Going offshore to escape the CFTC

from my experience when contacting FX Choice through live chat, ill get different levels of help. some will escalate my question to their supervisors, other times they’ll just give you the generic reply.

regarding the USD deposit it was the latter, leading me to check if anyone else got more info than my reply

1 Like

Quick update on EagleFx i deposit last thursday did a trade for $77 profit withdrew my money on saturday at 11pm it took 1hr 11min to reach my coinbase account on sunday, they process withdrawal 24/7 same day :v:

EDIT: 2hr 11min

4 Likes

POCKETOPTION as FOREX BROKER

My specific interest in PocketOption is their Binary Options
which, so far, I believe are 2 minutes in duration.

However, while scrounging for information I ran aross
their MT5 offering which I believe would be open to
U.S. Persons, just as it looks like their Binary Options
platform is also open to U.S. peeps. I think their
Forex minimum would be $1000 to gain access to
their MT5 offering … and Forex or CFD’s. Not really
my interest at this time.

If available to U.S. persons,
then it looks like they are an eligible broker to
join our list ?? Anybody know about this already?

Anyway, my specific interest is in their Binary Options,
and whether they can be automated via an API . There
are claims that it is true, but I find no official or public
API for their service yet… A cursory examination of
PocketOption shows that it is somewhat comparable
to CloseOption, but PO is limited to 2 minutes durations.

As I’ve stated before, unfortunately, I can yet find no way
to automate CloseOption so if anybody knows how, short
of browser hacking, then I’d like to hear about it privately :slight_smile:

hyperscalper

1 Like

i call this guy out as a fraud, i still think coinexx is a trustworthy broker they just need to fix their withdrawal issues, it left a bad taste in a lot of traders mouth hopefully with this bad PR they get it together

1 Like

Have any of you tried negotiating better spreads? If so, was Coinexx receptive to that? Thanks.

but these guys have the 22% spread right? Honestly I could live with that, I’d have to change my strategy…but bitmex is just egregious and deribit is going kyc come january due to EU law so… If EagleFX is comparable to coinexx but with leveraged bitcoin it could be a nice addition, so I could trade btc at least some.

1 Like

bitcoin spread are kind of high with eaglefx i just trade forex and love the same day withdrawal

I did the math on the spreads for ripple, dash, litecoin, and ethereum and their spreads are even worse than bitcoin, some up to 30%. Ugh. But I don’t know about OMG, NEO.IOTA, or XMR. IF there were one that had a lower spread, maybe. 20% is damn near the max, profitble if you hold a trade for about 10 hours, but largely unscalpable. Honestly a lot of my back testing data is starting to make it clear that crypto isn’t scalpable, at least not ultra scalpable, not with the fees. The fees for a notional value of 55000 dollars of crude is 4 dollars, and for bitcoin on bitmex its 75, on eagle fx it’d be damn near 120, let that sink in. Only good thing about onshore commodities is the fees are so much cheaper.

1 Like

coinexx spreads are razor sharp can’t get no better then that unless they had zero spreads

EDIT: my bad i came late to the party :disappointed:

I am used to seeing 0 spread, so I can’t really call any broker offering razor sharp. These brokers are making a killing off of the spread. With as much money that flows through FX, spread shouldn’t even exist. Anyone that thinks otherwise is being fooled.

1 Like

so how would a broker make money from zero spreads

Coinexx is offshore AND has low spreads AND commission is only $2 AND has crypto deposits in so many coins. I highly doubt they would tighten the spread with what they already offer.

2 Likes

Please share with the rest of us! Where you are used to seeing 0 spreads on Forex pairs?

1 Like

Also wanted to know how he was used to 0 spreads

1 Like

The spread on US30 used to be 1 or 3 max, now coinexx has increased it to 10, with a 5 lot position you are at -$50 just by getting in

3 Likes

Trading fees/commissions. There is no reason to apply both, commission and spread. You cannot scalp a market with wide spreads. Look at crypto via any broker as an example.

The problem with this mentality is that it perpetuates the poor terms that we are seeing. Many FX traders think that they are great, which is bad, because they really are not great and could be so much better.

Look at cryptocurrency, for example, where only a tiny fraction of volume is traded compared to FX, yet there are no spreads on major pairs. The problem with crypto is that it is still new, so not as much traded volume and little competition to bring exchange fees down to reality.

I was referring to crypto with that statement. I started my trading with cryptocurrency.

Yep. And the spread is adjusted, depending on which session you trade.

2 Likes

I think my mentality is correct. This is an offshore broker. Maybe if it was regulated and onshore then I would seriously consider your opinion but in this situation it doesn’t apply since we are trying to fly under the radar. Not to mention that coinexx spreads beat a lot of other regulated and non regulated brokers. Their spreads are quite good.

I don’t think crypto and forex should be compared with spreads since they operate so differently. I also think that if you want those super low crypto spreads you should never consider a forex broker as your stop. Only an exchange should be talked about. Yes forex traders think the spreads are great cuz they are great spreads. I’m not looking to trade crypto otherwise I would be on an exchange, nor do I want my account domination in BTC.

There is not one exchange or broker that offers what your implying, you make it seem like you are custom to such conditions. I would like to know where since we would also like to check them out.

Sidenote: I think you should always make sure when your are talking about Crypto you tell us that. That way there is no confusion.

That only reinforces my point. Offshore brokers carry with them more risk and no insurance. They also do not have to comply with the same regulations nor deal with licensing costs and other fees that local brokers do etc… Their operational costs are likely a lot cheaper, as a result.

This does not have to be the case. If people continue to think that it is acceptable, then nothing will change.

But they are not great.

Please elaborate.

I have told you that in my previous post. I prefer asking for clarification in lieu of making assumptions.

1 Like

We will just have to agree to disagree.

Side question: Which offshore unregulated broker offers better spreads for $2? and which regulated ones offer better spreads and crypto deposits for $2?.
Which exchange are you using that offers “zero spreads”? I would think some of the crypto people here would like to know.

I made no mention of specific, broker offerings, so I am not sure what you are referring to.

Regarding crypto exchanges, there are no spreads as you are trading directly on the exchange. There are maker/taker fees, similar to commission fees that brokers charge, but there are no spreads that I have seen. As previously mentioned, there are also downsides to trading on an exchange for some of the reasons outlined above.

While it is okay to disagree, I think that it is important to ask questions and to not concede to ideas just because they are longstanding. Such questions like, how much do brokers actually make vs. how much are their actual operating costs? I suspect that getting a popular broker to honestly divulge that kind of information might be difficult, though.

In any case, I am open to any reasonable arguments that disagree with mine and will consider all possibilities, but I cannot accept that xyz broker offerings are great just because they are comparatively better, especially without knowing details regarding profit/expenses.