Best Forex Brokers Ethereum Classic

Written by BrokerNotes.co

August 29, 2023

Ethereum Classic is a blockchain computing platform founded by Vitalik Buterin. This platform has the aim of being an innovative Internet structure, much like the Internet of Things. Just as Ethereum now does, Ethereum Classic provides a decentralised platform for smart contracts and executing applications. ETC is the digital token or coin associated with this platform.

As the original Ethereum cryptocurrency, ETC started off as a user community rejection of a hard fork of the Ethereum code in July of 2016, after a vulnerability was discovered that allowed a $60 million hack that needed to be undone to restore coin investments to their rightful holders.

This resulted in Ethereum’s value token Ether or ETH becoming the new forked cryptocurrency with the larger market capitalisation, while Ethereum Classic’s ETC remained the original cryptocurrency that retained its previous un-forked blockchain.

ETC is made up of two components referred to as the world computer and the world database. The world computer is a virtual machine that is part of a global network of computing machines, or nodes, that execute scripts to host and manage the cryptocurrency’s associated globally distributed database.

Together ETC’s world computer and database have these six key characteristics:

1. Censor-proof:Stopping code execution or denying information access is virtually impossible.
2. Secure:The entire system is secured with cryptography.
3. Pseudonymous:All ETC users operate under pseudonyms providing them with a degree of anonymity in making transactions.
4. Open Source:The necessary software is open source and constantly ready for inspection.
5. Reliable:The platform is exceptionally difficult to shut down, so it is generally always ready for transactions.
6. “Trust-less”:No individual person or entity needs to be relied upon or trusted.

Making transactions in ETC is generally far more secure when operating through a regulated online broker. Investors who want to hold ETC can also purchase the cryptocurrency online using payment services like Paypal to purchase bitcoins and then bitcoins to purchase ETC, through one the many available e-currency exchanger services. Note that when selecting a e-currency exchange it is wise to choose a reputable one with a good market standing.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74% and 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.

Best Forex Brokers for Trading Ethereum Classic

Here are the best forex brokers for trading Ethereum Classic.

• Interactive Brokers - 9.7/10 Overall
• eToro - 8.8/10 Overall
• Swissquote - 8.7/10 Overall
• OANDA - 8.4/10 Overall
• MultiBank - 7.5/10 Overall