Ethereum Brokers
Ethereum brokers have offered significant investment opportunities since the crypto launched in 2015. Ether (ETH) is the second-largest digital currency by market cap and is popular with active retail traders. In this review, we list the best Ethereum brokers in 2024 and provide a guide to choosing between top exchanges.
Ethereum Brokers
#1 - AvaTrade
Why We Chose AvaTrade
Regulated in five continents, AvaTrade offers a secure way to access crypto markets. There's a great range of digital currencies including Bitcoin, Ethereum and Ripple, plus a crypto index. You can access competitive crypto spreads in the broker's wide choice of platforms as well as 1:2 leverage.
"AvaTrade offers the full package for short-term traders. There is powerful charting software, reliable execution, transparent fees, and fast account opening with a low minimum deposit."
- DayTrading Review Team
- Coins: BCH, BTC, BTG, ETH, LTC, XRP, EOS, DASH
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: BTC <1%, ETH 2%
- Crypto Lending: No
- Crypto Staking: No
- Platforms: WebTrader, AvaTradeGO, AvaOptions, MT4, MT5, AlgoTrader, TradingCentral, DupliTrade
- Regulator: ASIC, CySEC, FSCA, ISA, CBol, FSA, FSRA, BVI, ADGM
About AvaTrade
AvaTrade is a leading forex and CFD broker, established in 2006 and regulated across 9 jurisdictions. Over 400,000 users have signed up with the broker which processes over 2 million trades each month. The firm offers multiple trading platforms, including MT4, MT5, and a proprietary WebTrader. 1250+ financial instruments are available for day trading, alongside a comprehensive education center and multilingual customer support.
Pros
- Day traders can access stable spreads and zero commissions with no hidden fees
- Automated trading is supported through MetaTrader Expert Advisors (EAs), as well as the AvaSocial and DupliTrade tools
- WebTrader is well-suited to beginners and features a strong suite of technical analysis tools and market research for day traders
Cons
- A high $2000 minimum investment is required to use DupliTrade, which will be out of reach for many beginners
- It’s a shame that there are no rebate schemes for serious traders looking for additional perks - CMC Markets would be a better choice here
- There is no ECN account with raw spreads
#2 - OANDA US
Why We Chose OANDA US
You can speculate on the world’s biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Through the broker’s partnership with Paxos, clients can spot trade cryptocurrencies on the itBit exchange through the OANDA native platform.
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
- DayTrading Review Team
- Coins: BTC, ETH, LTC, BCH, PAXG, LINK, UNI, AAVE
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: $100
- Crypto Lending: No
- Crypto Staking: No
- Platforms: OANDA Trade, MT4, TradingView, AutoChartist
- Minimum Deposit: $0
- Regulator: NFA, CFTC
About OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
Pros
- Seasoned day traders can access industry-leading tools, including an MT4 premium upgrade and advanced charting provided by MotiveWave
- The broker's API facilitates access to 25 years of deep historical data and rates from 200+ currencies
- OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC
Cons
- There's only a small range of payment methods available, with no e-wallets supported
- It's a shame that customer support is not available on weekends
- The range of day trading markets is limited to forex and cryptos only
#3 - Deriv.com
Why We Chose Deriv.com
Deriv.com continues to offer a strong selection of 30+ crypto pairs - this is more than double the range offered at our leading competitor, IQ Cent. 1:2 leverage is also available so you can magnify potential returns, and there are no commissions which is ideal for newer day traders.
"Deriv.com will suit day traders looking to make fast-paced trades using CFDs and multipliers with high leverage up to 1:1000. The broker is also the industry leader in synthetic indices, which simulate real market movements and are available around the clock. "
- DayTrading Review Team
- Coins: BTC, LTC, ETH, USDT, USDC
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: From 0.5
- Crypto Lending: No
- Crypto Staking: No
- Platforms: Deriv Trader, MT5
- Minimum Deposit: $5
- Regulator: MFSA, LFSA, VFSC, BFSC
About Deriv.com
Deriv.com is a low cost, multi-asset broker with over 2.5 million global clients. With just a $5 minimum deposit, the firm offers CFDs, multipliers and more recently accumulators, alongside proprietary synthetic products which can't be found elsewhere. Deriv provides both its own in-house charting software and the hugely popular MetaTrader 5.
Pros
- There's a good range of fast deposit and withdrawal methods with zero payment fees and low minimum deposits
- Traders can use multipliers between 1 and 30, with take profit, stop loss and deal cancellation parameters
- Beginners and experienced day traders can access a good range of 20+ technical indicators in Deriv Trader vs 30+ in MT5
Cons
- There are limited copy trading tools and analysis features compared to alternatives like IQ Cent
- The range of 100+ assets trails some competitors such as Quotex which offers 400+
- There's no loyalty program or rebate scheme for high volume traders
#4 - Pepperstone
Why We Chose Pepperstone
Pepperstone continues to prove itself as one of the most trusted crypto brokers. Although its selection of digital tokens is average, you can trade popular cryptos like Bitcoin and altcoins like Ripple with up to 1:10 leverage, while its crypto indices provide a holistic view of the digital currency markets not found on most day trading platforms.
"Pepperstone stands out as a top choice for day trading, offering razor-sharp spreads, ultra-fast execution, and advanced charting platforms for experienced traders. New traders are also welcomed with no minimum deposit, extensive educational resources, and exceptional 24/7 support."
- DayTrading Review Team
- Coins: BCH, BTC, ETH, LTC, DASH, ADA, LINK, DOGE, EOS, DOT, XRP, XLM, XTZ, UNI, BNB
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: BTC 30, ETH 0
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
- Minimum Deposit: $0
- Regulator: FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
About Pepperstone
Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.
Pros
- There’s support for a range of industry-leading charting platforms including MT4, MT5, TradingView, and cTrader, catering to various short-term trading styles, including algo trading.
- Award-winning customer support is available via telephone, email or live chat with response times of <5 minutes during testing.
- Pepperstone emerges as a low-cost broker, especially for serious day traders with spreads from 0.0 in the Razor account and rebates of 25%+ through the Active Trader program.
Cons
- Pepperstone’s demo accounts are active for only 30 days, which may not be not long enough to familiarize yourself with the different platforms and test trading strategies.
- Pepperstone does not support cTrader Copy, a popular copy trading feature built into the excellent cTrader platform and available at alternatives like IC Markets.
- Despite enhancements to its range of markets, crypto offerings are relatively limited compared to other brokers such as eToro, with no option to invest in real coins.
#5 - XM
Why We Chose XM
XM offers a handful of cryptocurrencies against the USD via the South African entity only. These are tradable via CFDs with high leverage up to 1:500. You can explore major tokens like Bitcoin, Ethereum and Ripple with just a $30 deposit.
"XM is one of the best forex and CFD brokers we have tested. The flexible account types will suit a variety of short-term trading styles while the $5 minimum deposit and smooth sign-up process make it easy to start trading."
- DayTrading Review Team
- Coins: BTC, ETH, LTC, XRP, BCH
- Crypto Mining: No
- Auto Market Maker: No
- Crypto Spread: Variable
- Crypto Lending: No
- Crypto Staking: No
- Platforms: MT4, MT5
- Minimum Deposit: $5
- Regulator: ASIC, CySEC, DFSA, FSC, FSCA
About XM
XM is a globally recognized forex and CFD broker with 10+ million clients in 190+ countries. Since 2009, this trusted broker has been known for its low fees on 1000+ instruments. XM is regulated by multiple financial bodies, including the ASIC and CySEC.
Pros
- XM continues to deliver diverse and multilingual educational materials and offers a useful live education schedule for its webinars and insights
- XM is a hugely respected broker authorized by tier-one regulators
- Powerful MT4 and MT5 platforms are available with 60+ and 80+ technical charting tools
Cons
- PayPal deposits are not supported
- There's $5 inactivity fee after only 3 months, though this won't affect active traders
- There is weak regulatory oversight through the global entity
What Is Ethereum?
Ether is a cryptocurrency launched by blockchain enthusiasts. It was designed to be used within the Ethereum network, however, it’s now accepted as a transaction method at an increasing number of online and physical merchants. Digital money can be transferred across the globe with transactions stored on a decentralized record, known as a blockchain.
A blockchain is a distributed electronic ledger that keeps track of all transactions. So ledgers are essentially the foundations of cryptocurrency transfers.
Value exchange is the main use of the Ethereum blockchain, via the network’s token, Ether (ETH). The long-term vision is to provide users with more control over their capital, replacing intermediaries with smart contracts that automatically execute transactions.
How To Compare Ethereum Brokers
The number of Ethereum brokers continues to rise following significant global interest in the digital currency phenomenon. Online exchanges provide financial services for users who want to start buying, selling or trading Ethereum.
There are several important factors to consider when choosing between Ethereum brokers:
Spot
A spot trade happens when buyers and sellers come together to exchange a token with instant settlement. Ethereum brokers act as intermediaries for buyers and sellers to bid or offer a quick way to buy the token at a fixed price.
Spot transactions via Ethereum brokerages are an easy method for beginners starting their investment journey and tend to be more user-friendly than an exchange. However, brokerage services can yield slightly higher fees.
Leverage
Leverage allows users to amplify the results of a position. eToro offers 1:2 leverage on Ether, however, rates may vary depending on local regulations and current market volatility.
Using leverage can amplify your gains, but it can also amplify your losses. Traders should always utilize risk management approaches, such as stop loss and take profit orders.
Some providers even offer the possibility of buying pre-leveraged tokens like ETH3L (long) or ETH3S (short) which amplify the price movement by three times.
Futures
Interactive Brokers is one of the top Ethereum brokers offering futures products. Futures contracts are a good option for those looking to speculate on the longer-term price of the crypto without owning the token itself. To trade ETH futures, you will need to set up an account with a registered futures broker, instruct how many contracts you would like to buy or sell, and select an expiry.
Futures also come with the possibility for leverage, and depending on regulation, this can be as high as 1:500. For example, KuCoin offers rates up to 1:100.
Fees
Fees can fluctuate significantly between providers. Brokers tend to work on a percentage charge model, for example, 0.2% of the trade value. We recommend Ethereum brokers that charge a flat rate so that you’re not penalized for smaller purchases.
Also consider other fees such as account maintenance, inactivity charges, plus deposits and withdrawals.
Regulation
The legal status of Ethereum varies around the world. Digital currency trades are viewed differently from traditional investments at most regulatory agencies. Other than anti-money laundering rules, many authorities do not have specific laws that regulate digital assets, posing risks to consumers.
The FCA, which governs the UK’s financial services, states that crypto traders are unlikely to be covered by the Financial Services Compensation Scheme or the Financial Ombudsman Service. This is different for cryptocurrency derivatives, where the rules are often more clear-cut. The FCA has banned derivatives on Ether and other digital currencies for UK traders.
We always recommend opening an account with Ethereum brokers that are regulated in your local jurisdiction. The CySEC, FCA and ASIC are some of the top agencies that regulate online exchanges and investing platforms.
Platforms
Selecting Ethereum brokers with powerful but user-friendly platforms is important. Whether that be the industry-established MetaTrader 4 (MT4) or bespoke proprietary terminals, traders of all experience levels should be able to find a system that meets their needs.
Integrated price analysis tools and interactive charts and graphs will support your transaction decisions, so look for a platform that offers intuitive services. You can also utilize demo accounts to get a feel for features before opening a live account and depositing capital.
Mobile App
Mobile apps are becoming the norm at many Ethereum brokers. With crypto available 24/7, 365 days a year, easy-to-use apps create the access point needed from a mobile or tablet device.
Keep track of those vital and sometimes sudden price movements with alert notifications and manage transactions while on the move.
Tools
The best Ethereum brokers provide additional features, such as access to information on strategies or other educational resources. These can be particularly useful if you’re new to crypto investing.
An increasing number of Ethereum brokers also offer bots (known as Expert Advisors). These automated programmes can save you time and energy by completing calculations and executing orders on your behalf. Of course, exercise caution when allowing anything to trade on your behalf. While some Ether bots can be effective, others are low-quality and could lead to losses.
Accounts
The type of investing account you select is important. Ethereum brokers tend to offer various options, but the cheapest account may not always provide the best profit potential. Look for competitive spreads and commissions, low fees for deposits and withdrawals, plus customizable tools to suit your strategy and volume.
Bonuses
Brokers that offer Ethereum sometimes run financial incentives and rewards. This can include no deposit bonuses or loyalty schemes based on investment volumes. We recommend finding a good broker before considering their incentives – never pick one purely because of the welcome bonus. And always check the terms and conditions to understand the potential limits of the offer and whether this applies to Ethereum.
Customer Support
The top Ethereum brokers offer good quality customer support. As the digital currency market is open 24/7, we would recommend a platform with contact times that stretch into the evenings or weekends, especially if you plan to open and close positions then.
Customer support channels at the best Ethereum brokers include multilingual chatbots, email, social media, or telephone assistance.
Deposits & Withdrawals
Look out for Ethereum brokers that accept quick and easy online deposits and withdrawals. Exchanges may take additional fees on top of third-party charges to deposit, so check these before funding your account.
Some brokerages also facilitate Ethereum deposits directly. Brokers that accept Ethereum payments make it easier to finance, trade and manage Ether investment portfolios.
Fiat currencies, such as USD and EUR, are also widely supported on investing platforms. However, note that currency conversion fees may be incurred for transferring ETH to and from other fiat and cryptocurrencies.
Minimum Deposits
Minimum deposit requirements vary between Ethereum brokers. FP Markets, for example, requires a $100 initial deposit. For inexperienced or new traders, in particular, opting for a platform with zero or no deposit requirement could be a sensible option.
Gas Fees
Gas charges refer to the costs required to execute a transaction on the ETH blockchain. Complicated transactions involving smart contracts, for example, require a higher gas limit vs a simple transaction. Gas prices are usually quoted in GWEI, a denomination of Ether. These are usually integrated into an Ethereum broker’s fees, however, you may have less flexibility to select a gas fee based on your desired processing time.
Gas fees are also affected by the price of Ethereum. Because one GWEI is equivalent to 0.000000001 ETH, when the cryptocurrency is on a bull run the gas fees also increase. For example, Ethereum’s average daily gas charge was around $40 between January 2021 and May 2022. However, in August 2022, the average fell to $1.60.
Note, these charges don’t go to the broker, but to the miners and those responsible for securing the network as a reward for their efforts.
Final Word On Comparing Ethereum Brokers
Ethereum brokers provide user-friendly investment opportunities for aspiring crypto traders. Review the key features noted above to help find a platform that meets your needs. Alternatively, see our list of the best Ethereum brokers to get started today.
Finally, be mindful of local regulations and check the status of Ether investing in your jurisdiction.
FAQs
What Are Ethereum Brokers?
Ethereum brokers are online platforms that facilitate the purchase, sale and exchange of Ether (ETH). This could be in the form of spot and leveraged investing, futures, CFDs or other derivatives.
Why Use Ether Brokers?
ETH brokers often provide an easy-to-use investing platform. Clients benefit from customer support, a range of deposit methods, established analysis tools, as well as various educational resources.
How Do I Know Which Ethereum Brokers Are Best?
When looking for the top Ether brokers, consider fees, spreads, tools, and product types, such as spot and derivatives. We also recommend signing up for an account with a regulated provider, as this will provide additional retail trader protections.
Can I Trade Ethereum Futures?
Yes, several brokers offer Ether futures, including Interactive Brokers and Binance. Ether futures are popular with active investors looking to speculate on the price of the token at a fixed point in the future.
What Is The Difference Between An Ethereum Broker And An Exchange?
An exchange provides an online platform for users to buy and sell Ethereum with each other. Ethereum brokers, on the other hand, set the price and typically offer additional tools and services to facilitate active investing.