[ANN] Btc4x.com - First Forex to accept Bitcoin!

[Spekulatius]

So, I just read about them on reddit:

http://www.bit4x.com/

Forex in Bitcoins!
Bit4X enables you to trade over 30 currency pairs on a pro grade platform in Bitcoins, including Gold and Silver!
They use the popular Forex program Meta Trader 4

How does it work?
Trading takes place on a well known and widely used trading platform: MetaTrader 4. Your balance on the platform is denominated in Bitcoin and so are your payouts.

Current Bitcoin exchange rates won't affect your trading limits. With the minimum deposit for opening a Live account, 100 BTC and 1:10 leverage you can trade up to 0.01 lot. With the same deposit and 1:100 leverage you can trade up to 0.1 lot and so on. We offer leverage ranging from 1:1 to 1:1000, but we strongly recommend below 1:20 for novice traders. You can change the leverage of your account at any time or open several accounts, if you are in need of more than one leverage option.

Are my Bitcoins safe?
Yes, your Bitcoin deposits are never converted into fiat or any other form and are always kept safe in encrypted cold storage by kakobrekla, a well known member of Bitcoin OTC.

Bitcoins are volatile, can you guarantee my payouts if Bitcoins rise or fall in value?
Yes, our broker VenetFX holds extra Bitcoin reserves, twice the sum of all clients deposits at all times. Just in case that won't be enough, the broker will acquire more Bitcoins on the market.

Does that mean I can trade my bitcoins with 1:1000!! leverage??

[1714598703]

1714598703

[smoothie]

Leverage of that kind is the playground for scam IMO.

[keewee]

Isn't it odd that a company with offices in 6 countries only gets 165 results in a Google search and only registered their domain in April this year?

Edit: and I noticed that they have images of awards they earned in 2011 on their home page??

[Bitcoin Oz]

bitcoinica V2.0

[freewil]

Pretty shady... the FSA number listed on VenetFx is registered as follows:

194835 - Worth.IT Financial Services Ltd
Current status:    Appointed Representative - Former
Effective Date:    01/02/2001
Address:    4 Cromwell Place
London
SW7 2JE
Phone:
Fax:
Email:
Website:
   44 020 7584 7279
44 020 7589 6005
info@worthitfs.com
www.worthitfs.com

Also, as someone pointed out the creation date on venetfx.com is from April 2012 and is registered to Domain Privacy Service.

[LoupGaroux]

Isn't it odd that a company with offices in 6 countries only gets 165 results in a Google search and only registered their domain in April this year?

Why yes, yes it certainly is! Walks like a bitcoinica, quacks like a bitcoinica, offers absurd levels of leveraging like a bitcoinica and is managed by unknowns who are backed by even deeper unknowns just like a bitcoinica. Unknowns who hold over twice the total of all customers trade portfolios as security? Sure, probably in an unencrypted hot wallet whose password is "password" with a big-ass neon sign saying Hack Me Please!!!

Thanks for playing, have a good life, don't get fooled again.

[JMAHH]

SCAM.

[smoothie]

They have just 1 page of info? LOL no download links, no about us, not contact info, nothing......just "SEND BITCOINS HERE AND YOU WILL MAKE LOTS OF MONEY".....sounds like Pirate's Bullshit and Trust.

HAHAHAHA 

[kakobrekla]

Kinda wish they had an api (from what I see they don't make any mention of it), so i can make a bot, I really don't want to sit here and actually trade that is boring, BTC4X get on that API!

MT4 internal API is available: http://docs.mql4.com/

[guruvan]

Quite exciting to have a forex broker that will accept btc deposit & pay earnings in btc.

It's quite common for non-us forex brokers to offer wild leverage.

Having done work for kakobrekla in the past, I know he's sharp, quite matter of fact, communicative, and never needed to be asked twice for payment.

I didn't get that they were offering to allow trading of BTC/USD w/ 1:1000 leverage. (did I miss it? I don't think so) That might be a little nuts. Trading EUR/USD with that kind of leverage is, again, quite common. It's also quite common for inexperienced traders to lose money this way.

So, no. This is not a bitcoinica copy. This is a standard forex broker taking deposits in, and payiing out in BTC. Bitcoinica didn't even payout in BTC. They paid in USD. And, limited leverage by account size to limit their potential losses.

If I had 100 BTC to put in an account, I'd love to fire up my MT4 and put the bots to work making some BTC.

[Spekulatius]

It must be scam just because 10010 BTC right now would cause them to buy/sell more BTC to execute 1:1000 leveraged orders, then bitcoins in existance (~10M BTC)!

Or just think of that get-rich-quick theme:

Lets say I got 1000 BTC in total.
I put 900 BTC in a SELL order at 20$.
Then I fire up my 1:1000 account on BTC4x.com with the remaining 100 BTC. I execute a BUY order for 100k BTC
--> price shoots up to 20.02$! on MtGox (if all 100k BTC were to be bought there)
My 900 BTC were justsold for 20$ each (63% profit). I could completely loose my 100 BTC on btc4x.com now and still pocket a huge instant gain (I probably wouldnt loose much because price would rally up to somewhere below 20$, so I could still sell at a small loss).

[kakobrekla]

There seems to be a confusion and it's my fault.

Bit4X enables you to trade over 30 currency pairs on...

I have changed the above, to make it clearer:

Bit4X enables you to trade over 30 Forex currency pairs on...

You can NOT trade BTC/USD on MetaTrader 4 platform, but all Forex established pairs are available to trade with Bitcoins.

Thanks for understanding.

[smoothie]

Kinda wish they had an api (from what I see they don't make any mention of it), so i can make a bot, I really don't want to sit here and actually trade that is boring, BTC4X get on that API!

MT4 internal API is available: http://docs.mql4.com/

Is the btc4x.com site yours?

[kakobrekla]

Is the btc4x.com site yours?

Bit4x.com and smpake.com are both mine and are registered on my name.

[smoothie]

Is the btc4x.com site yours?

Bit4x.com and smpake.com are both mine and are registered on my name.

You should make your personal information public otherwise we will all think you are a scammer.

Name
Address
Phone
DOB
SSN
etc..

 


Can you blame me?

[kakobrekla]

Is the btc4x.com site yours?

Bit4x.com and smpake.com are both mine and are registered on my name.

You should make your personal information public otherwise we will all think you are a scammer.

http://www.whois.com/whois/smpake.com
http://www.whois.com/whois/bit4x.com

[BitcoinBug]

For what its worth, I traded with kakobrekla back in 2011 for about 100 BTC and the whois matches his physical and email address back then.

[LoupGaroux]

For what it is worth, highly leveraged speculative trading, based on, or funded by, an easily manipulated, theoretically valued measure of worth has never been successful. Every single attempt in this community has led to a collapse, and the inevitable cries of scam, without regard to how pure the motives or a personal IP registration extending to 14 months.

Forex without the added complication of bitcoin is already a very, very questionable marketplace, Throw in bitcoin and the gang of bandits looking at it as a personal checkbook filled with millions of other people's money and you have a surefire recipe for disaster.

[Goomboo]

This is the clearest scam I have seen in a long time.  Why has a moderator not deleted this thread and banned the associated individuals?

- We comply to all local regulations. Clients should be compliant with their local regulations.

- Your firm is NOT regulated by the FSA and you are lying when you claim to be.  Everyone follow these steps:
1.  Go to http://www.fsa.gov.uk/register/firmSearchForm.do
2.  Type 217689 (This is FXCM - a regulated, respected, and legal broker)
3.  Click regulators
4.  Notice how it says, "Financial Services Authority" - FXCM is legally regulated
5.  Follow step 1-2 with 194835 (The number for VenetFX)
6.  Click regulators
7.  Notice the void?  VenetFX is NOT regulated by the FSA and they claim to be
8.  Now click the permissions link for each of the above firms.  VenetFX is NOT authorized to transact in foreign exchange, contracts for difference, or spot forex

- All you have done is create a company and register it with the FSA - I have personally done the same and have my trading firm listed with the NFA.  If I were to turn around and offer a brokerage service and claim that I am regulated by the NFA, I would go to jail - which is what may happen to you in the near future.

- It is illegal to solicit foreign exchange business in the United States without being registered with the CFTC and NFA as a RFED
http://www.cftc.gov/PressRoom/PressReleases/pr5883-10

- The maximum legal leverage in the U.S. is 50:1 - by offering your service to Americans, you are violating our laws
http://www.ecfr.gov/cgi-bin/retrieveECFR?gp=1&SID=bb4e8713bff1ff87626ea3fb658a963d&ty=HTML&h=L&n=12y1.0.1.1.42&r=PART#12:1.0.1.1.42.0.9.9

- The logic and claims of the website are entirely flawed
-- "Yes, your Bitcoin deposits are never converted into fiat or any other form"
-- When you "buy" EUR/USD, you are selling dollars to buy euros.  To say that you can trade currencies without converting your BTC is a straight-up lie.  This claim blatantly tells you that they are trading against customers or just stealing money.

- I have reported this firm and its "subsidiary" to the FSA

[Goomboo]

Copied from the other thread where I'm calling these guys out:

LOL and I totally missed this:

Absolute lie!  Alpari won the best Forex broker in UK and Europe in 2011 from the IBTimes...the website totally falsified its awards.

http://www.alpari.co.uk/en/cnews/show/id/1899/