A11 Broker Options

As stated in the previous lecture, we are interested in TRADING Bitcoin vs. US Dollar just like we trade other currency pairs.  In order to do this we need a Broker that offers BTCUSD trading.  More and more Brokers have been offering the BTCUSD option lately, which makes finding a broker easier.

Here are a couple of things you should keep in mind…

  1. LEVERAGE: Trading BTCUSD is going to have a lower leverage than other currency pairs.  I have seen leverage ranging from 1:1 to 1:25, which is a lot lower than 1:50 to 1:1000 you can find for currency pairs.  I do not find this to be a big problem because I am only placing 1 Trade per account, which I suggest you do the same.
  2. MINIMUM LOT SIZE: Pay attention to the minimum lot size allowed.  A lot of brokers have a minimum lot size of 0.1.  This could mean you have to have a larger account size in order to fulfill the minimum lot size requirements with the money management strategy you employ.  (I use brokers that have a minimum lot size of .01).

The first thing you should do is check with your favorite broker and see if they allow trading BTCUSD.  Find out what the trading environment is (leverage, lot size, etc.), and look into opening additional accounts for trading Bitcoin.  (I strongly advise against trading Bitcoin on the same accounts you trade other signals).

Here are some broker options:

Forex.ee (Not for US Residents)

This is the broker I have been using for my Bitcoin trading.  There are a couple of reasons I chose this broker…

  • I can use the Metatrader4 Platform for my trading
  • The minimum lot size for trading BTCUSD is .01, which gives me more flexibility in my money management and lot sizing
  • I can FUND and WITHDRAW directly from my Bitcoin Wallet
  • Even though I fund my account with Bitcoin, I can run my account in USD, which is what I am accustomed to

I have had no problems with this broker, so if you are not a US Resident, it is worth checking out.

Evolve Markets (Accepts US Residents)

This broker has an interesting concept and shows how Bitcoin is changing the Forex market.  Basically, you can open an account with just a valid email address.

  • I can use the Metatrader4 Platform for my trading
  • Everything is done in Bitcoin, meaning you FUND and WITHDRAW using Bitcoin and the account is run in Bitcoin.
  • This broker also has the minimum lot size for trading BTCUSD as .01, which is better for money management and lot sizing reasons.

I’ve opened a live account (which took less than a few minutes) and will be funding the account(s) when I diversify my Bitcoin (and possibly other cryptocurrency) trading.

If you are a US Resident and are having a hard time finding a broker that offers BTCUSD, this could be a valid option.

Other Options

Remember, in order to use the Bitcoin Signals, you just need a broker account that trades BTCUSD.  You do not necessarily need to use a broker that offers the Metatrader4 Platform.  As long as the broker allows you to place BTCUSD trades, place a stop loss and take profit and manually trail your stop loss… you can use the signals.

Here are some brokers that allow BTCUSD trading but do not offer the Metatrader4 platform.  Depending on your situation, you might want to check them out…

In the next lecture I want to go over My Trade Plan for trading Bitcoin.  I want you to know how I approach Bitcoin trading so you can better formulate your own plan.

Go To Next Lesson: My Trade Plan

Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.