Their security certificate has expired. We will just need to wait it out until they fix it.
1 Like
How can I report tax as there is no trade record in my coinexx account.
Hugoâs Way (HugoFX): I never really looked at these folks to seriously, until today. Their conditions donât sound bad. Has a verdict been handed down here regarding this broker or does anyone here have any experience with this broker? Thanks!
NO Usa clients acceptedâŚ
when you do a wire transfer at Hugoâs Way your sending your money to some comapany and bank of america in florida, they playing a huge game with U.S. regulators
thanks i see that now
i got coinexx as my third broker but thinking about splitting my coinexx funds with LMFX and LQDFX and COINEXX of course. coinexx is great but they make me uneasy
i donât know if their system malfunction or not coinexx still havenât answer my question as to why my leverage drop down to 300:1 itâs been damn near 7 days now so i just open another account last thursday leverage back up to 500:1, im surprise they wasnât ready for the influx of traders with the amount of pr they got.
âThey who can give up essential Liberty to obtain a little temporary safety deserve neither liberty not safety.â - Benjamin Franklin
Your only duty is to share your beliefs and concerns with your friends and family and hopefully impact their decision at the ballot box. We are facing an uphill battle. Half of the current generation think Communism isnât a bad idea. insert Twilight Zone melody
Perhaps Americaâs best chance for survival will be found among the immigrants from former/current Socialist countries. We need to get their stories out there. They know that Socialists like Sanders and AOC will bring nothing but destruction onto our great nation.
LAF
You can change your leverage settings under account operations.
Itâs been said they are run by a rather unsavory individual who had problems under a previous brokerage firm named JAFX.
They should never be ahead of Coinexx, Turnkey, FXChoice, and TradersWay. Probably not even FXBrew.
you donât get it, my leverage drop to 300:1 on the platform but in the back office itâs telling me i have 500:1 and when i try using the 500:1 leverage changer it tells me pick another leverage because the system think i already have 500:1 leverage
i havenât found anybody using fxbrew whatâs your experience i canât find no info on that broker
now we must use email to request withdrawal from coinexx until they get their problem fix
stay away! if you search through this thread or FPA, youâll find out more about them. they are basically JAFXâs âus client accepting armâ after cftc sued jafx for taking US clients, they set up this broker. Weâve had a vote in the past for adding them to the list, but most of the members voted against them.
2 Likes
Has anybody on here ever taken a deposit bonus? I know they are usually discouraged, especially with sports gambling operations which normally lock up your original deposit; but it seems that offers from brokers like Turnkey merely amount to a leverage increase that wont encumber your original funds. Now, it may take a year to have the bonus fully âvestâ, and they reserve the right to just yank it for no reason whatsoever, but why not accept it if thereâs no âcatchâ?
https://www.earnforex.com/forex-brokers/TurnkeyForex/
https://www.forexpeacearmy.com/forex-reviews/13526/turnkeyforex-forex-brokers
Found some good info ^^^ on Turnkey experience. Comments on bonus offers too.
Hello Wm,
It can be really tricky, and potentially dangerous, for non-tax-professionals to dispense tax advice, especially on a forum accessible to the whole world â which explains why people on this thread havenât rushed to offer the advice you are seeking.
That being said, there are some good sources of basic tax advice for traders on the internet, and I will point you to one that I believe will get you started in the right direction.
Investopedia - Forex Taxation Basics â offers a generic approach to reporting forex profits
on U.S. tax returns.
Skip the first half of this article â with only 14 days until the tax-filing deadline, you donât have time to mess around with decisions regarding Section 988 versus Section 1256 of the IRS code.
At least for this year, consider yourself to be a âSection 988 traderâ, and treat your forex profits as ordinary income.
Go directly to the second half of this article, where you will find the following basic plan, which you can use this year â
Keeping Track
You can rely on your brokerage statements, but a more accurate and tax-friendly way of keeping track of profit and loss is through your performance record.
This is an IRS-approved formula for record keeping:
- Subtract your beginning assets from your end assets (net)
- Subtract cash deposits (to your accounts) and add withdrawals (from your accounts)
- Subtract income from interest and add interest paid
- Add in other trading expenses
The performance record formula will give you a more accurate depiction of your profit/loss ratio and will make year-end filing easier for you and your accountant.
You can follow this basic plan on your own, without consulting a tax accountant. After this yearâs tax obligations are satisfied â and before next yearâs tax deadline approaches â youâll have plenty of time to investigate that 988/1256 decision, or to consider paying a tax professional, if those are issues that interest you.
4 Likes
Ohhh. I just realized the trick.
"In case, the total losses incurred by the trader/client reach 90% of initial deposit, his/her position will be squared off or in other words, traderâs position will be squared off at 10% initial equity.
A client may not receive any notification of the margin call if his account starts losing the bonus amount before his actual equity falls below 70% of used margin."
So letâs say you were going to deposit 10k then accept a 10k bonus. Letâs also say that you are a super careful trader and only risk 1% per trade. Well, if you calculate your risk percentage on the total amount of the account - 20k, then you will actually be risking 2% per trade (you only own 10k of the 20k account) which will double your expected drawdown. So letâs say youâre down 4k on your account; you say to yourself, no big deal, Iâm only down 20%. No youâre not! Youâre actually down 40% because itâs based on your original deposit. Margin calls and total account collapse are right around the corner and you never saw it coming. Am I interpreting this correctly?
Hi, clint,
Thanks for your information.It is exactly what I need.