mckenzie126 (OP)
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August 06, 2022, 12:32:35 PM Last edit: August 06, 2022, 12:46:35 PM by mckenzie126 |
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Have been trading long spot on Binance for a few years but now I want to be able to trade both long & short. For me PrimeXBT fits the bill & Im able to open an account there & it would appear as soon as I fund the account I'm able to start trading. The UK isn't listed as one of their restricted countries unlike the US for instance. However the FCA in the UK banned all crypto related derivatives for retail last year. Sorry maybe I've been living under a rock but what is the story here, how come I can open an account with prime & apparently go ahead & start trading? Will I need a VPN going forward ? Thanks for any help
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Oshosondy
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August 06, 2022, 12:52:07 PM |
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Not your key not your coin, avoid your coins to be seized. Don't you know that a site you are visiting will know if you are using a VPN or not? They can also later know that you are from a country that do not allow derivatives trading and exchanges are complying to regulatory policies and your fund might be seized.
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stompix
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August 06, 2022, 01:37:16 PM Merited by JeromeTash (1) |
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Will I need a VPN going forward ?
How is a VPN going to help you, PrimeXBT will ask for KYC and how are you going to avoid that? The UK isn't listed as one of their restricted countries unlike the US for instance.
Yeah, but they have this in their ToS: The Client warrants his understanding that laws regarding PrimeXBT Services vary throughout the world and it is the client’s obligation alone to ensure compliance with any law, regulation or directive relevant to Clients country of domicile Ability to access the services does not necessarily mean that the Company Services and client activities through it are legal under the laws, regulations or directives relevant to Clients country of domicile. So they could restrict your account as they see fit at any time. You decide if it's worth the risk.
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noorman0
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August 06, 2022, 04:17:14 PM |
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I found a review on PrimeXBT published Aug 3rd: https://www.coinbureau.com/review/primexbtIs PrimeXBT Regulated?
Though founded and registered in Seychelles, with offices in St. Vincent and the Grenadines, and a recent move and consideration of becoming headquartered in Switzerland, PrimeXBT IS NOT currently regulated or licensed. This is an alarm bell for many, as it means there is no authoritative body to hold the platform accountable or enforce any sort of laws or rules.
Basically, customers who choose to use this platform are on their own and do so at their own risk. If the company decides to do a runner or a rug pull, or even if they decide you didn’t actually win that trade and refuse your payout, there is very little legal action anyone can take against them. Though the platform has a lot of positive reviews and few complaints, and a long history of satisfied traders, this is still an important consideration. At the stage of migrating their head office, there may be most of their policies that will be revised according to the basic regulations. That's why they temporarily have no legal basis for cracking down on users from their previous blacklisted countries.
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Tytanowy Janusz
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August 06, 2022, 04:53:42 PM |
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Have been trading long spot on Binance for a few years but now I want to be able to trade both long & short. For me PrimeXBT fits the bill & Im able to open an account there & it would appear as soon as I fund the account I'm able to start trading. The UK isn't listed as one of their restricted countries unlike the US for instance. However the FCA in the UK banned all crypto related derivatives for retail last year. Sorry maybe I've been living under a rock but what is the story here, how come I can open an account with prime & apparently go ahead & start trading? Will I need a VPN going forward ? Thanks for any help
If you are a long binance customer why would you switch to primeXBT which is a far worse exchange? Binance has all you need. Derivatives are locked for people from UK, just like primeXBT but VPN wont hide you. They have more tools for that and both have KYC. But ... if you only want to be able to take short position you don't need derivatives. As far as I know margin trading is not banned: "Can you margin trade on Binance UK? Following the publication of the article, Binance reached out to clarify that margin products are not subject to restrictions although it is mentioned in the notice sent out to users." https://www.coindesk.com/policy/2021/12/14/binance-uk-is-threatening-to-block-derivatives-traders-in-a-move-to-keep-regulators-at-bay/Available on you binance account with 3x and 10x leverage.
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jackg
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August 06, 2022, 06:28:40 PM |
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PrimeXBT
You've found one of the few sites that aren't vpn friendly though too (at least in my experience). If you can find two sites that can cover what primexbt can do, do that, you'll be a lot safer.
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The Cryptovator
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August 06, 2022, 06:47:10 PM |
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Listen, bro, don't take the risk. Whenever you are using a centralized exchange keep in mind you aren't controlling your funds or account. The exchange could ban at any time for breaking terms of service. So it's important to read the terms of service that exchange you intend to use. How will you prevent yourself from submitting your KYC even if you hide your IP? Just be fair and comply with the terms.
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DoublerHunter
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August 06, 2022, 08:06:41 PM |
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~snip~ Will I need a VPN going forward ?
^ No, this will not help you. Most of the exchange is not VPN friendly and it should be risky on your part. I heard that some exchanges have a VPN detector, it will be easy for them to seize your account once they found it that you are using VPN so, I think that is not a good solution here. Just grab the exchange of what is available in your place. However, you can try if you really want but don't use a free VPN, just use paid VPN because they have a better security feature than the free VPN also you are experimenting with this just accept the possible result of banning an account at least you are ready and spend a little amount that you can afford. If you will not be caught, just continue.
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JeromeTash
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August 06, 2022, 09:06:08 PM |
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But ... if you only want to be able to take short position you don't need derivatives. As far as I know margin trading is not banned:
For a person who's used to trading futures, I find margin trading pretty boring on top of having small leverage (Most assets offer only 3x) and sometimes when the market is volatile you won't be able to borrow I think thats why he's look for other derivatives options
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Tytanowy Janusz
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August 07, 2022, 05:44:10 AM |
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For a person who's used to trading futures, I find margin trading pretty boring on top of having small leverage (Most assets offer only 3x) and sometimes when the market is volatile you won't be able to borrow
I think thats why he's look for other derivatives options
He is not looking for derivatives. He is experienced in spot trading and now he is looking for a way to open short position and don't know how because derivatives are banned in UK. Margin trading looks perfect for him because he is inexperienced in leverage and trading in both directions (he created thread to find a way to short). Binanace allow 10x leverage in margin trading and its more than enough. I know that derivatives trading is more exciting, faster, more convenient but i if you are not a scalper its much better to go for legal margin trading rather than doing KYC with fake documents, using VPN to fake location and risking having fund locked due to TOS violation.
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Oshosondy
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August 07, 2022, 07:42:50 AM |
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For a person who's used to trading futures, I find margin trading pretty boring on top of having small leverage (Most assets offer only 3x) and sometimes when the market is volatile you won't be able to borrow
I think thats why he's look for other derivatives options
Never mind Binance that offers 3x for cross margin trades, but it offers 10x for isolated margin trades. On OKX that I just check their margin trading right now, it offers 10x for both cross and isolated margin trades. 10x is even getting higher and liquidation risks is higher. Trading is fun with low leverage, I have even gone from 3x BTC/USDT pair to 1x or 2x which have been helping me to make profit unlike before that I panic close position or my asset got liquidated easily. He is not looking for derivatives. He is experienced in spot trading and now he is looking for a way to open short position and don't know how because derivatives are banned in UK. Margin trading looks perfect for him because he is inexperienced in leverage and trading in both directions (he created thread to find a way to short). Binanace allow 10x leverage in margin trading and its more than enough.
I know that derivatives trading is more exciting, faster, more convenient but i if you are not a scalper its much better to go for legal margin trading rather than doing KYC with fake documents, using VPN to fake location and risking having fund locked due to TOS violation.
I was using Binance to practice margin trading like a year or 2 years ago, so complicated for me and I used future derivatives which is much simpler. Surprisingly, I did not know I can use margin to also short and long position until I saw your post today, I went to OKX BTC/USTD margin pair and I was able to short or long and not different in layout with their future trading. If mckenzie126 can be able to use margin trading for it, It would be a good alternative, but I will advice him not to go more than 1x leverage which he has been doing with spot trading.
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tranthidung
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August 07, 2022, 09:41:10 AM |
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If you want to use a platform and you can not because of IP, geographical restrictions, you should not choose VPN. Many reasons why you should not do that: - Policy on VPN can be changed. You don't know when it happens.
- Your account can be temporarily locked because of geographical changes and you will have to do some steps to unlock it. That is annoying but it is also a reminder that n worst case, you will lose your account
Personally, I will find alternative platforms rather than using VPN.
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mckenzie126 (OP)
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August 07, 2022, 05:23:41 PM |
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I wanted to use Primexbt because it's a very simple process to short trade there & also as far as I was aware they don't require KYC (but they do say under exceptional circumstances they may ask for it). I asked about a VPN because I see a lot of traders using one but yes the points brought up here make it questionable.
I didn't realise you could still use margin at Binance in the UK so I'll have to look into it although I was always put off a bit by the complicated process.
Thanks for all the help
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mk4
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August 07, 2022, 05:46:37 PM |
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Your only solution is to use non-custodial trading platforms a.k.a. "DEXs" with futures such as dYdX(Starkware) and GMX(Arbitrum). Obviously, these platforms wouldn't perform as well as centralized custodial exchanges, but it's your only option if you want to stay away from AML/KYC.
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jaberwock
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August 08, 2022, 06:36:19 AM |
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Have been trading long spot on Binance for a few years but now I want to be able to trade both long & short. For me PrimeXBT fits the bill & Im able to open an account there & it would appear as soon as I fund the account I'm able to start trading. The UK isn't listed as one of their restricted countries unlike the US for instance. However the FCA in the UK banned all crypto related derivatives for retail last year. Sorry maybe I've been living under a rock but what is the story here, how come I can open an account with prime & apparently go ahead & start trading? Will I need a VPN going forward ? Thanks for any help
If it's really banned then there's no way you can access the site but you said you can access it freely without any restrictions whatsoever? Then I think that is a good sign that the banned have been removed already. I won't advise you to use a VPN as that can only cause you a problem as some platforms won't allow such tool. I noticed that some comments here talks about how risky it is to use a centralized exchange because it can hold your funds but I think that wasn't the main concern of the OP here plus he is doing a trade and it will be a hassle if he will just pull out his funds every time he do a trade. Another thing is that centralized exchange are the one that is used the most by traders, maybe because it has a better feature/functions than a dex.
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Ararbermas
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August 08, 2022, 07:04:42 AM |
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Have been trading long spot on Binance for a few years but now I want to be able to trade both long & short. For me PrimeXBT fits the bill & Im able to open an account there & it would appear as soon as I fund the account I'm able to start trading. The UK isn't listed as one of their restricted countries unlike the US for instance. However the FCA in the UK banned all crypto related derivatives for retail last year. Sorry maybe I've been living under a rock but what is the story here, how come I can open an account with prime & apparently go ahead & start trading? Will I need a VPN going forward ? Thanks for any help
probably it will work with VPN since mostly are using such way in order for them to bypass such issue , but for sure once they caught you they will automatically freeze your account and you cannot manage to take out your money. And even you make reports for help it's useless. So think about it infact there's a bunch of platforms when it comes trading crypto so better to make a good decision.
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mckenzie126 (OP)
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August 08, 2022, 11:12:37 AM |
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Have been trading long spot on Binance for a few years but now I want to be able to trade both long & short. For me PrimeXBT fits the bill & Im able to open an account there & it would appear as soon as I fund the account I'm able to start trading. The UK isn't listed as one of their restricted countries unlike the US for instance. However the FCA in the UK banned all crypto related derivatives for retail last year. Sorry maybe I've been living under a rock but what is the story here, how come I can open an account with prime & apparently go ahead & start trading? Will I need a VPN going forward ? Thanks for any help
If it's really banned then there's no way you can access the site but you said you can access it freely without any restrictions whatsoever? Then I think that is a good sign that the banned have been removed already. I won't advise you to use a VPN as that can only cause you a problem as some platforms won't allow such tool. I noticed that some comments here talks about how risky it is to use a centralized exchange because it can hold your funds but I think that wasn't the main concern of the OP here plus he is doing a trade and it will be a hassle if he will just pull out his funds every time he do a trade. Another thing is that centralized exchange are the one that is used the most by traders, maybe because it has a better feature/functions than a dex. Correct, no restrictions as far as I can see & no KYC, also has a good reputation. This is kind of why I asked the question here as to how this is possible & was hoping if anyone could shed any light on what appears to be a grey area from a UK perspective. As far as I know the ban is still in place but perhaps the small print somewhere does allow it somehow under certain conditions, I don't know. What I should probably do is just ask them directly what their policy is.
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Potato Chips
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August 09, 2022, 12:31:38 AM |
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If it's really banned then there's no way you can access the site but you said you can access it freely without any restrictions whatsoever? Then I think that is a good sign that the banned have been removed already.
Not really. For instance, there was a time kucoin did not IP ban the fellas from unsupported countries. There was also a case in paxful where a once supported country became restricted however the user in question was still able to deposit, so when they did, their funds were locked. CEXes don't always have the proper restriction in place before you start trading. I noticed that some comments here talks about how risky it is to use a centralized exchange because it can hold your funds but I think that wasn't the main concern of the OP here plus he is doing a trade and it will be a hassle if he will just pull out his funds every time he do a trade.
the horror stories from people who had their funds freezed by centralized exchanges should always be mentioned especially if one could be violating some current/future policies.
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Bitcoin_Arena
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August 12, 2022, 12:00:14 PM |
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Your only solution is to use non-custodial trading platforms a.k.a. "DEXs" with futures such as dYdX(Starkware) and GMX(Arbitrum). Obviously, these platforms wouldn't perform as well as centralized custodial exchanges, but it's your only option if you want to stay away from AML/KYC.
One of them (dYdX) even confirmed blocking accounts involved in the tornando.cash controversy. If they can even act that quickly to such petty issues more than some centralized exchanges, then I wonder what will happen when Commodity Futures Trading Commission goes knocking on their doors. Article: dYdX confirms blocking (and unblocking) some accounts flagged in Tornado Cash controversy
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