Wire, CC, Bitcoin via coinbase - I have used all 3 methods both in & out
Tomd100- Would you share what percentage cost you see on your bitcoin transactions? I assume withdrawals take a hit from the broker’s spot exchange rate USD–>BTC, then you pay again when you convert back to USD with Coinbase? How much time does it take to reach your Coinbase account? With the BTC volatility I’m seeing, it seems you could take a sizable loss if BTC is having a bad day. Can you convert to USD immediately when received at Coinbase to avoid this?
I have my inbound wire cost at $0, so I’m more interested in BTC for speed and convenience. I have a Bitpay Visa card on the way to experiment with. From what I’ve read, any payment (i.e. from a broker) is immediately converted to USD.
Thanks in advance.
I did not notice any losses when the broker sent the BTC to me, but I have indeed had losses when BTC were left in limbo by the bitcoin network. If there is a bad day you can have losses … or gains on a good day. 
Coinbase has some Instant conversion option in the USD wallet which costs 1% like the rest of BTC transactions there. Seems to be good at limiting the volatility incurred on our side.
Platin FXI see United States of America on here. Website has some guy holding a magnet grabbing money which means the man on the left is an account manager and he is grabbing all of the traders’ funds
In all seriousness, has anyone heard of this site? Before giving them my sensitive information as a test to see if they will accept us, I am wondering if anyone else already has. I haven’t received a reply to my email yet and they do not seem to have a live chat service.
Just wanted to get some feedback about FinPro. I’ve been using their demo and holy-sh#$ what a difference over FxChoice. This is the first tick feed I’ve seen on MT that truly feels like an aggregated feed, and the spreads are 1/10th of FxChoice and commissions are almost 1/2. I’m concerned this may be too good to be true since their website is terrible. Not only is the back-office plain-text (not https) but the instant chat agent says they’ll accept BTC, but then will only send the address through the live chat and can’t confirm the conversion rate (seems shady). Has anyone used them with an account size greater than a few thousand? Have you made hefty withdrawals? Any other concerns?
I’m on record as advocating them on technical grounds. As I’ve said, this is one of the more
“raw feeling” ECN type Tick feeds. restricting myself only to 28 major Forex pairs. Their rep is regularly
asking whether we need anything, and is responsive to queries. Keep in mind that you will
find times when FinProTrading.com (aka TurnkeyFX.srv) will have wider spreads than, say,
Tradersway. This is what it means to call it a more “reactive” feed. As for Live executions,
they are very fast, accurate and, what’s more important “consistent”. I am finalizing a scalping BOT
at the moment, so that is an important feature for me. I think we’ve experienced a few execution
rejections, but it is rare, and we have a retry loop in place for just such events. No withdrawals yet.
Finally, there is a big difference between Demo and Live, of course, so I don’t use Demo accounts.
hyperscalper
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Thanks for the feedback. I tried to PM you but it won’t let me since my post count is <20…
Yes, I signed to evaluate FinPro, and now I’m getting these weird “Try my EA”
emails, which I’m not really happy about, since I dont know whether the emailer
is my legit contact. or just some 3rd-party that is somehow involved with my account
Well, I haven’t had that experience, but they did offer me a VPS with
colocation “less than 1 millisecond” from their servers. In my case, I
pointed out that our software needed more horsepower, so the rep
chased up a solution, with a very high price tag. So I politely declined
their solution, but I can say that you can get a Windows Server 2008
VPS solution for $28 / month, 3 dedicated Xeon cores, 6gb dedicated memory from
an Amsterdam based service seedvps.com . NOT AN ADVERT. Just saying
that very cost-effective VPS’s are available today with great performance
which are less than 1 millisecond latency from Tradersway, FinProTrading, and others
backend services, situated in the Amsterdam area.
hyperscalper
That’s a definite concern since their entire web presence is plain text. That email is sketchy af.
Hey everyone, My name is patrick and I’m from US. I’m looking to go offshore and am speaking to someone and he was helping me setup an offshore company but he said nowadays it’s hard to find a bank willing to take Forex traders and companies… My laywyer/agent basically says he will get the whole process done for me if I find a bank willing to work with Forex traders. Can anyone here tell me what offshore banks do so, or what banks are any of you guys banking with if you too are offshore? Any help would be awesome,
thanks in advance!
I’ve been trying to solve this problem for a while. If you take a look at FATCA and FBAR, it will be immediately apparent why foreign banks don’t want anything to do with average net worth U.S. citizens. Compliance with U.S. Treasury regulations aren’t worth it. In order to snare a relatively small number of criminals, (tax evaders, terrorists, drug dealers, etc.) Millions of innocent Americans, living or working overseas (and offshore FX traders), have been sent to the basket of deplorables.
I don’t think your obstacle with banks is being a trader. It’s more likely that your residency and/or citizenship is the problem.
For myself, I’m experimenting with Bitcoin and looking at alternative residency options. I’m interested in Bitcoin for the sake of cost saving on withdrawals (and speed) and having residency outside the U.S. will hopefully open up trading options.
I’m sure most of us here would like to hear about your experience in the future. Please share what you learn.
For a U.S. person, it’s not residency but citizenship and tax liability that’s the issue, isn’t it?
Few of us would renounce citizenship to gain access to brokerages… That’s a multi-year process.
hyperscalper
In my mind, I was thinking of both banking and broker options. Some brokers I’ve spoken with have indicated residency outside the U.S. will allow them to setup an account for you as long as you are also banking offshore. You don’t need to renounce your citizenship to attain residency. I think most of us are looking for a path around the barriers banks and brokers are faced with, [I]in order to do business with us[/I]. This is all about having freedom and options to trade with the best of everything (costs and execution). I have to solve the residency problem before I can explore the banking options, so that’s what I’m evaluating now. I live in San Diego 
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Yes some brokers will tell you as long as the bank you are sending money from and withdrawing money from is not based in USA, they might look at your case and open an an account for you but chances are their compliance team will deny your account as a few of them did to me and I have been living outside the USA for almost 6-7 years and file everything with US properly even though it costs me a lot to put up with its nonsense.
Still they deny me an account based on my one passport that is issued by US even though I am dual national. I was told to dump this passport and we would open up an account for you or deny the existence of US passport which I can’t do. The only choice I have left is to to renounce as FATCA ( Don’t want to let it go either as I love US but not US govt )has made our lives impossible even living in other countries. Banks deny you citing your US citizenship as their main problem. Don’t blame them as they have to hire huge teams for FATCA compliances and threats of withholding taxes on them which no other country in the world does to them.
HyperScalper, you are 100 % correct. It’s the citizenship not residency, FATCA strangulation and DODD-Frank Acts that are making 1.5 m Asian Americans thinking about renouncing US citizenship and its in the news these days. Please google for it.
FYI, for offshore respectable banks you need to be very high net worth (around a few million dollars at least) to be able to open up an account these days as an American passport holder. Even with a residency and dual nationality they will not be able to open one up for you since they have to deal with a lot of compliance issues which terrifies them. The only banks I know of which open up an account for US passport holders would be in UK with a U.K. residency or passport. Rest will all say thank you and escort you out the door.
Banks in Carrribean would open one for you too with a high monthly fee and most of the time you will not be able to get money in or out as most Carribean banks have lost their correspondence accounts and are forced to work with payment accounts. Previous US administration during the last few years have destroyed offshore banking for everyone in the world not just US citizens.
hello everybody. i’ve been reading this entire thread for years. i want to express my sincere gratitude to clint and everyone else who has contributed here. while limiting my trading only to demo acct. practice for a couple of years, i have recently reached a point where my wife and i are ready for me to lose REAL money now
i HAD my eye on tallinex. even had an unfunded but open live account on standby. then i received the email that many of you did about the transfer of u.s. resident accounts to capital city markets.
it’s concerning, as tallinex felt so trusted. but as i look into CCM as a broker, they look enticing. deposit bonus, 1000:1 leverage, 0% hedged margin rate, etc… but they’re BRAND new. and it’s not like i can take a quick drive to vanuatu and get my money back from a scam.
so my question (with apologies for the lengthy post): i’m aware that scams exist in the forex world. however, has anybody here ACTUALLY sent a few thousand or so a broker and just had it vanish or be confiscated for some B.S. accusation of arbitrage or something?
anybody reading this and thinking that i’m a fool for considering capital city markets? or at least relieved that someone is considering being the guinea pig with a new broker?
I am looking forward to transfer of Tallinex account to Capital City Markets (CCM). I recently got an email saying there were technical problems in the transfer, but it would eventually happen.
My minor concern is just that I have to modify our order submission code, because their minimum order size is 0.10 lots with increments above that in 0.01 lots. When calculating a number of bids/offers over a range of pricing, this minimum order size constraint needs to be taken into consideration.
With Tradersway or FinProTrading 0.01 is the minimum lot size across the board.
But I am expecting bid/ask pricing to be much better than with Tallinex, so I’m looking forward to it.
hyperscalper
ccm’s micro account offers a minimum order of .01 lots with .01 increments. so that should be good news for you.
i also received the email about the delay in transferring accounts from tallinex.