If you prefer to trade by making payments and send money online without compromising any of your sensitive financial information, Bitcoin is an ideal solution. Today, many online brokers accept Bitcoin as a funding method for trading accounts, giving you the ability to make instant, secure deposits and withdrawals at the touch of a button. Withdrawals can take from a couple of hours to 1-3 days depending on the broker. If you need a forex broker that accepts Bitcoin as a payment method, take a look at these brokers below.
About the payment system
A very interesting trend in the financial market industry, which has arisen recently with the growing popularity of brokers, considering the offer of Bitcoin as an alternative payment processing option. This article is intended to explain why this trend has developed by identifying key factors.
Bitcoin can be defined as a type of virtual currency, since it has no real source of physical nature. This strange definition implies that Bitcoin is not issued and controlled by any global government, nor regulated by any national recognized authority. Consequently, the value of Bitcoin is not determined by political decisions of central banks such as the US Federal Reserve, the European Central Bank or the Bank of England.
In contrast, the value of this unique exchange is determined only by those traders who are willing to use it. Bitcoin was introduced into financial markets in 2009, but did not gain serious publicity until the start of the 2013 period, during which time its value rose to $230 per bitcoin. As for the forex industry, a number of brokers have already added this currency to their asset lists, i.e. BTC/USD.
Why is Bitcoin becoming so popular?
One of the main reasons for this trend is that Bitcoin provides an excellent method of transferring funds to an account, since it attracts very low or zero transaction costs. This attractive feature contrasts sharply with other, more traditional payment systems, such as credit cards and bank transfers, which can incur significantly higher fees. Therefore, an increasing number of brokers are currently considering adding Bitcoin to the list of allowed ways to deposit funds in order to reduce the costs of their customers.
Security is another reason why Bitcoin has attracted so much attention as an alternative to online payments. This is because when using Bitcoin, each transaction includes special and private encryption measures leading to first-class security. In addition, users of this technology have the opportunity to remain anonymous if desired.
Bitcoin has another significant advantage in that its production is not under the control of any global government, which is the case with more traditional currencies. This function implies that its users will not worry that their money will be at risk of capture or their value will be depreciated if they are spent in bitcoins. The significance of these points was well shown by the recent financial crisis in Cyprus, when the government of this nation began to pursue a policy of imposing taxation on deposits exceeding $100,000 within its national banks. In fact, the value of Bitcoin soared during this incident as investors fled to the sanctuary of their safe haven currency status.
Bitcoin brokers for trading
A growing group of brokers have recognized that the constant and significant price fluctuations associated with Bitcoin can provide their customers with new opportunities to profit from trading on the exchange. Consequently, a number of them have already added this exchange to their list of assets.
Nevertheless, the industry is just starting to gain a foothold and has its own advantages, offering replenishment as an alternative. For example, ForexTime has a way to add Bitcoin funds to deposits in the trading platform, allowing customers to transfer their funds without incurring almost no service fees.