that’s true but the derivative btc exchanges just rob you with a 15% taker fee structure round trip for initial margin… never the less I hate spreads because it confuses the levels marked on a chart for targets etc…Binance is the king of tight spread but it isnt leveraged alas, binance’s spread on bitcoin is a damned penny
Can someone who has withdrawn funds from Coinexx via Crypto please share your experience with regards to time from request to withdraw to seeing the requested withdrawal amount debited, to conversion to Crypto, to actually seeing the Crypto show up in your wallet? Just your perceptions of the timeline would be fine.
I was told by customer service that once you see your Coinexx account debited you can assume it is converted into your chosen Crypto at that point.
I would also like to know if you incurred any fees/debits along the way from your requested withdrawal to your wallet destination.
Just wanting to compare everybody’s experience with my own. I will be adding more to the discussion once customer service comes back online…
Yes, the fees are too much for my style of trading. Personally, I would rather see transparency and avoid surprises by huge spread gaps that might cause unexpected liquidations.
heads up guys if you trading gold with FXchoice, well i already realise this long time but now i am sharing it.
FxChoice as a broker, even though they in this bussiness, i don’t think they understand anything about forex, there’s one occassion i complain to them about i buy a currency, and they told me when buy you have to look at ask price, and i have to explain it to them that, that only at first when you click buy, after that you have to look at bid price, i mean that’s a basic forex, and the worse things this is email back and forth with their manager at the time. and there’s swap for gold, every wednesday and thursday, their swap went triple, i know it’s only wednesday, but why thursday too, the swap things happen to me last years, anyway i complain, they said yada yada yada their swap came from liquidity provider, well the swap for thursday, it’s apparantly no longer happening now, but somehow their swap for wednesday is up x9 from normal day, i am talking about GOLD here, swap for gold is buy -8.4 and sell is -1, so last wednesday the swap went up -25.2 and -3, at first i am assuming that their system is already setup to automatically multiple it by 3, but turns out it’s not, turns out it’s still multiple by 3 again, so it became -75.6 and -9.
Well my point here is becareful with this broker or any broker, even though in this thread saying they are trustworthy, doesn’t mean they are, they still have to make money, and they will try to make money out of us, do your own homework
I do not understand the disappointment there (the post for Jinz). I pay attention on SWAP at brokers and it is very clear FX Choice has a bad one. They never stated they have good ones and they also never hide it if you ask them. Thursday triple SWAP happens in some extreme cases or holidays or special instruments, I cannot say why it was. Many brokers hide their SWAP or do not tell you because obviously they make big money with it and they do not want to put their SWAP rates on the website to tell you this if you do not ask for it.
It is also common for brokers to have minus SWAPs on both sides (meaning that you always pay) especially for commodities that is normal.
If you trade longer term or medium term (like I do) then spreads become irrelevant and SWAP is the main thing to look at (although here discussion only goes about spread and never SWAP).
So the one thing what is a mistake from FXChoice from your post is to have weak customer support people, but their SWAP strategy definitely does not make the not trustworthy. If you do not like it then just choose a broker with better SWAP. It is the same as if a broker has high spread and you say they are bad. That is also not true, only you have to deal with it.
BTW SWAPs for commodities is a big suprise if someone is only used to trade forex. So you definitely need to compare at least 6-8 brokers before making such a statement.
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FXChoice swap compare to other brokers here is good, my only problem is that every wednesday it’s up 9 times than normal for gold.
Isn’t it the opposite, when you trade long term or medium term, swap matters, it will chip your profit a lil by lil, if it’s negative off course. if you trade short term then maybe commission matters more than swap, since you will be opening and closing trade daily
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FXCHOICE is the most trustworthy broker on our list 
That is what I wrote.
Regarding FXBrew, please be advised that I have not been able to execute a wire transfer to fund my account. They claim to be experiencing difficulties, so please use Crypto is their response, but I wanted to use bank transfer due to my unfamiliarity with Crypto, so I guess I am back to a choice between Coinexx and Turnkey Forex. I mean they sent me wire instructions with an invalid office address of 6-9 The Square Stockley Park, Uxbridge, London. I asked for clarification and then they claim problems. Problems with deposits , let alone withdrawals. They may still be fine to work with, but they are Crypto ONLY until further notice. Again, trading conditions are very similar to IC Markets, only lower commissions! Pretty disappointed at this time. They have my contact information and have promised to notify me when the problems are resolved.
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Thanks, wmwmw, for giving us that potentially valuable little tidbit of information, that US currency futures can be traded with 200:1 leverage. If the unfair Dodd-Franksters finally get away with totally ending, unnecessarily, offshore currency trading for Americans, and we have to “abandon ship,” then maybe we can trade currency futures. The beauty of the high leverage offshore brokers is that using them is the fastest way to turn a small amount of money into a large amount. The last time I checked with Tradersway, one of my 2 favorite brokers, trades of $50,000 to $5,000,000 using 100:1 leverage are allowed. I suspect that the US currency futures brokers would start lowering their 200:1 leverage with similar big bucks trades, but I am not sure about that.
Crypto is the future of offshore brokers. There is no regulation the US can enact that will prevent brokers from accepting bitcoin deposits/withdrawals.
There was some talk a while ago about Hugo’s Way, just wondering if anyone had any further experience with them. I apologize if I missed something recently, I just found this thread and saw comments about them from about a year ago, but didn’t see anything more recent than that. Trying to decide between them, Coinexx, turnkey, and FXChoice.
Thanks for the amazing amount of info in this thread, it’s been very helpful.
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I have question for ppl who already making deposit and withdrawal using bitcoin, normally in forex, only the person with the name can make deposit or withdrawal, but since bitcoin is anonymous, is that mean that anybody can deposit and we could withdrawal to someone else??
You can make withdrawal to anyone who you know his bitcoin address.
For deposit, you need to login your forex account to find what is the bitcoin address associated with your account.( the address changes every time you deposit). But if you give this address to someone else, then he will be able to deposit to your account.
It is similar to sending and receiving emails. For sending email, you need to know other’s email address.
For receiving emails, others need to know your email address.
Put simply, anyone can send crypto to anyone, even without their permission, so long as they have their wallet address (similar to email). Receiving crypto is the same way, someone has to send it to you, you cannot withdraw from someone’s account like a bank. Forget the terms deposit and withdraw and think in terms of sending. You either send to someone else, or someone else sends to you. You can send to yourself, from one wallet to another (e.g. from your forex wallet to your personal wallet). Wallet addresses are identified by unique strings, similar to an IP address or an email address, and do not require additional identification. However, to fully access your wallet or to login to your forex account, you will be required to provide login credentials because those things need to be secure. Providing your name or other personal details would only be required to access your account if the forex broker or crypto exchange has KYC requirements in place in order to use their services, but those identification requirements are not needed for sending crypto.
So basically forex rules that you are the only person could deposit or withdrawal to is no longer valid, with bitcoin, we could withdrawal to anyone, well i guess that’s the pros using bitcoin, the cons i guess will be the cost/fee
Not sure what you are saying, exactly, but most forex brokers require you to use the same wallet address to send AND receive (same address to deposit from and withdraw to). So, if you use wallet address #1 to send BTC to your brokerage account, then you will also need to use wallet address #1 when you decide to take that money out of your brokerage account. This is important for security reasons. The wallet address that the broker is using may change, but that is not important, as you will be provided that information when necessary.
Actually, the cost for sending cryptocurrency can be very cheap, depending on which currency you are using. If you are incurring fees outside of the confirmation fees that occur at the blockchain level, then you should look for better ways to send/receive your crypto and/or request that those fees are removed because they are unnecessary, in my opinion.
I would only use BTC as a method to deposit. I would request a bank wire for withdrawals which I think most brokers would be fine with as long as it was going to YOUR bank account. The bank account has to match your name/address on file with a broker. (or company name if corporate account). That is all they care about.
FXChoice seems to cover the exchange fee when sending BTC in and depositing into a USD denominated trade account. However, they charge 1.5% to convert USD back to BTC if you want to withdraw in bitcoin. If you want to avoid that 1.5% you simply request a wire withdrawal. I think brokers are avoiding taking deposits via wire. I do not think they have any issue sending withdrawals via wire.
Just something to note, that, some brokers may require you to provide KYC once you shift from crypto to fiat. So, requesting a wire will likely trigger that request (for anyone that might care about that).
I use offshore Forex brokers because their fees/commissions/spreads are greatly reduced from what you experience in the U.S. I don’t need 400x leverage; hell, I probably don’t even need more than 50, but $10.00 a turn per 100k is highway robbery.
Turning a consistent profit in trading is one of the hardest things you will do in your life. The one thing you can control with 100% probability are fees. Look at fees as if they are your profit… because they are.
LAF
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