Popular Bitcoin & Cryptocurrency Brokers in Scotland
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Between 74-89% of retail investor accounts lose money when trading CFDs.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
All trading involves risk. Only risk capital you're prepared to lose.
Bitcoin and cryptocurrency trading is getting more and more popular in Scotland. If you want to jump on the bandwagon too, you should be very careful what broker you choose for your trading. That is why today, we will provide you with a guide on what aspects you should consider as a trader based in Scotland before selecting your bitcoin & cryptocurrency broker.
How to go about choosing the best cryptocurrency broker in Scotland
One of the first things you should do as a trader from Scotland is to research whether a cryptocurrency broker you chose is regulated by any financial regulatory body. Scotland, being part of the UK, is no longer the member of the EU so the best choice when it comes to a financial regulatory body is the FCA (Financial Conduct Authority) which oversees FCA regulated companies in the United Kingdom. A company which is overseen by the FCA is under constant supervision of the regulatory body. Knowing this fact, you can proceed to another step in which you will find out what are the company fees, how many cryptocurrencies it offers and so on.
Once you pick a company that you like the most it is advised to first open a free demo account to test its trading platform and try trading without putting your money at stake. The Scotland market is very popular and almost every broker will try to beat its competition to get you on their side. Do not get dragged right into the storm and take your time while practising on the free demo version I have mentioned. For traders from Scotland that are not certain what to look for when selecting the best bitcoin & crypto broker, here is a list of features you might like to see your broker to offer.
Every bitcoin and cryptocurrency charges fees to finance its operation. If you want to trade with real funds, they cannot be avoided. However, what you can do is to select a broker operating in Scotland that has good trading conditions and where those fees are competitive.
- Spreads – All bitcoin and cryptocurrency (CFD) brokers charge spreads. Spread is the difference between the ask price and bid price. For example, you can go long on Bitcoin and buy it at $5 000, or you can go short and sell Bitcoin at $5 030. The difference between those two prices is the spread fee.
- Overnight fee – In case you stay in your position overnight, there is an overnight fee. Some bitcoin and crypto brokers in Scotland can have both positive and negative overnight fees so in case you want to stay in your position for a longer time period, make sure you know what the overnight fees are (if there are any)
- Inactivity fee – If you plan to aboard your trading mission, we recommend to withdraw your funds back to your bank account or online wallet, otherwise you might have to pay an inactivity fee. The inactivity fee is usually charged after 3 months of inactivity and can range from $5 to $40, depending on a broker.
If you plan to trade only Bitcoin, you do not need to be concerned about other cryptocurrencies. However, if you would like to trade some altcoins at any point of your trading journey, make sure that your crypto broker features them on their trading platform.
Every bitcoin and cryptocurrency trader from Scotland will want to start with a different capital. Each bitcoin and cryptocurrency broker requires you to deposit a certain amount in order to start trading with real money. In case you want to start trading in small, go for a broker that supports trading with a low minimum deposit so you could without any problems follow your money management plan.
Conclusion – The best Bitcoin & Crypto broker in Scotland
Every trader from Scotland or any other country for that matter has different preferences when it comes down to choosing bitcoin & cryptocurrency broker. One trader might appreciate a social trading network with thousands of traders while others might welcome a bigger number of available cryptocurrencies. We, therefore, cannot objectively state what is the best bitcoin and cryptocurrency broker in Scotland. With that being said, in the table above, you can find some popular options with a good reputation and FCA regulated background.