Bitcoin Binary Options Brokers
There has been a steady increase in the use of Bitcoin both within the binary options industry and the wider inline marketplace.
Understanding Bitcoin Binary Options Brokers
Although it is a relatively new addition to the financial world, Bitcoin is a digital currency which is now being taken seriously. It has been called a variety of different names, including a digital payment system and even a decentralized currency. It works in the same way as any other currency but it is only available to use online; hence the digital title. You can even trade on the price movements of this currency!
Unfortunately many of the aspects of Bitcoin go against the traditional image of a currency and this has caused a variety of issues for those wishing to adopt it. It has already had huge rises and crashes in its value as these arguments have raged around it. It is now becoming more accepted and there are several binary options brokers who now accept Bitcoin.
The Difference Between Bitcoin Binary Options Brokers
In essence there are two definitions of Bitcoin binary options brokers. Each of those that have chosen to offer this service will fall into one of these categories:
The complete Bitcoin Binary Options brokers; these allow you to fund your account with Bitcoin and then place trades. They will even return your funds in Bitcoins. In addition you can trade on the value of the Bitcoin and its fluctuations; at times this can be very profitable as it has experienced several very volatile periods.
Other brokers only list Bitcoin as an asset. You are free to place as many trades as you wish against it or with it but cannot use it as a funding mechanism.
Bitcoin Binary Options Brokers
There are two main brokers which are considered to be the best if you intend to trade using Bitcoins.
The first of these is Finpari, a broker which has been established since 2014 and enjoys an excellent reputation. It offers a range of benefits and easy access options; including an affordable initial deposit of just $250 with the ability to trade at just $1 per transaction. The rate of return is impressive at ninety percent and it offers in excess of one hundred assets.
It is already seen as a rapidly growing broker and offers the ability to, deposit and withdraw through a selection of methods simultaneously; as well as authorizing funds to be returned within just one hour; one of the fastest in the industry. Bitcoin is one of the options for putting money in or out of your trading account and there is no charge to do so!
In terms of trading you can undertake long or short term trades; the shortest is the one minute trade. The trade account you are offered will depend upon the value of your deposit and the higher level accounts will receive additional perks.
The second broker is AnyOption. This is a well established broker with an excellent reputation. They are one of the first to start trading in binary options and have been offering the service since 2008. The initial deposit is the same as Finpari’s $250 but this Bitcoin binary options broker requires $25 per transaction. The payout rates are good, at approximately seventy percent, although these are not in the same league as Finpari. However, they do offer over two hundred assets including Bitcoin.
Interestingly, Bitcoin experiences such extreme movements that it is seen as more volatile than gold, the S&P and even the United States Dollar; it has moved more times than any of these assets!
The AnyOption platform is exceptionally simple to use and they will even provide you with a fifteen percent return if any trades end up out of the money; this is why their general rate of return is lower. You can trade short or long term; even as long as one month although it will be difficult to predict what Bitcoin will do in this timescale! They are also fully regulated by thirty one countries and offer support in seven different languages!
There are other Bitcoin binary options brokers and the interest is growing quickly; if your broker does not currently offer this service then it is worth asking them; it is likely to be an option.
Is it Better Than a Credit Card?
Although no financial payment system can be truly anonymous, Bitcoin is the closest one to this. If this is an important factor when depositing and withdrawing funds then they are the only option!
It is also worth noting that the fees for Bitcoin are very low compared to the standard credit card charges. Cards normally charge up to five percent and a fixed charge where Bitcoin has no real charge. You can choose to pay one percent to ensure a speedy payment is completed; this is not obligatory but is much cheaper than a credit card!
Both of these forms of payment are considered to be secure. As with any information, you must keep your log in details private and ensure you do not use an unencrypted site. In fact, security is also where the major difference lies in these two payment types. A credit card can provide peace of mind as you are able to reverse a credit card transaction; you cannot do this with Bitcoin; this makes credit cards safer if you are dubious about the broker.
Bitcoin Binary Options Brokers and Wire Transfer
A wire transfer used to be the only way of getting funds from one place to another. However, compared to Bitcoin they are slow and expensive. A wire transfer can take several days to show as available in your account and incur fees of up to $80. As already stated Bitcoin is free and can transfer thousand in a few moments.
There are a multitude of other digital currencies already in existence. You will almost certainly have heard of some of them like PayPal and Skrill; some of these also allow you to reverse transactions. In general the digital currencies charge very little to move your funds and do so very quickly; you simply need to choose the one that best suits your needs.
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