Can you Buy Crypto with MetaTrader?
Yes, it is possible to buy crypto with MetaTrader. MetaTrader is a popular trading platform that supports the trading of various assets, including cryptocurrencies. Many popular CFD brokers offer access to cryptocurrency trading through Metatrader, making it easy for traders to buy and sell crypto from within the platform.
It is important to note however that crypto investing and trading with MetaTrader is one of the most expensive ways to get started with the asset class. We found that on average the spread on Bitcoin and Ethereum exceeded 1.5-2% on popular brokers like OANDA.
How to Buy Crypto with a MetaTrader Alternative
As outlined above, the best alternative platform to trade CFDs on crypto assets in over 100 countries around the world is eToro. They offer fast and cheap multi-currency deposits to trade over 3,000 assets for zero commissions and industry-leading spreads that average at around 1%. eToro is widely regarded as the best and most trusted all-in-one brokerage that boasts over 30 million users worldwide.
Here is a simple 4 step guide to getting started:
- Visit eToro to sign up and verify your identity.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Select your currency and payment method (e.g Bank Transfer) and complete your transfer.
- Complete the deposit and use the funds credited to your account to invest in crypto.
Why is MetaTrader Bad for Crypto?
MetaTrader is sometimes considered less than ideal for crypto trading due to several key reasons. Firstly, the fees charged by some brokers for trading cryptocurrencies through MetaTrader can be higher than those charged for trading on specialized crypto trading platforms. Secondly, the range of crypto assets available on MetaTrader may be limited compared to other platforms, which can be a disadvantage for traders looking to diversify their portfolios.
Thirdly, the spreads for trading cryptocurrencies on MetaTrader can be wider than those for other assets, which can lead to higher trading costs. Lastly, it's important to note that when trading cryptocurrencies on MetaTrader, you are actually trading CFDs (Contract for Difference) which means you do not actually own the underlying asset. Some traders may prefer to own the actual cryptocurrency rather than just trading CFDs.
In conclusion, while MetaTrader 4 and 5 enable users to trade crypto assets, the platforms are not the most cost-effective option due to higher fees and wider spreads. Instead, consider eToro as a superior alternative for crypto CFD trading. eToro offers a diverse range of over 70 cryptocurrency assets, zero fees, competitive spreads, and access to 3,000 other assets.
With eToro's easy-to-use platform and a rapidly growing user base of over 30 million worldwide, it stands out as a trusted and reliable choice for cryptocurrency investment and trading.