Quick question. I plan to open a Coinexx account. For the account currency do it put it as USD or BTC if ill be depositing with crypto ?
when you select the live trading account that you fund, account currency field is automatically populated with the base currency of your live account. then you can select the deposit currency (PS: only cryptos accepted) and proceed.
YesI know it crypto only but what I’m saying is when you first click “Live Account” and it asks for select leverage and select currency. Is the currency the deposit currency or my base currency? So if I want USD to be my base but im depositing BTC which would I select?
you want a usd account you select usd account and when you deposit you select the crypto you want to deposit it will auto convert to your usd account
Thats what I thought, wanted to make sure. Thanks!
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Welcome to the real world.
Here in the Offshore Broker thread, we have been following events in Australia for several months now, as the ASIC caves in to pressure from the CFTC (and from the FCA, and ESMA) to increase their strangle-hold on off-exchange currency trading worldwide.
The goal of these Nanny Regulators is to exclude retail (non-ECP) traders from the off-exchange market, forcing them onto futures-style currency exchanges managed and regulated by the CFTC.
Here are some recent articles on the Australian situation from Finance Magnates –
Regarding the transfer of IC Markets’ non-Aussie customers to their “subsidiary” in Seychelles, use extreme due diligence in evaluating that option. It may be an excellent option – but, as many on this thread can attest, these forced transfers of client accounts can work out badly.
Many of us were involved with Tallinex, before the CFTC cracked down hard on that broker, forcing them to unload their U.S. clients. Tallinex negotiated the option of a transfer of U.S. client accounts from Tallinex to Capital City Markets in Vanuatu — a move which ultimately turned out to be a nightmare for those clients who took that option and went along with the transfer. For more information on that ordeal, search this thread for relevant posts (search-words: CCM, and Capital City Markets).
On a more positive note, we don’t necessarily have anything against Seychelles, or any other reasonably stable offshore jurisdiction. We are much more focused on honest brokers, than on highly-regulated jurisdictions. In fact, one of our Trusted Brokers (Turnkey Forex) is domiciled in Mauritius, which is in the same Indian Ocean neighborhood as Seychelles.
So, as I said above, the IC Markets (SC) option could be promising for you. Maybe for some of us, as well. We’re always looking for offshore brokers who are interested in doing business with us.
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I’ll be reporting back on the positives or negatives once my account is migrated over next week.
I thought that IC Markets stopped accepting new sign-ups from US traders some time ago? Unless I am thinking of a different broker. Assuming that this is the same broker, then the transfer of US clients to IC Markets (SC) would presumably open the door for those that could not create an account with them?
I received the following email from LMFX. I had asked them to let me know when bank transfers were available for US clients once again.
We would like to let you know about our new deposit option for US based clients – eCheck.
An eCheck is a payment method which allows you to deposit through your bank account. Just like a regular check, an echeck takes between 3 and 5 business days to clear from your account.
The minimum deposit amount is 99.99 USD and the maximum is 4999.99 USD. 2 separate transactions are permitted in a 24hr period.
You can find all of the details regarding our new deposit option in the attached files.
Let us know if you need further assistance or information.
I have never used this broker. It was just one I was investigating before I finally landed with Coinexx.
So, Australian based traders have 2 maybe 3 years of grace before the new world order in the OTC Markets will be enforced. As I have said many a time in these forums… Australian based brokers are looking to Asia for future expansion, Australia just does not have the population (25 mil) to warrant large expenditure in chasing more clients at home…
Asia will be the next new horizon… for the OTC market… impossible to regulate across many nations where many Governments operate without transparency… “It’s only a scam, if you’re not in on it…”
Perfect example is the newish broker BlueBerry Markets (supposedly Sydney based). I attempted to do a bit of due diligence on them after No Nonsense Forex gave them a shout out on Youtube.
It took them a while to work out who ASIC were??.. Everyone I spoke with was of Asian (accent)…
After so many posts and threads on BP and other forums, it is becoming clearer that traders requiring big leverage are going to be forced to use Brokers in regions where regulators, up until now have been so openly frowned upon… and are now almost being accepted as safe and trustworthy…
Something important to note here, per the BSA wikipedia page:
A currency transaction report (CTR) reports cash transactions exceeding $10,000 in one business day, regardless of whether it’s in one transaction or several cash transactions. It is filed electronically with the Financial Crimes Enforcement Network (FinCEN) and is identified as FinCEN Form 112 (formerly Form 104).[4]
CTRs include an individual’s bank account number, name, address, and social security number. SAR (suspicious activity report), required when transactions indicate behavior designed to elude CTRs (or many other types of suspicious activities), include somewhat more detailed information and usually include investigation efforts on the part of the financial institution to assess the validity or nature of the transactions. A single CTR filed for a client’s account is usually of no concern to the authorities, while multiple CTRs from varying institutions or a SAR suggest that activity may be suspicious.
Anyone look at the reviews for FXChoice lately? Seem to be issues with communication.
it’s the weekend
I’m speaking in general. They seem to be taking incredibly long responding to replies and it’s reflected in a lot of recent reviews.
Methos, I am not sure I understand your point regarding the BSA. Are you saying LMFX is doing something wrong or shady by complying with the BSA and restricting transactions to less than $10k per day? Coinbase does the same thing ($10k withdrawal limit per day). Or maybe I am missing your point altogether.
No. I am simply saying that the policy is a curious one. I am also pointing out that such practices may unknowingly draw additional scrutiny to traders. This is not a matter of compliance.
Dear YoungGun,
Could you please elaborate where reviews have been critical, in the numbers you suggest, about our communication?
We strongly rebut such claims. Our customer service is at the forefront of our product offering: we strive to provide the best in the industry and are consistently praised for doing so.
We look forward to your response.
Sure. FPA.
https://www.forexpeacearmy.com/forex-reviews/8159/www.fxchoice.com
I am not implying you are a bad brokerage I was simply asking if any others had communication issues.