Any through the grapevine knowledge about coming margin trading for US customer?

[samdan777712]

I think it' incredibly important someone step up into the american market to offfer at least 10x leverage. I'm immensely dissapointed with kraken's support team and interface in general, it really doesn't inspire feelings of SAFU fund. Worse yet its 5x leverage. Bitmex's anon days are numbered and to add insult to injury deribit and bybit will definitely be forced into kyc at least twice as soon as bitmex's shadyness. From the looks of the reports on recent license approval it appears that the CFTC has no plans to allow any of those guys like ledgerx, backt, seed cx or eris x to offer ANY leverage. Seed CX might get 3.3x and thats it. This is an immense disadvantage to the rest of the global economy for the united states.



I don't fault deribit and the rest, I know the Dodd Frank laws are brutal and classist They say they made it against the banks, but that's a lie Dodd Frank was made FOR the banks. There are loopholes that allow them to do derivative trading offshore, while mainstreet gets told to eat a bag of shit and stay poor.



There's research that clearly shows most margin traders don't use more than 20x leverage. So all the Americans who constantly crap all over leverage are just simply inexperienced traders trying to kneecap people who need to hedge and manage larger accounts. I can trade 10x and 20x leverage blind folded, it's like easy mode.



You have to realize that I don't trust these exchanges. So why the hell would I put a quarter million on kraken when I can put 5 grand on bitmex and not lose more than 5 grand. Use your sense.



It's bad enough having to do kyc and having to pay a tax lawyer 10 grand and then having to pay nearly 45% in taxes or whatever ultimately happens. To trade successfully you need to spend expensive legal feels to set up tax structured trading companies to try to get some tax down, and to add insult to injury America doesn't apply the 60/40 rule to crypto. Honestly the American economy in crypto would not be what it is without bitmex, to say otherwise is just a lie. So it's going to be a massive blow to the US when we lose bitmex through kyc.



All of this could simply be avoided if the criminals at the SEC and CFTC were made to allow a damn company to offer a sane amount of leverage like 10x or 20x.

[odolvlobo]

... a sane amount of leverage like 10x or 20x.

That's not sane, that gambling.

[samdan777712]

people like you are why we are losing our freedoms. You can't trade so you want to ruin it for the rest of the traders.

[avikz]

10 fold leverage is the market standard. If I look at the normal stock market, all major brokers offer such amount of leverage for margin trading! Some of them even offers 20x leverage but that's really risky if the trader uses it without a stop loss!

I have been trading since a long time now and I personally feel that trading is nothing less than gambling. In dice games, you are purely dependent on your luck but in trading, you are taking calculated risk, that's the only difference!

But when it comes to KYC, I expect a more stricter norms will be imposed for crypto traders because of the risk it comes with! Every single traders will eventually have to come under the KYC rules. But why do you have problems jn paying taxes?? You are lucky that your country allows to trade in cryptos while my country is planning a blanket ban with 10 years of imprisonment! Feel glad about what you have!!

[samdan777712]

The US does not allow margin crypto trading. Because of Dodd Frank Act. The futures platforms we are getting are not going to be allowed to offer proper leverage because they are nanny stating us. Which yes, what India is doing is horrrible but that only proves my countless other post and my point that all o f these governments are awful. I've said this numerous times, KYC for americans is a de facto ban.

America has specific laws. Securities and stocks are only allowed maybe 2,3,4, 5 x leverage tops, but crude oil and commodities are allowed 100x, retail forex 50x, but crypto? Nothing.

If you are a professional trader you are not a gambler, it's a pejorative misnomer. Businesses take calculated risk, capitalism and markets are calculated risk, and trading more than anything is the live line and the backbone of insurance systems in the developed world. Without traders you cannot design actuarial systems for insurance provision, you cannot manage risk, or run financial institutions. Trading is not gambling, it is a professional finance skill, and without it the civilized world will collapse.

[squatter]

It could take years to force BitMEX into compliance, although it's anyone's guess really. Seychelles is not FATF-compliant as it is. Last year's assessment was full of statements like "has not shown significant effective implementation of the AML/CFT measures" and "requires fundamental improvement in both technical compliance and effectiveness components."

The most immediate danger is that compliance-minded exchanges establish some sort of whitelist. Sending coins from non-whitelisted exchanges might put your account in jeopardy. Exchanges like Gemini and Bitstamp seem very quick these days to terminate accounts. Gemini may terminate your account just for using mixers.

[samdan777712]

with wasabi wallet and countless DEX it will be easier and easier to mix btc, lot of ways to swoosh it around back in forth between monero and back to clean btc.

I certainly hope and pray bitmex continues its shady ways. These noobs can whine and complain all day but they are dumb as dirt. You can put 5 grand on bitmex and lose it to a scam order submission error or put 200 grand on gemini and have them seize it and refuse to return it...gee I wonder which I will do...

I much much prefer deribit though, and I doubt they can be anonymous past january. Netherlands was a terrible incorporation location.