Did you know that you can do more than just HODL your bitcoin? There are now platforms that let you trade stocks, forex, commodities and more using Bitcoin. In this post i’m going to share with you the top platforms for stock trading using Bitcoin and how you can get started earning more from your coins.
How it Works
Trading stocks with Bitcoin is a lot like trading with fiat. But instead of depositing and using fiat as a base currency, you deposit and trading using Bitcoin or another digital currency.
Advantages of Trading Stocks with Bitcoin
Here are some of the advantages of trading stocks with Bitcoin:
No verification needed
One of the annoying things about traditional brokers is having to jump through hoops to get your account verified. This often includes uploading documents like a scan of your passport or drivers license. This process is both time consuming and a privacy risk. Who knows what these brokers do with your uploaded docs!
The two brokers I’ve reviewed below require no verification process. So you can signup and start trading instantly! That’s the way finance should work.
Because you’re using Bitcoin, you are afforded a level of privacy that you don’t get on traditional brokers. Traditional Brokers are compelled by law to report how much you trade and how much money you make. On these new Bitcoin based platforms, there are currently no such requirements. So if you value privacy they make a great option.
Grow you Bitcoin Holding
In can be a bit depressing at times to see your bitcoin holding sitting still and doing nothing! When the markets are still and no action is happening, trading using your Bitcoin is a great way to grow your holding and acquire more Bitcoins. Of course it helps if you’re a great trader. If you’ve never traded before, I wouldn’t recommend putting all your bitcoins on the line and start trading with them.
Stock Trading With Bitcoin
Here are two options for trading stocks using Bitcoin. I’ve used both of these platforms with real money (bitcoin) accounts.
1Broker – Our Top Pick
1Broker is a great platform for trading stocks, forex and commodities. In fact it is now my go to trading platform for stock trading. When the price of Facebook stock recently crashed, I turned to 1Broker to make a great trade!
One 1Broker you can get started in seconds and start trading as soon as your Bitcoin deposit clears.
One of the coolest features on 1Broker is Copy Trading. Using this feature you can copy the trades made by profitable and successful traders. So even if you know nothing about trading, you can trade!
1Broker has reasonable fees and doesn’t charge any commissions. Furthermore, unleveraged trades don’t attract any financing fees. This means you can keep stock trades open for a long time without any issues.
Overall 1Broker is an excellent platform. With the copy trading features, it really stands out from other platforms.
Whaleclub is much like 1Broker, except they also allow you to deposit via Litecoin and Dash. Just like on 1Broker, you can trade forex, stocks and commodities. They do offer fewer stocks than on 1Broker.
I do like Whaleclub’s interface. It’s a nice place to trade. And they do have a nifty chat box with an active community sharing the trades they make and the profits they’ve earned.
One thing I hate about whaleclub are the fees. Whaleclub charges hourly financing fees on ALL trades. It’s uncommon for a broker to charge hourly fees. They usually only charge overnight and weekend financing. This makes keeping trades open very expensive. And is one of the reasons why I no longer trade on Whaleclub and only trade on 1Broker.