Sorry, HS, I disagree with you here.
The “chat” about crypto becoming the only viable method for money transfer to and from offshore is completely germane to the topic of this thread. It’s something that needs to be considered and understood by those who already trade offshore, and by those who are about to venture into the offshore world.
Yeah, I don’t disagree with that. I’ve already accepted that Crypto is the one “no surprises” method of transfer. If a broker will not accept deposit/withdrawal by Crypto methods, I automatically move on…
In my view we’ve discussed Crypto transfers in so much depth, and also the increasing pressures being placed on Wire- or Card-based transfer methods being unreliable and/or subject to being blocked by Uncle Sam through the international banking system, dominated as it is by Uncle Sam’s agencies.
I just don’t like seeing a bunch of “one liners” in posts, and am expecting something with more information content, that’s all I’m sayin’…
hyperscalper
dude are you kidding me, this forum wasn’t build around what you like or don’t like to hear
Great thread - just waiting for the UK to fall into this remit also.
Being from the UK myself the clock is now ticking with the ESMA and FCA mirroring such European wide regulations.
Are you kidding me only 5 replies allowed for new people! How do I get that fixed? I had to create another babypips account!
Funny how they try to stop us making an honest buck by using our skill and knowledge but the big banks who got done for rigging the libor rates are still the liquidity providers for the main brokers being used. Why don’t. They pay more attention to getting rid of all the scamners instead of all the honest customers. Should be renamed Financial Crooks Associates
Can we get a best practices at the top of this thread for how to get crypto to and from our brokers? Best fiat exchanges to use, wallets, coins to use etc. I have asked questions about this in the past and it’s probably not the first time/only time this will keep coming up. That way months down the road new-comers like me (that can only post 5 times in this thread) don’t keep asking about it. We can just say “please refer to crypto currency best practices at the top of the thread.”
Also, anyone have information on how to setup an IBC? I have tried contacting companies that create such things, but I never get responses back. I want to trade through an IBS so I don’t have to file the FBAR and report my loving offshore brokers to the freaking IRS and ruin the party for everyone!
Anyone have experience with UPayCard? FXChoice lists it as an option and it’s fee is 1%.
FXChoice charges 3% to convert BTC back into USD once with them. Bit hefty…
Are you the forum police?
You think your constant posts about millisecond differences between brokers are useful to the majority of posters on here that are manual trading?
Suggestion: add deposit/withdrawal methods for each broker (under trusted brokers section) Maybe some links/resources on how to use these methods, preferred method etc. This will help mitigate some of the forum chatter for these topics.
An IBC that is a pass through entity doesn’t get you around FBAR reporting… you also have to file the very lengthy and complicated foreign controlled corporation form 5471. If you decide to go forward… keep excellent records, and report everything! IRS flags tax filers with IBCs and at some point in the future an audit is very likely.
Yeah, @Clint isn’t doing enough work for this forum !!! Let’s pile that
obligation on him. Or… each one of us could do our own “due diligence”
and figure out how our brokers handle these transactions.
@Clint I’ll expect those detailed instructions for each broker by New Year’s day !
,just kidding?.. 
How about each one of us forum participants putting together a summary specifically for each of our approved brokers, and then we can ask that @Clint guy to post them for us? Just an idea ! 
[EDIT] I just found this amazing website called youtube dot com where you can look up anything, and get an explanation of how it works… Highly recommended!
[EDIT] by popular demand, here are Coinexx millisecond latencies
right now…
[20181230-23:39:18.767(GMT)] Buy Market OrderOp elapsed: 360
[20181230-23:40:59.747(GMT)] OrderOp Buy Limit elapsed: 100
[20181230-23:42:11.647(GMT)] OrderOp Buy Limit elapsed: 258
[20181230-23:59:42.047(GMT)] OrderOp Buy Limit elapsed: 111
[20181231-00:00:38.927(GMT)] OrderOp Cancel Order elapsed: 130
[20181231-00:00:54.337(GMT)] OrderOp Buy Limit elapsed: 213
LOL
[EDIT] Coinexx just has the best commissions, so scalping is able to
make maximum profits:
hyperscalper
[EDIT] And, just cuz “Why Not?” here are their tradable spreads
symbol min , avg , max spread pips
AUDCAD, 1.4 , 2.0 , 2.6 ##
AUDCHF, 2.2 , 2.5 , 2.7 ###
AUDJPY, 0.8 , 1.0 , 1.2 #
AUDNZD, 1.0 , 1.5 , 1.9 #
AUDUSD, 0.4 , 0.5 , 0.7
CADCHF, 1.2 , 1.3 , 1.5 #
CADJPY, 0.9 , 1.1 , 1.2 #
CHFJPY, 2.8 , 3.1 , 3.2 ###
EURAUD, 1.1 , 1.5 , 1.9 #
EURCAD, 1.5 , 1.9 , 2.2 ##
EURCHF, 1.0 , 1.2 , 1.4 #
EURGBP, 0.7 , 1.1 , 1.3 #
EURJPY, 0.2 , 0.8 , 1.0 #
EURNZD, 3.7 , 4.2 , 5.1 ####
EURUSD, 0.2 , 0.3 , 0.4
GBPAUD, 3.2 , 3.6 , 4.0 ####
GBPCAD, 2.7 , 2.9 , 3.4 ###
GBPCHF, 3.3 , 3.4 , 3.5 ###
GBPJPY, 1.1 , 1.7 , 2.1 ##
GBPNZD, 2.7 , 3.6 , 4.9 ####
GBPUSD, 0.7 , 1.2 , 1.4 #
NZDCAD, 1.7 , 1.9 , 2.1 ##
NZDCHF, 0.7 , 1.1 , 1.3 #
NZDJPY, 1.9 , 2.5 , 2.9 ###
NZDUSD, 0.4 , 0.5 , 0.7
USDCAD, 0.4 , 0.8 , 0.9 #
USDCHF, 0.6 , 0.7 , 1.0 #
USDJPY, 0.1 , 0.3 , 0.4
yeah a friend of mine told me the same thing, i think cint needs to fix that
yes clint does a good job with the forum, it was a good suggestion from a member it’s up to clint if he wants follow thru with it.
For those of you that are looking to familiarize yourself with crypto, I would honestly recommend youtube simply because you can see exactly what you need to do. The first thing that you will need to do is figure out where/how you want to buy your crypto. Depending on what you choose, you may need to have a bank account set up first.
You can watch videos on youtube that will show you exactly what you will need to do, depending on which route you take. Most people start with Coinbase or Gemini (both require an account to be set up that have to be verified with identification documents), but there are also bitcoin ATM’s and sites like localbitcoins that offer peer-to-peer transactions, similar to craigslist etc… There are many other sites that will let you purchase crypto with just a credit card, also. If you buy via ATM or peer-to-peer, then you will likely pay a higher price than you would if you were purchasing directly on an exchange. Paying via credit card is faster, but you will likely have limits on what you can purchase and you will pay a higher fee. If you are looking to buy large amounts of crypto, people usually opt for a wire transfer to Coinbase or Gemini, and that can take a few days.
Transferring cryptocurrency is as simple as sending an email, only instead of knowing the email address, you will need to know the wallet address of the recipient. You can download a free wallet such as Exodus to get started. The exodus wallet will provide you with addresses for all of the cryptocurrency that it supports and you will use those addresses to send money to the wallet. You can send money out of the wallet in a similar manner, only you will need the recipient’s address, such as the exchange or broker’s address. It’s really simple.
sad that you can’t use epayment somebody told me they started back taking .U.S. residents, and on fxchoice bitcoin transfer it is the worst not only fees but the exchange rate they give you is horrible, for example if you send $1,000 or withdrew $1,000 by time you convert it with there fees it’s more like $900
i agree but i never got an audit for my IBC witch is located in the bahamas or are you talking about my personal tax audit because i don’t think they can audit my company in another country
The thread is very rich and long. its in the middle somewhere but from what I can recall , we can avoid paying fees buying and selling cryptos using coinbase pro using limit order only.
I have done it a lot of times and can confirm this, assuming no policy changes in the future.
In the event transacting large amount, it could save alot
UPayCard seems to be the only cheap option. From what I understand the 1% fee charged isnt even UPayCard, it is FXChoice doing that.
@hphpwnwn
FXChoice’s BTC exchange rate is 3%. So $30 per $1,000 or $3,000 per $100,000. Ludicrous. They also limit how much BTC you can convert at one time. I think it is around 10 BTC max. Not sure limits on how many times you can convert them but it is an issue if you deposit significant amounts. I deposit $100k USD and upward. Very problematic.
I can submit a block trade for lots of BTC with Gemini for no fee currently. So as long as I do it correctly I wont have to pay to acquire BTC. The issue is converting it back into USD with FXChoice…
yes i encourage people to use coinebase pro it’s so much cheaper even if you don’t use limit order to avoid fees
