As you know, I’m inclined not to be too hard on
Coinexx right now. They have changed their
venue and that undoubtedly has had an impact
on their IT operations.
But the website constantly hangs in the client login
area, just trying to pull up a Live account balance,
or has incorrect amounts listed as withdrawable
funds… (these two are likely related)
As to the actual MT4/MT5 trading, I have no complaints,
but these website interface issues are frustrating…
Getting back to the trader who had a heavy loss which I think occurred on a weekend, maybe that loss would have never occurred if the trade was closed out before the Friday close. I personally would never hold a position, much less a large position, over the weekend. During the last several years I saw EUR/JPY gap a little over 300 pips at the Sunday open, over 300 pips from the Friday close. That same day I believe the EUR/USD gapped in at over 70 pips at the Sunday open. Stop losses are useless since the trading stations are usually closed Saturday and much of Sunday.
Not long ago VLoad.expert sold vouchers for $10, now they insist on a minimum of $100. Tradersway now insists a minimum of $2500 must be sent by bank wire, whereas they used to accept a much lower bank wire amount. It looks like these businesses are continuing to cave in to the demands of the enemy, the US and now European based (ESMA) financial regulatory agencies. These agencies are operated by creatures who think they are human beings. Real human beings, though, have at least a little empathy and sympathy for less financially fortunate people like us little traders trying to make money in an honest, harmless, and legal way. If these regulators think high leverage and hedging are so highly evil, they need to abolish the public lotteries, which are the abomination of financial abominations. The vast majority of lottery ticket purchases are a guaranteed loss, and these regulators do nothing about it, except to try to keep on strangling offshore currency trading.
Years ago I was having trouble loading my account with ForexCent in Czechoslovakia, now the Czech Republic. So I asked them if I could mail them a paper bank check. They said yes, so I mailed a paper check in a paper envelope to them. It took about a month for the money to get into my account, but it did get there costing only about a dollar or two in postage stamps. ForexCent, unfortunately, later went out of business.
The vicious, steadfast attack by the enemy on the international money transfer services may eventually result in traders having to use the postal mail delivery system to fund trading accounts. I don’t think the enemy (US financial regulators and ESMA) will ever be able to ban the mailing of letters to foreign addresses. So the chances are good that we will prevail.
During the last 2 weeks Bitcoin has lost about half its value crashing down to around $3200 from a long narrow trading range of about $6400. It has rebounded a little. That’s why I don’t like to use cryptocurrencies.
Much praise and many thanks continue to be owed to Clint. It was dynamos like him that helped us to win World War 2.
Guys there is an easy way to deal with crypto volatility on transfers…
if you have a secondary account with brokers that allow crypto trading (ex. Bitmex, Evolve, Coinexx & Hugosway), just hedge the transfer amount from your other broker by shorting the crypto currency you’re transferring 1:1 until you sell it from your wallet. If it drops 10% in the hours after your transfer was sent the short will be in the money.
The trades were closed out about 10 hours or so after the market open on Sunday, so holding over the weekend was not an issue. GBPUSD and EURJPY did not weekend gap. I have contacted support via email, support ticket and live chat. The response is that GBP news caused low liquidity and for all positions to be closed out. They can’t explain why a GBP news announcement caused NZDUSD and JPY trades to spread spike 70 pips not in my favor. Like I have told them in the past, if GBP jumped 70 pips in spread due to the news, I can live with that, but NZDUSD and the JPY trades running all in profit should have not been spiked down 70 pips and closed out for massive losses during the London open with ample liquidity. If anything, the GBPUSD trade could have spiked down 70 pips due to news/spread causing all the other trades to be closed due to a margin call or house call, but it should have closed those trades out at market rates, not have all live prices and trades gapping 70 pips. It just doesn’t make sense.
Regarding transfer of funds, and dodging nanny-state control, the answer really is cryptocurrency in my opinion. If foreign brokers want to continue servicing US residents, then they will need to adapt and start accepting crypto deposits/withdrawals. The large valuation fluctuations that occur can be handled in two different ways:
The brokers allow for faster deposit/withdrawal processing times on cryptocurrency.
The brokers allow for deposit/withdrawal of USDT or some other USD-tethered crypto.
We all want STP/ECN but what about LP shenanigans? Once your non bucket shop broker routes your order, if it’s not internally matched against another trader, you’re right back in a market maker situation with the LP being on the other side of your trade.
At the top of the food chain, multiple Tier 1 FX banks have been fined over the past 3-5 years for FX manipulation.
Isn’t this only true if there is another party available to take the other side of your trade? Please anyone that trades with hundreds of lots correct me if I am mistaken.
This is a danger of trading with very large positions. You get partial fills, slippage, and other nasty surprises. If you are margin called and there is no counterparty available to instantly fill the opposite of your order, you get it filled at closest available price. This price might be very bad.
Also, please do not misunderstand. I am sorry for what happened. This is a huge loss and I am not trying to be callous, only understand what happened to help everyone. I am not yet convinced this incident was due to foul play.
As I understand it, there are only so many lots available at any given time. That’s why every successful trader doesn’t have unlimited money after trading for a few years. You cannot scale up to say 10,000 lots. It just isn’t possible.
There is no market rate for >500K! You have to go deeper in the book to fill above that size. You can’t expect top of bid quotes on fills of 2-4M as a taker (market/stop order) during normal times with no slippage. To expect that during a new release is lunacy, the LPs are not idiots in the business of catching falling knives
On top of that, you’re completely blind with these MT4 brokers that don’t show the order book and even if they did it could be fiction without realtime time of sales data. Trader’s Way’s Ctrader order book was complete fantasy.
To trade the sizes he was doing effectively requires either a custom feed direct with the LP in larger sizes or split that larger ticket amongst several brokers.
His trading was VERY reckless. That being said, the non GBP slippage still seems suspect.
If I had to guess what might have happened… the legit GBP news slippage on a 2-4M market order caused a margin call forced close out of the other large trades and led to a cascade of devastation.
Attached a screenshot from Myfxbook showing where the EURJPY price was during the trade and where I was closed out. I just can’t see how GBP news would have gapped down the other open trades not involved with GBP. In the weeks prior with Coinexx, I had similar sized trades opened and closed without issue.
I have also traded single trades that were 100 lots with Forex.com and Oanda with no issue while having other smaller sized trades live on those accounts.
I tend to think there’s a very broad, gray, fuzzy line between “on-topic” and “off-topic” in forum threads – especially in threads as long-running and wide-ranging as this one.
Accordingly, in this thread I’d like for us to be lenient in allowing tangential conversations which may not run straight down the center-line, so to speak, but are nevertheless related to the theme and purpose of the thread.
Regarding the current, lengthy conversation about preczau’s recent dispute with Coinexx,
my thoughts are these:
If preczau has posted a complete and accurate account of the manner in which his trades were stopped out (or margined out), then at the very least Coinexx has some 'splaining to do. Coinexx does not owe any explanation to this thread, but Coinexx certainly owes a complete and accurate explanation to preczau. And in turn, having started the current kerfuffle here in this thread, preczau should tell us all how the dispute is ultimately resolved – or not resolved, as the case may be.
We have built this thread around finding and vetting offshore brokers who will accept us as clients, in the face of mounting pressures from our own regulator, and now also from all the most powerful regulators worldwide. That vetting process is useful only if it exposes the good, the bad, and the ugly (to borrow a Clint Eastwood theme) regarding each broker we look at. If preczua is telling the story straight, then he is exposing something potentially ugly regarding Coinexx, and we need to take a hard look at what that implies. That hard look, and the conversation it sparks, is not in any way “piling on”.
Coinexx has been recommended for Trusted Broker designation in our thread, and that recommendation is still on the table. A decision regarding that top designation should be made only after considering all the facts we’re able to gather, including the negative facts. Even after a broker is awarded the Trusted Broker designation, the vetting process should continue. As I have suggested elsewhere in this thread: Trusted Broker status should not be a “lifetime appointment”. A broker who deserves this designation must continue to deserve it in the future, in order to retain the designation.
If, on the other hand, it turns out that preczau has misrepresented the circumstances surrounding the closing of his various positions, in order to smear Coinexx, that fact will sneak out in the course of this lengthy airing of the matter. And then, we will deal with preczau, and with Coinexx, in appropriate fashion.
I’ve seen that statement in various threads in this forum, from time to time, and have never understood it.
If there’s something about the post that violates forum rules, how come the post was “withdrawn” by the author, and not “deleted” straight-away by a moderator?
And, if there’s something about the post that violates forum rules, wouldn’t the post have been “flagged” prior to being withdrawn? So, why does that statement say “will be automatically deleted in 24 hours unless flagged”?
I’m guessing that the problem with Nick’s post was a first-time poster attempting to post a link, but that’s only a guess. It was many years ago that I last worried about the rules for new members, so – quite honestly – I don’t know the rules. I decided to find out.
I spent 20 minutes trying to find a list of rules for new members of this forum, and failed. All I got for my effort was a “badge” that says –
Badges / Read Guidelines
Read Guidelines
This badge is granted for reading the community guidelines. Following and sharing these simple guidelines helps build a safe, fun, and sustainable community for everyone. Always remember there’s another human being, one very much like yourself, on the other side of that screen. Be nice!
So, I decided to read whatever it was that Nick21521 posted, and then (presumably) withdrew voluntarily.
Nick posted a link to a website called Tools for Brokers (or t4b) offering a service to brokers (including forex brokers) who want platform plugins to identify and defeat clients using abusive trading tactics.
Interesting stuff. I was totally unaware of this “service”.
Obviously, Nick posted this as commentary on the preczau/Coinexx dispute, so I searched through the t4b website for any mention of Coinexx, and found none.
But, I did find this curious tidbit: Tools for Brokers lists Gain Capital as one of their “partners”. I throw that out there, for what it’s worth.
I don’t think Nick’s link is far enough off-topic to be excluded from this thread. So, on the assumption that his “crime” was merely attempting to include a link in his very first post, I will post the link for him.
I think it’s worth a look –
See also the website’s homepage, and their “partner” page –
