What is Bitcoin?
Bitcoin is an online virtual currency (abbreviation “BTC”). No banks carry Bitcoins and there is no centralized exchange for Bitcoin whereas the FX market has several official exchanges where institutions can actively trade.
Everyone can buy/sell bitcoins on the network. The processing of Bitcoin transactions is done via peer-to-peer online technology and is managed by dedicated Bitcoin servers, so that each time they communicate, they update and share information about the amount of bitcoins owned by each user.
Bitcoin is accepted along with physical currencies around the world, including online trading. To learn more about Bitcoin, visit the official website: https://bitcoin.org/
Bitcoin has entered Forex trading not so long ago. Currently there are few brokers who accept Bitcoin for trading and deposits/withdrawals.
Bitcoin Forex Brokers
The list of Forex brokers that offer Bitcoin trading
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There you can also watch the video, which explains further about Bitcoin:
Nova FX Trading – Bitcoin & Litecoin trading is available
Plus500 – offers BTC/USD trading
The list of Forex brokers that accept Bitcoin deposit/withdrawal
Forex-Metal – accepts deposit and withdrawals in Bitcoin
FX Choice – accepts deposits & withdrawals in Bitcoin
FxOpen – accepts deposit/withdrawal payments in Bitcoin, Litecoin and Namecoin
FXPRIMUS – accepts deposits & withdrawals in Bitcoin
Instaforex – accepts deposits & withdrawals in Bitcoin
JustForex – Bitcoin deposits & withdrawals
LiteForex – accepts deposit and withdrawals in Bitcoin
SimpleFX – Accepts deposits & withdrawals in Bitcoin and Litecoin
Traders Trust – accepts deposits in Bitcoin
Trader’s Way – accepts both deposits & withdrawals in Bitcoin
TradingForex.com – accepts deposits in Bitcoin
VenetFX – accepts deposit and withdrawals in Bitcoin
Other Bitcoin platforms and service providers
Atriol – Bitcoin trading and exchange.
Belfrics – platform provides a market place for individuals looking to buy and sell
BTC-e – serves as a platform for individuals interested in buying and selling Bitcoins and Litecoins
CEX.IO – platform for Bitcoin Exchange (buy Bitcoin for USD & EUR)
Coinsetter – Bitcoin exchange for firms and individuals.
Kraken – professional trading platform for Bitcoin and other math-based currencies.
Whaleclub – use Bitcoin to trade Cryptocurrencies, Forex, Metals, Stocks
Other new currencies similar to Bitcoin
There are 2 other new names on the market for decentralized Internet currencies:
– one is called “Litecoin” (Litecoin Wiki)
– the other is “Namecoin” (Namecoin website)
both are based on the Bitcoin protocol, but with own unique features.
As they gain popularity, we’ll be covering them in greater details.
Is Bitcoin legal in your country?
The legality of Bitcoin varies by country: from being accepted to being completely banned.
For example, Bitcoin is legal in the United Kingdom, Canada, New Zealand, Hong Kong, Cyprus, United States and Australia.
And it’s not legal in Russia, Indonesia or Bangladesh.
The whole list of countries who legalized and prohibited Bitcoin can be found at:
Wikipedia’s Legality of bitcoin by country
FXCM has created extended guide about Bitcoin history, usage and current trends:
Do you know another Bitcoin Forex broker?
Please suggest by adding a comment below.