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Best Forex Brokers Ethereum Classic

BrokerNotes.co

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
Interactive Brokers
9.7/10 Overall
Minimum Deposit$0
Tier-1 Licenses9
Tradeable Symbols (Total)8500

Interactive Brokers is a highly trusted broker regulated across the globe that delivers access to over 100 markets, including forex and CFDs. Its Trader Workstation (TWS) platform offers a variety of advanced trading tools for experienced traders, and IBKR's web-based platform is great for beginner forex traders.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
eToro
8.8/10 Overall
Minimum Deposit$10-$10,000
Tier-1 Licenses3
Tradeable Symbols (Total)3479

Best known for its copy trading platform suite, eToro is a highly trusted broker offering a large selection of cryptocurrency products, CFDs, shares, forex pairs, and a wide range of powerful trading tools. It’s worth noting that eToro is not a discount broker (though it offers zero-dollar commissions for U.S. stocks).

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)No
Web PlatformYes
MetaTrader 4 (MT4)No
MetaTrader 5 (MT5)No
Swissquote
8.7/10 Overall
Minimum Deposit$1000
Tier-1 Licenses5
Tradeable Symbols (Total)472

Swissquote delivers a balanced offering of easy-to-use proprietary trading platforms and popular third-party platforms like MetaTrader and TradingView. Swissquote also offers a staggering 3 million financial products. It’s worth noting that Swissquote's pricing is more expensive than what you'd find with low-cost forex brokers.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
OANDA
8.4/10 Overall
Minimum Deposit$0
Tier-1 Licenses7
Tradeable Symbols (Total)124

OANDA is a highly trusted broker that delivers strong market research and support for a range of third-party plug-ins and platforms (like MetaTrader 4 and the wildly popular TradingView). OANDA’s Trade desktop platform is good, not great, but the mobile version is easy to use and boasts a great balance of features.

Apple iOS AppYes
Android AppNo
Proprietary PlatformYes
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes
MultiBank
7.5/10 Overall
Minimum Deposit$50
Tier-1 Licenses3
Tradeable Symbols (Total)1042

Apple iOS AppYes
Android AppNo
Proprietary PlatformNo
Desktop Platform (Windows)Yes
Web PlatformYes
MetaTrader 4 (MT4)Yes
MetaTrader 5 (MT5)Yes

How to not get Scammed When Trading ETC

Trading ETC generally takes place over the Internet, so anyone interested in making transactions in this popular digital token should first make themselves aware of the various scams to look out for.

Make sure to steer clear of companies that charge an initial fee to exchange ETC for fiat currency like U.S. dollars. Also remain sceptical of investment management offers suggesting investors can multiply the value of their invested assets within an unrealistic time frame.

Remember, if something seems too good to be true, then it most likely is.

Another prevalent email and social media scam to look out for involves phishing. This is where someone impersonates a well-known brand to obtain access to a person’s cryptocurrency wallet. Avoid getting involved in financial arrangements using emails or direct messages, and steer clear of fake cryptocurrency exchanges, cloud ETC mining scams and fraudulent investment programs.

An unfortunate example of what can go wrong when trading in ETC occurred to traders who held bitcoins at Mt Gox. Mt Gox. was hacked in 2014 resulting in a loss of 850 thousand bitcoins. To make matters worse, since the crypto exchange’s clients were unprotected, they have largely not yet been compensated for this loss.

As a rule of thumb, it generally seems best to select a well-regulated, capitalised and established broker to trade ETC through. Dublin, Ireland based AvaTrade was founded in 2006 and offers an excellent example of a forex, cryptocurrency, CFD and spread betting broker that is regulated in several jurisdictions, including the European Union (EU), Australia and Japan. It is also owned by a well-capitalised parent company, which can make a big difference in case of insolvency.

Another example of a well-regulated online broker is eToro, which also operates subject to European regulations under the Markets in Financial Instruments Directive (MiFID). This broker specialises in providing social and copy trading services that include cryptocurrencies like ETC.

In short, regulated brokers generally provide traders with greater security and a more reliable transaction service for ETC and other popular cryptocurrencies.

Trading ETC Through AvaTrade

Of the various brokers that allow cryptocurrency trading, AvaTrade offers a very popular and easy to use trading platform called MetaTrader 4, or MT4. This free platform was developed by MetaQuotes and can be used by traders of all levels of experience. Different versions can be downloaded for Windows or Mac desktops, as well as for Android or iOS tablets and smartphones.

The MT4 platform has a variety of advanced technical analysis features, in addition to a news feed and a customisable interface. It also facilitates automated trading and boasts a very broad and enthusiastic user base that has developed many expert advisors (EAs) and custom indicators.

AvaTrade offers an execution service in thousands of tradeable assets. It is a simple procedure to sign up with the online broker as a trader and fund a live account. Demo accounts are also available.

As with any currency transaction, significant risks are associated with trading ETC, which is often far more volatile than fiat currencies manged by central banks. ETC’s value can also go up or down depending on several key factors as described in the section below.

Key Influences on ETC

Ethereum classic trades actively and has numerous factors that influence its value in fiat currency terms. Cryptocurrencies such as Ethereum tend to behave in a somewhat democratic manner since if a large trader buys a lot of the cryptocurrency, then its relative value will generally rise since the available supply has fallen.

Several key factors can have a notable impact on the value of Ethereum, including:

  1. When governments step in to regulate or prohibit the trading and/or use of digital currencies it can cause the value of these currencies to decline.
  2. If people need to store their wealth in socio-economic environments where they seem to have lost faith in their governments, such during the banking crisis in Cyprus 2013.
  3. More big payment companies starting to accept ETC in exchange for goods and services.
  4. Technological changes that alter the function and/or security level of ETC’s blockchain.
  5. Overall movements in the cryptocurrency market as its popularity rises and falls.

ETC Quick facts:

Source: CoinMarketCap

  • Date Ethereum Classic started: July 30, 2015.
  • Daily volume of ETC exchanged (July 2, 2019): $898,389,337
  • High closing price in U.S. dollars: $45.51 on January 13, 2018.
  • High closing price in bitcoins: 0.00886437 BTC on June 18, 2017.
  • Market Capitalisation (July 2, 2019): $840,916,585.
  • Estimated Circulating Supply: 111,645,640 coins.
  • Maximum Supply: 210,000,000 coins.
  • Top social trading broker to include ETC as a trading instrument: eToro.

Chart of ETC in U.S. dollars and bitcoins (BTC) during ETC’s entire trading period from July 2015 up until July 2, 2019 including daily volume and market capitalisation numbers. Source: CoinMarketCap

BrokerNotes.co 2023 Overall Rankings

To recap, here are our top forex brokers for 2023, sorted by Overall ranking.

Company Overall Rating Minimum Deposit Average Spread EUR/USD - Standard Trust Score Tradeable Symbols (Total) Read Review Visit Site
IG logoIG 9.9 £250.00 0.86 99 19537 IG Review Visit Site
Saxo Bank logoSaxo Bank 9.7 €2,000 0.9 99 70000 Saxo Bank Review
Interactive Brokers logoInteractive Brokers 9.7 $0 0.6 99 8500 Interactive Brokers Review
CMC Markets logoCMC Markets 9.6 $0 0.51 99 12074 CMC Markets Review
TD Ameritrade logoTD Ameritrade 9.5 $0 1.25 99 0 TD Ameritrade Review
FOREX.com logoFOREX.com 9.3 $100 1.4 99 5500 FOREX.com Review Visit Site
City Index logoCity Index 9.2 £100.00 1.4 99 13500 City Index Review
XTB logoXTB 9 $0 1.07 96 6010 XTB Group Review
eToro logoeToro 8.8 $10-$10,000 1 90 3479 eToro Review
Swissquote logoSwissquote 8.7 $1000 N/A 99 472 Swissquote Review
AvaTrade logoAvaTrade 8.6 $100 0.92 94 1260 AvaTrade Review
FXCM logoFXCM 8.5 Starts from $50 1.38 95 440 FXCM Review Visit Site
Plus500 logoPlus500 8.5 €100 0.8 (August 2021) 99 2800 Plus500 Review
Capital.com logoCapital.com 8.4 $20 0.65 87 3119 Capital.com Review
XM Group logoXM Group 8.4 $5 1.6 88 1429 XM Group Review
Pepperstone logoPepperstone 8.4 $200 0.77 95 2342 Pepperstone Review
OANDA logoOANDA 8.4 $0 1.26 93 124 OANDA Review
Admiral Markets logoAdmiral Markets 8.3 $100 0.8 93 6942 Admiral Markets Review
FP Markets logoFP Markets 8.3 $100 AUD 1.2 87 10000 FP Markets Review
IC Markets logoIC Markets 8.2 $200 0.62 84 3583 IC Markets Review
Markets.com logoMarkets.com 8.2 $100 1.9 96 2179 Markets.com Review
FxPro logoFxPro 8.1 $100 1.51 90 2249 FxPro Review
Tickmill logoTickmill 8.0 $100 0.51 83 725 Tickmill Review
Fineco Bank logoFineco Bank 8.0 $0 N/A 95 126 Fineco Bank Review
BlackBull Markets logoBlackBull Markets 7.9 $0 0.827 77 26000 BlackBull Markets Review
DooPrime logoDooPrime 7.8 $100 N/A 83 10000 DooPrime Review
Vantage logoVantage 7.8 $50 1.30 90 1000 Vantage Review
BDSwiss logoBDSwiss 7.8 $100-$5000 1.6 81 1081 BDSwiss Review
HFM logoHFM 7.8 $0 1.2 86 3500 HFM Review
FlowBank logoFlowBank 7.7 $0 N/A 80 408600 FlowBank Review
HYCM (Henyep Capital Markets) logoHYCM (Henyep Capital Markets) 7.7 $20 0.6 88 1199 HYCM Review
Trading 212 logoTrading 212 7.6 €10 N/A 77 1785 Trading 212 Review
ThinkMarkets logoThinkMarkets 7.6 $0 N/A 88 4000 ThinkMarkets Review
Eightcap logoEightcap 7.6 $100 1.0 85 736 Eightcap Review
Trade Nation logoTrade Nation 7.5 $0 0.6 83 601 Trade Nation Review
Moneta Markets logoMoneta Markets 7.5 $50 1.27 72 1016 Moneta Markets Review
VT Markets logoVT Markets 7.4 $100 1.2 70 1000 VT Markets Review
TMGM logoTMGM 7.8 $100 0.96 83 12000 TMGM Review
ACY Securities logoACY Securities 7.4 $50 1.2 75 1600 ACY Securities Review
easyMarkets logoeasyMarkets 7.3 $50 0.9 80 199 easyMarkets Review
RoboForex (RoboMarkets) logoRoboForex (RoboMarkets) 7.3 $100 1.4 71 12000 Roboforex (RoboMarkets) Review
IronFX logoIronFX 7.2 $50 1.2 84 340 IronFX Review
Exness logoExness 7.2 $1 0.9 68 112 Exness Review
Spreadex logoSpreadex 7.2 $0 N/A 71 2000 Spreadex Review
IFC Markets logoIFC Markets 7.2 $1 1.44 67 630 ATFX Review
Trade360 logoTrade360 7.1 $250 N/A 76 1062 Trade360 Review
Axi logoAxi 7.1 $0 N/A 81 175 Axitrader Review
GKFX logoGKFX 7.1 $0 N/A 65 354 GKFX Review
Vestle logoVestle 7.1 -1 N/A 78 750 Vestle Review
OctaFX logoOctaFX 7 $25 0.9 70 229 OctaFX Review
FXOpen logoFXOpen 7 $100 N/A 80 87 FXOpen Review
TeleTrade logoTeleTrade 7 $100 N/A 71 500 Teletrade Review
FXPrimus logoFXPrimus 6.9 $100 N/A 71 140 FXPrimus Review Visit Site
Forex4you logoForex4you 6.9 $0 N/A 61 150 Forex4you Review
LegacyFX logoLegacyFX 6.9 $500 N/A 67 425 LegacyFX Review
GBE brokers logoGBE brokers 6.8 $500 N/A 71 500 GBE Brokers Review
Alpari logoAlpari 6.8 $20 N/A 68 105 Alpari Review
TopFX logoTopFX 6.7 Depends on payment method N/A 67 655 TopFX Review
Libertex (Forex Club) logoLibertex (Forex Club) 6.7 $10 N/A 73 300 Libertex Review
ATFX logoATFX 6.6 $500 N/A 67 150 ATFX Review
UFX logoUFX 6.6 $100 3 67 619 UFX Review
Xtrade logoXtrade 6.5 $250 N/A 80 142 Xtrade Review
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