I know this is a bit of a personal question, but would anyone be willing to share what kind of $ amount they have with any of the “approved” brokers ? I’m interested in making a larger deposit, and I’m curious as to what others feel as “safe”.
I do realize that they all carry some form of risk. Just polling the audience to see what everyone else feels is an acceptable threshold. Thanks!
Isn’t that subjective? Personally, I wear a mask while out in public whether others do or not.
What would be your meaning of ‘a larger deposit’?
All the brokers mentioned in the Trusted Brokers list are the ones that we as a trading community FEEL are safe and can be trusted with our funds. But still, to safeguard our funds, we normally diversify and use multiple brokers for trading instead of just one. I have been using Turnkey Forex and Coinexx and planning to add one more to the list.
Guys-
The question is subjective which is why I’m asking.
I’m looking for a simple answer from as many who would feel comfortable -
Something like “I feel comfortable with 10K”
Or I would feel comfortable with 50K or 500.
Obviously everyone has their own opinion.
I’m polling the audience.
Thanks-
Brit
More than likely… Bitmex founders getting indicted by the US gov scared the crap out of them Traders way & FXChoice.
When I started, I didn’t feel comfortable transferring that kind of money off shore, but due to the significantly higher leverage available, I was able to make way more money and ended up having more than what you stated offshore.
Since leverage was so high, I was able to keep 80% of my capital in my control since it wasn’t required/locked up in margin. I traded my normal position size as if 100% capital was on deposit and just transferred more money in as needed. I hold a decent amount of USD stable coins in a private wallet for just this purpose.
I tried to stick to the offshore brokers that were already handling six figure+ myfxbook accounts. Later on as my account size increased, for added protection I spread my risk across 4 different offshore brokers utilizing a VPS & copy trader software.
But what good is it to know what others are doing or what others feel comfortable with? Do you gauge your risk tolerance by what others are doing? I’m not trying to be a pain, I just do not see how it could be relevant to what you decide to do with your own money. At the end of the day, you, alone, will have to decide what you are comfortable with, and that should not be determined by what others feel. Just my opinion. After all, one trader may be trading with their life-savings and have incredibly low risk-tolerance while another trader here may trade with play money and not care at all about losing it. Furthermore, what someone may feel comfortable with today may be very different to what they felt comfortable with last year or what they may feel comfortable with next year. So, any answers that you get may be very different and not apply to you at all.
A better question might be what sort of risk-mitigation efforts do traders here typically employ to minimize losses and minimize exposure to the market etc… For example, making sure that you can trade on your mobile device in case your internet or electricity goes out and you need to close out of a position. That information seems more useful to me than what someone is willing to put with a broker. Everyone may be at different stages with their trading or facing different circumstances. Again, not trying to be critical, I just do not understand your reasoning. If you were polling responses for an article or doing research, that might make more sense, but to say that you are asking because you are interested in making a larger deposit and would like to know what monetary amount others feel safe with, just doesn’t make much practical sense.
In truth, the likely responses that you may get here might be something like 20% across 5 brokers or something similar. That kind of response can be useful, I suppose, but you are asking for actual amounts, which may or may not even apply to you or anyone else here, and those amounts are likely going to change over time.
Hopefully my words are not coming across as overly harsh, because that is not my intent. However, if something doesn’t smell right, people here will get very curious, very quickly. Welcome to the group, by the way. 
I only use two broker :
Turnkeyfx/ Prosperityfx All in 
-Turnkeyfx Withdrawal up to 24hr
-Prosperityfx Withdrawal up to 4hr
I only trade eur/usd , spreads are the same.
No disrespect to you but it absolutely matters. Size 100% matters. If everyone on this thread is trading with $1,000 accounts its MUCH different if everyone is trading with $100,000 accounts or $1,000,000 accounts.
How much someone is willing to risk is totally subjective but it is certainly another data point that would be useful in deciding how much I am willing to risk. If a formed community who has literally been having this discussion for years are collectively averaging $1,000 accounts that would not give me much faith if I desire to wire out $50,000.
Adversely, if collectively the account size average is much higher, that would give me a level of certainty that I otherwise wouldn’t’ have.
You may disagree and I certainly respect that, but knowing approximately what others on a reputable forum are willing to risk would certainly weigh heavily into how much I would be willing to risk.
All the best!
Ok, I’ll chime in.
It isn’t any of anyone’s business how much anyone else invests into a broker.
I understand if someone wants a “basis” of trust (I guess?) with these brokers, but again, it’s not anyone’s business.
Do your own research. Don’t invest what you can’t afford to lose. Start small and build up the account after YOU YOURSELF feel you can trust the broker.
Anything else is just nosiness, and screw that. (I’ll edit out the harsh language of y’all can’t handle it)
I personally don’t care AT ALL what someone else invests. I do my own research. I don’t invest what I can’t afford to lose. I started small and built up my trading accounts after I felt I could trust my brokers.
Here is how I do it. I’m going to use round numbers for simplicity. Let’s say you have 100K in trading capital. Keep 80K in your US based, FDIC insured bank, keep 10K with coinbase pro or some type of crypto exchange/wallet for emergency transfer to cover margin and keep 10K with your offshore broker of your choosing. To further mitigate risk, you may choose to divide the 10K among several offshore brokers.
You can scale this to whatever your trading capital is. In this example, let’s assume you risk .5% per trade ($500). You have room for 20 losses before needing to move anything from your crypto wallet to the broker. If you’re risk per trade is higher, you can change it from the 80/10/10 I am explaining here.
In other words, you do not need a large account offshore. Your risk per trade is based on your trading capital, regardless of where it is held. Why put it with a broker, whether it be offshore, CFTC regulated, whatever. If you are in the US, there is absolutely no scenario where your funds are protected
I’ll give you a real world example, lets say you want to trade the GBPUSD with a 30 pip stop and risk .5% of your trading capital. You would be trading about $16 per pip ($160K). To do this with a US, CFTC regulated broker you need $8K in margin!!! (since GBP pairs only give 20:1), offshore you need $320, of course, in this example, you’re risking $500, so you need $500
Why on earth would I ever put up $8K to risk $500? That’s 8K of unprotected funds as despite all the “regulation”, your funds aren’t protected.
So simply take your trading capital and do 80/10/10 or adjust it based on whatever your risk per trade is.
I understand what you are saying. Unfortunately, you asked how much we would personally feel comfortable with…and that is totally subjective. Had you asked what the average account size was for each broker, or what account sizes they have been known to be able to accommodate etc., then your reasoning would make more sense. And actually, that kind of thing is discussed here from time to time.
Since you do not know our backgrounds, our circumstances or risk-tolerance levels etc., then you cannot possibly use that data point as a determining factor…or, at least you shouldn’t. And even though this forum is considered to be a reputable source, we could all be dirty, sociopathic liars. So, always do your own due diligence, determine your own risk-tolerance and never trade with more than you are comfortable with losing.
You may find some broker data online, talking to your account manager or by searching this thread. I recall a few posts mentioning brokers here that are handling 6 and 7-figure account sizes rather frequently. But again, could all be dirty lies.
All,
First time poster here but I have been following this thread for some time and wanting to contribute. I have been trading with Cryptorocket for some time and have been pleased overall. However, yesterday I attempted to withdraw around $15,000 and received the message below. I have no open trades and all of my cash is in my non-trading account. I am not accusing or making a claim that Cryptorocket is scamming me, rather, I wanted to catch any of those who are on the fence with trading on CR to perhaps wait and see what my outcome is. Again, my only goal is to protect my fellow traders out there in the event my situation goes sideways. See below:
Dear Jeff ,
I hope this email finds you well.
We have taken the decision to put your withdrawal on hold for the time being. We have implemented new security measures, with a final decision on behalf of our higher management, to confirm that everything is followed correctly and legitimately.
Please note that the reason behind this protocol is simply due to the fact that once we have sent the funds out, there would be no possible way of retrieving these funds should there be any form of misconception. We appreciate your understanding and rest assured that we will process your request within 24-48 hours.
Moreover, we will be reviewing your account as a whole, should you have any open trades on closed markets.
Please keep in mind that the price of an instrument can gap upon open, which can increase the risk of an account going into a negative balance when not having a safe Margin Level.
Be advised that your withdrawal will be approved as soon as it is safe to do so. This is a security measure to protect both the trader and us as a broker.
To ensure quicker withdrawals in the future we recommend closing enough trades before the market closes for your account to have a Margin Level of around 1000%, excluding the withdrawal amount.
We kindly ask you to reply to this email, in order to confirm that you are agreeing with our terms and taking our timeframes into consideration.
Please do not hesitate to get in touch if you require any further assistance. We are available and always happy to help.
You can also refer to our FAQs for general queries and guides for step-by-step instructions including visuals:
[Deleted Links Not Allowed For New Users On BabyPips]
Kind regards,
Tyler
Payments Team
Nothing to discern as of yet. It would seem reasonable that they would want to ensure that everything is above board before processing your withdrawal; as they say, not only to protect you as a trader, but to protect them as a broker.
They have stated that your withdrawal will be processed within 24/48 hours, following your reply and agreement to terms. If you have been doing everything above board, then there should not be any concerns.
Please keep us posted.
yes this has happen before to a few people i know who still trade with cryptorocket, the last excuse was to make sure everything clears thru their LP so the broker won’t be liable
in other words they don’t want their LP to come back and say those trades was invalid after they send you the money
Thank you for the responses. My withdrawal was approved and my funds were received. I made an additional withdrawal that was larger than the original which was approved as well. I also wanted to mention that Cryptorocket sent me emails on both transactions to confirm that the withdrawals were requested by me. I do appreciate that.
glad everything went smooth, cryptorocket is on my personal list as a trustworthy broker
This is crazy because I’ve been trading about 5-6 years and had to Google this broker because I had never heard of them before. Apparently they have like 16 million clients all over the world? Never heard of them. LOL
16 million clients, sh if every customer had just $100 in their account that will 1.6 billion dollars for a broker that not well known that’s crazy
the first ad I saw for this leak said “one of the world’s biggest brokers” and I was thinking like IB or IG or something. Literally had to Google them to know who they were.
So all of our “little” brokers we have in here are operating at a fraction of a fraction of that.