Ouch! A couple of things to note. First, I was able to convert the funds back to USD immediately, to remove that risk of drop in BTC value. I can’t touch the funds, but I could change the currency in which they are held.
Second, until I understand how coinbase works reasonably well, I’m just using tester amounts, just above the $10 minimum of both coinbase and finpro, to make sure I cleared the minimums after transactions costs are factored in & see how everything works.
I see turnkey offers more securities and commodities to trade.
ok here is how i do it, i use coinbase to deposit from my bank ACH transfer, then i send my USD to coinebase pro, i buy my coins on coin base pro, then i send my coins from coinbase pro to my broker, this is all done within a hour
That was because you buy digital currency at coinbase before your fund arrives.
You should first transfer your fund to coinbase. Then you buy digital currency with your available fund. Then you can immediately transfer you digital currency to your broker.
By the way, Gemini is a good alternative to coinbase.
What has come around in the US is now going around in the EU.
In carefully worded emails, some EU brokers are alerting their EU clients, IBs and affiliates that it’s not illegal for EU-resident retail traders to move their trading accounts offshore to escape ESMA.
The careful wording amounts to this:
We can’t encourage you to make this move, but if you investigate this opportunity on your own, and decide on your own to do this, you’ll be completely legal.
To participants here on our Going Offshore thread, does any of this sound familiar?
Here’s an article published on September 18 in LeapRate –
ANOTHER BROKER?
ADS SECURITIES ACCEPTS U.S. PERSONS?
A colleague of mine wrote: “Anybody familiar with ADSS based out of Abu Dhabi? They are regulated by the Central Bank of UAE. I just tried setting up an account there, and they seem to take US citizens…”
Website is: http:/www.adss.com/en/
At this time, I don’t know anything, but I did look from a U.S. IP address and it geolocated me to the U.S. and United States was clearly an option in the link to open an account.
This looks like an interesting prospect, HyperScalper. Thanks for bringing it to our attention.
I looked briefly at the ADS Securities website – Forex Broker | CFD Broker | Forex Trading Company
| ADSS. In the fine print at the bottom of their various webpages, there is no exclusion for U.S. residents (or any other nationality).
And their online application page – https://my.adss.com/client-portal-web/signup.html – shows United States of America as the default entry in the spaces for country of residence and phone number.
This Coinbase discussion has me confused. But I’m assuming
most people would need the Coinbase dot com basic functionality.
At least that’s how I’m advising my small group of associates…
For active Crypto Traders, then I guess it’s certainly important to use Coinbase Pro (formerly GDAX), or a similar crypto exchange…?
Is that somewhat correct?
[EDIT] I’m looking at this strictly from the perspective of using
offshore Forex brokers, using Crypto transfer mechanisms, but
attempting to hold accounts in USD which applies to FinProTrading,
TurnkeyForex and, of course Coinexx possibly among others…
I’m opening quite a few Coinexx USD accounts right now…
[EDIT2] Without any endorsement of any YouTube channel, this
is a good link to check out to understand it better…
[EDIT3] by the way, the video warns of possible interference
by CFTC in this business…
When you go to pro dot coinbase dot com it prompts you to log
into your base coinbase dot com account…
Anyone heard of number 1 capital markets (n1cm.c om)? They look to be another forex broker that allows US clients to sign up and offer 1000:1 leverage.
BTW, first post here ever on babypips, been following this thread for a long time and haven’t seen this broker mentioned, otherwise I probably would never have posted, lol
Thanks for the added details, particularly on sending funds back to Coinbase/Coinbase Pro.
I just wanted to add, certain users like me (new? Level 2 only? not sure what the distinction is), there is a holding period on the USD deposit from your bank account:
Coinbase: Funds are immediately available to buy/sell bitcoin on Coinbase only, but must remain inside of Coinbase for 32 days.
Coinbase Pro: Funds are not available, do not even appear in the Coinbase Pro wallet, but are “only” held for 8 days. When I deposited directly to Coinbase Pro, even though the deposit is not listed and the balance is still zero, when I look at my Coinbase account, it lists the deposit and indicates funds will be available on Saturday (8 days after last Friday’s deposit).
Seems the confusion centers around hold times for ACH deposits and also on minimizing transactions costs. I tried a small tester deposit to Coinbase, had my funds held up for 32 days, and got clobbered for 23% round trip buying and selling BTCUSD. And I am a US citizen physically offshore my drivers license expired in 2004. That was a year after my last trip to the States.
Governments round the world have accepted my passport as proof of ID, financial services have also accepted it, in conjunction with my US bank statement as proof of address, and Coinbase even accepts this combo to allow me to register my account. But they will not accept it to upgrade me to Level 3, so I can’t send BTC to you, or to a forex broker, or anybody. It seems Coinbase Pro will allow me to do that… and also reduce the fees.
i have never had that problem, if i use ach transfer from my bank to coinbase the transfer is instant, then i use coinbase pro to transfer my funds from coinbase isntant, now im able to buy and sell coins and send them all in the same day
I’ve just made a small BTC deposit to finpro, using localbitcoins. Enormous transactions costs, but I only need to do this to access the leverage. So effectively, that cuts my leverage roughly in half.
If I can work with Coinbase Pro as small paul suggests, after their delays, I should be able to get the costs down.
Also, finpro offers free conversion to/from BTC and if I need BTC in the future, I can use that wallet. Seems convenient.
