Going offshore to escape the CFTC

I’d highly recommend checking out Turnkey as well. Coinexx and Turnkey are about tied for the lowest trading costs (spreads + commissions); both have great customer service; however Turnkey has been around a lot more years.

Fortunately, peer-to-peer transactions cannot be stopped by any regulatory attempts. So long as cryptocurrency holds value, there will be people that are willing to trade it in exchange for goods and services (or cash). It will be impossible to stop that. One of the primary benefits of bitcoin and why it was created in the first place is its autonomy. It is the people’s currency.

It is unfortunate that ignorant, short-sighted attempts are being made out of fear and greed to restrict and control cryptocurrency, as such attempts will only slow down progress. Most arguments made for justification of such legislation and control can also be said about fiat. Anyone with any sense should not fall for that.

Fortunately, I only need a computer with internet access to generate income. I am geographically independent and I have no reservations about leaving this country.

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There is a coin being designed called Haven which is like monero but with a fiat stable coin feature. I believe that idea is the future. In any case all these offshore places would do well to deal in monero.

I beleive my large concern has been having a contingency to access non euro based brokers who ban americans as well as crypto exchanges in europe who do not have to deal with esma but still prohibit americans. If they want kyc, you show them a nominee for a offshore IBC. This would also be the case with bitmex. That is my large concern, though no asian forex sites come to mind, but I do suppose this does apply to Evovlemarkets.

I want to get residency in a crypto friendly place. Been looking at Portugal and Madeira. Suppose to be some tax exemptions.

I’m not even sure you need an IBC, just some non american corporation and nominee to get onto some of these exchanges. Bitmex just wants a non american entity.

pinman314, thanks for the suggestion. Actually my plan is to distribute my trades (using MT copiers) between these and more brokers. Coinexx and Turnkey are at the same datacenter.

I’m kind of a paranoid person. I just posted something about my long term plan (I have since deleted it) with brokers etc. and then all of a sudden I lost my internet connection–as if big brother is watching, didn’t like what I had to say then turned off my internet. Please make fun of me :slight_smile:

OK, I’ll make fun of you. And others who think Forex
brokers are cheating them, and lots of other "paranoid"
allegations. The most basic issue is having a reliable
trading approach, which is able to yield consistent
profits. If you make correct predictions on price movements,
then you make money; it’s that simple. If not, or you are
just “flipping a coin” then you will lose money; it’s simple.

None of these brokers will prevent you from getting rich,
since it’s all down to your decisions. There are many
ways to lose, and only a few ways to win.

Instead of blaming the broker, take responsibility for the
trading decisions, and potentially acting irresponsibly
in your usage of leverage or in over-estimating your
ability to predict market price movements.

hyperscalper

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I prefer Lite coin, it mostly has faster transactions than other Cryptos…
Any words for Gemini Dollar as a means for crypto based transfers?

ESMA renews restriction on CFDs for a further three months

I have a digital currency wallet at blockchain(.com)
The last time I login, I found it added the function of an exchange.That means you can buy and sell digital currency and move funds between your wallet and your bank, just like coinbase.But unfortunately my state is not eligible yet.

Personally, I do not see GUSD as a viable alternative. I believe that this is an attempt by the Winklevoss twins to bridge the gap and appeal to lawmakers by having the first and only regulated cryptocurrency.

The centralized nature of the coin allows for them to freeze accounts and make tokens non-transferable. This gives regulators the kind of control that totally undermines the autonomous nature and purpose of cryptocurrency.

I agree. However, the attempts to restrict and monitor use of cryptocurrency in the US at least are based on preventing untraceable crime – a concrete and correct reason, whether or not it makes sense to restrict crypto.

(It’s piman as in the math constant :stuck_out_tongue: )

Do keep us updated on your findings and adventures there :slight_smile:

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Most folks are in favor of laws used to track/catch criminals and fair taxation. Objections generally concern difficult to comply with and excessive taxes and regulation. Moveon has a petition to repeal FATCA (mostly from expats) that hasn’t achieved enough signatures. Same thing happened with a petition to the White house website.
Media has picked up some stories of hardships caused to law abiding citizens from these laws. Still hoping for some.kind of reform here…

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The same thing can be said about fiat. We have organizations and oversight groups to monitor criminal activity and enforce the law. I do not disagree with that. The problem that I have involves overreaching authority driven by greed and the need for control…prohibition for the purpose of supposedly protecting American investors, for example.

We should have the right to choose how we invest our money. We can walk into a casino and put our life savings down on a crap table, but we cannot invest in an ICO or trade using more than 1:50 leverage? Most, decent crypto exchanges or forex brokers want nothing to do with US clients because of the hassle and associated costs involved with compliance. We simply have too many rules here.

Cryptocurrency taxation is another matter that I will not get into.

I thought we lived in the land of the free?

turnkey forex responds to allegations they are a scam.

I just saw this. Im not sure what to think about it actually. Part of me finds it a bit troubling.

Again, when and if I start trading larger numbers like the OP did, I would definitely spread the risk with different brokers and or get hooked up with a regulated outfit in the US, maybe with futures, etc.

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Update on FinproTrading

This broker said they are currently not accepting bankwire transfers as a deposit method.
I personally think this is ridiculous. A broker not accepting bankwire transfers lol.
Only bitcoin or other methods.


Is this a recent trend for offshore brokers?
I see that LQDFX is also currently not accepting bankwire transfers from personal bank accounts.

The first broker I heard doing this was FXChoice. These brokers have to because US regulators are trying to make it impossible for US citizens to use offshore brokers.