Received this email from Coinexx. Love their new design- the website and Client web Portal are looking really nice- good to know that they have invested in renewing themselves after so many years…lol
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Are they calling forex trading - CFD, I haven’t opened a demo account to check, can you confirm caffelatte
I think it’s one of those factual, objective things: either currencies change hands between the retail customer and the broker or they don’t.
My understanding is that in the US, the very few regulated ones (Oanda, forex.com, maybe just one or two others?) have to satisfy the regulator that currencies are actually changing hands between themselves and their retail customers every time an order is processed, so that the customers are “trading forex” rather than “CFDs”.
This is of course burdensome, difficult and expensive for them (which is why there are so few of them).
Calling themselves ECN/NDD/STP doesn’t change that legal principle. In law, if currencies don’t change hands between the retail customer and the broker, then it’s a CFD.
Many people say (and perhaps rightly?) that this is the biggest failing of US regulation, compared with that in other countries. This is surely the bottom line of why some people feel the need to run all the undoubted and obvious risks of going offshore to avoid the CFTC? The regulators seem - in effect - seriously to be failing the exact people they’re theoretically meant to be protecting, and in effect driving some of them offshore instead? Obviously that’s not the intention, but it’s the outcome, isn’t it?
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This part needed to be highlighted and I couldn’t have said it better 
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Technically these forex pairs could very well be called CFDs, as they are all Contracts for differences - no physical delivery, difference in price adjusted in account.
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This is True.
CFD trading allows traders to speculate on the price movements of various financial assets without actually owning the underlying assets.
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If you’re considering trading the financial markets, you may have encountered two popular terms — CFD and forex. The main distinction is that a contract for difference (CFD) is a type of financial product, and forex can be an underlying asset. Both allow you to speculate on the price movements of different assets, though some notable differences exist between the two.
This article compares CFD vs. forex trading along the lines of trading instruments, leverage, market access, fees, regulation and risk management.
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What they’re called is not relevant to the law.
In simple English, “CFD” is just another word for “bet”. But what matters here (and what matters to the regulator!) isn’t simple English, it’s a precise legal definition: either currencies change hands between the retail customer and the broker or they don’t. If they don’t, then in law it’s defined as a CFD, whether it’s actually called one or not.
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I tried to open a DEMO account which I had to register and I can’t open a demo until I complete KYC, but anyway, they do separate CFD and forex in their back office, so it looks like regular spot forex trading
MY Bad 
Share CDFs
Trade stockes on NASDAQ, NYSE, ASX, HKE & LSE
But they don’t use CFD to describe forex trading as they do on their website
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For sure. From the customer perspective of actually doing it, they’re identical.
The only difference is a mechanical one inside the broker: either currencies change hands between the customer and the broker or they don’t. The customer can’t possibly tell this by looking just at his end. Only the details inspected (or not!) by a regulator or an internal auditor can determine whether or not that has actually happened (and therefore whether or not it was a CFD).
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I agree.
I’m just trying to profit off the fluctuation of the price without physically owning the asset, whatever they want to call it.
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They should update their email because I just requested a payout and it still mentions 48 working hours.
Let’s see how long does it really takes.
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Yes, keep the thread updated on your withdrawal
Update: (London time)
- Requested at 15:47
- Received in crypto address at 16:41
- Received email confirming that payout was approved at 16:51 (came only after the money was transferred)
So, speed was very good.
Cost is bad. Withdraw was in USDC.
Exchange rate at that moment was 1.00 but they charged 17 USD for a withdraw of only $1300 (from $1300 I only received USDC 1283). Gas fee was less than $0.60 so they are charging quite a lot for withdraws.
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From the article you referenced on Benzinga comparing CFD’s and forex trading:
Q Can you trade forex without a CFD?
A Yes, you can trade forex without a CFD if you trade directly in the spot forex market. This approach means that you buy and sell actual currencies at their current market prices without using derivative contracts or leverage. [emphasis added]
This would tell me that even trading forex on a broker regulated in the U.S., such as OANDA, I must have been trading a CFD, because I was using leverage, and there was no way to arrange for OANDA to send me the Euro or whatever other currency I was “buying”.
FWIW trading on Ox Securities at least looks like trading forex with any broker. I have used Signal Start to copy a signal to my MT5 account there.
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I am still with PlexyTrade with no issues, thus far.
Anyone else?
I am still with PlexyTrade with no issues, thus far.
My experience is the same. Haven’t needed to withdraw since the switch from LQDFX. I did make two deposits recently in USDC via Confirmo. The funds were credited to my account within minutes—almost immediately. Conversion charges were negligible.
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This is one of the guys I follow, I was trading with LQDFX and so was he, he’s now with Plexytrade.
$18,000 Withdrawal - New Broker Plexy Trade
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Good to hear. i will admit i was worried about the switchover.
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Got to be honest that I originally thought, “oh no… dont’ be a scam alert video!” haha
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