Best Bitcoin Forex Broker – AvaTrade
AvaTrade have been awarded the best Bitcoin forex broker award.
AvaTrade are a forex broker known for their innovation in the online forex trading industry and the step into the world of bitcoin forex trading is testament to this fact. They’ve been operating since 2006 and now have a presence all over the globe. Created as a partnership of both experts in eCommerce and financial professionals with a financial markets and trading background, AvaTrade have perfected the online forex trading experience for their clients.
The vision of AvaTrade is to stay committed to empowering people to have the confidence in their infrastructure and operations, to reliably trade forex. Clients of AvaTrade know that they are supported by industry leading, personal customer service by employees with true integrity. Something you can’t always say when you’re dealing with forex brokers, for example from loosely regulated jurisdictions.
Not only a forex broker with a customer focused vision, but also AvaTrade are a company who are dedicated to a set of core values. These core values define the relationships that they forge with both the traders on their book and partners such as forex affiliates. A company that is guided by their values is always something to be respected.
What is Bitcoin?
Bitcoin was created in 2009 as an anonymous and secure way of exchanging money on the internet.
It is an electronic currency that is completely decentralized. This means that it isn’t backed by a government or other central authority such as a central bank banks fiat currency. Bitcoin is instead minted and exchanged entirely within a massive network of users.
As a result of this, anyone with an internet connection can send and receive Bitcoins directly and privately with no transaction fees.
New Bitcoins are created with highly time-intensive computer-based algorithms which limits the rate at which they enter the market. The total amount of Bitcoins that will ever be issued is 21 million.
This makes it a finite commodity just like gold or oil and can be traded via CFD as such.
What is a Bitcoin CFD?
AvaTrade is a Bitcoin forex broker that offers Bitcoin trading through a CFD. Two Bitcoin CFDs are available from AvaTrade, these being a Bitcoin Mini and Bitcoin Weekly.
The Bitcoin Weekly CFD has a 20 to 1 leverage and expires every Friday at 21:00 GMT, whereas the Bitcoin Mini only has a 2 to 1 leverage but doesn’t expire. Both contracts are using data from BTC-E and AVA Trade adds around a $10 premium on top of the exchange spread.
A major flaw of both contracts is the inability to trade them during the weekend. Bitcoin trading is completely decentralized and doesn’t rely on a network of banks for executing trades thus there is no set open and closing time. Unlike forex which trades 24/5, bitcoin trades 24/7 (except on the AvaTrade CFD).
As a result of its innovative structure and the hype surrounding it, Bitcoin is extremely volatile, making it an excellent market to include within your forex trading portfolio.
Open an account with bitcoin forex broker AvaTrade, using the buttons above today!