Here are a couple quick snapshot spreads comparisons between 6 of these offshore brokers I’m messing around with (FXChoice no longer accepts new US clients but I can still use them)
My favorite instrument is the DOW index, and Turnkey has the best spread, but that minimum volume stinks. Hankotrade is by far the worst. FXChoice equals Turnkey, and has zero commissions on indexes, which is the only reason I’m still with them (they have issues)
But with BTC, Hankotrade is by far the best (but offset by that DOW). Turnkey and ProsperityFX are both really good for the way I daytrade.
CedarFX and EagleFX are pretty much the same, but no commissions are great with CedarFX (have that optional $1/lot to plant trees, etc)
And have to factor in withdraw times for each broker when comparing too
EDIT: to be fair to Hankotrade, that DOW spread must have been a spike with the morning news, because now it’s down a respectable 17-27
HankoTrade is looking good for indices. Have not checked their live accounts yet, but their demo account is showing super tight spreads for US30 on a very consistent basis, which is one of my preferred symbols. Here is a snapshot of the 1-minute chart, comparing ProsperityFX and HankoTrade, respectively:
Both of these charts are zoomed-in as much as possible. As you can see, HankoTrade is so minimal, that you cannot even see the ask line. That being said, the contract specification between these two are different, and you will likely be paying more in commission fees with HankoTrade. I would want to check their live accounts to confirm that trading conditions are similar before making any consideration, but I am always happy to see indices with tight spreads.
Hankotrade has different trading conditions between Demo and Live accounts (big red flag for me), first thing I noticed with them. I chatted with support and they said the Live account is the “true” info for them and the Demo feed is being changed to equal Live at some point
EDIT: also, Hankotrade has a 50.0 lot MAX volume for trading indices, ProsperityFX is listing 1000 lot MAX volume, at least on their Demo account
Yes. I would expect so. I did inquire with support and they did confirm that the demo accounts are similar, but not exactly identical, to the live accounts. I asked about the spreads, specifically, and was told that they should be pretty close. It is an annoying thing, but the reason why I would always check the live accounts before making any considerations.
I found 4 more potential brokers that according to https://www.theforexlist.com allows US clients. Apologies if these have been posted or removed previously.
Does anyone here use Cashapp to buy and move bitcoin to FX brokers? I bought Bitcoin last week Wednesday, but they have yet to verify my info. How long does it take? It’s a bit worrying.
EDIT: For others after me, seriously, don’t use Cashapp for this stuff. I read it was fast on this topic but that’s not true.
It can’t remember how they process the personal verification, but the docs or pics must be clear. It could be cash app or some other services that I had to resend pics a few times in the past. After that a smooth sailing
If it were last week Wednesday, it took too long for the info verification. I would try to redo the process with as clear pics or valid info as you can, because they won’t tell us that which they should.
Once the docs are clear, it should be approved fast( 24hrs maybe) but not this long
On a blessing side since you bought it Wednesday, at the current price it should be in green up 9000 points
Personally, I cannot use any other wallet other than Cashapp for my deposits and withdrawals. But yes, I have heard from many traders that Cashapp is either taking days to verify a new account or just declining it without giving any reason.
I’m unable to re-do the verification, while it’s still saying “verification in process”. During the process, I made sure the pics were clear and the info I put in was correct.
I’ve been going through a lot of reddits and I’ve been seeing similar complaints. Someone’s verification took 2 weeks!
That’s the only good part that it’s up this week, but Bitcoin still fluctuates and I don’t want to be caught on a potential bad side since all I just wanted was to get the money to my forex account.
I use CashApp and it works great. Fees and such, but no waiting/holding period when you buy Bitcoin is great. Haven’t received from a broker yet, only transferred to.
EDIT: remember that all that Robinhood stuff happened recently, so it’s possible they have changed or added to their verification measures?
Its possible that is the case. I had the app since inception and would use it now and then. Was very happy to see it adopt Bitcoin. Its the only one I use and they raised my limits as a result.
Anyway, for all those who dare to use CashApp for Bitcoin, just buy and sell it, then transfer your money to your bank. DON’T wait for verification. This is what I did. I didn’t know that you could do this, thought you had to wait for verification but they won’t let you know, of course
CA is not receiving anymore of my business. Caused me a lot of loss.
those are my numbers too. No idea if I ever verified myself with them - I guess I have? Will never come close to those limits either, but nice to have them
That is strange. I closed by account with them last month. I was not having any major issues though. Anybody else having problems with FXChoice? It is so important to share our feedback here. That is what makes this thread so powerful.
