Interesting post, HS.
I know very little about Bitcoin, and even less about this broker. But, I’m intrigued.
There’s interesting information on their FAQ page, which can be viewed HERE.
Guys, take a look at this broker – [B]Evolve Markets[/B] (Saint Vincent and the Grenadines)
– and join the discussion, if this interests you.
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Your information is correct.
I’m glad that this thread has been useful to you.
Welcome to the forum, and welcome to this thread. I look forward to your participation.
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Bitcoin is an interesting topic and gaining traction at many fronts. I think it will shape up how offshore brokers operate and how you can simply forget the restriction posed upon us by our motherland and its political lobbyists who keep corporate democracy at bay.
Sharing what I know about BitCoins and BitCoin brokers
Why Bitcoins ?
Bitcoins is a decentralized peer to peer money that is honored by various exchanges (bitcoin exchanges) and it can be converted into any currency at any time (even on weekends)
Why is it so hyped and so important ?
There are many reasons for it, but for the sake of this post I will hit on the few most important of them
Because its a decentralized money and not controlled or regulated by any regulator, its is not under the purview of AML (anti money laundering policies and “Enforced KYC” policies) and hence regulators can not stop anyone from sending bitcoins to anyone else in the world. It is (atlast till now) partially anonymous. Which means that you don’t break any law when you send Bitcoins across the borders because you technically didn’t send Money but a digital asset. Just like you send an email across the borders without breaking any rules. Since its not Money and not under the authority of Central Banks, CFTC can not put their nose in when you use them for forex trading.
Because it’s instant and does not have any cost. Technically Im able to send bitcoins (or USD equivalent Bitcoins) worth 1 Million USD or 1 USD by paying 22 cents ONLY.
You can use your bitcoins to shop directly on Amazon.com overstock.com (and many more), its just as good a money. Or you can convert them into your respective local currency at the click of a button provided you have an account at a bitcoin exchange or with any website that acts as a bitcoin converter. I have listed a few of the websites that you can use to convert your local currency into bitcoins and vice versa.
NOW MOST IMPORTANT
Bitcoin is a latest currency and still in its infant stages. That means its value can go down to Zero or can go to the moon. There is no guarantee about its future value, infact it moves up and down by 20% in matter of days. So it is NOT advisable to keep your savings or your brokerage accounts in Bitcoins.
A major consideration when thinking about BitCoin Brokers: You should NOT take risk on Bitcoins with your broker. Your broker should be able to convert Bitcoins into your native currency and your account should be denominated in your local currency. For example, if you are a US trader and you send 10 Bitcoins to your broker worth 15,000 USD, your brokerage account should show 15,000 USD and NOT 10 BTC
The reason I say so is because Bitcoins can move wildly in one direction or another. If your brokerage account is denominated in BTC, then your margin utilization will fluctuate, even if your positions are not moving.
Lets take a hypothetical scenario. Say you have 10,000 USD in your account and your account is denominated in BTC. If your positions move 1% in your favor BUT the bitcoins depreciated by 10% (like I said, it can move 10% up and down easily) you will be losing money on your account and not making money. It has a compounding risk effect on your portfolio.
So either you not time your trade based on Bitcoins’s value + value of the currency that you are trading or you simply subject your portfolio to the wills of the God or that of Bitcoin value.
CRUX :
So you should ONLY use bitcoins to Fund your trading account BUT should not keep your account balance in BTC.
Your broker should be able to give your deposit in your local currency based on how many bitcoins you send them
When withdrawing, your broker should give you the option of receiving Bitcoins or fiat money in your bank account if you have made the deposit in bitcoins.
Most importantly if you are still not comfortable or versatile about the new Bitcoin economy. Get comfortable. It is totally worth it.
I’m not here to promote any specific bitcoin exchange or any specific bitcoin broker but I have reasonable experience in dealing with bitcoins and I see the advantage of doing so
To help those who are new to bitcoins, based on the info I have so far:
Here are the exchanges (regulated ones) that will open your account and let you buy and sell bitcoins for your local currency and let you freely move your bitcoins to any bitcoin address
here are the brokers that accept bitcoins and will give you account in your local currency (the preferred way)
Here are the brokers that accept bitcoins but will give you account denominated in BTC (the Not so preferred way)
To make things more sensible [read easy], Start to think about Bitcoins as your email. Its an address (like an email address or a bank account number to hold your monetary value). And sending money from one bitcoin address to another is similar to sending an email or doing a wire-transfer just without the need of a bank.
I have added whatever little experience I have so far and I will keep adding my thoughts to it. I believe it is relevant to this thread because (i believe) it makes our life way better in avoiding CFTC and banking nuisances if we use bitcoins. I hope this helps 
Hi,
So I acquired some BTC via Coinbase and
funded a Live account with Evolve Markets
with close to $50 as a test. So far, things
are smooth and they definitely do not appear
to discriminate against nor to specifically
identify U.S. persons.
One nice thing, in addition to pricing, is that
the MT4 platform’s time is actually GMT !!!
Makes it easier, as so many MT4 platforms
have GMT+X as their charting times…
Just some more Bid/Ask spread data taken
during a “quiet” Friday morning at noon EDT…
More next week. Yes, also I am aware of SimpleFX
but do not know their pricing; it would be hard
to beat the Evolve pricing…
hyperscalper
symbol min , avg , max spread pips
AUDCAD, 0.7 , 1.1 , 1.3 #
AUDCHF, 0.7 , 0.9 , 1.0 #
AUDJPY, 0.8 , 1.1 , 1.3 #
AUDNZD, 0.9 , 1.2 , 1.4 #
AUDUSD, 0.2 , 0.5 , 0.6
CADCHF, 0.5 , 0.8 , 1.0 #
CADJPY, 0.6 , 0.8 , 1.0 #
CHFJPY, 0.8 , 1.0 , 1.2 #
EURAUD, 1.5 , 1.8 , 2.1 ##
EURCAD, 0.7 , 1.3 , 1.7 #
EURCHF, 0.5 , 0.6 , 0.8 #
EURGBP, 0.1 , 0.3 , 0.5
EURJPY, 0.1 , 0.4 , 0.6
EURNZD, 1.2 , 1.7 , 2.0 ##
EURUSD, 0.1 , 0.1 , 0.1
GBPAUD, 2.6 , 3.6 , 4.0 ####
GBPCAD, 1.0 , 1.7 , 2.1 ##
GBPCHF, 1.6 , 2.3 , 2.5 ##
GBPJPY, 1.0 , 1.4 , 1.6 #
GBPNZD, 2.5 , 3.5 , 3.9 ####
GBPUSD, 0.4 , 0.7 , 0.9 #
NZDCAD, 0.8 , 1.1 , 1.4 #
NZDCHF, 0.9 , 1.2 , 1.4 #
NZDJPY, 0.6 , 0.9 , 1.1 #
NZDUSD, 0.6 , 0.8 , 0.9 #
USDCAD, 0.4 , 0.7 , 0.9 #
USDCHF, 0.2 , 0.3 , 0.4
USDJPY, 0.1 , 0.2 , 0.4
SimpleFx and Evolve seem to be pretty close on FX but the the spreads on crypto are way less on simplefx; about half on BTCUSD.
Pretty interesting conversation going on here regarding the bitcoin. I’ve traded FXChoice’s BTC denominated account and also 1Broker. Simplefx and Evolve also have BTC denominated accounts
One thing to consider regarding these types of accounts is that (in the USA) bitcoin is treated as a commodity not currency. Pretty sure this means that in addition to trading P&L we also have to track the basis of the bitcoin earned.
For example we could have a loss on a particular trade, but a separate capital gain on the bitcoin sold/lost in the trade.
Not that big of deal, but probably need some tax software to track this.
I just open an account with tradersway, and i gotta say even though the spread is low and maybe low commission too, the rollover fee is outrageously high (i am comparing them with tradewisefx and dukascopy), traderway rollover gbpaud long -17.16, short 3.08, gbpnzd long -33.93, short 6.93 and for traderwisefx rollover gpbaud is long -9.36 short 4.77, gbpnzd long -11.48 short 6.50, and offcourse dukascopy is a little smaller than traderwisefx. gbpnzd is 3 times larger, this is definitely not for long term trader.
I am definitely not promoting any brokers, in fact i am currently trading with tradewisefx, so far their system is really good, but i haven’t made any withdrawal yet, did anybody here know about tradewisefx? good or bad experience?
Thanks
Have to agree with you on some of Tradersway swap fees. Some are a bit over the top imo.
Hi, Jinz
Thanks for your participation in this thread.
Regarding TradeWiseFX, there have not been a lot of comments posted here, but the ones that have been posted can be seen HERE.
Please keep us updated on your experience with TradeWiseFX.
.
i agree there spreads are the best but there swap will kill your profits, im also with fxchoice and on my way to funding capital city markets there spreads not the best but tallinex send my account over there.
• FX Choice (Belize) contacted the Babypips Administrator today, asking that we edit their listing in this thread to remove the reference to binary options.
FX Choice no longer offers trading in binary options.
I have made the change to their listing.
• Later this week, I will do a general clean-up of our List, to include updating the LINKS in post #7.
• Has anyone thought further about awarding the [B]TRUSTED BROKER[/B] designation to:
Finpro Trading (UK)
LMFX (Macedonia)
others ?
.
Finpro seems to be solid, tech support is always available and provides solutions. Them adding BTC funding is a big positive.
LMFX I actually gave up on a few months back as their funding was only available via wire transfer.
[U]Loose Ends[/U]
• Back in March, I suggested removing [B]Real Forex[/B] (Belize) from our List. I offered my reasons for this suggestion, and asked for comments. I said I would wait a week to hear what you guys thought about the suggestion, before taking any action.
That was almost 2 months ago. There have been no comments to date.
Please take a look at THIS POST.
[B]If anyone objects to the removal of Real Forex,[/B] please speak up now.
Otherwise, I will remove Real Forex this week.
• Three brokers [B]not on our List[/B] have been mentioned in this thread over the past 2 months:
[B]Platin FX[/B] (Vanuatu)— https://platinfx.com/ — see post #4069
[B]Evolve Markets[/B] (location ?) — https://evolve.markets/ — see posts #4148, #4150, #4153, and #4154
[B]SimpleFX[/B] (location ?) — SimpleFX | Online CFDs Trading, Forex, Bitcoins, Indices and Commodities — see posts #4152, and #4154
[B]Is there any interest in vetting these brokers for possible inclusion on our List?[/B]
[U]New LINKS to Group 1 Brokers[/U]
Since the last update of post #7 two months ago, there have been 39 posts in this thread commenting on various brokers on our List. LINKS to these 39 posts will be added to post #7 under the respective broker headings, along with a general clean-up of the List this week.
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I’ll provide further technical info on Evolve.Markets fairly soon.
hyperscalper
i have not yet funded and begun trading with lmfx yet due to a june vacation coming up. i promised my wife that i wouldn’t go live trading until then so as to not ruin the week staring at my phone.
so i’ll update later. but i will say again that their customer service has been amazing regarding my inquiries. i also received a phone call from an lmfx rep asking me if i had any questions or necessities in my way of funding the live account. it was a london area code i think. 44-203…
anyway, not that this is a monumental step to take on their part. but i thought it was nice. i’ll let you guys know how smooth the funding and trading goes when the time comes.
Since there some interest in using Bitcoin denominated accounts I’ll mention deribit and bitmex. deribit offers Bitcoin futures and options while bitmex offers on only futures and isn’t available to US residents. You can use those instruments to hedge out Bitcoin volatility if you wish.
Hi NewGuyToForex,
It is always important to have a fast, reliable and friendly customer support. I do no trade with lmfx, so I do no write positive or negative comments about their support. However as I know some things how the trading industry works (to be more specific: brokers); I just want to mention two points, which you should keep in mind:
Regardless if the broker is Market maker or not, they only make money with you if you deposit. The best and easiest way to achieve that is to give a friendly call, ask how you are doing and what help do you need to make that deposit.
That is a UK number as you said. Many companies trick their clients when it comes to numbers. You might see the +44 number on your cell, but it does not mean at all that it is a UK number. These days even if you live on an isolated island somewhere, you can organise to have a UK number shown for your outgoing calls.
As I said this does not mean lmfx is not an honost company, just be aware of it.
FE
cool.
preciate your time, ForExchange. 
• The List has been cleaned up.
• The LINKS in post #7 have been updated.
• [B]Real Forex[/B] (Belize) will be removed from Group 1 on Friday (unless you guys object to that).
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