i just notice this statement at the bottom of coinexx home page
" The website www.coinexx.com is operated by Coinexx Inc with registered address at First Floor, First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your investment. Before deciding to trade any such leveraged products you should carefully consider your investment objectives, level of experience, and risk appetite, and if necessary seek independent advice to full understand the risk involved Risk Disclosure."
Maybe it is time for some of us to pool resources and create an offshore company together.
Cryptocurrency lets us transfer funds. If we were all on the board of directors of an offshore entity, would it be legal for offshore brokers to open accounts with the entity? Or would we still need to be protected from accessing and using our own money?
I donāt have the legal skills to navigate these waters. I am a techie. But, at some point this might make sense to do.
I have an existing BTC account at SimpleFX, and did not initially
receive the geolocation error. However, when I attempted
to ADD a new USD account, and at the point when I
truthfully stated United States, then there was
an immediate block against the new account creationā¦
I would like to see some clearly defined rules that make sense.
1broker had a great platform. As far as I know, there was just one really good programmer
who made an innovative trading platform. If he ran afoul of some regulations, maybe he gets
fined and can go back into business.
Most of us regular folks donāt want the bad guys to be able to launder money.
But, you have to allow innovation and allow for people to use the fruits of their labor as they see fit.
Iām hoping for some sensible rules that also allow a competitive and innovative market place.
It makes me mad too. They have my money!
Iām trying to keep an open mind and to allow the authorities to do their job. Iām not happy with the current climate, but Iām also not an anarchist. There is a job for regulatory bodies to do, specifically keeping all the players honest.
But, they have been stifling competition and shrinking the market for years.
Iām not happy with what Iāve been seeing.
It hurts the small traders the most.
If I had 10 million I would still be trading like I was a decade ago with a Swiss regulated broker. Unfortunately, I donāt!
DISCUSSION OF THE VARIOUS U.S. AGENCIES
AND VARIOUS EXISTING EXCHANGES
I was not suggesting earlier that U.S. domain ācontrolā over ādot comā
was a substantial part of the 1broker issue. Keep tabs on their
official status at: http://1pool.ltd
Iāve heard similar on Twitter all weekend.
The wording in the CFTC case might set a precedent. If 1broker didnāt do anything we would normally think of as illegal and only gets convicted of providing services to US clients, it might be bad news for several other brokers.
Iām wracking my brain to try and figure out what to do next. For all the regulation we have in the US, the brokers here get mostly lukewarm ratings for technical performance.
Plus, with 50:1 leverage youād better have some solid starting capital to make any money in a human lifetime.
Is the CFTC about to go raiding and pillaging other brokers?
Is it time to drop all crypto into cold wallets?
Itās hard to say. We should watch how this case develops closely.
I am rooting for 1broker to resume operations after a fine and some anti-money laundering protections, but Iām not holding my breath.
what gives me a little hope is that the U.S. have a red list of brokers who accept u.s. traders and they only went after the ones that solicited u.s. residents CFTC SmartCheck
I didnāt see 1broker on that list, yet they were taken down. Please correct me if I am wrong.
I do see most of the brokers from this thread on the list.
Without jumping through legalese hoops, Iām not sure one could honestly say that 1broker āsolicitedā US clients. In fact, they had a disclaimer. An agent was able to register with 1broker and trade, but was the Agent solicited?
solicit: Ask for or try to obtain (something) from someone.
It was Interactive Brokersā¦ no Mt4 but they offered a true ECN w/ DOM & time of sales, but they were forced to go ECP only (>5 million in assets) since they are a broker dealer.
TD/Thinkorswim = no mt4, non competitive spreads and high commission costs.
Gain = multiple fines in past for very bad behavior, non competitive spreads, 20-25:1 on alot of pairs including majors!
Oanda = insane spread manipulation around news, even on some minor reports that are not moving the market.
If I was forced to trade in the US it would be CME futures since they offer much higher day trading leverage (120-250:1) compared to FXā¦
All the existing FX broker options in the US stink.
Iāve been logged into Evolveās MT5 all weekend and i just logged into the website with no problemsā¦ I donāt see any restrictions on the website.
I have no problem with this approach. Rather than removing Evolve Markets from our List, I will revise the Note at the top of their listing to reflect your suggestion.
The problem is not with accessing the Evolve website.
The problem occurs when a prospective client, logging in from the U.S., attempts to begin the process of opening a new account. Then, that person gets the notification I posted above.
I see little choice for myself but to try to create an offshore corpororation and bank account to access foreign exchanges. But FACTA has caused the vast majority of banks to refuse us citizen originated corporations. Most of the european EMI reject you as well. Even the e residency for estonia is useless because of the scandanavian banks. Most of the smaller offshore areas are a scam, like the seychells.
There are residency work arounds, getting residency visas and dual citizenships. But to be profitble as an american retail is impossible, so I have to figure out how to not be american or retail lol.
Wow the ESMA thing is really really bad, and it stipulates crypto as wellā¦Iām currently using a euro broker for crypto with 100xā¦and uh well Iād expat, Iād jump through any hoop to stay a customer, but thatās if the authorities donāt unfairly punish them.
POSSIBLE ADDITIONAL BROKER, WHICH IS NBPFX.COM in BELIZE.
I hesitate because:
The reasons are 1) commission included in spread, and
no apparent spread plus commission ECN option, and
2) no crypto currency transfer mechanisms.
However, I wrote to them proposing that if they can
resolve those issues, Iād work with them. Will wait
for their reply.
They will accept U.S. citizens, however; and they do
reasonable KYC due diligence. I understand their staff
is largely Russian, but Iām investigating anyway.
Initials NPB come from: āNPBFX Company is specialized in providing trading services on FOREX and money market since 1996. Till 2016 service of private traders and corporate customers was carried out through a bank having license of Bank of Russia (JSC Ā«NeftePromBankĀ»).ā
Will let you know what they say, and if I get a chance
to do a technical eval.
[EDIT] Although my documents have not been approved yet,
and there was no apparent issue with U.S. persons, some
documents refer to a prohibition. I opened a live MT4 account,
and hooked up. Looks good, except for my gripe that commish
is included in spread. Iāll report more if/when I hear from them
on official approvalā¦
