As Bitcoin shows up in more and more forex brokers’ offering, TradeProofer.com just announced that they have started covering BTCUSD both in their Trade Price Checker tool and their True Cost of Trading tool.
These tools allow traders to check whether their trade’s fill price was in line with the market, to convert spreads and commissions into a plain USD price tag and to get quotes from 90+ brokers simultaneously.
A TradeProofer representative said ‘Our Bitcoin coverage starts with only 5 brokers, that’s considerably weaker than our EURUSD coverage that usually fluctuates anywhere between 30-120 brokers, but we decided to start with what we have as it already sheds some light on bitcoin trading.
We capture tick-level spread data from brokers via traders who run our trade price checker EA on their MT4s, so our coverage gets stronger and more accurate as more traders run our EA and more forex brokers launch Bitcoin trading.’
20% annual interest, really?
Spreads and commissions are just one factor to consider for traders who follow a buy and hold strategy- overnight financing rates are more crucial than the trading cost itself. Brokers are not shy about charging 15-20% annual interest with IC Markets being the only exception with their down-to-Earth interest rates.
‘We collected “max leverage” parameters too, although it shouldn’t be a considering factor as the BTC price itself is unsteady enough to yield neat profit without leverage’ They added.