Your best bet is to get ahold of someone on their discord server https://discord.gg/YMH2Ax5j
Yes, something is wrong there. I am live with them. They are definitely legit.
Finally this morning I got a email from them, and I ask my money back, they r progressing it.
FYI Basically, and yes this is somewhat tangential, but somewhat relevant, Binance and FTX have effectively ended the vpn trick for us users. No way weāre getting on there legally and anonymously anymoreā¦which brings me to my next very very relevant question
I really havenāt used many of these cfd places outside of limited time on ā ā ā ā ā ā ā . I donāt know who has which spreads, but I I can only tolerate maybe max 30 dollar fee per 100,000 notional, (1 lot). For reference bitmexās terribleness used to be a round trip taker fee of 150 dollars per 100k. While Oanda has stuff like the JPY/aud listed at what I believe is nearly 75 dollars per 100k. I donāt know the spread seems really high.
I need something, not a forex major which is much too slow, something that has the best spread and some volatility, but thereās so much variation among these CFD places, Iām asking you guys experience on a really low spread, ideally indices.
no problems over here with Binance and VPN, I just did a test transfer.
They are introducing basic verification which requires a name, dob, street address, with daily withdrawal limit of 2k. If they havenāt asked you to do the basic verification Iām sure itās phased in in the next week or so. I suppose its possible to obtain such info, since they donāt ask for a id, but ā¦no way Iām doing something that dangerous.
Fellow Binancians,
Daily withdrawal limits will be adjusted to 0.06 BTC for accounts which have completed only Basic Account Verification. This change is effective immediately for new account registrations and will be made effective for existing users in phases starting from 2021-08-04 00:00 AM (UTC) and completed by 2021-08-23 00:00 AM (UTC).
Same here absolutely no problems works perfectlyā¦
Thanks for the heads upā¦ You were correct, itās game over after mid August when their phase in is completed. They are being forced to comply just like Bitmex who was #1 in volume before Binanceā¦ I transferred everything out yesterday.
Only a matter of time before that goes away.
I filled out the basic account verification form with some creative information Was instantly approved and verified. I am fine with the new daily withdrawal limit which is currently at about $2,500.
300 limit lifetime without full ID verification?!?!
A complete cave job by Binanceā¦ dropped daily withdrawals from about 80K to 2K, lowered futures leverage from 125:1 to 20:1, removed margin crypto trading in EUR, GBP & AUD and stopped trading stock tokens completely.
I donāt know of any broker that offers what Binance did. DEXs may be an alternative for holding obscure tokens. Uniswap or StellarX for example. I really like StellarX, but no leverage unfortunately.
Kraken has been really good for exchanging more mainstream tokens.
Bad news losing Binance, but has been a long time coming
They are getting hammered by several countries over regulations. CZ has made it clear they are going to bend the knee no matter how restrictive.
MIne took about 6 hours, from the time I first requested it.
Most banks and world governments are at war with cryptocurrency, and crypto is losing. I stopped trading crypto. You cannot even open a business bank account now in some cases if you have any dealings with cryptocurrency.
One of the major problems with crypto trading is volume. In order to remedy that, more people/money need to be introduced, but for that to happen, exchanges need to be able to grow. Unfortunately, once an exchange reaches a certain growth point, they are bullied by regulatory groups and quickly decide that they do not want our money because that special, āAmericanā compliance is too heavy of a burden to carry. Those that do comply, well, the offerings just arenāt favorable and even tend to be a joke in some cases, as showcased above.
That being said, going the offshore broker route is a better choice for me at the moment. Trading via prop firm is even better. Indices offer enough profit-potential for me, but at a much lower cost and greater convenience. Crypto trading is always an option via broker, too, but I personally no longer have a need for it.
This is not to say that I would never use crypto again. But itās likely going to require much wider adoption for that to happen. Crypto is certainly not deadā¦yet. There is still some light at the end of the tunnel for crypto-enthusiasts as we see some developing nations leaning towards adoption, with companies like Amazon hinting at making crypto payments available on their website and even creating their own coin. Only time will tell.
The whole situation is pretty brutal. No point trading spot crypto with less than 5 figures notional cash. Now I donāt know what leverage FTMO has on crypto I might be interested in that in the future. Maybe.
Iām spooked about CFDs. Iām trying to figure out stock options, but I have to find the right api. I only algo trade.
Iāll go ahead and give the pointer that there are DeFi derivatives for crypto.
Commissioner Berkovitz CFTC has all but named them by name in his open statement to go on a warpath against them. That said, you canāt shut down uniswap. They just censored the main site of uniswap offering security derivatives, stock tokens, interest bearing assets. But you can go to a different front end, through IFPS or whichever DEX aggregator out there. The smart contracts canāt be taken offline.
If I can figure out how to write a python app to read webhooks and interact with one of these DeFi Derivative protocols, I can auto trade it, and one has like 80 million 24 hour volume, it works. If you guys know how to do web api, you can do it now, itās ready. I have to continue learning python though.
It remains to be seen how they will enforce kyc on uniswap and defi. They want to, but they really can only prosecute certain business operators. I think ultimately they will have coinbase black list non compliant DeFi app addresses.
I wouldnāt dismiss it, you may be able to convert crypto to other assets without such invasiveness. Iām sure some metals broker in latin america would not mind 5 bitcoin from uniswap with reasonable KYC.
Only downside with prop firms is , you can only withdraw your money once a month, some of them every two weeks. Iām not waiting a month to withdraw my money! Back to offshore brokers