Bitcoins BTC were accepted as a valid form of payment for Forex brokers in As would be expected with such a new form of payment, the uptake of Bitcoin Forex brokers is relatively small.

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Generally, it is much easier to fund a trading account by more traditional methods; however, Bitcoins are all set to increase in popularity and be accepted by more Forex brokers, as there is no need to disclose bank or card information. There are also a number of brokers that allow traders to trade them against other currencies such as the US dollar and the euro. Bitcoin account holders are given a private key, which has to be kept safe and is used for all future transactions. Should a Bitcoin account holder lose this key, they will be unable to access their account and claim ownership of the Bitcoins.

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The private key is the only means of identification a user has for accessing their account. Bitcoin transactions are recorded via a blockchain. This tracks transactions and associated units via a public ledger. Transactions have to be digitally signed with the private key in order to be valid.

This might seem a little long-winded, but Bitcoin transactions can nevertheless be completed in milliseconds. A single Bitcoin has an inherent high value, but users are able to use denominations of any amount for the Bitcoin transactions, including fractions. Where does the money for funding a Bitcoin account come from? Instead, you get them through a process known as mining.

Mining is the process of creating Bitcoins, achieved by solving complex algorithmic problems using high-speed computers that are resource-intensive. It is a very time-consuming process, and a computer with huge computing powers is necessary. An average user will, therefore, find it very difficult to mine for single Bitcoins using meagre resources.

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For the average Joe, there is the option of buying Bitcoins from an exchange house, which sells them at the prevailing market rate. Of course, this means the price of a Bitcoin is always fluctuating in accordance with supply and demand. The Bitcoin exchange houses also add a mark-up spread for buying and selling them against major currencies. It is also possible for traders to buy and sell Bitcoins using money available in e-wallets.

Neteller is one such payment provider that offers this option. When it comes to payment methods, Bitcoins are possibly the least favoured amongst Forex brokers.

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However, there is nothing to indicate that this is going to stay the same. Making payments with Bitcoins is a very secure and anonymous payment method, and cannot be matched by any other payment provider.

Users of e-wallets are required to verify their identity with credit cards, bank transfers or other identifying documents, whereas Bitcoin account holders are able to gain access to their Bitcoins without having to worry about an identification procedure — providing, of course, they still have their private key. Using a Bitcoin Forex broker is not as rosy as it first seems, though. Creating a Bitcoin account to be used for funding a Forex trading account is a rather complicated and tedious process; and the whole idea of anonymity kind of goes out of the window.

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