that guy been asking me a lot questions about you guys and every time i give him my good experience i have with you guys it seems like he come back with something negative to say, im convince he just looking for dirt on you guys.
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YoungGun, as far as we can see there is only one negative review there about our communication and that was from a client who didnāt realise we had a callback function on our homepage. She actually left very positive feedback in the ticket, but posted an angry review before we resolved the problem.
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I had no idea that asking questions to clients using a brokerage was āseeking out dirtā. Youāre nuts.
yes im nuts anyway good luck
For the record, I sent SmallPaul a message inquiring about lag and if he ever ran into the issue with FXChoice. Apparently common questions via private message are meant to be public. Who knew.
you calling me names in private message and in public forum but you flag my post. lol im done
EDIT: to be fair maybe youngGun wasnāt looking for dirt but it felt like to me you wanted to make fxchoice look bad. ima leave it at that and im done with it
I found something really interesting to share guys. And itās pretty wild. But important to note.
Itās a metamask connected decentralized 500x leverage forex exchange ā¦based in Vietnam. I canāt attest to itās functionality, only that itās the first time Iāve EVER seen this. As far as Iām aware Metamask creates smart contracts on the local device and blockchain that are unsiezable, unfreezable, etc. In other words the funds arenāt actually with the broker, they should not have control over the smart contract.
This is ultimately the direction things need to head in. Itās of course funded with ethereum through metamask. https://nami.trade
This could be the beginning of something really amazing in concept. Nami Trade
dear god lol the fee isnāt based on notional value but on margin itself
" With higher leverage ratio of, for example, 1:500 for the transaction of
1 lot of Gold (with the transaction fee of 0.2%), NACs in the wallet
should be 100,000 / 500 = 200 NACs. The fee shall be 200*0.2% =
0.4 NACs." Itās like a 25 cent fee for 1 lot of gold lol
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man nami is pretty wild id strongly encourage someone to test this out and see how it goes. and let us know. I donāt think any of it is really centralized for accounts and purposes, I think withdraws are basically automatic from the smart contract, no waiting for manual processing. At least thatās the indication Iām interpreting, If Iām not wrong. 50x leverage on crypto, 500 on forex.
Obviously itās not useful for high volume algo traders and this is all heavily beta, itās not on meta trader or anything. But in the future I could see this replacing metatrader, as it well should, this is clearly in itās infancy.
Might be able to use the Ethereum API to algo trade on this siteā¦ Iāve been looking for similar using Stellarās Horizon API. Found decentralized exchanges, just no leverageā¦ Definitely worth checking out Thanks
Cool find. Thanks for sharing. Took a look at the site and read through their white paper, but many things are unclear. If you learn anything definitive, please share it (or PM me, if you prefer).
I agree that this is the direction that things should be heading. Regulatory and privacy issues aside, the fees and spreads that we currently see in this day and age, even with offshore brokers, is ridiculous in my opinion. I realize that many here may disagree with me, but the reasoning for this probably stems from the fact that any basis for comparison is likely much worse, and because many people have accepted and believe that things cannot be much better than they areā¦when in actuality, they really can be a whole lot better.
We can only hope that various, regulatory and corporate-interest groups will not allow their greed and need for control to hinder the much-needed progress in these areas.
IC Markets does not accept US clients, according to their website.
The white paper for nami was excellent, makes it quite clear where bloat and overhead come in and how blockchain changes it. The real issue is waiting on ethereum 2.0 and certain changes to internet DNS backbone itself and Tor, i.e eventually these decentralized exchanges will not run on servers or be resolved by servers, so they wont be siezable. But I suppose that is a worst case scenario, one that definitely needs to happen though it relates more to financial access at all and less to leverage traders such as ourselves. But I find it amusing as hell that Vietnam did this, because Vietnam isnāt excactly on the FATF whitelist which means they arenāt really ready to bow down in the first place. Itās definitely going to get much harder for banking secrecy laws to be applied. JP morgan coin released todayā¦like everything is headed to the blockchain, literally everything, bonds, etc. which means a technological arms race is about to begin because forcing banking secrecy laws on crypto is mind blowingly hard compared to regular finance, in all honesty I believe 3 years from now it will be Panama all over again. Really it is already in many ways. There are south east asians moving 100s of millions around on bitmex untaxed and unregulated in secrecy to be pretty blunt. Much of the global crypto volume is in fact in Asia.
On a side note though we may be on the right side of regulators for once. Today the CFTC gave the final DCM license to LedgerX. LedgerX should offer retail bitcoin futures soon, and I suspect the leverage could ultimtately be worth it. Of course it isnāt compared to bitmex, but this time we are actually on the right side of uncle sam and you wonāt have to fear putting 50 or 100 grand on a domestic exchange.
I canāt state more strongly how much more hyper volatile bitcoin is than forex lol. its sort of hilarious at this point. Weāre talking 40 minute moves that take 36 hours in forex.
Regarding bank secrecy laws applying to crypto, I believe that until we see mainstream adoption, enforcement should not be overly difficult. However, once cryptocurrency goes mainstream, and everyone, everywhere, starts to use it and accept it and all forms of purchases can be done in peer-to-peer fashion, then that is when things may become very difficult to monitor and where enforcement of bank secrecy laws may become impossible.
Currently, our government relies on banks and other financial institutions to comply with reporting requirements and establish internal policies and procedures for such. When cryptocurrency becomes mainstream, and everyone is using it, there will be no need for a middleman, and no good way to determine where money is going or why. As things currently are, cryptocurrency must be converted into fiat for most things, so it is easier to monitor and regulate. Governments fear the day when conversion to fiat is no longer necessary, because that is when governments will likely lose all control.
I predicted some time ago that companies in the retail sector, food and entertainment, banks et al. would establish their own alt coins, and as we are starting to see that now, I foresee that many more will follow. There are so many applications for it. I also foresee some governments establishing their own cryptocurrency and requiring that their currency be used for taxation purposes etcā¦
The volatility and valuation fluctuations for cryptocurrency are great, especially when trading alt coins. However, the volume and liquidity just isnāt there yet, making it difficult to trade for large-volume traders, especially as it relates to lesser-known alt coins. And since there are no central exchanges, per se, then the volume and liquidity may suffer even furtherā¦unless you are trading via an exchange/API that is able to tap into multiple exchanges at once. This does create arbitrage opportunities, however, especially for those that can establish automated solutions that are practical. As the trading volume increases, we will likely see a reduction in volatility, similar to FX. As new alt coins are added to the mix, similar to exotic currency pairs, better volatility options may become available, but we may also see similar downsides in the form of wider spreads and slippage etcā¦
Having traded both, FX and crypto, I can say that the trading styles are a bit different. Similar to how different currency pairs move, depending on the base currency, time-frame or trading session etc., you may see a different behavior in the overall movement of the market. I also noticed that some indicators are weighted differently, giving some glimpse into what crypto traders favor vs FX traders. I also think that the bots that make up a large volume of FX movement make a big difference. Crypto is more predictable, as a result, in my opinion.
The interesting thing about the Bank Secrecy Act is that is was initially opposed by several groups that attempted to have the courts rule that it violated 4th amendment privacy rights as it relates to unwarranted search and seizure, as well as 5th amendment rights of due process. However, the law states that no warrants shall be issued - except upon probable cause supported by oath and affirmation. The key phrase here is āprobable causeā. Probable cause can be anything that is defined by law and this definition can change without violating constitutional rights. Anyone with any sense can see the problem here.
The reason why this is important, is because if something like āregistered crypto walletsā or similar becomes mandatory, then the same monitoring of funds, violation of privacy rights, enforcement procedures and the consequences that follow, may all become applicable to cryptocurrency. If that happens, all privacy and crypto autonomy will go out the window. I believe that there is a lot at stake, from both sides of the table, and that the war against cryptocurrency has only just begun. Cryptocurrency represents far more than just cheap and convenient money transfers. What we āallowā to happen in these early stages could be critical, and not just for those that are in the United States.
No spread, no swap, and no commission and 500:1 leverage? This sounds too good to be true. Still, without an API, it would be useless to me. I donāt have the free time to manually trade. Iām installing geth and seeing if I can automate some trades this way.
In the meantime, has anyone else traded here?
Usually, when something seems to good to be true, it is. Free time is my most valuable commodity and Iād hate to waste it! 
CIRCUMVENTING U.S. FIFO RULES ā IS THIS CORRECT?
I wonāt post the link to this video, because Iām just asking specifically
about the claim on FIFO . The claim is that the transactions on
the LEFT where equal lot sizes are used, would be forced to close
in FIFO orderā¦ 1, 2, 3 means the order of opening of the positions,
in the SAME symbol, in the SAME account.
But the ones on the right, again, same Forex symbol, which are using
differing LOT SIZES would be permitted to be closed in any
arbitrary order.
So the claim is that the same lot trades are āsimilar dealsā but the
ones using only differing lot sizes are not āsimilar dealsā within
the FIFO concept. Seems wrong to meā¦
IS THIS CLAIM CORRECT? I donāt think so, but please surprise me !!
If I had to trade with a U.S. broker, I would like to use FIFO, as
that is my preferred method of taking partial profits, etc.
hyperscalper
Typically, when trading directly on an exchange, you may incur a maker/taker fee or transaction fee. Any spreads would be natural and not manipulated (should be, anyway). Swaps may occur, depending on the exchange and what is being traded, but Iāve not looked into this particular exchange enough to see what they specifically offer.
It is my understanding that this is correct. same lot sizes of the same pair must be traded FIFO but different lot sizes of the same pair my be taded in any order.
The link below is from the Oanda website the answer to your question is at the bottom of the page.
KC
https://www1.oanda.com/resources/legal/united-states/legal/close-trades-fifo
Interesting they they used ETH. Also that they went away from metatrader. The one I use at the moment is cryptorocket.com because I get 100x leverage on crypto trading and the usual 500 on forex. But they do have commission on the trades unlike the one youāre suggesting. Iāll give nami a try and see. Unfortunately Iām HODLing a lot of BTC at the moment so itās inconvenient to swap out to some ETH
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I just opened trades on OANDA 1 unit 2 units 3 units and could close them in opposite order. THen, I opened three trades of 10 units and was not allowed to close in opposite order. Last, I opened an 11 unit trade and was able to close it before closing any of the 10 unit trades. This FIFO rule makes absolutely no sense to me. It appears to accomplish nothing except annoy people and cause additional overhead.
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