Checking in with you guys to see if anyone has been trading with them? I need to spread some Covid windfall around and they have a tradeable BTCUSD spread. I’ve only been watching for a couple of days but their spreads seem competitive with Traders Way on majors and decent spread on XAU and MXN comparable with LQDFX. They also have DXY which I haven’t traded since FX Choice dropped it. Side note- FX choice is also dropping TRY as of next Friday.
Any feedback is appreciated. If I trade with them, I’ll comment later. Thanks.
If I remember correctly, their crypto spreads were tradable, with LTC even having 0 spread. However, their commissions are killer, rendering everything moot. I have been having memory problems lately, so don’t quote me on this. It even would not surprise me if I am thinking of a different broker.
I’ve been trading with them. Good spreads. Commission is low at 3.5 round trip. My withdrawals have been same day. Don’t trade indices with them tho because those spreads are extremely high. US30 and NAS are 200 spread.
If I remember correctly, their contract sizes for cryptocurrency caused the commission to be too much because you need many more lots to move similar volume. This is a problem across most brokers that I have seen.
Anyone here considered FTMO or similar? Max leverage is only 100x, but raw spreads are possible as well as up to 300k funded account with 70% profit take. Just curious about pros/cons that anyone is aware of.
there is a major buzz about those guys, i guess if you have a smaller account and you prove you are a good trader and they are willing to fund your account of 100k or more than yes it’s worth looking into
I think, even with a larger account, it could be worth the consideration since you can increase your trading volume with little-to-no additional risk, while in fact, reducing your overall risk by way of diversification.
Since they are essentially putting up the capital and carrying all of the risk while giving you 70% profit-take, seems like a no-brainer to me. Other than the small testing fee that is refundable, should you pass all requirements, I am curious if there are actually any downsides to this. Not sure if they require you to share your strategy with them or have some other unreasonable requirements. So far, I have not seen anything like that that would put me off.
i see what your saying but if someone already have a 100k account with a good system there is no need to split your profit even if your only giving up 30% but it will be less stress using someone else money
Which does not include most retail traders, I’m sure. As long as someone is willing to take the time to qualify, then they can essentially add 100k to 300k of free money to their account, with no added risk, in a manner of speaking.
man i’m glad brokers don’t ask us to upload our ID every 4 years when they expire like so many european companies do, i haven’t been to a certain site for a year and the first thing they hit me with " your I.D. expire please upload your documents"
EDIT: let’s give coinexx credit for replying and telling their side of the story, there are always two sides of a story it’s up to us the trader to read between the lines
Yes. This is standard practice. If you do not practice proper risk management, most investors are likely to pull their funds. In this case, it seems that they allow a lot of flexibility for traders to follow their own strategy and trade how they prefer, with the obvious exception of ensuring that they use proper risk management (i.e. do not use too much leverage), which seems reasonable.
This is an obvious downside for those that wish to trade very high-risk. I think that most, newer traders tend to use more leverage at the start, in an effort to grow their account quickly, but one would hope that they would ease back on that leverage as their account size grows. I cannot speak for everyone, however.
I’m not sure, to be honest. I think that I would have to work out the numbers to see if my strategy would be suitable, as I tend to trade very aggressively. I suppose that it may not be too much of an adjustment, but I would really have to give it some careful thought before being able to properly discern that. Likely, I would want to demo trade within their required parameters first to see if I like it.
If I ever did give it a shot, I would certainly share my experience here. I’ve seen similar programs but I do not know of any that have a 75% profit take…but I’ve not really looked into them much, to be honest. There was only one other program that I looked at closely, but the approval process required much more time.
In any case, it is another option to consider for US-based traders with limited choices.
well i did think about it but have you read the terms, i can see myself being kick out the challenge the first day because of how i trade
i have seen youtube traders who showed live proof of them being funded and withdrawing their 70% profit with no problem and the ones that didn’t make it in the challenge was able to get refunded with no problems so this company is legit
Not sure which terms that you are referring to, specifically, however, I did notice the daily and total loss amounts that were allowed (or prohibited) for their trading requirements. They also have a standard and aggressive trading option to choose from.
The biggest issue (for me) might be that they count open trades toward loss value, meaning you would be limited by how much leverage you can use due to spreads immediately putting you in the red. If you were already positive on your account balance for the day, then you could create some decent padding for that, though. They do have some broker options with raw spreads and no commission, as well, so I would really have to dig in deeper to see what sort of adjustments I would have to make, personally.
Overall, I think that it could be a decent option for some traders.
