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 accounts

How 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

Tick the box and click Submit. You’ll be given another chance to check, then click Confirm.

The address that is generated will be for this transaction only. Copy the address and paste it to Notepad, or keep this tab open.

2. Send crypto to FXChoice

Log in to your exchange. Here you want to transfer funds from your exchange to FXChoice. All exchanges are different, but most will provide comprehensive tutorials on how to do this.

When you are asked to input the address and amount, paste the address provided in Step 1 and send the correct amount.

The transaction will generally take 1-2 hours to reach your FXChoice wallet. You will receive an email confirmation when the funds are ready to be traded.

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

Each crypto transaction also incurs a small network fee: USD 0.002 – USD 5 per transaction, dynamically calculated.

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

Each crypto transaction also incurs a small network fee: USD 0.002 – USD 5 per transaction, dynamically calculated.

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)

Although for deposits and withdrawals, we offer:

  • BTC (Bitcoin)
  • BCH (Bitcoin Cash)
  • LTC (Litecoin)
  • ETH (Ethereum)
  • XRP (Ripple)
  • USDT (Tether)

Mobile trading

MT5 now available
for your Android and iOS devices
Find out more

Company News

06/08/2020Margin Call, Stop Out levels down (Pro accounts)
Find out more

Customer reviews

Thank you for taking the time to let us know how we’re doing.
Find out more

Instant 24/5 Support