advisable if you're trading huge sums of money. But for majority of us here casual traders, we're fine doing our own trades. I have nothing against crypto broker but it's not for everyone.

Are you referring to banks offering fx brokerage services?

I don't know of any regulated or unregulated broker that isn't a bank that offers fund insurance. Can you name me one that does?

In the end, the insurance banks do offer is a far cry from the reality where people tend to lose whatever they put into trading. It's orders of magnitude more likely that people rekt themselves using too much leverage or other high risk features such as options. On top of that, getting your money back that you think is guaranteed can take years. It's nothing to be excited about.

Most of us normal people don't use brokers. You won't find a lot of answers to your question on a forum like this one.

I expect that people with a lot of money are smart enough to do the research before they start trading or hire someone to do it for them. I would do it for sure but for the time being i'm not even using exchanges because the price doesn't satisfy me to sell and I am already holding enough.

It is like topic was made to do advertising.
Surely, this will continue until you find the better one that best suits your tactics. It is also found to find better after finding it.

As far as I know, there is no legit crypto broker yet so I prefer not to risk money trading on it. Instead, I use crypto exchange Cex (https://cex.io/xrp-eur) that is fully satisfied with my needs and requirements. And, of course, everyone compares in order to choose the best. The reviews of the platform are most often bought that’s why I don’t rely on them much. Own experience of the platform is the best indicator. Before stopping on CEX, I tried to trade on Bittrex, Bitstamp, Poloniex, and Gemini. Define what is your priority whether it’s security, fees, or user-friendly interface and pick the platform that fits it the most.

If you try to visit up the link those are different from a typical crypto exchange as of this moment where you do mentioned off.Those are brokers which can be seen on forex which do offers or include crypto into their option.

So, it has nothing to do nor compared about legitimacy yet those being listed on that website is legit.

Honestly I prefer using my own wallet than opting for a broker, bitcoin is something you can buy yourself so easily and there is absolutely no reason to use a middleman for this. Bitcoin was created precisely against this system so there is no point of turning bitcoin into what it was against.

Bitcoin is not a money for the banks or the brokers or whatever, wall street and similar corporations has no place in bitcoin and I doubt many people use crypto brokers at all. You can just go to any exchange and buy bitcoin and put it on your own wallet (hardware, software all your options) and that is it, why use a broker to hold it for you instead, hell I do not even keep mine in the exchange for too long, it would make them sort of a broker if my money is always there.

Here's another good resource showing a large list of forex brokers offering crypto trading (usually through ctrader or metatrader platform) - https://www.forexchurch.com/cryptocurrency-forex-brokers (https://www.forexchurch.com/cryptocurrency-forex-brokers)

I read the statements of many analysts who said that money from Wall Street and stock exchanges would be a very good direction for the entire cryptocurrency market, since new investments would allow cryptocurrency to rise from the pit it is in today.

yea, that could be a consideration for me. Everyone's review of a platform / broker is an added value in analyzing a broker. Although I myself rarely use brokers to trade crypto.

Just use it to see the information about a broker that is reviewed. The accuracy of their reviews is still questionable, because they also don't focus on reviewing one broker, but there are hundreds of real brokers who don't know which one is trusted.

Maybe you mean crypto exchangers which is more appropriate than to be called as crypto brokers.

How to choose up before using or choosing their platform? Just stick to the top tier ones and you'll be safe but always put up on mind
that never ever put big amounts on exchangers.You dont have the keys then you dont own those coins you deposited.

no I don't think like that the comparison is not very good we need to find the best only otherwise if we compare something then it will definitely not been giving any answer till the end so that I will go with my decision only in all situations.

His would have been helpful but unfortunately I have no need for it, it was during Forex trading that I usually do comparison before using any Forex broker, but there has always been a Forex trader that stood out among them all, and that is ALPARI, they have been a very good broker and has worked effectively, they also have crypto trading and I think they are listed on the link that the op gave.

Unfortunately, the last time I used them was during Forex trading, because I do not think that I have any need for a forex broker when I can simply just perform my trade on Binance trading platform that is user friendly and has every features that a trader need to trade successfully on any of the best tradeable coins. No matter the comparison we do, everything still depends on the choice of coin that we opt in for to trade.

A cryptocurrency broker can never do better than you will when you trade directly, they are there for business and they would protect their own interest first before protecting yours, so I too prefer to trade through exchanges myself, trading directly on exchanges gives better experience and would allow one to know more.

The worst I hate about a broker’s platform is their margin trade, they never have good intention for trader that is why they always do everything possible that the trade goes against the trader. I prefer to always stick to a reliable crypto exchange like Binance, bittrex, huobi and the rest to just personally trade their myself. If I fail, I know that it was not as a result of the exchange’s manipulation but as a result of my lack of knowledge, skills and strategy.