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?
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:
• 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.
[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.
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.
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.
Originally Posted by MrInvisible View Post
Sounds like the options are…
Wait for CTFC to drop the hammer on the remaining reputable brokers on their RED hit list
Painstakingly hunt down your own business banking solutions globally (accepts US citizen beneficial owner, USD/EUR correspondent banking + FX broker money transfers) with backup accounts opened just in case
bitcoin denoted FX accounts
non US citizen/resident nominee director & signatory on broker & bank accounts (correspondent banking + FX broker money transfers)
renounce US citizenship, pay your exit fee, back taxes and move out the country
eventually give in and trade with Gain (bucket shop operator with multiple fines), Oanda (news release spread manipulator) or CME (<30:1 leverage & expensive real time data fees).
Renouncing “U.S. CITIZENSHIP” is nothing other than renouncing yourself from a “fictional person” under the corporation of Washington D.C., an unconstitutional ruling of the non-ratified 14th amendment enslaving all of us under her all caps “UNITED STATES” Corporation. There is a way to repatriate your constitutional state citizenship though. Effectively, and technically not under the jurisdiction of the IRS, which is a private branch of the Crown Temple Inns Court of London (BAR). Ladies and gentlemen, we are owned by the monarch, if you decide to be.
Nonetheless, FX Choice has been great, though Bitcoin has been ridiculously slow in their transaction speeds becasue the entire network has hit the 1MB block limit which the Bitcoin Core developers refused to increase in the past 2 years due to the fundamental white paper politics involved. One quick solution is to increase the typical transaction fee from .0001 to something much greater but even then, the delays are unpractical. Hence the offshoot derivations of Bitcoin XT, Bitcoin Classic and Bitcoin Unlimited (BTU), although they are essentially altcoins and are not fully compatible with BTC, like Litecoin or Etherium.
Never received that email, weird. That is unfortunate though, something tells me they have been nudged. We have bitcoin, fortunately. But with Bitcoin Core’s days/weeks long transaction times, makes it very cumbersome. It’d be nice if they employed Litecoin or another altcoin to offer minute fast transactions, while Bitcoin Core developers get their act together by increasing the 1MB block limit or other method.
I have been trading with tradersway for a few months. I noticed a lot occasions of price freezing when data coming out.
It freezes for a few seconds and that few seconds is a big major in price movement.
for example recently may 10, 2017, nzd came out with interest rate decision, that few seconds freeze delayed at least 400 pips .
and also the next day may 11, it also freezes when gbp came out with interest decision .
unfortunately I have seen too many freezes also going back a few months too, and they only freeze when fundamental data coming out that move the market especially when data under or over the estimate.
for example tomorrow may 12, watch for U.S. retail sales, cpi and if data under or over estimate, it will freeze.
so i just want to give a heads up and I do believe I am not the only one.
and yes I have seen it on many devices, computers and different networks , home, on the road, mobile
and just to be clear, I have normal ecn type account like most traders with no special vps server , basically a regular traders type , no vps or ea
Which client trading platforms are you using? How much time is a “few seconds”?
Market makers often significantly slow their quotes “for a few seconds” either prior
to major news events as you describe, or even during the “slow” market conditions
on a daily basis.
I assume you aren’t trying to “chase” price on a news event. These are
inexpensive retail platforms after all.
I know you’re not trying to do this, but…
If you were trying to trade News Events by chasing a 400 pip correction, it would be
best if you were filled in the market just prior to the event. For example, if someone thought
they could WIN on a news event, by just setting Stop Buy and Stop Sell orders both
above and below the current market, and then just WAIT for the move,
whichever way the market went on the event, they would theoretically WIN and then
take their huge profits! Sounds lilke an easy strategy when a news event shifts a market.
But markets don’t make it easy or possible to win like that, since the moment either order
triggers, to become a Market order, the market pricing has already shifted by XXX PIPs
either way and theoretical fills are impossible. And the Bid/Ask
spreads will always widen on uncertainty, and also Market Makers will withdraw
their Bids and Offers. I realize that you know all of this anyway.
[ EDIT: Trade platforms really have 2 components which appear to work together.
One is the Price Feed that we are all watching. But the other is the Order Entry portion
which is theoretically independent of the Price Feed. You might be able to place orders
at a price, which is not shown on a lagging price feed, for example; theoretically
anyway; and that order might be accepted and honored. Platforms are trying
to “squeeze” price updates through a narrow pipe, and technical limitations could
come into play. ]
Somebody could record the tick streams from various brokers’ platforms on such
a news event, and it would reflect on the “quality” of a brokerage platform.
I guess it just depends on what is “freezing” and how much a “few seconds"
is… In the end, these are low cost retail platforms which might very well
"overload” in their attempts to follow markets on significant news events…
Hyperscalper, thank you for taking time to reply and clarify.
I trade using mostly if not all the time the popular mt4 platform and the freeze happens anywhere from 3 to 10 seconds , obviously depending on the data come out (under or over comparing to forecast) and the weight of that data, the more damaging data most likely more freeze time
freeze meaning the price just stops, no movement which it should not at least not at that moment. on some occasions I can see other brokerages finpro and recently fxchoice prices still move while tradersway prices just stop.
in fairness I have seen in the past fxchoice freeze as well, but recently today on gbp interest rate tradersway freezes while fxchoice prices still move
I am referring currencies pair against U.S. dollars
look for retail sales, cpi tomorrow, if good or bad data to come out, we will guarantee see the freeze
From my experience that’s really not that uncommon with any broker. You have to take into account that at that moment there’s hundreds of thousands of transactions flooding the data feeds at the same moment. Mt4 seems the have a seizure when overwhelmed. Often times I notice that the mobile app doesn’t have the freezing issue when the desktop app does.
Various futures platforms don’t have that issue as well.
