To those trading with crypto denoted accounts, how do you handle the USD risk? This is the biggest challenge using brokers like coinexx & evlove.
Do you just accept potential conversion losses as the cost of doing business or do you hedge with short crypto/USD positions against your existing balance?
@MrInvisible Yeah, that’s an issue. One way is to leverage as much
Buying Power as possible; thus keeping the account balance constantly
working, and as low as possible in a worst case scenario where the
Crypto/Fiat exchange rate might change by a huge amount. Otherwise,
I got nothing for a response…
hyperscalper
Hello @MrInvisible , I haven’t traded with evolve because I don’t find their spreads as lucrative so can not give much inputs into it. But for coinexx.com you don’t have to take BTCUSD risk. You deposit and withdraw via cryptos but you can choose to keep your account in USD (obviously in cryptos as well) depending on your preference. I personally prefer USD account funded (deposit / withdrawals) via cryptos. I find that as best if both the worlds primarily because I don’t think banks make my life any easier and cryptos totally circumvent the need of using a bank or dealing with delays caused by bank transfers. Your risk is limited to the time you take to buy the cryptos and move them over to coinexx, so essentially it’s a non risk.
BTW, just in case you are exploring how to buy/sell cryptos, you can open an account at Coinbase and can get limits of up to 20000 USD per week for crypto purchases and vice versa you can also send them cryptos and get USD in your bank.
Hope that helps.
ok coinexx sounds good, I was unaware about USD denoted accounts. I have a coinbase retail account but I’ve only used their trading platform GDAX(Coinbase Pro now) to deposit & cash out of offshore brokers, it is much cheaper fee wise than the retail side of coinbase.
I research both finpro and coinexx commissions, using both sites commission calculators and both choose ECN accounts.
For 1 lot eurusd, conexx commission (round turn)$2.00, and finpro commission (round turn)$9.13, is this true that difference is so big?
@wmwmw Coinexx ECN account is way more cost efficient than finoro. However, I believe you should compare ECN account at coinexx.com with VIP account at Finpro. Even though finpro’s website says that you need 25k to get a VIP account you can easily just go on their chat and ask to be upgraded to VIP account and they will happily do so without any questions. But based on my analysis you still end up paying between $1-$2 less in total round trip cost at coinexx, as compared to Finpro. In fact of all the brokers up in the list, I believe, coinexx is the most competitive one. Hope that helps.
Thanks, whywescalp, you are very helpful.
I open a live account at coinexx after seeing your post.
here is some info on finpro, turnkey and coinexx.
https://beta.companieshouse.gov.uk/company/10318851
hey guys i have been trading with this offshore broker for past some time and have been following this thread as well. but my broker is not from the list here … im kind of a trouble at the moment and thought maybe someone can help …
so my broker 8888markets dot come just got flagged by the Irish authorizes for being an offshore entity and taking UK nationals. in the notice they’ve referrred to it as an “criminal offense” though the said broker isnt the best but being a noob and wanted to make some money on in the side i choose them primarily because the assign a financial advisor to you and assist and unlike of the brokers listed on this thread they even offer investment protection to your funds… since i read the finance magnates new im worried how it is going to play our cos the new very clearly says none of the investors are protected under the investor protection scheme… so are they talking about the scheme the regulator offers or the one that the broker offers… im a bit anxious so cannot read between the lines… i have around gbp 20k with me… its most of my saving. though the broker isnt offering the best conditions since they do a lot of hand holding in trading i happened to sign up with them
im pasting the contents of the news here… since its my fist post the forum goes not allow me to add a link
" Irish Central Bank Warns Against 8888Markets
8888Markets is a provider of a CFD/FOREX trading platform and financial advisory services.
The Central Bank of Ireland today issued a warning against an offshore brokerage firm called 8888Markets as the company has been providing financial services to the country’s residents without regulatory permission, according to an official announcement.
8888Markets is a provider of a CFD/FOREX trading platform and financial advisory services on a broad spectrum of asset classes.
However, the central bank today clarified that the firm in question has been offering investment services to the Irish public while not authorised as an investment firm in Ireland.
The regulator said that it is a criminal offence for an investment firm to operate in Ireland unless it has authorisation from the nation’s central bank. The central bank was adamant in its explanation, claiming that any individuals who opt to invest funds with 8888Markets will not be eligible for compensation in any form under the Investor Compensation Scheme.
The central bank urged anyone offered financial services via cold calls or email to make additional checks to ensure that the entity they are dealing with is authorised. It also advised investors to contact the authority if they are approached by such firms.
Last year, Finance Magnates reported that the Central Bank of Ireland is preparing action to revamp the retail forex and CFDs offering to retail clients. The financial supervisor has issued a consolation paper that focuses on the issues related to financial trading products for retail investors.
Focusing on CFDs products, the Bank of Ireland says that it is preparing action to tackle the high risks for retail clients. The authority is looking for feedback from clients and brokers alike."
Can @Clint please advise? and other hon members of the thread. And the brokers listed on your thread does any of them have advisors or fund protection schemes. And if a person like me… hving very limited knowledge of trading wants to trade… what are my options cos that is how landed up with them not one of your brokers.
i have requested a full withdrawal from the brokers… i hope i get my funds backs and when i do i’ll share it here…
ouch! you seem to be ripped my friend I have never heard of this broker infact the real one is with three times eight and are with some broker that seems be taking advantage of their name 8888markets is different from 888markets, which is a FCA regulated brokers. I hope you knew the difference.
you should always do your research thoroughly im surprised they are not talked or discussed anywhere and not even here on babypips but I have found a couple of links that might throw some light on the broker
8888 Markets | Forex Brokers Reviews | Forex Peace Army just one review negative. Disclaimer: though I don’t trust fpa much, the blog owners are scamsters and extort money from brokers. babpypips I my trusted forum
8888 Markets | Forex Broker Review - FX Trading Revolution | Your Free Independent Forex Source – here in the comments one of the user have got their money back through intervention. I think if your money doesn’t come back, there is no harm in trying them
And your broker has very high deposit requirements, that’s a reg flag… they offer the protection only for funds above 15keuro 
and how do they treat funds below that amount, im guess majority of their clients will fall under that category
though im not a hon member here, but speaking from exp noob’s should start small like with 100 bucks and trade on low leverage…
provided you get your funds back & you still want to get back
thanks mate! i looked at the links and i deposited using my card via some orange card services the broker uses. will try a chargeback if the withdrawal request is not entertained properly
And i was aware the the broker is 8888 not the FCA one, the main reason i signed up was that they will take care of the trading for me or offer advisory though none of the trades hv been profitable…the lost trade are more then few profits. anyhow i started with them after a colleague from my previous workplace recommended them.
Now waiting for my financial advisor’s reply. And i am a bit apprehensive to tell my bank and ask them to lodge a dispute that transferred funds to my offshore broker, i hope they dont flag me and refer my ac to the authorities, i really dont know how the regulatory bodies work do they even hunt traders who go offshore?
Hi Everyone,
First off thanks to everyone for posting so much useful/critical information. I have spent that last 5-6 days researching Finpro / Turnkey and possibly opening a Hong Kong company to open a trading account with Pepperstone. I am about to open an account with 50k USD, but wanted some last minute reassurance on Finpro and/or Turnkey. Being that they are UK based are there any fears of them getting shut down soon (within the next year or so)?
Or should I look into Trader’s Way?
they are good & legit chex! you can read the all posts w.r.t to these brokers here Going offshore to escape the CFTC they’ve been on the thread for quiet some time & i think you should give a shout out the hon members of this thread @HyperScalper @whywescalp they ve got extensive experience trading with them. cheers!
these regulatory bodies are responsible only for penalizing brokers who take clients from their territories. traders are usually cautioned not punished or charged. and the bank might put across a word of caution but NO-ONE can tell you how to use your money… however you should be more responsible while choosing a broker… always research and test the broker with a small funds… and stay away from crooks who promise % returns… no one can guarantee anything in this market… so choose wisely and trade cautiously.
fair brokers! not going anywhere for sure 
Hi. This thread looks very active for offshore brokers. Saw FXglory on the list too. I just came across this broker recently and being from uae they seem more convenient option. But I am not sure as they are unregulated ones. And the reviews online are quite mixed. They hv many platforms but spreads looks high as I saw in the demo account. Fx glory even offer binary options, another reason n I am interested in them. But again another reason to fear about them being a scum. Is someone here have experience with this broker and with binary trading. And the withdrawals? They seem to offer so many options for fund transfer but I read somewhere about the fees they charge on every option. but they mentioned free transfers. I am a little or maybe too confused.
Please help me out guys.
Sorry, they don’t offer binary options anymore. Had a binary account with them last year when they sent out the closure notices. Good news was they refunded my account via paypal. As far as I know, FX Glory still offers FX accounts.
BINARY OPTIONS (the Offshore type)
Yeah, Binaries are interesting. The main problem is that
you may be able to predict where it is moving; but it may
not move in the Timeframe for option expiration…
I’ve spent a lot of time looking at these things; and
concluded that “raw Forex” is better because there
is no expiration date on the trade…
Plus the often under-estimated feature that Forex can
be fully automated…
hyperscalper
Agree 100%…I came to the same conclusion.
Haven’t gotten to the “automated” stage yet, but I think an FX/CFD trader with a disciplined TP/SL approach should easily outperform binary options.
For those that fund via Bitcoin, who are you using to fund through?
I set up a coinbase account to fund Finpro and Turnkey, but it is giving me a $1000/day limit and says that it will be “available to withdraw in 27 days” …surely that has to be a mistake?!
It is definitely cheaper and easier than calling my CU and sending a bank wire, would just like to get some honest feedback for those that have funded to the mentioned brokers above, or have funded an account via bitcoins.
Thanks for your help!