I am not surprised many brokers would in live chat…like Cryptorocket and Evolve Markets…but work perfectly even though support will say they don’t allow U.S clients.
The List (post #1) has been updated.
HankoTrade (Seychelles) and SageFX (SVG) have been added.
Some info on SageFX is missing. If you can fill in some of the blanks, it will be appreciated.
3 Likes
For those in here that have been doing this for awhile, historically if one of these brokers is taken down do you see it spill over into other brokers in the same time frame? Are these just isolated occurrences?
isolated occurrences
1 Like
The bitmex situation is very dire, this is the classic CFTC precedence angle only this time the department of justice is making a broad claim that they violated the Banking Secrecy Act and they took the CTO into custody. To put things into perspective bitmex owns about 2 billion in crypto. Bitmex dwarfs any of the forex sites we use here. And I think we all know what BSA precedents mean. The US is obsessed with ending anonymous crypto of any kind. They are trying very hard to backdoor it, the IRS offering a million dollar bounty for anyone who can crack monero’s privacy. There are talks by crypto lawyers about how this can really negatively effect the DeFi space. Now I fear that the cease and desist letters against all the other crypto derivative exchanges are going to start. Heath Tarbert had the audacity to say that bitmex was flouting regulations while other exchanges have to comply, as if he is implying that there are any legal alternatives which is insane because we know there are none! There are 0 retail crypto derivative exchanges for leverage, and 3 or 4 at best for forex!
2 Likes
Why has Bitfinex showed up in court over the past year to entertain the NY attorney general’s bogus claims? What jurisdiction does NY even have on an offshore crypto exchange with no presence in NY or anywhere else in the United States?
When you’re the size of these large exchanges, you need to deal with large banks that likely have US operations with reserve accounts @ the federal reserve which gives the US power over those banks. The fear of potentially being banned/blacklisted from the global banking system Is the only reason the US gets away with this nonsense.
If it wasn’t for the emergence of crypto as a faster & cheaper alternative transfer method offered by offshore brokers, this thread would have been dead years ago.
2 Likes
this is the billion dollar question for me.
I see 2 levels of offshore brokers in here - Level 1 are on the CFTC “Red list” which most people agree is a positive thing, while Level 2 are all the rest
I feel you can usually trust Level 1 brokers more, but they are also more restricted in their trades, need KYC docs, might be difficult to transfer cash to USA, etc
Level 2 usually have wide-open trading, can be 100% anonymous, usually use crypto more than anything, but who knows if they will even be around tomorrow
My 2 main offshore brokers right are FX Choice (Level 1) and EagleFX (Level 2), so I feel fairly certain they will both be here tomorrow, but those Level 2 brokers in my mind all run on just a couple different set-ups, so when 1 goes will all go? Don’t know.
1 Like
Joey - sorry, i haven’t checked-in to this thread lately. I can answer your question with a YES. I have deposited twice that amount with LMFX. I only did so after researching them and communicating with their backoffice team. I was certainly wary of depositing that much $$ with ‘any’ offshore broker (and still am a little) - but so far so good - but to be fair, i have not attempted to withdraw any yet (I probably will be doing a withdrawal within the next 4 weeks. That said, i read through ALL of the LMFX reviews at FPA and i did not see any trends (with the comments made by people reviewing LMFX) that caused me any real concern. The reviews at FPA are a good source of information (for picking up on certain trends / problems that several customers might be experiencing) and i didn’t see anything (legit) that indicated that LMFX had a problem with returning people’s money to them. So far, (i’m now active for almost 5 weeks using real accounts) i haven’t had any problems or issues with LMFX. I have found their spreads and trade executions to be trouble-free and fair. Hope that helps…
SN
2 Likes
Awesome. Thanks dude. I’m much more confident in the company now.
I’m mostly interested in LMFX because of the ability to trade shares and commodity CFDs. Can anyone here shed light on the legality of trading CFDs (individual stocks and sugar, copper, etc) as a US citizen with an offshore broker? I think I’m in the clear, but don’t want to accidentally do something illegal and end up in trouble thanks to the wonderful rules in this “land of the free”.
1 Like
Land of the Free is not USA. USA is the land of the oppressed !!! Shortly will become the old USSR…
1 Like
I never saw anything that indicated it was “illegal” for us to trade with offshore brokers. We all typically have the same questions when we first start looking into going offshore - and that was one of mine too (but i didn’t see anything that made me think it was illegal). You will find that transferring that much money from the USA to an offshore (anything offshore) is not going to be fun. LMFX uses either vload or instacoins (they were not able to conduct a direct wire-transfer from my US-based bank). Using vload was one of the biggest pains in the a$$ i have ever experienced (due to all of the anti money laundering rules) - so if you haven’t transferred your funds yet, be prepared for having to prove where the $$ came from as well as providing your bank statements, etc. My account was a business account, so that did add an extra level of complexity - so if you’re just transferring from your personal account, it should go much easier.
Good luck,
SN
2 Likes
Hello all. Pure fiat, essentially crypto ignorant guy here. I want to fund an account with HankoTrade, can only fund the account with Crypto (most of you already know that). To facilitate the transaction, I opened a coinbase account/wallet/whatever its called. They want $90 to acquire $5k worth of Bitcoin. There’s gotta be a cheaper way to get my hands on some crypto, isn’t there?
Hey guys, I’m still a relatively new trader as I’m now in month 7. My main broker is coinexx, and we all know they are the tightest when it comes to the almighty spread! But these past two weeks I’ve noticed that not only coinexx, but my secondary broker eaglefx, spreads have increased quite a bit. Does anyone know why that is? Could it be the election coming up or something else?
@thr3al
Are you referring to Increased spreads on FX only or all pairs being offered by both coinexx and eaglefx ??
I’ve actually seen an increase on all pairs for both brokers. For example on coinexx during london/ny crossover, spreads on US30 and EU are typically floating from 0-2. But since the 1st of the month spreads are as high as 4-7. Eaglefx is even higher than that. Now these are just two pairs that usually are extremely tight, but on other pairs such a GU or GJ the jump has been quite substantial.
@thr3al I have not been tracking spreads off late at those hours
Typically high spreads from Coinexx or Eaglefx should be a matter of concern if it has been for almost a week now
I will keep track on them and others as well this week and get back…
Thanks! When you check they’ll be even higher than what I mentioned here as outside of Ny/London cross they get pretty high by their standards!
use coinebase pro the fee is $25 for 5k of bitcoin
1 Like
@vcmllc try kraken I’ve been using them instead of coinbase
They would not be the cheapest but are better priced then coinbase