I do get a lot of questions when it comes to forex trading and crypto trading. Which is the best, fast payments, fast trade processing, low commission, etc.
Well, since forex and crypto are not exactly the same thing...I do think that there is no Forex Broker that can give you a great experience while trading crypto. Most of them have commission (sure thing) but also high spreads. If you don't know what spread is than let me explain it to you.
Spread represents the difference between the selling price and the buying price. So, you if think that i.e XRP price will go higher and you buy, you will have to pay for the price of the coins itself, the spread and also the commission. And actually that is what happens with every other broker! But what I've realized is that exchangers or crypto brokers that are meant only for cryptos do offer better spreads and lower commissions, while FX brokers even if they don't charge any commission their spreads are astronomical.
So, is there any pros in trading cryptos with a FX Broker?
Indeed there are some! If you are familiar with Metatrader platform, trading cryptos will be just as easy as trading other currency pairs. ICMarket and almost every broker that I know allows Credit Card withdrawal/deposits with 0 fees which is super important and the payments do not take ages to get proceeded. To some traders high leverage can be seen as very risky thing to have, in fact they are not wrong at all. But, if you know what you are doing than higher leverages are a thing you need while trading cryptos or currencies and ICMarkets offer leverages as high as 1:500 which I think it is just the right one.
If you want to ICMarkets a try, here's my referral link: https://www.icmarkets.com/?camp=17325
Final Verdict
If you are mainly a forex trader than you will love ICMarkets! Spreads are low (i.e EurUSd has spread as low as 0-1), commissions are acceptable, trade processing is fast, client support is superb, it is regulated and all, there are a lot of trading instruments over 60 currency pairs, indices, futures, metals and so on. But, if you want to trade crypto with ICMarkets than you have to know that spreads are pretty high and there are only a few pairs you can trade (BTCUSD, BCHUSD, ETHUSD, LTCUSD, DSHUSD, EOSUSD, EMCUSD, NMCUSD, PPCUSD and XRPUSD).
As I've mentioned before there are no commissions, also you should be aware that even crypto markets don't move during weekends, which means when markets open there will be huge gaps and you can't close/open trades during these days.
If you are mainly a crypto trader than you should focus on finding crypto exchangers that allow margin trading.
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See you on the next one!
