Going offshore to escape the CFTC

Suggestion: add deposit/withdrawal methods for each broker (under trusted brokers section) Maybe some links/resources on how to use these methods, preferred method etc. This will help mitigate some of the forum chatter for these topics.


An IBC that is a pass through entity doesn’t get you around FBAR reporting… you also have to file the very lengthy and complicated foreign controlled corporation form 5471. If you decide to go forward… keep excellent records, and report everything! IRS flags tax filers with IBCs and at some point in the future an audit is very likely.


Yeah, @Clint isn’t doing enough work for this forum !!! Let’s pile that
obligation on him. Or… each one of us could do our own “due diligence”
and figure out how our brokers handle these transactions.

@Clint I’ll expect those detailed instructions for each broker by New Year’s day !

,just kidding?.. :slight_smile:

How about each one of us forum participants putting together a summary specifically for each of our approved brokers, and then we can ask that @Clint guy to post them for us? Just an idea ! :wink:

[EDIT] I just found this amazing website called youtube dot com where you can look up anything, and get an explanation of how it works… Highly recommended!

[EDIT] by popular demand, here are Coinexx millisecond latencies
right now…
[20181230-23:39:18.767(GMT)] Buy Market OrderOp elapsed: 360
[20181230-23:40:59.747(GMT)] OrderOp Buy Limit elapsed: 100
[20181230-23:42:11.647(GMT)] OrderOp Buy Limit elapsed: 258
[20181230-23:59:42.047(GMT)] OrderOp Buy Limit elapsed: 111
[20181231-00:00:38.927(GMT)] OrderOp Cancel Order elapsed: 130
[20181231-00:00:54.337(GMT)] OrderOp Buy Limit elapsed: 213
:slight_smile: LOL

[EDIT] Coinexx just has the best commissions, so scalping is able to
make maximum profits:


[EDIT] And, just cuz “Why Not?” here are their tradable spreads
symbol min , avg , max spread pips
AUDCAD, 1.4 , 2.0 , 2.6 ##
AUDCHF, 2.2 , 2.5 , 2.7 ###
AUDJPY, 0.8 , 1.0 , 1.2 #
AUDNZD, 1.0 , 1.5 , 1.9 #
AUDUSD, 0.4 , 0.5 , 0.7
CADCHF, 1.2 , 1.3 , 1.5 #
CADJPY, 0.9 , 1.1 , 1.2 #
CHFJPY, 2.8 , 3.1 , 3.2 ###
EURAUD, 1.1 , 1.5 , 1.9 #
EURCAD, 1.5 , 1.9 , 2.2 ##
EURCHF, 1.0 , 1.2 , 1.4 #
EURGBP, 0.7 , 1.1 , 1.3 #
EURJPY, 0.2 , 0.8 , 1.0 #
EURNZD, 3.7 , 4.2 , 5.1 ####
EURUSD, 0.2 , 0.3 , 0.4
GBPAUD, 3.2 , 3.6 , 4.0 ####
GBPCAD, 2.7 , 2.9 , 3.4 ###
GBPCHF, 3.3 , 3.4 , 3.5 ###
GBPJPY, 1.1 , 1.7 , 2.1 ##
GBPNZD, 2.7 , 3.6 , 4.9 ####
GBPUSD, 0.7 , 1.2 , 1.4 #
NZDCAD, 1.7 , 1.9 , 2.1 ##
NZDCHF, 0.7 , 1.1 , 1.3 #
NZDJPY, 1.9 , 2.5 , 2.9 ###
NZDUSD, 0.4 , 0.5 , 0.7
USDCAD, 0.4 , 0.8 , 0.9 #
USDCHF, 0.6 , 0.7 , 1.0 #
USDJPY, 0.1 , 0.3 , 0.4

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yeah a friend of mine told me the same thing, i think cint needs to fix that

yes clint does a good job with the forum, it was a good suggestion from a member it’s up to clint if he wants follow thru with it.

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For those of you that are looking to familiarize yourself with crypto, I would honestly recommend youtube simply because you can see exactly what you need to do. The first thing that you will need to do is figure out where/how you want to buy your crypto. Depending on what you choose, you may need to have a bank account set up first.

You can watch videos on youtube that will show you exactly what you will need to do, depending on which route you take. Most people start with Coinbase or Gemini (both require an account to be set up that have to be verified with identification documents), but there are also bitcoin ATM’s and sites like localbitcoins that offer peer-to-peer transactions, similar to craigslist etc… There are many other sites that will let you purchase crypto with just a credit card, also. If you buy via ATM or peer-to-peer, then you will likely pay a higher price than you would if you were purchasing directly on an exchange. Paying via credit card is faster, but you will likely have limits on what you can purchase and you will pay a higher fee. If you are looking to buy large amounts of crypto, people usually opt for a wire transfer to Coinbase or Gemini, and that can take a few days.

Transferring cryptocurrency is as simple as sending an email, only instead of knowing the email address, you will need to know the wallet address of the recipient. You can download a free wallet such as Exodus to get started. The exodus wallet will provide you with addresses for all of the cryptocurrency that it supports and you will use those addresses to send money to the wallet. You can send money out of the wallet in a similar manner, only you will need the recipient’s address, such as the exchange or broker’s address. It’s really simple.


sad that you can’t use epayment somebody told me they started back taking .U.S. residents, and on fxchoice bitcoin transfer it is the worst not only fees but the exchange rate they give you is horrible, for example if you send $1,000 or withdrew $1,000 by time you convert it with there fees it’s more like $900

i agree but i never got an audit for my IBC witch is located in the bahamas or are you talking about my personal tax audit because i don’t think they can audit my company in another country

The thread is very rich and long. its in the middle somewhere but from what I can recall , we can avoid paying fees buying and selling cryptos using coinbase pro using limit order only.
I have done it a lot of times and can confirm this, assuming no policy changes in the future.
In the event transacting large amount, it could save alot


UPayCard seems to be the only cheap option. From what I understand the 1% fee charged isnt even UPayCard, it is FXChoice doing that.

FXChoice’s BTC exchange rate is 3%. So $30 per $1,000 or $3,000 per $100,000. Ludicrous. They also limit how much BTC you can convert at one time. I think it is around 10 BTC max. Not sure limits on how many times you can convert them but it is an issue if you deposit significant amounts. I deposit $100k USD and upward. Very problematic.

I can submit a block trade for lots of BTC with Gemini for no fee currently. So as long as I do it correctly I wont have to pay to acquire BTC. The issue is converting it back into USD with FXChoice…

yes i encourage people to use coinebase pro it’s so much cheaper even if you don’t use limit order to avoid fees

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Thanks for the information on FXChoice. From the forum ^ they seem to be the most trusted broker for large amounts, but suck for transfer fees. COINEXX on their site says they don’t charge for BTC transfer fees, but not trusted yet for large amounts of money. I think this information you shared about UPayCard being FXChoice’s preferred method of dealing with them would be perfect information under its listing above/top as trusted broker. Also, I think (again my 2 cents for a suggestion; HS I’m cool with you making fun of me :slight_smile: I have thick skin and I don’t believe in dishing back) would be the amount of deposit each broker can be trusted with. FXChoice 100K+ , Turnkey X amount, COINEXX < X amount etc. until we get more consistent feedback from forum users on their withdrawal experiences for each broker. I’m new to all of this Forex, Crypto Currency, FBAR, EAs, etc. etc. etc. so it’s a lot to take in. I’m very cautious, but once I get out of the demo/micro/cent phase, I’ll start sharing my experiences with withdrawing money; I plan on using many brokers for diversifying as suggested a while ago on this forum :slight_smile: I also plan on withdrawing often! BTW thanks guys; it would be a harder journey figuring out the offshore broker logistics without this forum!

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When I looked at them, I just remember the spreads
and commish and execution times were all unable to
be competitive with FinProTrading,
back in the day; so I just couldn’t go ahead…

[EDIT] I mean, e.g. 2.0 spreads vs 0.8 at FinPro,
and like $6 r/t versus like $2 r/t and executions of
800-1000 msecs versus <200 msecs were the
sorts of things I was faced with. I didn’t have any
"choice" (pun intended) but to unchoose FXChoice,
for my specific needs.


Thanks for the information. The EAs I plan on using are scalpers, so this is great information!

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For scalping that may be so. Their PRO account has spreads that are pretty tight and if you deposit over $250k they lower commissions to $1.50 per 100,000. $1500 for $100m trade is pretty cheap.

If you are trading under $50k then something outside FXChoice works. If you are above $50k and into 6-figure range they are great. I’d rather a brokerage be paid well and provide excellent service than worry about every last fraction of a spread when my typical take profit is 40pips.


your correct it’s all about witch broker have proven they can deal with large accounts, so far coinexx and turnkey forex have not proven that yet in fact they have done some shady stuff to there large account holders, so go with the broker you feel comfortable with regarless of super tight spreads and low commission


[quote="_METHOS, post:6271, topic:35612, full:true"]
You can download a free wallet such as Exodus to get started. The exodus wallet will provide you with addresses for all of the cryptocurrency that it supports and you will use those addresses to send money to the wallet. [/quote]

yes I have heard about exodus as well but haven’t try it.
may I also mention electrum as well which I do have and only for btc wallet, no other coins.

for those didn’t know, they are offline wallet to avoid cryptos exchanges risks from hacking, and we have one or few instances already. Diversifying just in case imho

No risk if you are simply buying BTC to send to a broker. Long-term storage should be cold. But that’s getting off topic… Lol

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I was talking about a personal audit.

I know a lot about audits :joy:. A sizable portion of my trading is done via a self directed Roth IRA with a US trust co. (IRA owns LLC, LLC owns broker accounts). If I need cash I just pay the 10% early withdrawal penalty on top of the tax due. My effective tax rate is <15% since the majority of earnings goes untaxed. It’s all legal & reported but IRS likes to haul me in to check if I slipped up somewhere so they can disqualify the entire structure.


Very clever, thanks for sharing!