Looks like we are off to a great start! If finpro is approving of Coinexx, they must be good!
Does coinexx/finpro have a way to withdraw profit besides crypto? Everytime i withdraw profit with crypto i lose a portion to price fluctuations. As much as i like crypto i cant consider it reliable because if this reason.
Unfortunately, this FinPro transition to Coinexx is not a good move for me. My state restricts crypto, and we cannot create accounts at any of the exchanges. I had a Coinbase account a couple of years ago, but it got shut down. At this point all Coinexx support is telling me is that there are 20 different crypto coins for me to withdraw my funds, thatâs it. I deposited all my funds via wire transfer to Finpro, and I will be in a tough spot if they stand firm on Coinexx inability to use anything other than crypto. I have no way to convert crypto to fiat currency. They are offering to refund my original principal in fiat, but thatâs it so far.
If anybody has a phone number for a FinPro rep, please DM it to me. It doesnât look like Iâm going to get anywhere with the Coinexx online rep.
I use Localbitcoins to convert my cash to btc and vice versa. It is peer to peer so no state regulations to stop it.
Thanks, but Iâve tried that before. The exchange rate is terrible here, probably due to this being a crypto restricted state. And this being an island, I canât really drive over the state border to find better conditions. Also with the amounts and frequency of my transactions, itâs not really feasible.
Hi guys.
Lots going on. We live in interesting times.
Our List will have to be updated to reflect the Coinexx acquisition of Finpro. But, before that can be done, we will need more info on exactly what these two brokers will look like after their merger. Will Finpro continue in business under its own name while operating as a wholly-owned subsidiary of Coinexx?
Or will Finpro be completely absorbed into Coinexx, and cease to exist as a separate broker?
And what about our Trusted Broker designations? Currently, we designate Finpro as a Trusted Broker, but we have not yet conferred that designation on Coinexx (although doing so has been discussed).
Is it now time to designate Coinexx as a Trusted Broker?
Over the next few days, I will add notes to the List alerting readers to these changes, and others, that are in the works. Among the other recent changes, we have Turnkey Forex moving their headquarters location to Mauritius (SmallPaul posted about this). Presumably, this means a change in legal domicile for Turnkey Forex; but, we need to verify that presumption.
Under the heading of housekeeping chores, I will attend to the following over the next few days:
⢠clear all the old red-alerts off the List (all 5 pages)
⢠add notes on the listings for Finpro, Coinexx, and Turnkey Forex, as indicated above
⢠update the Links on post #2 (the last update to those Links was over 2 months ago, and there have been 500 new posts in this thread since that time)
Thanks, to all of you who have contributed to this thread.
You have made this thread the internetâs #1 source of information on offshore brokers.
From what I can tell, Finpro is completely taken over by Coinexx and is no longer an entity. The Finpro MT4 server has been changed to a Coinexx server, and my Finpro login is only to be used on the Coinexx dashboard now. As far as I can tell so far from Coinexx reps, my only option is to request through support ticket a possible withdrawal of all my funds immediately via wire, although they are unsure if this will work since they only process crypto. Unfortunately this would mean closing several accounts at a loss as they currently have positions open that are in drawdown. I guess Iâm fine with losing the open positions if I could solve the much larger problem of getting my funds back. Either way, this is quite a disappointing setback.
Finpro is completely absored by Coinexx and they cease to exist as a separate broker
Yes we should! We are couple of friends who were with Finpro and since this development, really impressed how Coinexx Support has smoothly inducted finpro clients onboard. Everyoneâs good and happy. And our finpro accounts & bank deposits stay put.
And for the fiat funds in finpro, we are assured we can keep them as it is and use them on Coinexx And when we decide to ask for a withdrawal, theyâll (principal amt) be sent to our bank only.
Not without you 
Talk to your point of contact or contact them on chat. There is no restriction on bank withdrawals, you can request a bank withdrawal of your initial dep anytime and it will be sent to your bank only.
Let me know if you want to talk to my point of contact. DM me for that & I just left their number in your DM
Is Crypto trading on Coinexx available only on MT5 platform?
Is this the situation for Tether too? Otherwise keeping USD in USDT will make perfect sense as coinexx offers USDT and tether allows US guys to redeem USDT to USD directly
Yes cryptos are only MT5. I wish they add it to MT4 as well !
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I have mixed feelings about the merger. The obvious downside would be that there are now, fewer options available. We have no way to gauge improved liquidity and their wording regarding improved spreads is questionable, as it specifically applies to finpro traders but not coinexx traders. Only time will tell, I suppose.
Regarding Coinexx, in case anyone is wondering, the spreads do appear to be adjusted during certain times of the day, but I cannot confirm that with certainty. If you trade during American day-time hours, the spreads are wider than if you trade during late hours, however, the spreads do appear to be fixed at a minimum amount, depending on the time of day. I do not mind since I trade during the night and the spreads are not bad.
@fiveninefish - There may be workarounds available to you, depending on your location. There may be some off-shore brokers/exchanges that may allow you to withdraw in fiat (you may need to speak with support if special accommodations need to be made). You can check out Bitstamp, Kraken, Itbit or Uphold etc⌠Iâve not used any of them, so I cannot comment on their current availability or reliability etcâŚ
Someone mentioned setting up a bank account that has a mainland branchâŚpresumably, they are using a virtual PO box, but not sure on that. Not sure how they are getting around the ID requirements, though, unless they are setting up an LLC or similar and are able to get around having to use a license somehow. I did see someone mention thecryptoadvisors.com to buy/sell crypto, but I know nothing about their services.
A recent find was VirWox, which might work. Another mention was midaswallet.com.
Good luck.
Honestly from where i see it, itâll be wise for @fiveninefish to withdraw funds and scout for another broker, probably a regulated one. Cos from whatâs been the trend lately, almost all the brokers in our list have stopped taking fiat. We all need to evolve and adapt to this change if we wish to be with offshores
I have been suggested such special arrangements by few brokers (wonât name them). But thats scary and i rather keep my funds in a wallet than in a bank account that i have no clue to whom it belongs.
Coming weeks will clear the haze! No rush here 
I would imagine that most traders in this thread are looking to trade via an offshore broker due to the circumstances that we currently face as US traders, else they would likely not be here. The trend that we are seeing with offshore brokers was predictable, in my opinion. The use of cryptocurrency is necessary as a means to adapt unless something better becomes available.
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Regarding special accommodations, that is not what I was referring to. Some brokers and exchanges may make special accommodations and considerations even though they are pushing for the âappearance of complianceâ.
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The merger will mean less options. It will also mean less competition, which can stymie progress and lead to worsening services over time etcâŚ
Ahh i see!
I had a broker suggesting me to paying into their affiliateâs account based in US and in return theyâll fund my trading account. Was really skeptical of the whole thing!
Agree but its not like we wont have more brokers in future.
Beg to differ here. I think this is where threads like this play an important role in assuring that they keep it clean.
It is little different than ISPâs or telecommunication companies with regional monopolies. Over time, services can become lacking and support can worsen because they know that customers have no other viable options.
We can assume that more brokers will be available to us in the future, but there are no guarantees. If the possibility exists that more brokers will be available, then the possibility also exists the less brokers will be available.
Profits dictate and most brokers cannot be bothered about threads like this. I know this from experience. It can become worse the larger a company becomes.
Its like we are already missing FinPro Trading.
if ever this happens, why would any one of us choose to be with a broker who is more brothered about profits than clients. We always have a choice and the outcome depends on when we exercise it.
I have been lurking on this thread for quiet some time now & they donât make it to the trusted list had not deserved or earned it.
And again you can choose to differ!
