A number of platforms in the forex gambling industry (foreign exchange betting) have adopted Bitcoin as their currency of choice due to its ease of use and low transaction cost. Many trading operators have now started to accept the cryptocurrency for deposits and withdrawals, allowing players from across the world to bet on forex pairs. We have aggregated and independently reviewed the best Bitcoin forex trading sites on the market, and made them available below. You can also use this site’s filters to find some great Bitcoin bonuses along with much more!
Withdrawing Bitcoin From Forex Platforms
It’s important to mention that while the vast majority of these forex gambling sites will accept Bitcoin deposits, there are some that will not allow Bitcoin withdrawals. These sites require further validation using KYC (know your customer) checks and state that withdrawals must also be made in fiat currency (euros, dollars, pounds etc). These sites operate in this way as part of their regulatory requirements, and the process can add days or weeks onto your Bitcoin withdrawal time. If you are looking to deposit and withdraw with Bitcoin, then we advise that you lookout for the “no Bitcoin withdrawal” icon which will appear on the forex site’s card below. You can read more about these icons and how BigcoinGambling.com works in our gambling guide here.
More About Bitcoin Forex Trading
Forex trading is a popular form of financial trading, which is a broad term that includes share dealing, binary trading, spread betting and forex, as well as other forms of betting or trading. All of these forms of financial trading can be speculated on with Bitcoin deposits. Forex stands for “foreign exchange” and specifically focuses on trading or betting on currency pairs i.e. the USD/EUR exchange rate. These exchange rates are constantly fluctuating as speculators across the world buy and sell currencies in large volumes as a process of hedging against risk and/or earning a return on investment (ROI) as a direct result of trading currency pairs. Currency pairs increase and decrease by ‘pips’ (also known as ‘points’), where a pip equals some monetary value which is often specified by the forex platform itself. The exchange rate of any given currency pair can fluctuate wildly, particularly in the event of an economic shock such as Brexit where the USD/GBP pair strengthened rapidly and unexpectedly.
Trading Vs. Betting
When trading at a Bitcoin forex platform, it is mostly likely that you will be betting on the price of the currency pair as opposed to actually buying and selling the currency. An advantage of this is that the platform’s overheads are decreased substantially, as no paperwork or legal documentation is required on each trade. This cost saving is passed onto you as the trader, in the form of a reduced “spread” (discussed in more detail later). Another advantage of a Bitcoin forex site operating in this way is the tax law surrounding it; in the UK for example, the fact that no real assets are exchanged, the trade is considered Bitcoin gambling, and any earnings are therefore not subject to tax.
Spreads in Bitcoin Forex
In all financial trading markets there is a “spread” between the buy and sell prices. A spread is the effectively the price gap between the bid (sell) and the ask (buy) price. For the USD/EUR currency pair, the bid price may be $0.93 with an ask of $0.94, meaning that buying 1EUR will cost $0.94 and selling 1EUR will provide a $0.93 return. The spread fluctuates based on simple supply and demand economics, but it is important to understand its implications as purchasing a currency will immediately incur a loss. Most Bitcoin forex platforms will set their own spread purely as a way of taking a small profit on each trade. Bitcoin forex does not typically involve actual trading of currencies, so the spread is not necessarily calculated in the same as on other financial trading platforms.
Bonuses and Promotions
Bitcoin forex sites have a wide range of promotions for new and existing players alike. Typically a platform will offer new players a “deposit bonus” which will multiply the trader’s first deposit by a percentage up to a certain amount. For example, a 100% deposit bonus up to 1BTC will allow a player to deposit 1BTC in return for an additional 1BTC bonus! This is a great way for new players to experience the trading platform whilst improving their ROI straight off the bat. These bonuses will always come with some strict requirements, so it’s important that when viewing a Bitcoin forex platform’s list of promotions you check the terms and conditions associated. These terms will often ask that the trader wagers a certain amount before being able to withdraw, and often the bonus also comes with a minimum deposit requirement to be eligible.
We also list “no deposit bonuses” which carry no risk at all, and can be found using the filters below – although we can’t always guarantee that one will be available. No deposit bonuses will almost always carry higher withdrawal requirements than their deposit bonus counter-parts; something which you should consider when choosing your next Bitcoin promotion.
Best Forex Sites for Bitcoin
We have reviewed hundreds of Bitcoin gambling sites, many of which offer financial trading and forex betting with Bitcoin deposits. Each of our top reviews below have been written by an independent trader with strict criteria on what makes a good forex trading website. This criteria includes user experience, customer support, platform security, promotional offers, currency pairs and spread sizes. We are not afraid to call out a Bitcoin forex platform that fails to deliver, and have listed many sites in the past which we have found thoroughly disappointing – we don’t shy away from being honest. By using BigcoinGambling.com you’ll be able to find the best Bitcoin deposit (and withdrawal) forex site that suits your requirements, just take a look at our list of top sites below!
Our list of best forex sites is focused on Bitcoin deposits/withdrawals as opposed to actually trading Bitcoin currency pairs (although many of these sites will offer that as well). We are developing a new section that focuses on Bitcoin currency pair trading, watch this space.