I have removed Ox Securities from our List, which reduces the Group 1 roster to 11 brokers.
We need to find some new candidates for our List.
In the next few days, I will replace AAFX with BoForex, the parent company of AAFX. As mentioned previously, AAFX no longer accepts US clients directly — instead, they refer US applicants to BoForex.
MidasFX and DuraMarkets have been recommended for the Trusted Broker designation. I’m asking for comments from the community. Should we give the Trusted Broker designation to one, or both, of these brokers?
At this time, I would not include MidasFX on the list of trusted brokers, as there is little information available about them on the internet, and they do not attract interest from U. S. traders.
-For whatever it is worth, TradersWay provides ‘numerous aspects’ of their infrastructure.
TradersWay was a strong option before they stopped accepting US traders. Then MidasFX popped up and was suggested by TradersWay as an alternative. Conclude what you want from that.
Perhaps many traders are not aware of this. I do not know.
Understood, Tallinex also suggested capital city markets.
Does having a broker on the trusted broker list who no longer accepts U.S. citizens who suggest a broker automatically qualify them to be on the trusted broker list?
-The point that I was trying to make, without actually coming out and saying it, is that it seems that MidasFX may be an umbrella company (or unregulated branch) of TradersWay.
As I say, conclude what you want, but if there is any truth to it, then perhaps it is worth some consideration. I do not care, either way; just sharing information that was shared with me.
At this time, I want to take back my suggestion of Duramarkets being on the trusted broker list. I will share my thoughts after making 50 withdrawals, a milestone I have not reached yet. I will provide an update on the conversation if anything changes before then.
Others can weigh in on their opinions on Duramarkets being on the trusted broker list.
Hi James,
You currently have restrictions placed on your crypto account. Here are the details of the restrictions:
Crypto - Deposits locked: You can no longer deposit crypto to your crypto account.
Crypto - Withdrawals locked: You can no longer withdraw crypto from your crypto account.
We want to inform you that these restrictions will remain permanently in place on your crypto account.
– The Robinhood team.
This is the message I get on their website, in the crypto section.
We noticed your recent crypto transfer(s) violated the Robinhood Crypto Customer Agreement. Due to continued transfers to these services, we are no longer able to continue supporting crypto transfers for your Robinhood Crypto account. Any other accounts you maintain with Robinhood will not be affected by this action. Please note this decision is final. We appreciate your understanding.
3 days ago I received a withdrawal from my offshore broker, and now I get this email and letter.
After making a few transactions, I switched back to the cryptocurrency providers I mentioned above. At the end of the day I needed one of the exchanges to convert my crypto
-I assumed that you were doing direct transfers (from broker wallet to Robinhood wallet), which is why I asked if you were using a personal wallet as a go-between. Reason being, it could be that they detected the wallet address as a broker/blacklisted wallet and knew that you were doing something that violated their policy agreement. I really do not know.
I do not see how using their service as an on/off-ramp would be a bad thing for them, since they can charge you fees for that. But, it would not surprise me if they are overzealous with their policy agreements in an effort to remain compliant with regulators and avoid any unwanted attention, even if that results in creating inconveniences for their customer-base.
A lot of big companies use similar tactics as a blanket approach; rather than police everything that happens on their site (or via their services), they just outright prohibit certain activities and content.
@_methos I learned the hard way to use a non-custodial wallet, i.e., a personal wallet, as you discuss, as a go-between.
For most conversions I use Uphold with very good results. They have no charge to receive ACH deposits or to send withdrawals via ACH. When I send them USD, they have a hold on the funds for about 3 business days. I can also keep USD on deposit in an FDIC-insured account at an affiliated institution, in which case I can convert immediately to crypto. They convert USD to/from USDC/USDT at a rate very close to par.
I’m not sure either, but this seems accurate since I don’t utilize them for anything apart from receiving cryptocurrency, converting it, and withdrawing my money. Plus, I received the email three days after I withdrew my money from my offshore broker.
I pulled back out of fear of losing my private keys and only did small withdrawals to Exodus. It’s starting to look like this is the option to go to avoid this situation in the future
Yeah, that timing definitely seems more than just a coincidence. If you’re only using them for basic conversions and withdrawals, then it’s probably related to that recent activity. These platforms can be quick to trigger automated reviews, especially when offshore brokers are involved.
no problems at all.