Bitcoin is digital money which can be sent to anyone in the world without the need for any intermediaries. Every transaction involving bitcoin, whether it’s bought, sold, or sent to someone, is recorded on a technology called the blockchain. Transactions can never be duplicated or undone, which allows cryptocurrencies to operate without the need of third party intermediaries like governments, banks, PayPal, etc.show more
Online trading brokers are just recently starting to accept bitcoin as a viable payment method. However, as it is not a traditional method, there are a few complications involved. The base currency of a trading account will not be denoted in bitcoin, thus requiring a conversion to one of the supported currencies of the brokerage.
Transparent Payment System – Since every bitcoin transaction is traceable and transparent via the blockchain ledger, bitcoins can be transferred without the need for an exchange, banks, or any other intermediaries. Therefore, transaction costs and fees generally implemented for deposits can be completely removed, allowing traders to deposit money at virtually no cost. As well, traders are not required to register or scan any documents, the whole process can be done with a few clicks.
Security – Depositing with bitcoin is also a very secure method of transfer. The bitcoin system is based on an open sourced cryptographic protocol which makes hacking it next to impossible. However, traders must ensure they store their bitcoin on a reputable and secure wallet.
Speed – The whole process of depositing via bitcoin is done entirely online. The currency is sent directly to the brokerages account where it is exchanged for fiat currency at the current rate. This process is completed almost instantaneously, meaning a trader can begin trading within minutes of depositing.
Depositing funds through bitcoin is very quick and can be done in a few simple steps. Although, before you can deposit funds, you must have a bitcoin wallet and acquire some bitcoins yourself. This whole process of creating a bitcoin wallet and buying coins can be done online while only taking minutes to complete. Once you have a wallet with your desired number of bitcoins, the steps to funding your online trading account is as follows:
The whole process is very simple, fast, and secure.
While many forex brokers allow traders to trade bitcoin, only a handful accept it as a form of deposit. The following list of brokers are the most popular ones who accept bitcoin deposits: