A normal doubt from here, if you got a offshore broker, how is the best way to get cash to use on your daily? most of you will say crypto but I think or I don’t know another way … some place as coinbase or anyelse but 1. you’ll have to give your credentials 2. you will be suffering huge rate changes orr comission .
Any idea to give it to a offshore beginnger…? thanks
I’m trying to get something straight because I’m confused between osprey fx, rocket , eaglefx, and coinexx
Which has a crypto spread less than 20 dollars on bitcoin, or uh, .15% of the spot price (a 15% fee like bitmex)(.15%=15% with 100x leverage)
Which of these are KYC and which aren’t?
Can anyone attest to the spread on Brent and WTI crude? Coinexx had been like 10% roughly (5 cents when crude was 55$) But I saw really horrific spreads at LQDFX, and know nothing about the other brokers.
For what it’s worth I saw (again alledgedly I haven’t made an account yet) at FXChoice that crude’s spread was only 3 cents or roughly half of coinexx.
All but osprey are non KYC. Far as spread check out a live account and compare. I like to make live accounts on all and compare. Eagle and rocket have the same spreads, osprey and coinexx are the ones thats different. So with the four brokers you mentioned, two are the same and another two are different, you would only need to compare three total.
I dont know many that withdraw daily. I withdraw weekly or when I need to. Do you own DD on exchanges. A lot do use coinbase, I use them as well or Kraken.
Yes if you want to cash out via crypto the most straightforward way is to give your identity. That’s not really a problem for most. I would not sweat too much about the commissions/fees. If your profitable it becomes negligible.
If you dont want to use crypto, see if your broker does direct deposit. I still prefer crypto deposits.
This will depend on your needs and/or preferences. Some traders may use a crypto card, which acts similarly to a prepaid credit card/ATM card, that can be used at most ATM’s and establishments that take that particular card (e.g. Visa-backed cards) etc… Others may opt to transfer their funds back into fiat currency, then transfer that money back into their bank account via sites like Coinbase or Gemeni etc., where they can use it however they like.
That being said, there are ways to do peer-to-peer transfers via sites like localbitcoins or similar, where you can exchange crypto for fiat and vice versa, directly and privately. However, there may be certain considerations that must be made here, depending on your circumstances.
Providing identification will be a requirement for any reputable bank or reputable crypto card provider because such documents are legally required for compliance purposes for a myriad of reasons. This is true for the United States. I cannot speak about other countries. This may not be true for peer-to-peer transactions.
Any fees incurred at the exchange level, for currency conversion or for card/withdrawal usage etc., are usually on par with most banks, prepaid credit cards and ATM’s etc… Some may be higher and some may be lower. Generally speaking, those that are willing to pay the higher fees usually do so because of the convenience that the service offers or because there are few alternatives that are currently available to them. As previously mentioned, the fees are usually negligible if you are earning enough to warrant regular withdrawals or to make regular use of a pay card etc… Fees for peer-to-peer transactions can vary widely, and are usually much higher simply because the user sets the price and because you are paying for privacy.
You say that you are an offshore beginner, so I do not know if that means that you do not currently reside inside of the United States, or, if you are new to offshore broker trading. Nonetheless, my comments apply to US-based traders that opt to make use of offshore brokers for their trading needs.
I’m outside USA, I’m traying to avoid taxes and KYC in order to get gross similar to net.
Thinking about your post , insecure offshore brokers without regulation, fees of cryptos to fiat (and transfers at networks )are indeed upper than a wire of traditional brokers and at the end If I will to transfer wires whatever to my traditional bank … My state will see all earnings so I will have to pay tax (plus fees)
Just pay your taxes. If you transfer large funds to your bank, your bank can still take note of that and file that information if they get audited at least in the USA this can be done. Perhaps also in your country this may also be a thing.
If you scroll up, there was information related to taxes. A lot of tax information is on the sub.
yes , same on my country related banks info sent to state. But them what is the use of offshore brokers, accounts , … if USA law restrict CFD or any else at the end your bank will inform about procedence of your funds and could be idenify it is a broker offshore.
The use of offshore brokers is to use leverage. Leverage in the usa is regulated at 50:1. Offshore I have seen leverage up to 3000:1. Its not about avoiding paying taxes. Thats a different ball game entirely.
My bank will not know that I am trading CFDs forex or whatever else besides crypto since I deposit via coinbase. They just know I have a deposit. All they see is that I have a deposit from coinbase. I also pay my taxes.
Also what is the liquidity like with FXChoice in Belize? Can they handle multiple market orders of $25m (250 lots) per click without slippage of more than 1.5-2pips? Assuming majors traded (EU, GU, UJ, AU, etc)
ECP is 25 Mil liquid cash now and I think 50 Mil total assets liquidated value. I tried with several friends of mine 8 years ago putting everyone of the group into one company to try and get ECP when it was 10 Mil total asset value and 5 Mil cash. We did balance sheet of 20 Mil and all put together 6 Mil in cash for our group and we were turned down for ECP. ECP is only for people they want. Non market people are not allowed in. This is why I am over with unregulated brokers offshore. I have no choice. You haft to have the ability to hedge! You haft to be able to close out winners!!!