Since we’re all stuck using crypto to run our business, I thought I’d save someone the grief of using Gemini. You should avoid them. I thought I would try them simply to diversify and have a Coinbase alternate. Also, I was curious about the GUSD stablecoin for withdrawals and transfers. Here’s what I found:
Low limit on ACH transfers ($500 per day). I’m not going to wait 12 days to move $6,000
Demanded that I wire transfer money from my account in order to be verified. ($30)
Customer support was extremely slow. No phone number, only email. On average, 3 days for a reply. My last message to them a week ago remains unanswered. (A question about increasing limits). Even worse, when they did reply, I received canned messages. It was obviously a bot or some moron who was trained to cut and paste replies. It was very apparent that they did not read what I had written. Replying to canned messages finally got some semi-intelligent human attention and the problem was fixed after 10 days of effort.
In the end, I completed my $500 transaction and promptly moved the funds to a broker account. This took almost one full month. Never again. Total waste of my time.
The only thing I did like was that the authy app they use for verification, also asked for withdrawal confirmation. Coinbase doesn’t have that- Just standard 2FA.
To add further insult to injury, I was charged $2.38 for the privilege of transferring $500 with these tards. USDC/Coinbase fees are far lower. I have had a couple USDC transactions actually net positive a few cents. No fees.
I hope more alternatives to Coinbase emerge soon. With operations like Gemini trying to compete, we’ll continue to have fewer options. Avoid Gemini.
It is usually a pain to get started with any of these types of services, but once you are up and running, it is usually not so bad, especially if you are doing wire transfers and can wait for the funds to be released. As you say, though, we need more options. I have dealt with both and have experienced the same frustrations, but that was early on.
Cryptocurrency wasn’t supposed to be this way. But, as per usual, everyone is out to nickel and dime you every chance they can get. Part of the problem is regulation, which severely limits our options. No surprise there. Greed and the need for control not only hinders progress, but it helps to perpetuate the broken systems that we already have in place. The only way to rid of this disease is to have more options, but that is not easy when you have heavy-handed regulation that eliminates and discourages that. They justify their actions with the lie that they have our best interests in mind. The sad part is, this forces honest people to take unnecessary risks either by providing services under the table, or, by taking part in services that are unreachable and could disappear at the drop of a hat.
Looking at LQDFX, the contract spec shows swap long of -125.81 for DE30. That’s 115X Turnkey/Coinexx swap. Do I have that right or did I misplace a decimal? The carry on others I’ve looked at is also pretty uncompetitive. I can live with the 20 stop level because my stops aren’t in MT4, but these guys appear to be a scalp only broker. The swap rates seem pretty ugly.
I’m currently having withdrawal issues with Coinexx. 9k account with a 1k GUSD withdrawal, going on 7 days now pending and getting all kinds of run around. Saved chat transcripts and still have an open ticket.
there is a lady on coinexx facebook page said her and her husband has been waiting 3 weeks for their withdrawal, this might be a trend
the day after they send me my withdrawal i withdrew all of my money out of coinexx and was planning on going back after the new year after i see for the next 2month if any other traders have problem with their withdrawals
im also getting emails from turnkey forex about deposit bonus they all family, be careful my fellow traders
Been with Tradersway since 2015 as stated before, I have added FxChoice for indicies as TW does not offer them and also for risk mitigation. I really wish to have a 3rd option, I was with FinPro, but never funded coinexx. The $2 commission is a lure, in my opinion. I’ll pay the higher cost at TW and FXChoice. I feel very safe with both of them.
I would actually consider a US broker, if there was a reasonable DMA/ECN option and if they protected trader funds in some way. The leverage really wouldn’t bother me as I wouldn’t mind having the unnecessary margin with the broker if it was insured. My main reason for being offshore is simply this…if I do not have access to any broker who is insuring my funds, I’m going to trade with the ones that require way less margin…it’s really a no-brainer. I still have no clue why any US trader uses any of the CFTC brokers. I think they are all under the illusion that regulation protects their money.
dude i was thinking the same thing, either they had some back office issue i.e. hack, stolen funds. remember the message they send me when they said something about miscalculation
EDIT: the miscalculation could be what you said about employee screwed up a bunch of withdrawals
all i can do is show them this thread and ask them to respond to your emails and chat, i think you will get your money im also concern about the guy who been waiting for 3 weeks now
So I was contacted by coinexx letting me know that my withdrawal of Gemini Dollars was approved later tonight. Within 1 hour, Gemini converted my balance to USD and approved access for withdrawal. My credit union only charges $10 for incoming domestic wire.
What happened to me this last week, is that a common occurrence with coinexx? I chose them over LQDFX due to low $2 commission.
If Tradersway ever excepted Stable coin, I’d go back to them in a heart beat. I never had issues and if I had one that I can remember it’s because they don’t wire transfer to credit unions without a swift code. But, they went out of their way to do it for me.
Now, how long do I wait to yank the other 8K in GUSD from coinexx without looking suspicious in cleaning out my account? I certainly don’t want to do a 4k/4k split.
no it isnt. have been wit them for long enough to vouch that. but yes our fellow member small paul had an issue last week as well and it seems like one off an issue.
my withdrawals are coming back on time last one ws around 8700$
looking at them for the sake of diversifying funds bet multiple brokers. they seem fine form what i read online but but fpa reviews arent looking very positive.
is this for real? havnt come across many brokers that so that. And do you mind share what was the fund size. maybe they process small fig withdrawals same day but have a diff policy for bigger amounts. had been with a broker that had a similar policy.
and should this be a reason for worry since i have strong reservation against hugosway being jafx
finpro trading, turnkey forex, fxbrew and coinexx all use turnkeyfx should you be concern, turnkeyfx is a broker start up company witch serves anybody that wanna start a forex broker the same holds true with those brokers you mention they all use the same broker service
yes same day withdrawal i get my funds in less then 2hrs and my account is less then 10k, as you can see on their account page they gloat about same day withdrawals, BTW cryptorocket and hugosway does same day withdrawals maybe because they all use the same broker service, hugosway has always paid withdrawals within 2hrs.
and the complaints about eaglefx is minor beans to me, right now im spoil on same day withdrawals im loving at the moment
dude your not trading with a broker because of stable coin, the broker who you say you never had a major problem with.
EDIT; btw im glad you got your money, you can pull the rest out right now so go ahead and make your withdraw request, for me im waiting till the new year to make my decision if im going back or not
these brokers right here you can sleep good at night
I agree. I use the first two, TW since 2015. I believe they process through US coin (USDC) now. Haven’t tried yet, but that would eliminate any profit/loss on your withdrawal as that is pinned 1:1 with USD.
