Catching up on this thread, I see two themes- Crypto transfer problems and being lured toward prop trading. If you’re American, Canadian, etc, your options become more limited every day. You either trade with the likes of Oanda or Amp and pay ridiculous fees/spread, use a broker similar to Coinexx, EagleFX, etc. or prop trade.
There is another option- Get residency outside of your country. Hear me out… It won’t solve every problem and some brokers will refuse your application based on your passport, but many will happily accept you. Some of them are regulated and the brokers I use support stablecoin transfers on ERC20 or TRC20 (which is cheap and never delayed on the blockchain). Once you’re a [insert your country] resident, you can get a bank account and receive wires if you prefer.
Yes, there are a million details to consider, and no, I would not say it’s easy, but if I can do it anyone can. It’s not an expensive process but you have to plan and execute.
I would tell anyone that trades professionally to immediately get to work on it. Start to finish, my process took a little more than three months and cost less than $5k (over time), including 20 hours of work to research, plan and prepare paperwork and then 40 days outside the US waiting for things to process (We can trade from anywhere, right?). On the big day they handed me a residency card, which allowed me to get a state ID and sign up with brokers I couldn’t use the day before. Now, I have better trading conditions and less angst about what Congress, the SEC, CFTC or a Federal Judge might do tomorrow to end it all.
You guys know they’re going to use the SBV failure to take more control and regulate crypto to death. Then what will you do? They’ll say they’re preventing a future crisis and that it’s for your own safety. I’m already getting a whiff of capital controls in the US. I just noticed my max daily cash withdrawal on my US bank debit card was reduced by $500USD. Have you checked yours lately? Google Greece in 2015 and then tell me “That can’t happen here.”
I now trade with “regulated” brokers (as if that matters), can pick which instruments I trade with each based on spread/comm./carry cost (carry varies widely and changes constantly) and worry less about how politicians and their beloved, mediocre minions are slowly wrecking everything.
As for the prop trading solution, I haven’t seen one I would invest my time or money in. After looking at demos from a few, the conditions were typical garbage. The rules can be vague but from what I could read, I wouldn’t want to be constrained by them. Spread and carry are important to my system and the props I researched weren’t anywhere close to competitive, except on a few major FX pairs. If I had to prop trade, I suppose I could try it with FX majors, but why be limited? My largest winners are usually on index futures, commodities and bonds.
Any good trader knows hope is a four letter word. Don’t hope that the crypto and banking system you’ve used to make a living since Dodd-Frank will work for you tomorrow. I think the crypto off ramps will be seriously degraded at some point, and that wasn’t a possibility I could live with or lose sleep over anymore. I think last weekend was a big step closer to that moment.
Trade what you see in front of you.