I was able to view the behavior of IG Market’s MT4 setup,
and was struck by a client being unable to modify a Pending order
for Take Profit or Stop Loss. On looking at it, it emerged
that DEMO accounts force a minimum of 200.0 PIPs from
the Market for both TP and SL modifications (otherwise the
modify key is grayed out). Ridiculous, of course.
So I said let’s check the LIVE accounts and there the restriction
was a much more reasonable 5.0 PIPs from the Pending Limit
Order price for both SL and TP settings.
I still have not had the opportunity to see how they handle
FIFO.
[EDIT] the result of all this, is the client headed for one of our
trusted brokers offshore.
One would think that if that were the case, the same would carry over to regulated brokers during high volatility. Although, I suppose that the higher spreads being offered by unregulated brokers would make sense, assuming that their LP’s were actually taking on more risk by funding them as opposed to a broker that was regulated. I can only speculate on that, however. It could also very well be that the liquidity pool is just much smaller with unregulated brokers…but I’ve no idea about that as well.
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Exactly. There is nothing stopping me from gambling my life savings away at a casino where the odds are heavily stacked against me, but to intelligently invest my money into the market, where the odds are in my favor, has me jumping through hoops and taking on unnecessary risks while still battling unfavorable conditions.
Something needs to change. I’m just not sure what incentive there is for new legislation when the people that need it the most are part of a small minority that likely lack wealth to begin with.
Right, I’ve been doing this for 10 years, I average 6.7% per week. So someone who has studied, put in the chart time,etc. should be punished from making money because they are concerned about the guy who has no idea what they are doing is going to lose. It’s a complete crock, they are MORE concerned that I am making money, not the guy losing. On a side note, I got into forex after they banned online poker. I used to 12 table and make a pretty significant income. They took that away and now are regulating the ■■■■ out of forex. I was a statistics major in college, I am skilled in probabilities. Maybe have people get certified, take a test, whatever to be able to trade with these good brokers as opposed to having to show 10 million dollars. They know nobody can do that…
About Coinexx accepting wire transfers- I was thinking about using a wire, but then you are trapped withdrawing by wire. I assumed that would be the case, so I wrote them to confirm:
<…paste>
Nkennedy 12:18
Yes, you can withdraw the fund into your any of the bank account.
Me
Only by wire or can I withdraw using crypto?
Nkennedy 12:34
You can withdraw the funds into the same method which you will use to deposit.
You can not withdraw the fund into crypto if funded using bank wire.
Related to my previous post about wire with Coinexx, I was considering reactivating my account with them and using a wire for a good size deposit. Problem is that Coinbase decided my bank account is suddenly suspicious (After 5 years of using the same account) and will take a week to review.
Coinbase and Gemini have given me a lot of headaches over the years. Issues with both of them don’t seem to be improving. Anyone here have a suggested alternative or is it just more of the same poor customer service and excuses to deny or delay my transactions?
To be clear, withdrawals haven’t been the issue- It’s usually when I want to purchase crypto to seed an account that I have trouble.
I use coinbase, and with TW and Coinexx, USDC. If you’re willing to pay the 3.9% with debit card it’s instant to coinbase then maybe 10-15 minutes to broker. So you should be funded in 15 minutes total. My new strategy is ACH with Coinbase Pro so I don’t pay the fee, I keep about 15% of my total capital in cash at coinbase (FDIC insured) so I can move quickly in an emergency margin situation
I would also recommend taking a look at TrustToken. You can buy TUSD directly from them with a bank wire. Within a few minutes of the initiated wire, you will receive TUSD. Only fee is whatever your bank charges for domestic wire. I bank with Chase so $25.
I usually have the TUSD sent to my Ledger. From there I can fund my accounts or exchange for another crypto.
No telling what that is all about, but as previously discussed, Coinbase technically prohibits the use of their service for things that are considered high-risk (including trading). Some traders here have already experienced issues with it. However, those that use Coinbase Pro seem to be doing fine. Nothing is guaranteed, however. I always recommend sending your funds to your own wallet first, in lieu of sending direct to broker (and vice versa). If Coinbase or others are looking that deeply at the blockchain to try to determine what you are doing with your own money, then they absolutely do not deserve your business as far as I’m concerned.
Some users here have recommended CashApp as a good alternative to Coinbase. One factor to always consider is how much you are wanting to purchase, because that will determine which purchase methods may be available (and/or more suitable) for you, as well as what your wait time and fees may be etc…
and banning CFDs is also about protecting the stock & futures exchanges… they make a ton of money on exchange fees, real time data fees and commissions from constantly having to roll forward contracts on long term trades.
Tier 1 prime brokers (ex. Chase, Barclays & UBS) < Teir 2 prime brokers (FCStone, Jeffries, Saxo prime) < large brokers (Oanda, IC Markets, Gain, IG Group) < Smaller brokers white labeling (most of the offshore brokers)
The larger regulated brokers have much stronger balance sheets. They are higher up in the food chain with Tier 1/Tier 2 Prime broker accounts trading on the reputation & direct credit lines of those PBs with the big liquidity providers, so they get better spreads.
Makes sense. I’d be curious about LP’s, who they are and how they are procured by unregulated brokers. For some crypto exchanges, most anyone can become an LP by putting up their own money and earning a consistent profit each month. Not sure how it works with brokers, though. I would imagine that regulated brokers have stricter guidelines to follow for such things, but I can only speculate.
The unregulated brokers have accounts with a larger player who has the credit lines with the LPs. Finpro, Turnkey FX & Coinexx were all white labeling I believe it was TrueFX. TrueFX likely has a PB account with one of the EU Tier 2 brokers who extend their credit lines with LPs to them… then TrueFX extends those lines to Finpro, Turnkey FX, Coinexx and other brokers… and finally, those brokers extend those lines to their retail clients to trade on margin. Everybody in the chain gets paid via spread markup &/or commissions and anyone above the STP retail broker could be B booking (trading against clients).
It’s likely the exact same thing with Hugo, Eagle & CRocket who all have similar markets, spreads & back-end interfaces.
No and thanks for the previous reply. I also use ACH with Coinbase Pro. The problem is that they wouldn’t let me start an ACH transfer from a bank account that I’ve used many times before. Usual path is ACH ->CB-PRO (If not using stable coin) ->PHONE WALLET ->BROKER. Reverse for withdrawals. They replied after a few hours and said to allow 6 days for an ‘account review’.
“Transactions may be declined for a variety of reasons especially if the transaction looks fraudulent or risky. For security reasons, we are not able to provide specific information on how we made a determination to decline a transaction.”
I triggered something in their system but they haven’t, and maybe never will, explain why.
Exactly. It’s frustrating to have money sidelined while I wait for a human to override some system programming. If they explain anything, I’ll share it.
This has me thinking. I know that many banks stopped allowing the purchase of crypto a few years back, when bitcoin exploded, scammers were rampant and regulation was still caching up. Doesn’t seem likely, but it is possible that your bank may be holding you up, so you might check with them, if you haven’t already, to see if they have made any policy changes in that regard.
Another possibility is simply that Coinbase has decided to check your account to see if you are using it for one of the prohibited reasons as outlined on their terms of use/policy page. Either your triggered something, or they had an internal policy change or random account check etc. Who really knows?
The other possibility is if your account has been idle for some time, and you triggered a manual check when trying to initiate a bank transfer out of nowhere. Other than that, the usual things, such as recently changing bank/account information etc. may cause certain security measures to be carried out in an effort to protect your funds.
This is (or was supposed to be) one of the benefits of cryptocurrency…that we take control of our own money, that no government or organization can control it. Governments and corporations are scrambling to do just that, and until cryptocurrency becomes more mainstream, the use of heavily-controlled fiat currency will be a required go-to as a means for procurement.
i also must of trigger something with coinbase pro because they set my ach transfer to zero, i haven’t use coinbase pro ach transfer in like 2yrs so maybe that’s the reason
Wow, that is concerning that it is coinbase pro, not just coinbase. So is it probable that I know need to split the 15% of my trading capital I hold at coinbase pro among several crypto exchanges the way I have my 35% split among 5 brokers? Once again, I SHOULD NOT HAVE TO BE DOING THIS IN WHAT IS CONSIDERED THE LAND OF THE FREE!!! The brokers you allow me to choose from are pure market making scammers with inflated spreads, the CFTC actually CREATED this environment. Of course, the non-protection of funds has nothing to do with the brokers, that’s the CFTC itself which PROHIBITS them from insuring our funds. Please, I beg, I can live with 50:1, just put it across all pairs, get rid of the 20:1 on GBP, Brexit is over!!! Protect my funds and actually REGULATE THE BROKER. I will be happy to trade with CFTC broker.
Sorry, must have fallen asleep and was dreaming for 3 minutes.
