I don’t know the mechanics of it, but I do wish Evolve would offer
accounts which are pegged to the USD instead of a Crypto. Coinexx
does offer this, but permits only Crypto transfers in or out… That’s
fine with me.
Maybe someone here knows how Coinexx achieves this? And what
Evolve could do to eliminate USD/Crypto exchange risk on account
funding currencies.
[EDIT] As many of you know, the volatility of Cryptos has generated
interest, as in this article, and the so-called “stablecoin” idea
Last I checked, Evolve only offers BTC and LTC. But, several of the brokers listed here allow accounts denominated in several different cryptocurrencies and fiat.
There is something to be said for diversifying and having accounts in USD, BTC, XRP, ETH, XAU, and CHF.
Not wanting to hold crypto, but just to use it for funds transfer, this is
one reason why Coinexx is attractive, with its USD denominated accounts.
Evolve currently offers only Crypto denominated accounts.
But if you want that added dimension, then maybe you want to
have your account in Crypto?
Which one or two did you decide on? I’ve used TradersWay and FinPro and have mainly moved to FinPro but am to the point where I’m ready to begin adding 1-2k monthly and am trying to decide on a primary broker that I can trust with a moderate sized (50-75k USD) account and not worry about withdrawal issues. I’m curious which broker for a US Citizen you’d say would be best for trusting with larger sums. I’ve had zero withdrawal issues on small accounts but just always been a bit hesitant to deposit much over 10k anywhere so far.
I personally would not trade with anything more than you are comfortable with losing, especially if you are considering trading via a foreign, unregulated broker. If you want to trade with more volume, I would consider going with a local, regulated broker, or, spreading out your capital across multiple brokers to mitigate potential loss in the event that one of them decides to bail. Just my opinion.
So as I’ve posted in the past, I use Trader’s Way (since 9/15) and FinPro (since June 2018). I always withdrawal once a month at end of month. I currently use bitcoin. My concern now is the speed of which bitcoin is depreciating. Losing 10% of a withdrawal would be substantial. Anyone using any other withdrawal methods with these 2 brokers. I have used Skrill and Payza in the past with TW, but as I’m sure everyone is aware, no longer available in US. Almost ready to cave and use a scam MM broker in US just for ease of withdrawal. Something really needs to be done here in the US. I used to make a significant income playing online poker until they stripped me of that, now they trying to kill another income stream.
You can always withdrawal to BTC or another crypto to your separate wallet, then transfer to an exchange and then convert that to a stable coin so there is no fluctuation. Also, how have these brokers been? Do withdrawals get processed timely? Having left Coinexx, I am trying to figure out where to go.
I’ve been using Uphold for crypto withdrawals. They have both fiat and crypto wallets. If you send your bitcoin from brokerage to usd wallet for example, it will lock in the current rate. You can then withdraw into your bank. Hopefully their card comes out soon then you can spend straight from your wallet.
One quick comment on preczau’s situation: Liquidity providers know who you are by trade and platform ID numbers, and will actively screw with the feed to your broker if they feel it’s warranted by your individual ‘toxic flow’, ie, it’s not necessarily the broker… trade anonymity was one of the selling points for CTrader and the Currenex platform back when they were available to US traders, although even there it wasnt 100%…
with your kind of money you should try fxchoice make sure you check there margin call stop out level on there pro account also their spreads might be a little high but i never have a problem withdrawing 50k or more
I spoke to my accountant n he suggested we talk to a tax expert, who’ll setbup a structure for me that allows me to trade & in/out fund smoothly. Lets see how it goes. will be meeting this guy this week
-Not sure if you are referring to delayed withdrawal process or general depreciation of BTC. If the latter, then you can either convert to fiat or convert to another crypto that is tethered to USD. The obvious downside would be if/when BTC appreciates. If you are referring to delayed withdrawals, then I cannot make any suggestions.
Unfortunately, I do not foresee many positive changes happening here in the States for most of us.
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-Not sure why you would need to speak with a tax attorney, nor why your accountant does not see himself as a tax expert. Nonetheless, I would be curious about what you learn regarding recommended structure for trading. Please keep us posted.
Very true, I wish Coinexx would talk to me about everything. It could have been one of their liquidity partners who messed with pricing or feeds once my volume of trading went up
this is a broker thread so where not only here to praise offshore brokers but i can see your point maybe the traders who have an issue with one of the offshore brokers they can start there own thread about there experience with that offshore broker.