Going offshore to escape the CFTC

SmallPaul · October 30, 2019, 1:50pm

i must add some of that is spam for fund recovery and some has the wrong coinexx but i see your point, it’s like coinexx no longer care

EDIT: also you can see other traders having problems with withdrawals taking to long

Cryptosurf · October 30, 2019, 1:54pm

Yeah they always seemed a bit disconnected from the community as a whole. Might open a small account on Cryptorocket and see. Honestly am getting more comfortable with futures platform at AMP.

SmallPaul · October 30, 2019, 1:59pm

i feel eaglefx is disconnected from the community i showed them FPA where a trader said they won’t give him his 5k withdrawal and they told me they would respond but haven’t

if you look at cryptorocket they respond to their reviews witch makes me feel a little more comfy with them

HyperScalper · October 30, 2019, 5:08pm

I am still in the testing phase, but ready to pull the bigger trigger…

I think I did initial funding with BitCoin… Best I can do is screenshot
their “Withdrawal Rules” here:

NOTE: You must KYC to withdraw, but they are U.S. Friendly !

I have extensively evaluated their executions, which are just
unbelievably fair. Also, they keep kicking in some real $CASH
without any attached conditions, to keep me interested.

hyperscalper

HyperScalper · October 30, 2019, 5:12pm

COINEXX U.S. FRIENDLY WITH KYC ?

I haven’t had time to explore this, but it was my worst
fear. So I ask anyone who knows…

Is Coinexx going to close U.S. personal accounts on
KYC? …or do we know yet ??

hyperscalper

_METHOS · October 30, 2019, 6:29pm

SmallPaul has shared with us what he has found regarding several issues. It is good that we share these things so that we can make informed decisions. However, it is also important that we remain objective and that we do our own due diligence.

Anyone can anonymously claim this or that. For all we know, the complaints that we are seeing may be malicious brokers posting under the guise of a fellow trader, trying to sabotage the competition. On the other hand, they may be legitimate claims by honest people. To add to that, perhaps these honest complaints are coming from people that overlooked something, and the problem was caused due to their negligence or oversight. Or, perhaps they have made repeated attempts to resolve the issue, with no timely resolution, and have a legitimate claim. We have to consider all of these possibilities.

SmallPaul has praised multiple brokers, and also criticized multiple brokers. I do not think that he is a broker in disguise or that he is a shill. I will also add that some claims are more serious than others, and it is up to us, as individuals, to discern what is important and to weed out the nonsense. In some ways, we have a responsibility to ourselves and to others to report things objectively, should we choose to do so, and to not allow for things to get out of control by creating unnecessary panic.

_METHOS · October 30, 2019, 6:30pm

After reading today’s posts, I took it upon myself to reach out to Coinexx. Here is the conversation:

Dave Cooper 12:44
Hello. How may I help you?
Dave Cooper 12:45
Hi there!

Visitor 12:45
Hello. I have a few questions.

Dave Cooper 12:45
Sure
Please go ahead

Visitor 12:47
Many traders are concerned that Coinexx has started to require KYC documents. Since the beginning, Coinexx has touted its service as quick/anonymous without any KYC requirements. Now, suddenly, that has changed.
My first question, is why this is happening? My second question, does Coinexx plan on dropping US-based clients, and/or should we expect some changes to occur later that will limit or prohibit our trading activities with Coinexx? Thanks.

Dave Cooper 12:49
We will continue accepting US clients as this is just to make sure that we can provide 2FA security to each account so it will make the funding more secure
There will not be any change in the terms and conditions of trading with Coinexx and if in future, we will plan for any change then for sure we will inform each of our client before implementing the new terms

Visitor 12:53
Usually, these types of requirements are set in place due to compliance issues with regulatory bodies and other groups, and do not offer any real benefit in the way of security for traders that are depositing/withdrawing using cryptocurrency. So it is not clear to me the reasoning for this. 2FA can be done without the need for photo Identification or proof address, so I do not understand how having that offers any additional security measures. Do you plan on requesting these items for each withdrawal request?
Due to the recent withdrawal issues that some traders are having, as well as the added security measures that have been put into place for manual withdrawal requests, the added KYC requirements have some traders questioning the reasoning for this. Was there a recent security breach or internal theft problem that you are trying to mitigate? The justification just does not add up.

Dave Cooper 13:01
Yes, we are currently requesting for the verification documents to each new/old clients however for older clients, still we are trying to be as flexible as we can however as of now this is the mandate ask from back office as we have received few complaints from clients where they have informed of funds getting withdrawn without their attempt so this will just include basic details like an ID proof which can be a Govt approved photo ID card and address proof which can be Bank statement or utility bill which can be easy for each client to share

Visitor 13:05
It is still not overly-clear to me how the KYC documents will allow for greater security unless you are requesting them for every withdrawal request. That being said, half-truths will only perpetuate uneasy speculation and will further-drive traders away from Coinexx. It is important that we have full transparency on these matters. I want to see Coinexx succeed, because your success will lead to our success.

I will share this conversation with other traders, in hopes that it will provide some clarity, but I suspect that this will create more questions.

Are there any other details that you can provide that will help to provide more clarity to traders that are still unsure?

Dave Cooper 13:06
Allow me a moment, let me check

Visitor 13:06
Okay.

Dave Cooper 13:12
Thank you for your patience and I can surely understand your concern here however this is our organisation’s policy and mandate ask from upper management. I will surely share your feedback in this regards as your query is our concern and for more details, you can surely get in touch with the management via email on [email protected] and I’m sure the back office can share a better view in regards to this

Visitor 13:13
Thank you for your time, Dave. I will forward this on. Have a nice day.

Dave Cooper 13:13
You’re welcome!

Cryptosurf · October 30, 2019, 6:37pm

Coinexx just added more confusion with that strange conversation

_METHOS · October 30, 2019, 6:40pm

Yes, perhaps upper management can offer more insight. For anyone that is interested, you can reach them here:

[email protected]

I would do it, but I have errands to run and I am already late. I will check back later and reach out if no one else has done so.

Clint · October 30, 2019, 6:54pm

Some odds and ends.

(1) I’m really pleased with the level of scrutiny you guys are applying to our listed brokers, especially our Trusted Brokers. And I’m really impressed with the quality debate that is taking place in this thread, especially as regards Coinexx.

As Alisha2019 pointed out HERE, we need to hold our Trusted Brokers to a higher standard than brokers who have not been granted that designation. I’ve said before, and I’ll repeat it here,

Trusted broker status should not be a “lifetime appointment”. A broker who deserves this designation must continue to deserve it in the future, in order to retain the designation. To the extent that it’s possible and practical, this thread should be a democracy. As such, we can vote brokers into — or out of — the trusted broker category.

(2) As for the accusation that James (SmallPaul) has been unfairly attacking Coinexx over withdrawal issues, I disagree with that accusation. James is doing a great service here, keeping our brokers honest.

(3) Speaking of (real) first names, I’m glad to know how to address SmallPaul on a personal basis. And I would be glad to know the first names of the rest of our frequent participants. No need to do surnames, unless you want to. As you may have noticed, ever since getting on the internet more than 15 years ago, I have been careful to not reveal my surname. And I will continue with that policy.

So, HyperScalper (and others), are there more friendly names we can know you by?

(4) I watched with interest as the EU failed to begin the previously-scheduled consideration of admitting Macedonia (and Albania) into their union. (Regarding Macedonia, the EU uses the politically-correct name North Macedonia, so as not to offend the Greeks.) Apparently, French President Macron is responsible for scuttling the long process of considering those two countries for “accession”, as they call it, into the EU.

The issue for us is that admission into the EU would subject Macedonia to EU laws and regulations, including the BS emanating from ESMA. That could spell the end for U.S. clients at our Trusted Broker LMFX. For now, it appears that it will be a very long time before the EU shuts off our access to LMFX.

But, we need to continue our vigilance, as we eye these One-World-Government globalists with the suspicion they have earned.

HyperScalper · October 30, 2019, 7:01pm

MY REAL NAME

Sure, you can call me Brent

hyperscalper ( aka Brent )

Cryptosurf · October 30, 2019, 7:09pm

Strange anomaly going on with Cryptorocket’s feed. Lagging big time behind most pairs.

Cryptorocket

FXChoice

SmallPaul · October 30, 2019, 7:14pm

man i wish i was a broker i would be the only client and i will know where my money is at all times

SmallPaul · October 30, 2019, 7:18pm

remember guys every broker i praise and criticize i have account with them, as you seen with coinexx, im only trying to keep these brokers honest or catch them in the early stage of them going scam so i can get my money out in time. any way happy trading to all

EDIT: btw the backlash on coinexx is healthy for them as they see how quick one muck up on their end can spread so any shady business will spread even faster

The_Kingsman · October 30, 2019, 7:49pm

I am part of a group of traders where we all use (similar) scalping oriented strategies as a group, and we have been trading at Coinexx from past one year. Most of us are avid readers (and fans) of this thread as it always helps us stay vigilant.

First off, I just wanted to update this community that none of us have faced any withdrawal related issues over the past few weeks. We all hold more than $50K accounts and may be just that makes us special enough for Coinexx. We also have a dedicated rep who is name is Simon White and he is our go to person for any and all requirements.

We all were asked to complete the KYC around 4 months back, which we resisted as anonymity was one of the reasons why we came to Coinexx in the first place and we felt like our trust being broken. We were told that it was being mandated by their banks, and we ended up completing it anyway.

So far, our experience with Coinexx has been quite satisfactory, as we did not face any major issues, withdrawal delays or service disruptions etc. We did have a few accounts of slippage issues, but we just love their spreads and low cost execution which is the key for any successful scalping strategy.

Cryptosurf · October 30, 2019, 7:53pm

Don’t take it personal, but your very first post cheerleading a broker is somewhat suspect.

The_Kingsman · October 30, 2019, 8:07pm

Have been just reading this thread for almost 2 years. Yes, I felt like contributing today by sharing my own experience, and sorry if it felt like cheer leading alone.

_METHOS · October 30, 2019, 8:24pm

Thanks for your post. Assuming that you are not a representative of Coinexx (or, even if you are), maybe you can convince them to increase their maximal volume for indices and improve the spreads for SPXUSD.

_METHOS · October 30, 2019, 8:39pm

I think that this is a very important consideration. I was told by a representative of Coinexx, for example, that they do follow this forum and are aware of the comments that are made about them. Other brokers have even posted here. I think that it is good to have an open line of communication. Transparency and trust are critical in this business. Any good broker will want to consider the interests and concerns of their traders and will want feedback and want to improve on things whenever possible.

It is also important for traders to stay informed and to band together as a community in order to keep brokers honest and hold them accountable. We cannot expect and do not want regulatory groups to interfere, making it all the more important that we have these discussion forums where we can share ideas and sort of maintain a soft enforcement in order to keep things fair and honest. It is much easier to silence or ignore a single voice, but not so much if there are many of us.

The_Kingsman · October 30, 2019, 8:42pm

Sorry I don’t trade indices, so can’t comment on that.

But yes - I do get their attention as I represent a heavy weight group that trades at Coinexx, and I would not mind escalating any “serious” issues that I see being faced here by this community.