Bitcoin Forum

Hello everyone, i'm a veteran from the forex broker industry and considering launching a bitcoin based forex and cfd broker, crypto ofcourse too. I know there are already MT4 brokers out there doing this (to an extent ) but i'm here to ask the community, What are the user drawbacks that the current mt4 brokers have, please tell me the wishlist the community is looking for :) I appreciate any input.

something like 1broker could be very good for a first start, maybe try to add a big leverage for everything not for a certain section(like stocks)

i was searching for x50 leverage in 1broker, but it was not there for the forex market

Hi,

Can you please elaborate a bit on your idea ?
Is your plan to open a forex and CFD brokerage (say like FXCM or IronFX), that will enable clients to trade fiat currency pairs, etc, but you will be accepting the deposits in bitcoins rather than USD, EUR, etc ?

Yes that is correct, but we will not even have deposits and withdrawals via other currencies. The idea is you deposit and withdraw with bitcon. We want it to be 100% bitcoin based, this way anyone in the world can trade with us with no restrictions . We want to eliminate the banking issues with FX and create liquidity in the BTC/Crypto market.

While our FX/CFD liquidity providers would need fiat on deposit, we would be managing on this back end with our prime LPs and be external on BTC exchanges managing conversion for funds that need to go to the liquidity providers we are STPing FX/CFds to and funds that are designated to our depositors.

@Amph Our FX leverage can be up to 500:1 . for BTC 50:1 is very possible if BTC liquidity grows but we will have trouble sending your volume to the market. For example if we get 5:1 from our institutional stp setups we aggregate and you send us a trade at 50:1, it would be a matter of us having enough BTC to make your trade at 5:1 on our end to return to you at 50:1. In other words, it's possible, but we need a lot of free capital to cover. In the case of FX, leverage and volume is easy to get liquidity for.




 

Hmm, another bucket shop ???

Guys, what about anonymity? Is anonymity an important feature? would you rather have your broker have just your email as a form of identification for login and contact purposes or do you feel safer with the whole KYC process?

yeah for me it's important, i hate taxes to death, fast registration is the way, i don't like website that ask for heavy ID credentials, i usually avoid those like the plague, unless they are mandatory for something that i needly badly

yes anonymity is very important feature!!!
I do not see why people skip this in every day bitcoin dealing.

WARNING! This is Leroy Fodor. HAHAHA. Follow the link in my sig.

Im not sure why there is so much KYC with forex brokers on BTC> maybe its the worry of regulation going after their USD based business. But withdrawing and deposing with BTC there is no bank so no need for KYC . Unless i am seriously missing something?

Most of the Bitcoin exchanges have similar KYC procedures.
They cannot allow somebody to pay in bitcoins, do some trades (or not) and then withdraw fiat currency - that would be easy way to launder money.