no i missed the boat, didnt sign up to epayments before they closed registration.
im pretty comfortable dealing with bitcoin (to and from fiat), and don’t mind it, i just dont like the 1.5% fee
i was hoping to hear other ppls experience withdrawing from FX Choice through bitcoin because im shopping for a secondary broker (just for diversifying sake).
out of Coinexx, TradersWay, and Turnkey, which broker do you guys recommend as a secondary broker, and why? aside from spreads, if the broker has Two Step Auth and takes Bitcoin, thats a plus for me.
There are other cryptos with smaller fees and faster than BTC.
FXChoice’s Deposits and Withdrawals page details the conditions for each. Other brokers have similar.
i been dealing with fxchoice and tradersway for years and my only reason is they pay regardless the amount. i have since added coinexx to the mix and so far they pay, so you can’t go wrong with the first 2 and i need a little more time to recommend coinexx for large deposits
For those who want to use US forex brokers, why don’t use currency futures instead?
Currency futures have about 200 times leverage , which is better than US forex brokers.
“Let them eat cake!” Lol
Right, the restrictions imposed on US Traders do not apply to individuals commanding 10+ million dollars. I heard the same from my JForex broker right before my accounts were closed. It is good to know that George Soros and the Koch brothers are unaffected by all this nonsense. ;-D
@LAF I got a reply from Turnkey for the promotion.
They say even old accounts may avail their offer for a Fresh/New Deposit on the old account.
I just opted for it, 30 days and counting.
i just asked FXChoice directly regarding crypto deposits and withdrawals: “currently we can only convert USD to Bitcoin and vice versa. Other crypto currency cannot be converted to USD account”
so if you deposit in litecoin, ethereum, or XRP into FXChoice, you’re only trading that crypto with USD (ETHUSD, LTCUSD), you can’t convert it to USD and trade forex products.
the only way to trade forex using crypto deposits and withdrawals is through BTC.
There is definitely value in understanding all of the very few forex trading options available to US citizens. Are this thread’s moderators OK with discussing US futures brokers further? (They’re not offshore is why I ask.) If not, we could start a new thread for this purpose.
Why kind of commissions/fees are we talking about - specifically comparing a one lot round turn to what we get at Coinexx/Turnkey/FXBrew?
I was paying close to $7.00 per contract for E-Mini round turns. To have any kind of intelligent stop loss distance from the price you enter a single trade requires hundreds of dollars of risk (and that is for day trading time frames). Swing trading? Fuggedaboutit.
The genius of Forex spot trading is the ability to tailor your trade size based on your risk and what your trading plan or the market structure tells you. With futures you are always negotiating between what you know you should do and the risk required to do what you know you should do. That is where the market makers want you.
In Forex you can take 10 mini-lot trades instead of one normal lot trade. Imagine you are at a carnival and the Carny gives you two choices on the basketball shoot (on a non-regulation basket of course); you can either take one shot for 10 pts. or 10 shots for 1 point each. I know which shot I’m taking. The whole activity of dividing your risk into multiple smaller amounts of risk is almost an edge in itself. Then take into consideration the fact that Forex commissions scale down with the trade size and it’s a no-brainer.
P.S. Nearly all of my Forex trading is automated and I wouldn’t even want to begin to imagine how I would make that happen on the CBOE.
I did ask the rep about the thoroughness of the qualification process and he said he thinks it’s just a questionnaire. So perhaps it’s like any other brokerage application you’d fill out in the States. Any prison terms being handed out for fudging on a KYC application?
I called Oanda to ask them about their commissions. It is VERY hard to find out from their website what they charge on a round turn. It is $10.00 per turn on 100k. I also found a PDF online talking about core pricing deals based on deposit amounts and/or trading volume. The CSR said that is no longer available.
Then I inquired about spread fluctuations and if it was normal for a pair to spread 10x the average spread during market open… he didn’t know… lol
I was blown away by how far their spreads moved on some exotic pairs I traded. Even swing trading wouldn’t be safe on the short side with how these turkeys operate. If this is the best we have in America… I’ll pass.
Anybody ever look at IC Markets? Absolutely unbelievable. I would kill or die to get an account with them. Their spreads are so effing low I still don’t think I believe what I’m seeing.
LAF, I am here looking for a new broker because IC Markets asked me to leave after I was unable to substantiate my net worth and liquidity! OK, I may have stretched the truth on their QEP eligibility questionnaire, but yeah it was almost worth killing or dying for those wonderful trading conditions. Commissions are a little high but the spreads are real tight, with excellent margin and stop levels. I miss trading there dearly. One of the most level playing fields I was able to find.
The kind of legal precedent this creates is just terrifying in a sense. They didn’t just go after 1broker for SEC violations for the american securities offered, but they made a point to accuse them of offering commodities and futures products, an even broader scope. They are making it clear they will extrajudicially pursue anyone who offers americans bitcoin margined financial products, while doing nothing to facilitate an american onshore market for such instruments…in fact the CBOE delisted any future XBT …
In truth, any broker that is facilitating trades via a major exchange should have 0 spreads, nearly always, given the amount of money that flows through them. Trade cryptocurrency directly via an exchange for a while and you can quickly see what I am talking about. The amount of money that flows through a crypto exchange, comparatively speaking, is a drop in the ocean compared to FX, yet they are able to maintain 0 spreads for bitcoin almost constantly. These brokers are making a killing off of their ‘reasonable’ spreads.
