Bitcoin brokers

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My brothers, I’m unlucky, I always end up scammed like this. What doesn’t save me is the fact that they are tailor-made. Don't do like me or you won't make any money. Don't mess with Smart rVid.

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I was an idiot and thought that this was a normal broker with whom I could make good money if I didn’t take too much risk, plus they promised me consultations so that I would feel confident. Therefore, I opened an account with $1000 at once to get wider leverage and better conditions. It turned out that there is nothing good there; the spreads are very wide, and at the moment of transactions there are hidden commissions that turn the profit into dust. In the end, I got tired and I submitted a withdrawal; it turned out that they were not going to give me the money until I paid the insurance of $500. Of course, I refused and they immediately gave me a ban.

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This is a very bad broker and you can’t trust him, he lures you in, I know from experience. He started calling me about a week ago and actively forced me to open an account with him, and this continued for 2 days until I agreed. They immediately demanded insurance fees from me, I refused to pay them and received an account ban, that is, the scammers simply stole my money for themselves and did not give anything back. I already contacted the prosecutor’s office and they said that these swindlers are sitting somewhere in another country.

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The last time I trust a broker from the Internet is simply no good anymore. If others were simply cutting off my profit, this particular idiot didn’t even want to return the deposit. Not only did he constantly put a spoke in the wheels with his jumps in spreads, but then he also canceled withdrawal requests one after another without explaining the reasons. I tried to contact them in different ways, but apparently they no longer need what they have, they have already gotten through the roof.

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I was seduced by registration in three countries and a solid website, everything at first glance looks very convincing. Therefore, I topped up the deposit. I was hoping to make good money, but it turned out that I donated my earned money to the afirists. When he received the first thousand from me, he immediately wanted more and began persuading me to give him more, without giving any objective reasons. They just demanded and that’s all, I naturally refused and put everything on the line, but I failed to take anything away.

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I never managed to register even though I was really excited about it. I was very interested in what this swindler was offering there. As I understand it, the promo code is given only to those who are definitely ready for a replenishment. I just spilled it and lost my memory.

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Bitcoin Brokers: Why They Are Needed and How to Choose the Best One 

Bitcoin (BTC) is the most liquid, expensive, and sought-after cryptocurrency. Many consider it the currency of the future, as it has repeatedly broken price records. 

BTC serves as both an investment asset and a speculative tool, making it suitable for long-term capital investments and profiting from frequent and strong price fluctuations. Bitcoin has garnered the interest of speculators accustomed to earning from cryptocurrency. 

This growing interest has led to the emergence of Bitcoin brokers. Let’s delve into why they are necessary, the different types available, and whether they can be trusted. 

Types of Bitcoin Trading Brokers  

In 2022, Bitcoin brokers can be broadly categorized into two groups. The first group offers investment options based on Bitcoin, such as ETFs (Exchange-Traded Funds) and futures contracts. These are known as exchange brokers. 

The second group consists of off-exchange intermediaries and dealers often referred to as “kitchens.” They simulate cryptocurrency trading. 

It’s important to note that purchasing actual Bitcoin through a broker is not possible; however, various derivatives can be acquired. 

Leading exchange brokers that offer Bitcoin futures and ETFs include Interactive Brokers, a prominent player in retail forex trading, a prime broker, liquidity provider, and a major player in its field. For example, Interactive Brokers provides futures contracts from the CME Group, the largest derivatives marketplace. These contracts are equivalent to 5 BTC, making them five times more expensive than actual Bitcoin. 

In 2021, BCS promised a Bitcoin-based ETF listed on NYSE, which represents a full-fledged exchange asset with real value. 

The second group of Bitcoin brokers is extensive and includes a mix of fraudsters unrelated to trading, as well as legitimate “kitchens.” These kitchens operate legally and contribute to the ranking of Bitcoin brokers. 

“Kitchens” do not execute traders’ transactions but rather offer proprietary derivatives. While it is possible to make a profit with them, this is only feasible if the Bitcoin broker is licensed and trustworthy. 

Reliable BTC Broker: Where Can You Trade Bitcoins Now? 

Choosing a Reliable Bitcoin Broker The criteria for selecting a cryptocurrency intermediary are similar to those for traditional forex brokers: 

Possession of a license Transparent service Reasonable service fees Good reputation The majority of brokers who offer cryptocurrency pairs fall short in the first criterion. They either lack a license entirely or possess an offshore license. 

Our top Bitcoin broker recommendations help you choose a reliable intermediary. We meticulously assess each broker, collecting information and feedback from various independent sources to provide an accurate evaluation. 

Do You Need a Bitcoin Broker? To make the right choice, it’s important to answer the question: “Why?” If your goal is to trade fiat-crypto pairs, finding a broker might be sensible. If you wish to trade cryptocurrency on the market, a crypto broker may be unnecessary. 

Bitcoin Broker vs. Cryptocurrency Exchange: Pros and Cons  

What are the advantages attributed to cryptocurrency brokers online? 

Convenience: Traders need not navigate blockchain settings themselves. They can open an account and start trading. Fewer technical issues: Support is readily available for quick assistance. Advanced platforms: Available for PCs, smartphones, and tablets. Leverage: Offers the chance to amplify profits with less capital. The primary downside of cryptocurrency brokers is their costs. They charge commissions and increase spreads. 

With “kitchens,” the costs are coupled with a conflict of interest. They might manipulate client transactions to avoid paying profits out of their own pockets. 

Turning to cryptocurrency exchanges, the registration process is simple, and the customer support is responsive. Additionally, purchased instruments can not only be sold but also withdrawn to external wallets or other exchanges, enabling arbitrage opportunities. 

Leverage is also manageable. Leading cryptocurrency exchanges offer derivatives, such as crypto futures, which allow for opening and closing substantial positions, even without the required capital. 

The key advantage of cryptocurrency exchanges is that their costs can be minimal or nonexistent. Market makers, those who sell cryptocurrency below market value and buy it at a higher price, receive this privilege as they provide liquidity through their orders. Exchanges incentivize this behavior. 

Fees on cryptocurrency exchanges are significantly lower than those of brokers, often by tens or hundreds of times. If your goal is Bitcoin trading and not derivatives, exchanges are the way to go.