proudhon
Legendary
 Offline
Activity: 2198
Merit: 1311
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October 02, 2012, 07:51:15 PM |
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I anxiously await a report of the first Bit4xonging.
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Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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smoothie
Legendary
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Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
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October 02, 2012, 07:57:45 PM |
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I anxiously await a report of the first Bit4xonging.
Lol I see what you did there!  |
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| . ★☆ WWW.LEALANA.COM My PGP fingerprint is A764D833. History of Monero development Visualization ★☆ .
LEALANA BITCOIN GRIM REAPER SILVER COINS.
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evolve
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October 02, 2012, 08:02:39 PM |
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Forex brokers have an INSANE amount of regulation that varies depending on what country you are in. As a us citizen, I cant even trade with a couple of the major brokerage houses due to government regulations
I HIGHLY doubt bit4x meets the operating guidelines required by law of brokerage firms (meaning they can be shut down by government authorities)
That's IF they don't just run off with your money.
Be careful people.
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sippsnapp
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October 02, 2012, 08:11:13 PM |
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Most dont know that i guess but you can run a bucket white label brokerage with a simple financial srevice proider licence which can be optained between 2.5 and 30k USD depending on the jurisdication. Thats how unregulated brokers get founded, next step would be to get a regulation but i really dont now how hard its to get a regulation documents. There are indeed a lot of black sheeps out there but some are as stupid as black, 2 years ago i got fridays quotes on a sunday opening in forex, could have made a killing if i wasnt sucha noob back then xD.
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Πάντα ῥεῖ
Bitcoin + Altcoin node pool setup - pm
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kakobrekla
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October 02, 2012, 09:06:00 PM |
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- We comply to all local regulations. Clients should be compliant with their local regulations. - As for bucket shop, VenetFX connection to Currenex is provided by http://www.admd.com. |
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ElectricMucus
Legendary
Offline
Activity: 1666
Merit: 1057
Marketing manager - GO MP
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October 02, 2012, 09:17:25 PM |
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That's IF they don't just run off with your money.
Be careful people.
FTFY |
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evolve
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October 02, 2012, 10:01:43 PM
Last edit: October 02, 2012, 10:16:24 PM by evolve |
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- We comply to all local regulations. Clients should be compliant with their local regulations. - As for bucket shop, VenetFX connection to Currenex is provided by http://www.admd.com. For your clients to comply, they need to know what country you operate from. So you are a member of nfa and liscensed? If not you cannot do business in the USA (or with clients based in the USA). If not, are you liscensed by your countries regulatory body, and can you provide a link to your license registry? The fact that you haven't listed these things on your site makes it look very suspicious. |
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kakobrekla
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October 02, 2012, 10:13:34 PM |
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For your clients to comply, they need to know what country you operate from.
So you are a member of nfa and liscensed? If not you cannot do business in the USA (or with clients based in the USA). If not, are you liscensed by your countries regulatory body, and can you provide a link to your license registry?
VenetFX head office is in UK. All Bitcoin denominated accounts/clients are treated as 'domestic' or 'local'. See http://bit4x.com for the required info to open a Live account. |
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evolve
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October 02, 2012, 10:19:43 PM |
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So you are regulated by FSA. Can you link me to your liscense registry? No one in their right mind is going to open an account (much less give you money) if you aren't liscensed.
Edit:
I see venetfx liscense info on their site, but nothing on yours.
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kakobrekla
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October 02, 2012, 10:24:11 PM |
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Edit:
I see venetfx liscense info on their site, but nothing yours. I assume this means you aren't a liscensed brokerage?
http://venetfx.com/bitcoin/Along with taking care of technical side of Bitcoin, holding deposits and so on, I am exclusive introducing broker for Bitcoin for VenetFX. |
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evolve
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October 02, 2012, 10:28:16 PM |
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I see.
I would recommend linking your liscensing info on the bit4x page as well. There are a ton of forex scams out there, and it looks suspicious when you don't have it conspicuously displayed.
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kakobrekla
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October 02, 2012, 10:43:31 PM |
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I see.
I would recommend linking your liscensing info on the bit4x page as well. There are a ton of forex scams out there, and it looks suspicious when you don't have it conspicuously displayed.
Added in the text. Hope that is sufficient. |
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byronbb
Legendary
Offline
Activity: 1414
Merit: 1000
HODL OR DIE
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October 03, 2012, 01:08:19 AM |
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My scam-sense is tingling.
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sippsnapp
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October 03, 2012, 05:36:33 AM |
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What i wonder is, bitcoin by law is not threated as currency as a lawyer told me. How does this complains with the regulation?. On your website http://bit4x.com/ is no statement of regulation. From the http://venetfx.com/regulations/This disclosure is made in respect of Worth. IT Financial Services Ltd, or short ‘Worth Ltd’, which is au-thorised and regulated by the Financial Services Authority (‘FSA’) to provide FX margin trading services. This disclosure does not include any statements for any other member or affiliate of the ‘Worth Ltd’. On the http://venetfx.com/ is nothing mentioned about MFID standard. I also miss a privacy statement. As http://venetfx.com/ also states that they accept bitcoin for deposit, i conclude that http://bit4x.com/ is just a normal white label introducing broker (affiliate). Now the question for me would be, how are you compensated for the introduccing service? IS there any spread/commission markup? |
Πάντα ῥεῖ
Bitcoin + Altcoin node pool setup - pm
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kakobrekla
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October 03, 2012, 01:25:47 PM |
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What i wonder is, bitcoin by law is not threated as currency as a lawyer told me.
How does this complains with the regulation?.
VenetFX lawyers have been working on this and have set up a system for it. On your website http://bit4x.com/ is no statement of regulation. From the http://venetfx.com/regulations/This disclosure is made in respect of Worth. IT Financial Services Ltd, or short ‘Worth Ltd’, which is au-thorised and regulated by the Financial Services Authority (‘FSA’) to provide FX margin trading services. This disclosure does not include any statements for any other member or affiliate of the ‘Worth Ltd’. Bit4X is a VenetFX service. http://venetfx.com/bitcoin/I have a contract signed for exclusive IB for Bitcoin. Working with me is like working insurance agent who works for insurance company. I bridge end clients with VenetFX. Because of my technical background and OTC history I also take care of all Bitcoin related technical stuff and hold all clients deposits. A seperate page was made for a better presentation of Bitcoin support. (Trading rules are also different with BTC.) The FSA is responsible for the regulation of the securities industry in the UK. It has incorporated MiFID into its Handbook of rules and guidance. I also miss a privacy statement.
I will be adding a FAQ soon and it will be added there. Now the question for me would be, how are you compensated for the introduccing service? IS there any spread/commission markup?
Commissions are built in the spread. Spread is the same as with all VenetFX accounts. |
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kakobrekla
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October 03, 2012, 02:21:27 PM |
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I have been getting a lot of questions about how does the margin and leverage work exactly, hope this clears it up. 100 BTC account with 1:10 with 0.01 lot trade, margin ~77, max trade amount 0.01
100 BTC account with 1:50 with 0.01 lot trade, margin ~15.5, max trade amount 0.06
100 BTC account with 1:100 with 0.01 lot trade, margin ~7.7, max trade amount 0.12
Margin depends on USD/EUR for technical limitations. Currently the price is around 1.29. 100/1.29 = 77.
Minimum for trading currencies is 0.01 lot and 0.1 lot for Gold and Silver.
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Foxtra
Newbie
Offline
Activity: 28
Merit: 0
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October 03, 2012, 07:19:59 PM
Last edit: October 03, 2012, 07:30:21 PM by Foxtra |
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Just saying, if you don't want to blow your account in one week, you shouldn't use leverage superior than x100 on currencies.
And x25 max on commodities.
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firefop
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October 04, 2012, 10:41:58 PM |
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I'm not quite following the point of all this --- You're basically running a venetfx passthrough. . . since venetfx accepts bitcoins as well, where's our advantage to using your service?
It's not like you're adding btc pairs into the mix (I long for the days of the 'big 7' ) so exactly what value are you adding over us going direct?
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kakobrekla
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October 04, 2012, 10:48:11 PM |
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I'm not quite following the point of all this --- You're basically running a venetfx passthrough. . . since venetfx accepts bitcoins as well, where's our advantage to using your service?
It's not like you're adding btc pairs into the mix (I long for the days of the 'big 7' ) so exactly what value are you adding over us going direct?
I take care of all VenetFX/Bit4X Bitcoin clients. |
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