[NEWS] Bit4x.com - First FOREX accepts bitcoin! - 1:1000 Leverage!!!

[Spekulatius]

This is a X-post from here but I guess it is very interesting for all the lurkers of this board, with certainty more then for those in its "correct" place.



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.

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

2: Or does it mean that we can fund our accounts with bitcoins but are only allowed to trade on traditional currencies with that 1:1000 leverage?

-edit-
This article indicates (thx Enky1974), that no currency pairs involving BTC are traded, only traditional currency pairs, like USD/EUR or XAU/USD, while your account balance can be funded with bitcoin.

[Yuhfhrh]

1:1000 leverage O.O

[FreeMoney]

My scam-sense is tingling.

[tbcoin]

Next drama in 3.2.1...

[malevolent]

Here we go again...

[adamstgBit]

am i the only one that thinks its legit?

1:1000 leverage common... ( you'll get liquidated 3 seconds after you place the order... so why wouldn't they offer it   )

[tbcoin]

hahaha "1:1000" + "100 BTC Live account minimum" = "here lack the fine print"

[nebulus]

My scam-sense is tingling.

lol

[Rotsor]

Their broker, VenetFX, is almost completely unknown to Google. Kind of strange for a company with offices in 6 countries.

[smoothie]

I smell scam. Bitcoinica ring a bell?

Let's see how many suckers fall for this one....

LOL 

[keewee]

Their broker, VenetFX, is almost completely unknown to Google. Kind of strange for a company with offices in 6 countries.

And the VenetFX.com domain was only registered in April this year...

[Yuhfhrh]

Their broker, VenetFX, is almost completely unknown to Google. Kind of strange for a company with offices in 6 countries.

And the VenetFX.com domain was only registered in April this year...

Lol!

[Enky1974]

am i the only one that thinks its legit?

No we are in two. 1:1000 leverage is not so insane if you just scalp. So far i've done 14 trades with them without problems, i reported some impressions and examples in my last blog post.

[DannyM]

three. good people.

[labestiol]

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.

Anyone knows him ?
Enky1974 > How did you get to be a beta tester ? Did they asked for testers in this forum ?

Would be so nice if it was a quality (with MT4), legit service.

[DannyM]

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.

Anyone knows him ?
Enky1974 > How did you get to be a beta tester ? Did they asked for testers in this forum ?

Would be so nice if it was a quality (with MT4), legit service.

Yes kakobrekla is a sharp and thoughtful guy.

[Spekulatius]

No it must be legit, just think:

If I or any group of people deposited 21001 BTC and went long or short with 1:1000 leverage, guess what?
They would have to buy/sell more bitcoins then will ever be in existance. 

You see? Hang on..

[Enky1974]

Anyone knows him ?
Enky1974 > How did you get to be a beta tester ? Did they asked for testers in this forum ?

I know kakobrekla personally, that's all, i was glad to test it.

[Spekulatius]

Anyone knows him ?
Enky1974 > How did you get to be a beta tester ? Did they asked for testers in this forum ?

I know kakobrekla personally, that's all, i was glad to test it.

Ok, I hope you had a nice relationship, becauseit will be over as soon as this scam goes down the drain.

Just think about this:

Lets say I got 1000 BTC in total.
I put 900 BTC in a SELL order at 20$ at MtGox.
Then I fire up my 1:1000 account on Bit4x.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 bit4x.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, or execute an insane SELL order to play the game in reverse).

[sippsnapp]

This is a X-post from here but I guess it is very interesting for all the lurkers of this board, with certainty more then for those in its "correct" place.



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.

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

2: Or does it mean that we can fund our accounts with bitcoins but are only allowed to trade on traditional currencies with that 1:1000 leverage?

You hold the account in bitcoin, no btc cross trading on leverage, cant imagine that in th enext 5 years.