Jul 06 2020 0
As of today, many countries in the world have ruled that the act of paying things with virtual money, like Bitcoin or Litecoin, is deemed illegal. Whoever conducts such an act can be arrested, convicted, or punished. This has confused many cryptocurrency investors. Is Bitcoin legal? If not, who are the reliable forex brokers to trade Bitcoin?
Is Bitcoin legal?
To clarify this issue, firstly, it is necessary to read through and carefully review the regulations of many countries. Most countries do not allow the supply, use of Bitcoin and cryptocurrencies as a means of payment, which means you cannot buy, sell, exchange goods, post prices, offer and pay in Bitcoin. That is, you cannot buy a bunch of vegetables or a piece of meat at the market and pay the seller with Bitcoin. You also cannot list the price of shirts in your store in Bitcoin units. Or you cannot provide Bitcoin to the market as a means of payment.
A lot of countries in the world don’t allow people to use Bitcoin as a means of payment. Only some countries allow Bitcoin payment as current cash, such as Japan.
In another regulation, Bitcoin is still considered by the government to be virtual assets. The authorities will administer Bitcoin similarly to gold or other valuable assets. This means that trading activities, Bitcoin transactions are not for the purpose of payment and are still legal. Users can completely buy and sell Bitcoin in dollars. Bitcoin owners can legally own them.
You can use Bitcoin as a form of investment, hoarding or surfing speculation, similar to investing in real estate or gold. You can completely transfer, trade Bitcoin with others, or conduct transactions through the exchange. If you want to convert Bitcoin into cash, please convert Bitcoin into your currency (by selling that Bitcoin to others) and use real money to pay, so it is completely legal!
The best brokers to trade Bitcoin
So now that you know buying and selling as well as investing in cryptocurrencies such as Bitcoin is legal, you can start by finding a good forex broker. Some forex brokers allow you to invest in cryptocurrencies. Here we have the list of the best forex brokers for crypto-trading:
Exness started providing Bitcoin trading service for their customers in September 2017, and since then, they have been recognized as one of the best Bitcoin brokers in the forex market. Although I have only been trading Bitcoin at Exness for just a few months, their execution speed along with their liquidity impressed me a lot. Exness has the lowest Bitcoin spread of all forex brokers. Their commission for Bitcoin trading is fixed at $4.5 per lot (1 lot = 1 Bitcoin).
Just like Exness, Hotforex opened their Bitcoin trading service in September 2017. HotForex Bitcoin spread is from 15 pips and their spread is one of the most stable in the market. Their best feature is the commission-free service. Moreover, if you come to HotForex offices to deposit money to trade crypto, you can deposit for free.
XM is another broker who started Bitcoin trading on their platform in September 2017. Their spread is lower than HotForex, from 12 pips and traders can open trading lots as small as 0.1 lot.
FXTM is also a good forex broker for Bitcoin trading. Customers come to FXTM because of their reliability, low cost, and excellent support. FXTM Bitcoin spread is a little volatile, from 15 to 20 pips per Bitcoin.
In conclusion, Bitcoin trading is totally legal in almost all countries in the world. It is an investing asset that can bring you huge profits. If you want to trade Bitcoin alongside with forex, you can trade with the best forex brokers for Bitcoin trading like Exness, HotForex, or XM.