Crypto
What is crypto?
Crypto (cryptocurrency) is a decentralised form of digital currency that operates globally with fast, low-cost transfers. Transactions utilise blockchain technology with both the sender and receiver remaining anonymous. The blockchain functions as a ‘ledger’, so transactions cannot be corrupted and are very reliable. A huge industry has sprung up around crypto, with many cryptoexchanges popping up to facilitate purchases and exchanges. Some of the biggest and most reliable in the business are (and in no particular order):How to buy crypto?
1. Sign up to a cryptoexchange Generally speaking, crypto is best purchased on well-established cryptoexchanges (exchanges). Not all exchanges are suitable for everyone: what works well for an EU citizen may not for an Australian citizen, for instance. We recommend that you do your homework and find out which exchanges best serve your country. Look for strong reviews and easy deposit & withdrawal methods. To increase limits, you may need to provide documentation to verify your identity (KYC – Know Your Customer). 2. Buy crypto When you’ve signed up to your preferred exchange, you’ll need to send funds to them (bank transfer, bank card) for purchasing the desired crypto; we accept Bitcoin*, Bitcoin Cash, Litecoin, Ethereum, Tether and Ripple. Most large exchanges have comprehensive video tutorials on how to do this. Your purchased crypto will be kept in a wallet (like a digital bank account) at the exchange. You can now withdraw this crypto from the exchange wallet directly to your FXChoice wallet/trading account *. *we currently have a 15% bonus on Bitcoin deposited directly into trading accountsHow to deposit crypto?
1. Generate an FXChoice wallet address In Backoffice, go to the Deposit section. Click the icon of the crypto you are depositing (i.e. if you bought Bitcoin at the exchange, click Bitcoin). Fill in the form:- Account — select the account you wish to trade from and receive 0% fees on conversion. Remember, you can deposit to fiat (USD, EUR etc.) accounts as well as cryto.
- Amount — insert how much crypto you will be sending
- Currency — this should be automatically filled in, but please double-check
Deposit fees
Fees & bonuses | |
---|---|
Bitcoin | 15% bonus added 0% processing & conversion fees |
Ethereum, Ripple, Litecoin, Bitcoin Cash | 0.5% processing fee 0% conversion fee |
Tether (USDT) | 0.5% processing fee |
How to withdraw crypto?
1. Ready your destination crypto address This could be the address at your exchange, or it could be your local wallet. Copy it! 2. Withdraw from FXChoice In Backoffice, click Withdrawal. Click the icon of the crypto you are withdrawing (i.e. if you are withdrawing Bitcoin, click Bitcoin). Fill in the form, pasting the destination address into the relevant field to guarantee accuracy. Click Submit, then click Confirm in the email we send to you. If you want to withdraw from a fiat account (USD, EUR etc.) to an external crypto address, it is cheaper to do this directly instead of doing an internal transfer from USD to crypto first (1.5% vs 3% fees). 3. Receive funds Once you submit the withdrawal request in Backoffice, you will receive an email with a link to confirm your withdrawal. Click it, and the funds will be dispersed within 24 hours on working days.Withdrawal fees
Fees | |
---|---|
Bitcoin | 0% fee on withdrawals from account in transaction currency. 1.5% conversion fee on withdrawals from accounts in other currencies |
Ethereum, Ripple, Litecoin, Bitcoin Cash | 1.5% conversion fee; 0% on direct transfers (ex LTC to LTC) |
Tether (USDT) | 0% processing; 1.5% conversion fee; 0% on direct transfers |
Why is crypto trading not available 24/7?
We are a fully regulated global brokerage firm. We offer Contracts for Difference (CFDs) in crypto. When you trade crypto with us, you don’t actually own the crypto. Crypto CFDs are offered by our liquidity providers (LPs), and we pass them on to our clients like we do with other instruments. LPs offer their services at set times. We therefore have to suspend crypto trading over the weekend. Some cryptoexchanges do offer 24/7 crypto trading, but they are not regulated and do not offer CFDs.What crypto can I trade at FXChoice?
For trading, we offer the following crypto CFDs:- BTCUSD (Bitcoin)
- ETHUSD (Ethereum)
- LTCUSD (Litecoin)
- BTC (Bitcoin)
- BCH (Bitcoin Cash)
- LTC (Litecoin)
- ETH (Ethereum)
- XRP (Ripple)
- USDT (Tether)