Any informed opinion on Cryptorocket.com? It looks too good to be true. Being obvious it will suffer the same fate as 1broker, I'm tempted to think they plan on scamming everyone.
no clue, man. could't even find a topic of them here, which is strange. |
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warning i don't recommend simplefx, had some issues with them, saying no dealing desk, but some slippage error are occurred, fly spreads and too expensiv for crypto, bitmex are good for crypto but i prefer an account in fiat to isolat the strong volality of crypto market and profited of forex market, what mex dont provide. reqagrding spreads people have to realize that they have to account that forex CFDs have no trading fees.
If you take a two round (one trade) fee on Bitfinex for example you get to 0.4% fees, that translates to over $39 "spread" at the moment. than you still would have to add the slippage
yes trading isn't more profitable on the exchanges place, fees are too high, no rules, wash trading, you can only make big swing, for this reason i back to my first place the cfd broker but they are not really "crypto like" so i'm some disapointed because i tired to change the place each time to trade plus on forex broker you have the convinience of using MT4/MT5 |
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reqagrding spreads people have to realize that they have to account that forex CFDs have no trading fees.
If you take a two round (one trade) fee on Bitfinex for example you get to 0.4% fees, that translates to over $39 "spread" at the moment. than you still would have to add the slippage
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I've been using www.cryptorocket.com and happy so far. Could you review them and their spreads as well? It'd be good to get an expert opinion on their spreads and value man, this kind of launched "yesterday". impossible to evaluate atm |
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Thanks.
So if I'm not actually selling my coins when shorting can I loose the amount on my account on that broker
if the change of the BTC value is to wide or this just applies if leverage is used while shorting?
No. you are not actualy using leverage. it's not possible to lose money in this case. margin calls are for if the account is having the risk of turning negative
Some countries my have 0% tax or lower tax on income from forex trading.
Don't you think that in that case this could be a valid reason to use a forex platform to exchange into fiat?
well......this depends on the specific tax legislation. it shouldn't make a diference if you sell on a crypto-exchage or a forex broker or p2p or wherever. The only case this would make sense to me is if the country has a list of crypto-exchanges to which withdrawels are taxes applied. if your country doesn't aply taxes to the "forex-operation" it wont tax the result of your short position. the selling (exchange) of your BTC on the broker would than be a "crypto-operation" though, altough on a forex broker. if your legislation somehow doesn't tax any withdraws from a forex-broker then it would make sense. |
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And if I sale for 10000$ and it goes up 10% I suppose I will have around 0.9 BTC which will again be 10000$ before the rise or not?
yes. the exact value would be 0.90909090 BTC
Will I be able to withdraw this 10000$ on my bank account in FIAT currency like is possible on those other "normal" cryptoexchanges?
let's make clear once again here that if you short on BTCUSD on a forex broker you are not actualy selling your coins. though you can actualy sell (exchange) your coins on most forex brokers working with Bitcoin, it actually doesn't make sense to use them for this. some have huge spreads for this operation (others not). If you want to exchange your BTC and withdraw your $, you should use a regular crypto-exchange with withdraw option to a bank account in your country. unless you have a specific reason for using a forex broker for this.(?) |
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You should add turnkey forex to the list as well, they accept cryptos for deposit and withdrawal on transaction fee and they accept US clients.
I'll have a look at it. Where are you guys registered? |
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Hello.
I have one question.
Could someone explain to me if selling BTC for FIAT on this forex platforms without using leverage
is same as selling BTC for FIAT on Kraken or other similar crypto exchange that have FIAT pairs?
Thanks.
kind of-ish. not realy though. it's more like a hedge. as long as you have a short-position as big as your BTC you will efectifly be in fiat, and BTC movements wont effect your net worth. Since some (all?) brokers even have a positive swap on the BTUSD pair, you would be even recieving interest. Thanks for the answer. I'm not sure I have fully understood you therefore I will put here s simple example with small numbers. Let suppose BTC price is at 1000$ and I sell 1 BTC on Kraken for 1000$. Once sold I will always have 1000$ on my account no matter what price BTC has in future and I will be able to withdraw the 1000$ on my bank account. Now if I do the same using a forex platform and I sell 1 BTC @ 1000$ with no leverage (leverage 1:1) will I always have 1000$ on my account no matter what price BTC has in future for example if it goes down on 100$ or it goes up on 2000$ and will I be able to withdraw this 1000$ to my bank account? ok, first let's make clear I understood you: you want to deposit BTC to a forex broker and trade on a Bitcoin denominated account, right? if this is correct than the answer is: -if you for example have 1 BTC and deposit it to the broker -and then open a short position of 1 BTC -and then BTC falls 10% -you will then have 1.11111111 BTC on your account; which will have the same value in $ as 1 BTC before the fall. so: -if today your 1BTC would have a value of $10000; and you open a short position of 1 BTC -and tomorrow BTC has a value of $9000 -you will have 1.11111111 BTC which have a value of $10000 |
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Is this currently operating? What will be your odds in other cryptocurrency exchanges?
I am asking this because this only the first forex I have seen since I entered in cryptocurrency. And it sounds amazing! It is good to have this kind of Forex who adapts bitcoin. It shows that you want to merge cryptocurrency soon at your platform.
Sorry, but I have problems understanding your english. Are you German? |
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Hello.
I have one question.
Could someone explain to me if selling BTC for FIAT on this forex platforms without using leverage
is same as selling BTC for FIAT on Kraken or other similar crypto exchange that have FIAT pairs?
Thanks.
kind of-ish. not realy though. it's more like a hedge. as long as you have a short-position as big as your BTC you will efectifly be in fiat, and BTC movements wont effect your net worth. Since some (all?) brokers even have a positive swap on the BTUSD pair, you would be even recieving interest. |
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Hi! If someone is looking for Forex Broker who has a deal not only with bitcoin but with other currencies as well, I can recommend a company which I cooperate for a long time: https://nsbroker.comIf you a newbie, they can help with learning materials like tutorials and ebooks. It is great that they accept major crypto to trade on Forex though I do not like to trade on Forex with crypto. I like to trade crypto only on crypto market, trading on Forex by crypto is more risky then fiat. trading forex on crypto-based account is more suited for buy'n'holders, just like altcoin trading. you can "hedge" your deposits on BTCUSD pairs at the same broker though. |
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you are definitely a legend. any update on brokers that use mt4/mt5 with these new US regulations banning every exchange? i am in the US and have been using evolve.markets since i found your post a year ago, but i am hesitant of them exit scamming so i've been doing light trading there. i've seen a few around another post that linked me here.. i-pandora (maybe scam?) avatrade (maybe scam?) fxopen (FXOpen does not provide services for United States residents.) just forex (Please note: we do not provide services for U.S. residents and entities of any kind.) myfxchoice nordFX and simpleFX, but with this one, it has the same disclaimer like evolve does (does not provide services to citizens and residents of the United States) trader's way (All information on this website is not directed toward soliciting citizens or residents of the United States and the United Kingdom.) ?? any update would be much appreciated. i am looking to deposit bitcoin and withdraw bitcoin and trade bitcoin versus usd and other commodities like gold and silver, and must have leverage (the higher the better) if there are other options to deposit cash and trade bitcoin and withdraw cash, i guess that is good too  ) evolve.markets is great so far, i really enjoy them, fast deposit, fast withdrawals... but i'm noticing that nordfx and myfxchoice would be the best in legal terms... for US customers.. have not seen anything on their websites about not providing to US customers... i also have problems with linking accounts with uphold and i have a friend who had problems with their wells fargo bank when using uphold. also, i want to NOTE: FATF (financial action task force) will be in effect next week, end of june. any amount of or over 1000$ that you withdraw and put into your bank account using crypto's will be sent over to the FATF. Hi, sorry for the delay. was on vacation. Go with FxChoice. they accept US customers. check out Poundtrader's (USA) long-term review here: https://www.forexpeacearmy.com/forex-reviews/8159/myfxchoice-forex-brokers |
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retail traders volume is so low it would be dangerous to leave brokers working when banks (and thus the liquidity providers) are closed. you would have to deal with a lot of margin calls because of huge spreads and slippage.
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I heard that FxOpen has closed ??
Not really that FxOpen have closed but from what I know about them in some parts of the world particularly in my country the name do change just way they changed from Alpari to FxOpen maintaining the same office, in this case some we're of the believe that Alpari have close which is not so. Maybe that could be what is happening to FxOpen in my opinion. FxOpen is actualy more than one company https://en.wikipedia.org/wiki/FXOpen#Regulatory_information |
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you might want to check the list of offshore crypto brokers
lol. must be a chinese guy |
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Prime XBT has just added forex, commodities, and indices to its bitcoin-based margin trading platform. The platform has drawn loads of attention this year due to the possibility to trade the top 5 cryptos with up to 100x leverage. But now with this expansion, users can gain access to the world's most profitable financial markets with Bitcoin. This significantly lowers the barrier to entry as PrimeXBT has no KYC and the minimum deposit is the equivalent of only $5 USD. Fees are only 0.05% on all trades and assets. With Bitcoin as at the core of the platform, also expands the possibility to trade between forex brokers globally. Direct deposits and withdrawals are made in Bitcoin, however, there is an alternate option via Changelly which is integrated into the platform. So any currency that Changelly supports (130+ altcoins, cred/debit cards) can also indirectly fund PrimeXBT trading accounts. The financial instruments and leveraging options for trade are: - 18 Forex markets with up to 1,000x leverage - AUD/CAD, AUD/CHF, AUD/JPY, AUD/USD, EUR/USD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/JPY, EUR/AUD, GBP/AUD, GBP/CAD, GBP/CHF, GBP/JPY, GBP/USD, USD/CAD, USD/CHF, and USD/JPY.
- Indices with up to 100x leverage - GER30, SP500, NASDAQ, HK-HSI, AUS200, JAPAN, NAT.GAS, and UK100.
- Commodities with up to 500x leverage - Silver (XAG/USD), Gold (XAU/USD), & CRUDE (oil).
- Top 5 crypto markets with up to 100x leverage - BTC/USD, ETH/USD, LTC/USD, EOS/USD, and XRP/USD.
I'd be interested to hear your thoughts and see if you deem it worthy of adding to the list? I'm sorry: https://bitcointalk.org/index.php?topic=5113388.0 |
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