Instead of just holding Bitcoin in the hope of profits, did you know you can use it to trade stocks, forex and other cfds. In this post I’m going to share with you three different platforms where you can use Bitcoin to trade CFDs and why using Bitcoin has some great advantages.
The Advantages of Trading CFDs with Bitcoin
Apart from supporting a new and exciting technology, there are other great reasons to trade using Bitcoin:
Traditional CFD trading platforms usually have a verification process that you need to go through. This involves uploading identity documents and filling out questionnaires. I know a lot of people who worry about uploading their private documents to random brokers. This is a genuine concern.
The brokers featured in this process don’t require any verification process. This means you can trade privately – all you need is an email address. So if privacy is a concern of yours, then you should consider trading FTDs using Bitcoin.
Because there is no verification process, you can signup and start trading right away. You don’t need to wait days for your account to be approved. I’ve gone through this verification process before, only to find that I didn’t really like the trading platform. And I had wasted days waiting. With these new bitcoin based platforms, you can start trading instantly.
Profiting from Bitcoin during Flat Markets
When the Bitcoin markets are flat, you can still grow your bitcoin by trading with it. This way, you’re not just sitting still waiting for the price of Bitcoin to go up. You’re taking a proactive approach to growing your wealth.
Where to trade CFDs using Bitcoin
Here are the top platforms for trading CFDs using Bitcoin. I’ve used all of these platforms in the past with real money trading accounts.
1Broker lets you trade stocks, commodities (such as gold and oil), forex and indices using Bitcoin. What I like most about 1Broker is they don’t charge any fees for long stock trades. This means you can buy Apple or Netflix shares and hold them for the long term, instead of just trying to day trade.
1Broker also has a nifty copy trading feature. This lets you copy the trades made by profitable traders on 1Broker. Whenever their account makes a trade, your account will too. This means even if you have had no experience trading, you can still make a profit!
1Broker uses an entirely web based trading platform. While it’s not the most feature rich, I think it still has everything you need to open and close trades. I do like the simplicity and prefer it to platforms that try and shove much in.
If you like trading using Metatrader, then you’ll like Evolve Markets. Evolve markets lets you trade CFDs via Metatrader using Bitcoin. MT4 and MT5 are very popular forex trading apps. And they are used by the majority of forex brokers. If you’re used to this platform and are looking to trade using Bitcoin then this platform will be best suited to you.
I really like the Evolve.Markets is a straight through processor. This means they won’t be trading against you.
As well as Bitcoin, you can also deposit Litecoin (which will be cheaper to send and faster to deposit). And with this Litecoin or Bitcoin you can trade forex, cryptocurrencies and indices. Overall its a really nice platform.
I really like Whaleclub’s trading interface. It’s entirely web based and looks really nice. Plus they have some great charting tools. On Whaleclub you can deposit Bitcoin or Dash and then trade a variety of Stocks, Forex and Commodities. You can also trade some cryptocurrencies, however I have found the spreads and fees to be uncompetitive.
Whaleclub has a nice chatbox feature. This makes the trading experience much more social. You can chat with other traders, share your trades and how profitable/unprofitable they have been.
One thing I don’t like about trading on Whaleclub are the hourly financing fees. These fees are excessive and are higher than the rest of the industry. This makes holding long term positions very unprofitable. Whaleclub does offer a free virtual trading account. So if you want to practice trading and get to grips with how trading with bitcoin works, you can use their platform for free.
So there you have it, three very different platforms for trading using you Bitcoin. So if you’ve wondered whether it is possible to buy Apple shares, or trade the currency markets using Bitcoin, then you absolutely can. Let me know in the comments if you’ve used any of these platforms and what your experiences have been.