I did a Google search for offshore forex brokers, and I was surprised to discover an extensive array of options. I had previously believed that offshore forex brokers were inaccessible to Americans.
Out of curiosity, did the offshore forex broker you are currently using alter their margin rules after you achieved success with them?
Never let any one account get up to 400k, they will lower the leverage to 300:1
Correction, 2 of my brokers doesnât change the margin, it stays the same regardless of account size, thatâs what they say
It sounds like they are also gonna regulate the payment providers, is it possible they can stop stabecoins from going to offshore brokers?
-No. And it would be futile to even try. You would need to block all forms of crypto, not just stablecoins.
In order for that to happen, you would either need to be able to monitor and approve all crypto transactions for US citizens, or, restrict all transfers to KYC-approved and whitelisted wallets-only. This would require extremely abusive legislation to pass.
Most brokers cycle out wallet addresses, and can constantly create more, if needed. Getting KYC-approval for a wallet would be easy, so the government would need an extra layer of security such as a whitelist feature that could impose additional disclosure requirements for approval, allowing only transfers between whitelisted wallets that can be used for âacceptable activity onlyâ. They would likely also have to impose requirements for proof of origin of funds.
Most cryptocurrencies cannot be controlled (frozen) by the issuer, so the only way for this to work would be to force all Americans to use Government-created, approved, monitored and fully-controlled wallets.
The government would have full, custodial control over your funds, just like a bank, where they must approve all incoming and outgoing transfers. Basically, a CBDC, but worse. At this point, if you are not renouncing, then you probably deserve what is coming to you.
Didnât Coinexx have a problem where their crypto add was blocked or something like that?
Blocked how?
Coinexx was having some issues with crypto exchanges from the US if you tried sending crypto to their address they wouldnât let you do it, Im not 100% sure on this but I know they was having problems
Exchanges can do whatever they want, because they are custodian of the wallet. This is why you should never keep your money on an exchange and also why you should use your own wallet as a go-between when transferring to/from an exchange.
Hey, this is a great forum! I have decided to go with coinexx as my broker because I need one that uses MT5 so I can use a trade copier. But I do have the fear that just like most others they will lose their MetaQuotes license⌠how long do you think it will be before this happens? Iâm hoping that I will have at least some/any broker to use while other platforms figure out trade copier solutionsâŚ
I donât know anything about Coinexx, except what I have read here. I thought some people on this forum were having trouble with them recently, but I might be remembering that wrong.
Regarding two other brokers that use MetaTrader (and accept U.S. clients), SmallPaul posted recently that he checked with ForexChief, and they expect to continue to offer MT4 and MT5.
Since then, I checked with LQDFX, and they said they expect to continue to offer MT4. I donât know whether you can use MT4 or it specifically has to be MT5. I do trade copying through Signal Start, and you can use either MT4 or MT5 with them.
Thatâs pretty arrogant. BTC can vary wild from the moment someone converts stable into BTC and chip them those BTCs and even more between the moment someone asks for a refund and really receives it (several business days ?).
How can a broker be so dumb not to accept stables ? No way I would bother myself to convert stable into BTC just to âobeyâ them. Never tried them but itâs a no go broker for me.
I think itâs a matter of difficulty for offshore, unregulated entities to get access to stable coins. Thereâs been a concerted effort over the recent years to choke off anything offshore.
-Curious about what kind of difficulties they are having. I have not remained current on all-things-crypto. It was my understanding that it was typically pretty easy to do crypto-to-crypto exchanges.
Many offshore exchanges have stablecoin offerings. Some non-KYC wallets also have integrated exchange feature and support stablecoins, so I would be curious about what kind of walls they are hitting with it.
Nonetheless, in the case of Hugo, I think that they just do not care enough about their clientele. If they did, they would at least offer other cryptocurrencies. They have been operational for years now. Every other offshore brokerages on my list has a stablecoin offering.
It was very likely out of Hogoswayâs control. They are a white label with the same tech provider as eaglefx, crytorocket & prosperity, and none of them had BTC alternatives⌠thatâs probably not a coincidence.
cedarfx and longhornfx the list goes on. BTC only deposits and withdrawals are fine with me
Thatâs a good point.
Although, I cannot imagine that white-label contract agreements would be that restrictive and prohibitive. I have to assume that these brokers have some flexibility with how they choose to operate their business. Things like website layout and withdrawal methods should not come into play, one would think. But I do not know anything about that.
With the volatility of BTC right now (or about to be), is it better to transfer funds into a broker via USDC or some other stable coin? Or should that probably be best practice always? Is it cheaper to transfer via BTC?
Off topic I know. What crypto wallets do you all recommend?
Thanks
The majority of new and young brokers use a turnkey solution from their service provider, which is why they have the same back office and payment systems.
The following brokers offer the same services, and I have accounts with all of them.
Group 1
Hugosway
cedarfx
eaglefx
longhornfx
cryptorocket
Group 2
nashmarkets
fxsway
ospreyfx
sagefx
kot4x
I can confirm that sage and nash are the same. I even get the exact same emails at the exact same time from them. I do not get those same emails from osprey, though, so I suspect that some things may be different.
I think that the question is really about what they can change if they really wanted to. I cannot imagine that they would not be able to change something if they really wanted to, as that would be more akin to a franchise with strict rules about everything. Typically, with white label, you are putting out products or services under your own brand, so you have the liberty to do things differently.
Either way, probably not worth spending this much time talking about it, honestly.