Launched in 2009 by a certain Satoshi Nakamoto, Bitcoin is the first ever virtual currency that has made waves in the global financial market. Nakamoto, whose real identity is still not known, created Bitcoin, a decentralized digital currency, to remove the control of central banks, governments, and banks on money.
Until now, countries and its central banks are having a difficult time regulating Bitcoin and other cryptocurrencies available in the market today.
Since its creation, Bitcoin has gotten the attention of many market players including individual traders, account managers, firms, and even large banks. This has caused its value to skyrocket from less than 1 USD in its first year to over 7,500 USD as of this writing. Bitcoin trading has become popular, and the number of merchants accepting Bitcoin payment continues to increase in number around the world.
In hope of emulating Bitcoin’s massive success, many cryptocurrencies have emerged. However, it may take an awful lot of time and effort to really snatch the top spot from Bitcoin, which has a current market capitalization of 117.81 billion USD.
Indeed, Bitcoin presents a great opportunity for traders and investors to earn large amounts of profits. Now you might be wondering how you can take part in this cryptocurrency market. Do you know that you can do it with Forex brokers? In this blog, we’re going to provide you a simple guide on how to trade Bitcoin with Forex brokers especially in the UK.
Buy and Sell Bitcoin Through a UK Forex Broker
The easiest way to start trading Bitcoin in the UK is through ECN trading Forex brokers. Yes, brokers nowadays not only offer Forex trading to their clients, but also crypto trading. Of course, before investing, make sure that the broker of your choice is licensed to provide trading services in the UK.
There are a number of Forex brokers operating in the UK, which are regulated by the FCA. The list includes the following:
- eToro: With over 10 million clients around the globe, eToro is regarded as a powerhouse when it comes to offering top quality trading services and products. With a minimum deposit of 200 USD, you can start your Bitcoin trading journey with this Forex broker, which is also popular for its social trading system.
- FXTM: Another reliable and regulated FX broker, FXTM clients enjoy low spreads and minimum commission fees on their cryptocurrencies trading. Aside from Bitcoin, the company also supports other cryptos including Litecoin and Bitcoin cash.
- AvaTrade: This broker provides beginner-friendly trading conditions. With just a 100 USD minimum deposit requirement, you can kick start trading Bitcoin with their solid trading platforms and affordable trading conditions.
- Plus500: Using a convenient platform, you can buy and sell Bitcoin with Plus500 fuss-free. Headquartered in London, Plus500 shares in the main market of the London Stock Exchange in July 2018.
To start trading Bitcoin with any of the above Forex brokers, follow these 3 very simple steps:
- Open an account
- Verify your account
- Start trading
Study Bitcoin Trading
Just like Forex trading, Bitcoin trading involves high risk as the crypto market can be so volatile and unforgiving. This is why before jumping into investing your hard-earned money, you will have to equip yourself with proper knowledge. Luckily, the internet is a huge repository of free information, and educational resources concerning Bitcoin and the crypto market as a whole are available. Also, Forex brokers actually provide their new and existing clients free resources as part of their marketing to entire more customers, so take advantage of these. Gather as much information as you can, on when is the best time to buy or sell Bitcoin.
Be Wary of Bitcoin Scams
The cryptocurrency market is also surrounded by a lot of scams just like the Forex market and other financial markets. Be a diligent trader; always make sure that you are only transacting with authorized Forex brokers. Some fraud happens on social media platforms where individuals offer their Bitcoin trading service with guaranteed results, and even claiming that they represent a broker. Be mindful of these advertisements. Check your resources carefully, and be certain that the broker of your choice is authentic.