Thanks for the information on FXChoice. From the forum ^ they seem to be the most trusted broker for large amounts, but suck for transfer fees. COINEXX on their site says they don’t charge for BTC transfer fees, but not trusted yet for large amounts of money. I think this information you shared about UPayCard being FXChoice’s preferred method of dealing with them would be perfect information under its listing above/top as trusted broker. Also, I think (again my 2 cents for a suggestion; HS I’m cool with you making fun of me 
I have thick skin and I don’t believe in dishing back) would be the amount of deposit each broker can be trusted with. FXChoice 100K+ , Turnkey X amount, COINEXX < X amount etc. until we get more consistent feedback from forum users on their withdrawal experiences for each broker. I’m new to all of this Forex, Crypto Currency, FBAR, EAs, etc. etc. etc. so it’s a lot to take in. I’m very cautious, but once I get out of the demo/micro/cent phase, I’ll start sharing my experiences with withdrawing money; I plan on using many brokers for diversifying as suggested a while ago on this forum I also plan on withdrawing often! BTW thanks guys; it would be a harder journey figuring out the offshore broker logistics without this forum!
FXCHOICE COMMISH AND SPREADS
When I looked at them, I just remember the spreads
and commish and execution times were all unable to
be competitive with FinProTrading,
back in the day; so I just couldn’t go ahead…
[EDIT] I mean, e.g. 2.0 spreads vs 0.8 at FinPro,
and like $6 r/t versus like $2 r/t and executions of
800-1000 msecs versus <200 msecs were the
sorts of things I was faced with. I didn’t have any
"choice" (pun intended) but to unchoose FXChoice,
for my specific needs.
hyperscalper
Thanks for the information. The EAs I plan on using are scalpers, so this is great information!
For scalping that may be so. Their PRO account has spreads that are pretty tight and if you deposit over $250k they lower commissions to $1.50 per 100,000. $1500 for $100m trade is pretty cheap.
If you are trading under $50k then something outside FXChoice works. If you are above $50k and into 6-figure range they are great. I’d rather a brokerage be paid well and provide excellent service than worry about every last fraction of a spread when my typical take profit is 40pips.
your correct it’s all about witch broker have proven they can deal with large accounts, so far coinexx and turnkey forex have not proven that yet in fact they have done some shady stuff to there large account holders, so go with the broker you feel comfortable with regarless of super tight spreads and low commission
[quote="_METHOS, post:6271, topic:35612, full:true"]
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. [/quote]
yes I have heard about exodus as well but haven’t try it.
may I also mention electrum as well which I do have and only for btc wallet, no other coins.
for those didn’t know, they are offline wallet to avoid cryptos exchanges risks from hacking, and we have one or few instances already. Diversifying just in case imho
No risk if you are simply buying BTC to send to a broker. Long-term storage should be cold. But that’s getting off topic… Lol
I was talking about a personal audit.
I know a lot about audits 
. A sizable portion of my trading is done via a self directed Roth IRA with a US trust co. (IRA owns LLC, LLC owns broker accounts). If I need cash I just pay the 10% early withdrawal penalty on top of the tax due. My effective tax rate is <15% since the majority of earnings goes untaxed. It’s all legal & reported but IRS likes to haul me in to check if I slipped up somewhere so they can disqualify the entire structure.
Very clever, thanks for sharing!
BROKERAGE FUNDING AND LEVERAGE
In a time when leverages of 400:1 - 500:1 are available, I wonder
why you guys are talking about accounts in the $50k - $200k
ranges??
If course it all depends on the trading strategy and allowable
leveraging, but why wouldn’t you want to use, say, 30%-50% of
the leverage, and thus keep a smaller amount of funding
in the “unregulated” brokerages?
If we use only a $10k account with 500:1 nominal leverage, and
use only 50% max leverage, can’t you control nominally up to
25 Lots ? For EUR/USD isn’t that about $250 P/L per PIP ?
hyperscalper
I recently learned about a new exchange that is suppose to launch in late january. It’s called BBOD Bicoin Blockchain of Derivatives. You’ll have to google the details. It is suppose to use True USD deposits, settlement, and withdraw. True USD token is an er 20 token that you can put on myetherwallet or a ledger nano hardware wallet (I think). If you get the TRUE USD off of Binance first and several other exchanges, I’m not 100% sure you need KYC AML to store and move it, only to redeem it directly from the parent company. I don’t know yet whether BBOD will require AML, but it Is a decentralized non custodial owned exchange You own the funds at all times on the blockchain, not the server. I do not know what the liquidity is going to be. But they will offer up to 50x leverage, and 16 coins, and say they will do options, index, and stocks, and FX in the future.
Yes sir, thanks for the heads up . BBOD looks interesting
But unfortunately quick tour of their tos, glancing through it , it seems they do not accept residents of U.S.A
Thank you though for bringing it up, appreciate the effort
It might change in the future . Here is copy paste of their tos
YOU ARE PROHIBITED FROM USING BBOD WEBSITE AND SERVICES IF:
You are a resident of United States of America, Cuba, Crimea and Sevastopol, Iran, Syria, North Korea, Sudan, or any other jurisdiction where serviced offered by BBOD are restricted. If it is determined that you have given false representation as to your place of residence, BBOD retains the right to immediate and unconditional closure of your account, along with liquidating any positions at the prevailing market price;
From my experience, most crypto exchanges that prohibit US residents only do so to avoid the hassle of dealing with regulatory nonsense that can result in legal issues and fines. This hurdle can usually be circumvented using a VPN since they are typically only really concerned with the appearance of compliance. Unless you are wanting to deal with fiat, KYC documents usually are not required. That said, some exchanges may require KYC before allowing you to move larger amounts of cryptocurrency in/out, but that usually has more to do with combating criminal activity and compliance for that.
I have found that the pros and cons to trading on a crypto exchange may vary, depending on your goals and which exchange you are trading on. The largest downsides usually involve high fees and/or little-to-no leverage options. Some exchanges do not even allow you to short the market. Liquidity can be a problem, too, depending on what/where you are trading and your position sizes. Trading via a broker seems to solve all of these problems so long as you can trade with decent spreads and ample leverage.
The volatility of crypto is crazy and is like FX on steroids. Because of this, having higher leverage options is not always necessary. Currently, BitMex is probably the best exchange in terms of liquidity and leverage, but the fees can be very high depending on your trading strategy and whether or not you trade using limit orders. BitMex has very few trading options as well, with BTC and ETH probably being the most-traded, which have a 1:100 and 1:50 max leverage, respectively. Binance has many trading pairs and is US-friendly, but has no leverage and no way to short the market. Bitfinex has more options than BitMex, but only offers 1:3 leverage. There are many other exchanges, some offering leverage (usually very low), but are not really worth mentioning here (just my opinion, and I haven’t checked in a while). There are decentralized exchanges, but this is the first one that I have heard of that will offer leverage and possibly, other, non-crypto trading instruments.
Leverage providers for crypto exchanges can be provided by outside investors and/or other traders. I know some traders that allocate extra funds on a regular basis because the interest payments are better than most investments. I believe Bitfinex is around 8%/month, but I am not certain of the details.
Overall, I think that crypto exchanges will need to make many changes in order to compete with the current broker offerings. Trading via a crypto exchange may offer more anonymity, allow you to see the order book and trade 24/7 etc., but the benefits just do not outweigh those of trading via a broker currently (for me, personally). That may change in the future, but I think that it would require much wider adoption first.
I did contact BBOD to inquire about whether or not prohibition of US residents would be heavily-enforced or work on an honor system, and was told that it would be heavily-enforced. The response was given in their public telegram group, so take that for whatever it is worth.
I regularly trade $100m-150m per trade (albeit in smaller chunks for slippage purposes). That is between EU and UJ as they are the most liquid. In order to execute those trades with 50:1 leverage on both pairs simultaneously I would need well over $7m in deposit here in the states. With certain non-US brokers they will offer 200:1 on that after seeing risk parameters in place and that results in $2.5m in deposit. I also don’t need to worry about silly FIFO rule or hedging if need be. The US is not a friendly environment and the regulation protects no one. Look at what FXCM was up too…
I’ve always been concerned about filling >5M ticket sizes with these small offshore brokers without access to market depth & time of sales data.
I’m in the 25-50M per trade range holding 2-3 currencies at a time @ that amount ea., but I build up to that position in 3-5M chunks across 4 brokers.
If you don’t mind me asking… what is your typical smaller chunk size per fill? What kind of slippage have you seen? Do you exclusely use limits to control fill price?
As long as you are trading the most liquid major pairs (EU,UJ, AU, UCAD) during London or NY times you won’t have an issue with liquidity below $100m. It would be beneficial to acquire that $100m in smaller $25m increments with 10-15 seconds of delay just out of good habit. I can’t imagine having an issue unless you are looking to trade above $250m. I’ve seen people routinely place $100m orders during NY open and it’s instantly absorbed.
Of course none of this applies to scalping. You cannot scale very large if you are only looking for 5 pip trades and care deeply about spreads. My typical trade I am looking for 40-50pips with at least a 3:1 risk:reward ratio., As long as I’m filled within 1.5-2 pips I’m a happy camper. I want a broker to make good money as it means better treatment from them.
EDIT: The above is assuming a brokerage that is a quality ECN/STP/NDD and doesn’t limit trade size per order.
I do! I was a manual trader as well… but all he’s saying is… “keep it simple guys” peace 2 all
NPBFX UPDATE
Long ago, I send an email asking whether they offered anything
other than “commission included within spread”… No reply.
Looking at their Live data now, Coinexx is showing 0.4 PIP spread
in EUR/USD versus NPBFX 1.6 PIP spread. (commission in spread)
I told them this wouldn’t be suitable for me, and that’s all the
info I’ve got on that broker.
hyperscalper
@HyperScalper when I go to COINEXX site I see the spread as 0.00005 ish How are you seeing it as 0.4? Also, LQDFX seems to have betters spreads than FXChoice and Tradersway (just looking at their websites).
I quote the spread in PIPs. For Currency Pairs, e.g. EUR/USD the precision
is 5 digits, i.e. 0.00001 is the minimum price change. In MT4 terms, that
price change is called a “point”. 10 points make a PIP, whose price movement
is 0.00010. Your 0.00005 would be 0.5 PIPs in my way of thinking.
For JPY pairs, minimum price change is 0.001 (that’s a “point”) and a
PIP would be 0.010 price movement… Hope that helps ?
Spread.zip (7.6 KB)
If you are able to download that ZIP file, then you’ll find inside it
a Spread.ex4 which is an INDICATOR for MT4. That means you’ll
put it in your “data folder” MQL4\Indicators folder. Then refresh your
“Navigator” and you’ll see the Spread indicator. Just drag it onto
a chart (I like to change the Color to Yellow in the inputs) [EDIT] depends
on your chart background color… [end EDIT] and
then you’ll have a Spread indication in real time. [EDIT] it will
show the spread in “points” where 1 point is 1/10th of a PIP,
so 19 points would be 1.9 PIPs. I use it only for the 28 major
pairs, so I don’t know what it would say on some other
weird currencies… not tested.
[EDIT] I would never trust a website, or a demo account for pricing
spread evaluations…
hyperscalper