Which is the Best MT4 Broker to trade Cryprocurrency CFDs?
Use an MT4 broker to invest in Cryptocurrency markets. Learn how to start earning securely and stably.
Best MT4 Brokers to trade Cryptocurrencies
Are you looking for an MT4 broker to trade Cryptocurrencies like Bitcoin and Ethereum?
We have looked into hundreds of MT4 brokers that offer Cryptocurrency CFDs and summarized their trading conditions.
Check out the MT4 broker that offers the best trading conditions for Cryptocurrency CFDs below.
|Crypto Brokers||Bitcoin Spread||Max Leverage||Swap Costs||Trading Session|
|From $39 (No Commission)||1:250||None||24/7|
|From $58.2 (No Commission)||1:400 (Limited to 1:200 on weekends)||None||24/7|
|From $1.75 (No Commission)||1:500||Charged||24/7|
|$30 (No Commission)||1:5||Charged||24/7|
|$50 (No Commission)||1:2||Charged||24/7|
|$99 (No Commission)||1:2||Charged||24/7|
|IC Markets||$9 (No Commission)||1:200||Charged||24/7|
|Axi||$40 (No Commission)||1:100||Charged||24/7|
|eToro||$200 (No Commission)||1:2||Charged||24/7|
The value of a cryptocurrency is constantly changing.
This allows you to earn on fluctuations (growth, fall) of the exchange rate.
The question “How and Where to trade bitcoins” is relevant in a special way. After all, this “currency” is very volatile.
If you get into a trend, the earnings will be huge. The risks are also large, but they are easily compensated for with a competent attitude to the process of buying / selling.
In this article, we will get into more about Cryptocurrency trading, why CFD is recommended and how to trade to make profits.
Ranking of Cryptocurrency MT4 Brokers
Want to invest in Cryptocurrencies through Exchanges?
Before you start trading on the cryptocurrency exchange, it is recommended to take care of the safety of your funds. If access to bank accounts is restored using a passport in banks, this is not provided for with cryptocurrency. The loss of a wallet is tantamount to the complete loss of all the money that was on it.
Main ways to increase the security of personal finances in a BTC wallet are:
Ways to increase the security of personal finances in a BTC wallet:
- Set complex passwords with numbers, punctuation marks, capital letters;
- Do not store access codes on the computer (it is better to write them down on paper and hide them);
- Use 2FA authentication (two-factor);
- Pass full verification on exchanges (photo with passport, etc.).
Earning on bitcoins is not enough to get. It must be preserved and enhanced. And the protection of the online wallet account is in the first place here.
If everything is done correctly, trading cryptocurrency on the exchange will be a pleasure.
To find the best Cryptocurrency exchanges and their latest offers, go to Cryptoarmy.io.
Using MetaTrader 4 platform for bitcoin trading
When the question of how to trade cryptocurrency is raised, a trader most often faces a choice – to engage in its direct purchase / sale on the exchange or trade Cryptocurrency CFDs.
The first option is the easiest. But it requires very large investments, and it bears corresponding risks. It is worth losing a little time, and the rate may turn out to be lower than the one at which bitcoins were bought. Due to high volatility, losses will be large. There is another drawback – you can earn money only on the growth of the exchange rate.
Cryptocurrency CFD trading is possible both on an uptrend and when the price falls. Almost all companies provide access to trading platforms using the MetaTrader 4 program. The terminal displays the history of rate changes and allows you to apply technical analysis.
The benefits of the MetaTrader4 trading platform are:
- Opening an unlimited number of orders (as long as there is free margin);
- Closing deals in manual and automatic modes (Take Profit, Stop Loss);
- Partial closing, transfer of a stop order following the price movement;
- In parallel, you can trade currency pairs, precious metals and many other CFDs.
Learning how to use MetaTrader is easy. The interface is multi-language, all menu items have detailed help. To solve difficult situations, you can always contact fellow traders on the thematic forum. Many people just start trading on their own.
Ranking of Cryptocurrency MT4 Brokers
How to Prepare for Bitcoin Trading?
In order for bitcoin trading to immediately start making a profit, it is recommended to work on a demo account for at least the first month. This will allow you to practice the skills.
And also along the way, you can see the price movement during news releases and events on the world market in real time.
With cryptocurrency, it is important to understand whether the project will close soon or not.
Bitcoin is predicted to reach high, and you can still invest in them. In general, you need to study a number of trends.
Experienced traders never enter the market close to the “extreme” values of the trend. If the current rate is close to the maximum, then you can not buy bitcoin. And vice versa – at the bottom of a downtrend, you do not sell it.
It is more profitable to wait for either a breakdown of the high / low, or a price reversal. When the value level is inside the trend, cryptocurrency trading can be carried out without restrictions.
Watching the news often allows you to predict the rise / fall in the value of assets. It will be useful to use the economic calendar. It indicates the most significant events – the publication of economic indicators, population statistics. Although the cryptocurrency is not directly associated with any country, trading a pair with the US dollar forces you to take into account the impact of this currency on BTC.
Technical and fundamental analysis in Bitcoin trading
Externally, judging by the chart in the MetaTrader 4 terminal platform, cryptocurrency trading is similar to working with currency pairs. Candlesticks, trends, lows and highs are formed. But the situation with bitcoin/altcoins is somewhat different. There is no history in the crypto market like the US dollar or the British pound. Plus, digital coins are not tied to any country, so events in individual states do not directly affect the course.
The main postulates of technical analysis will have to be applied with certain rules:
- The market price takes everything into account – the price of Bitcoin is more influenced by the widespread hype around the sharply increased rate, so you can’t seriously count on this factor;
- The market is subject to trends – this rule works well with cryptocurrencies. If the trend has begun, the price changes in steps, with a correction;
History repeats itself – the dynamics of the growth of the bitcoin rate is so high that there are no repetitions of the price yet.
Fundamental analysis, in the form in which it is used to assess trends in currency pairs like EURUSD, is practically not applied to cryptocurrency. But the question “How to trade bitcoins” can still be answered. Experienced traders closely follow the news in the social networks and on thematic forums. It is there that you can find an informational reason for the fall or rise in the rate. For example, the news about the hacking of another exchange noticeably affects the value of the cryptocurrency. Such events undermine confidence in the bitcoin system and can cause a fall in the rate for some time.
Ranking of Cryptocurrency MT4 Brokers
Recommended tools to invest in Cryptocurrency markets
The MetaTrader 4 platform has more than 20 built-in indicators that allow you to visually reflect the current market trends. They work on the basis of technical data from previous periods.
If a trader has just begun to think about how to trade cryptocurrency correctly, then it is recommended to focus on studying indicators. They will help you quickly understand the current trend and plan your trade.
The software allows you to automate trading operations. For this, scripts and robots (advisers) are used. If a trader uses a typical strategy, routine actions such as setting the closing price for profit / loss and opening new orders are shifted to the program. Sometimes beginners use other people’s developments, and while they figure out how to trade bitcoins on the exchange, the software does it for them.
As you gain experience, indicators and Expert Advisors may become unnecessary, but the many functions of MetaTrader 4 are used anyway.
They mark trends, key levels, circle the figures of technical analysis. Sometimes they trade without their use, only on the basis of candles formed from their combinations. At first, it will be useful to try out all the available options.
Trading Cryptocurrencies with the trend and correction
Bitcoins are highly volatile assets. This imposes restrictions on trading methods. But in the arsenal of traders there are enough ways to make a profit on such aggressive assets. Mostly trading in bitcoins on the exchange goes in the direction of the trend, which has not changed over the past year (it keeps going up). But a number of experts are of the opinion that it is safer to make money on pullbacks and price corrections after the next surge.
Trend and correction of Bitcoin can be determined in several ways:
- Use indicators (such as Fibonacci lines);
- Manually draw levels and watch for breakouts of strong areas (the price most often stops at them, a trend reversal occurs);
- Apply automatic advisers that signal the beginning of a new trend.
What instrument and how to play on the cryptocurrency exchange depends on the preference of the trader. Many initially use an excessive number of indicators, often duplicating each other in the information displayed. Gradually, the minimum set remains, the most convenient for a particular trader.
Ranking of Cryptocurrency MT4 Brokers
What are the Popular Bitcoin Trading Strategies?
Trend trading strategies are easy to learn, require a minimum amount of data to make a decision to open/close an order. The cryptocurrency exchange for novice traders at first seems to be a difficult market for making money.
Therefore, experienced specialists recommend using ready-made trading strategies at first. One of the popular options has the only requirement – you need to correctly draw support / resistance levels.
The general principle of trading is as follows:
- Switch the chart to the display mode of hourly candles H1;
- Using the built-in tools of MetaTrader 4, a trader draws horizontal lines at all levels where the price is consolidating (look at the history, there should be at least 3-4 levels of a trend stop or reversal);
- The price being above/below one of the levels is a signal to enter the market (when a condition arises, the trader needs to be at the terminal, watch the direction of the price of the next candle);
- If the trend persists, you can open an order in the direction of the trend (sometimes it is advised to wait for the third candle, since the second one may turn out to be a correction, testing for a reverse breakdown).
You can open a deal manually or using pending orders (Buy Stop or Sell Stop). When choosing the first method, the trader independently determines the entry point to the market.
Exiting the market is also possible manually or automatically, by order of Take Profit/Stop Loss. With a conservative (safe) approach, a stop order is required. It is desirable to put it immediately under the broken level. Then, in case of a trend reversal, the order will be closed with a small loss without the risk of losing the deposit. The Take Profit order allows you to exit the market with a profit at a given level and avoid premature closure due to the trader’s haste.
Making profits with Scalping strategy
The scalping strategy works well on bitcoin. The key to it is the short duration of entry into the market. Levels are also needed here (you can use the corresponding indicator). During the breakout, an order is opened for literally a few seconds, which is closed when a few points of profit are confirmed.
Scalpers often work with a large lot, so the strategy is highly risky, although it can give a large profit. Beginners are better off sticking to the conservative approach suggested above. The less experience, the lower the recommended lot value. Plus, the use of indicators is mandatory. They allow you to see the right moment to open a deal in time.
Indicator trading is easy. As soon as a signal appears on the chart, the trader enters the market and waits for profit. Such strategies are well automated, because the work is in strict adherence to the rules. If you write a program that performs the required actions, trading will be conducted around the clock.