Bitcoin Payments Brokers 2021 - Which Brokers Accept Bitcoin Payments?

Bitcoin is a decentralised payment network of digital money, powered by users. Bitcoin provides crypto payments to businesses to integrate via an API plugin so they can receive transfers across the globe regardless of market size and volume. Our review looks at Bitcoin payments as a deposit and withdrawal method for traders. We explain how to make a transfer request, how long payments take and the top brokers accepting Bitcoin deposits.

Bitcoin Payments Overview

Bitcoin was the first provider of the cryptocurrency payments gateway developed in 2009. It is still a relatively new transfer system for businesses and individuals to accept, however, it’s forecast that the Bitcoin payments market will see growth of over 20% by 2025 due to the increased flexibility of B2B transfers.

Businesses including PayPal and Mastercard are directly looking to integrate Bitcoin payments for subscriptions, broker deposits, bill and salary transfers.

Pros Of Trading With Bitcoin Payments

Secure Transactions

One of the key benefits of making Bitcoin payments is the anonymity and security offered to traders, based on the crypto’s underlying blockchain technology. No sensitive data needs to be shared on the internet when making transactions. There is no requirement to share credit card information, for example.

Payment Accessibility

It is easy to send and receive Bitcoin cross border international payments, at any time and volume per day, as users are in full control of transactions. As long as you have a crypto wallet and a forex broker that accepts BTC deposits, you can simply fund your trading account as you would with any other payment method, such as bank transfer.

Cons Of Trading With Bitcoin Payments

Limited Broker Availability

While many brokers allow trading in cryptocurrencies on their websites and platforms, Bitcoin is not yet widely accepted as an online deposit and withdrawal payment method due to the volatility and anonymity of the currency. Traders are restricted in their choice of brokers until Bitcoin payments are widely adopted.

No Protection

Bitcoin is not recognised as a currency in every global market and is subject to review by regulators. Countries such as Canada and South Africa, for example, do not recognise or verify Bitcoin payments as legal tender while Australia and the Philippines do. As a result, we’re likely to see more countries and regulators take a stance on Bitcoin which may impact your ability to make crypto deposits.

Volatility

The number of businesses accepting cryptocurrency as a recurring method is still small. Its developmental nature and relatively unknown price reactions to market factors have been influences for companies such as Steam and Amazon not to accept Bitcoin payments. And because the price of Bitcoin can fluctuate hugely, the value of your crypto when you deposit vs withdraw can change substantially.

Speed

Bitcoin payments are fast, with consensus settlement averaging 10 minutes for confirmation, while micropayments via the Lightning Network can settle in under one minute. Payments via Bitcoin are not subject to pending delays such as currency conversion or bank holidays, allowing users to make payments anywhere and anytime. Check your broker’s website for individual time constraints on deposits and withdrawals.

Security

Bitcoin payments are encrypted through the Blockchain ecosystem and each transaction is unique. The payment gateway provides high levels of security, though there is limited password recovery so it is the user’s responsibility to protect funds.

Bitcoin suggests using the following security protocols:

• Back up wallets regularly
• Add two-factor authentication to wallets
• Use the latest versions of market software
• Don’t hold large amounts in Bitcoin accounts
• Encrypt wallets with passwords for withdrawals
• Don’t send payments to unconfirmed and unverified accounts

Deposits & Withdrawals

Bitcoin accepts various deposit methods including credit cards, USD bank transfers and other cryptocurrencies via payment portals such as Binance and Coinbase. It is best to check the offering of each cryptocurrency exchange and choose which one suits your trading needs, whether that be accepting mobile app payments or favourable foreign conversion fees. In some cases, it is also possible to split Bitcoin payments across digital wallets and fiat currency.

Crypto attributes make Bitcoin payments challenging for both ecommerce and clients, all deposit transactions must be made manually by the trader. Log in to your trading account and follow your broker’s process to make a Bitcoin payment.

Fees

Bitcoin payments can be free. However, many wallets charge default fees, such as Electrum, though higher charges can result in faster confirmation times. Fees are not generally related to the number of Bitcoins being sent and can be reviewed before sending the transaction.

Brokers such as LiteForex and FX Choice note free deposits and withdrawals using Bitcoin, though this is subject to the cryptocurrency network system.

Are Bitcoin Payments A Good Choice For Traders?

Bitcoin offers a relatively new digital payment method as a cryptocurrency gateway, with flexibility and few requirements to send transactions globally. However, there is limited acceptance of Bitcoin payments across merchants, including brokers, due to its volatile nature.

Find out about day trading Bitcoin here.

FAQ