-I think you are right. However, I am always apprehensive to take the word of some random customer support agent, especially after working with so many prop firms.
Some of the kids working for those firms do not have a clue about what the real situation is. As such, it is always better to ask for confirmation from a supervisor regarding important matters, if that is possible.
I have no problem with keeping them on the list. I no longer trust them like i use to, but iâm just one voice.
Also I no longer trade with them.
Are they still worth keeping their âtrusted brokerâ status?
Exactly, I am also of the opinion that the list should be based on actions rather than words. If the broker accepts, regardless of what is said â they should be on the list.
I found a couple of companies that we should consider adding, or designate under vet-to-add status. I have confirmed with both of them through their chats and also the act of actually signing up with them that they accept US clients:
Kind of sad that it has to come to this point.
Not only do you have to speak to customer support, but itâs a gamble whether you get somebody competent or not. That is, unless you intentionally escalate your inquiry.
Brokers setting low fees when sending crypto is becoming a major issue.
https://www.forexpeacearmy.com/user/reviews/279836
https://www.forexpeacearmy.com/user/reviews/273207
As of Feb 26 2023, my bitcoin is still stuck on the bitcoin network.
Broadcasted on 26 Feb 2023 11:38:20 GMT-5
Indeed. I appreciate this entire thread. Lots of knowledge.
Thats is some BS for sure. What has the broker said about it?
The broker told me that it had already been processed on their end, which is true, but they told me they couldnât do anything and to get ahold of my wallet. This is some BS, as far as I know, the receiver cannot speed up the process.
BTW: when i look at the transaction it does say- RBF No , so there is nothing anyone can do.
I try not to use BTC or ETH for transfers unless no other choice. XRP and XLM are so much faster and cheaper.
Of course, brokers in the US are not allowing XRP deposits and withdrawals pending the court case.
Some brokers allow deposit and withdrawal with various cryptocurrencies. Unfortunately, many only support BTC.
Yeah, Unfortunately my broker Cedarfx only allow BTC withdrawals and deposits
Yup, also try to use XLM too.
Catching up on this thread, I see two themes- Crypto transfer problems and being lured toward prop trading. If youâre 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 wonât 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 youâre 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 itâs easy, but if I can do it anyone can. Itâs 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 couldnât 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 theyâre going to use the SBV failure to take more control and regulate crypto to death. Then what will you do? Theyâll say theyâre preventing a future crisis and that itâs for your own safety. Iâm 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 âThat canât happen here.â
I now trade with âregulatedâ 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 havenât 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 wouldnât want to be constrained by them. Spread and carry are important to my system and the props I researched werenât 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. Donât hope that the crypto and banking system youâve 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 wasnât 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.
Do you think dual citizenship would work as well? I am technically dual citizen by jus sanguinis, but would need to file the paperwork. Many people have in the past said dual citizenship is not enough, unfortunately.
From my experience, that sounds correct. Every broker Iâve wanted to do business with requires ID and proof of residence in the form of a utility bill, bank statement, etc.
Donât know if this is related to the bank situation in America, but I got this email today from Bitstamp
Hi James
We wanted to reach out to you regarding some important updates on our platform.
We will be unable to process ACH deposits as of March 27th, 2023. However, you will still be able to deposit funds through bank transfer. Weâre working on a solution and will have ACH deposits available again soon.
Please note that EUR pairs will be disabled as of April 1st, 2023. However, you can still trade your EUR to crypto or withdraw your EUR funds to USD by March 31st, 2023. If, for any reason, you are unable to complete this process before April 1st, 2023, we will automatically convert your EUR balance to USD and credit your Bitstamp account. When converting currency, we will use the European Central Bank mid-rate for FX conversions, and no transaction fees will be charged. This is to ensure that your funds are safe and secure.
We apologize for any inconvenience and appreciate your understanding. If you have any questions, please feel free to visit
The only two âanonymous/semi-anonymous brokersâ I have seen that donât require any documents are Coinexx and MidasFX. It seems that they most deal in crypto and do not require documents. Whether this is a bad thing or not remains to be seen.
They began requesting identification when the account reached 50k; it is unknown whether they still do so.
The exchange rate risk of a 5 figure BTC transfer stuck for over a week is too big of a risk in my eyes⌠if a broker doesnât have USDC/GUSD/TUSD/XRP/LTC transfers I just canât do business with them.
So whatâs the verdict on The finpro/Turkey/Coinexx group?
Can Honkotrade which uses the same white lable backend be trusted as an alternative?
Still stuck in limbo since Feb 26
Itâs 2023 there is no need for a broker to only have one crypto for deposits and withdrawals