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Good Forex Bitcoin Broker

Discussion in 'Trading/Investing Resources' started by trading@riat, Jun 19, 2018.

  1. trading@riat

    trading@riat

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    Is there any reliable forex broker who offers cryptocurrencies also? Anyone here who is trading with such type of broker kindly share your experience.
     
  2. traderace_mkt

    traderace_mkt

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    I have been with this broker called Coinexx for long enough to suggest it to people for their amazing spreads and commissions. Besides being a forex broker it also lets you trade in around 25 cryptocurrencies as well. I started trading in BTC/USD through them and enjoyed really nice spreads. Apart from this they also accept deposits and withdrawals via major cryptocurrencies.
     
  3. cynic

    cynic

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    When visiting their website, I couldn't seem to find reference to any regulatory information.

    When you applied to open your account, were you provided with any legal information, (such as client agreement and/or product disclosure documents, or similar)?
     
  4. traderace_mkt

    traderace_mkt

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    Hi Cynic, Coinexx offers anonymous trading accounts, you can set up an account with them by using your email and name so there are not any legal docs as such. But if you scroll to the footer of their website, you will find privacy policy and t&c documents. As the broker does not deal in fiat so they operate as a self reg entity . They are a FX Crypto CFDs broker. Their portal is mostly self serve, you set up an account, deposit cryptos, which is instantly updated to your account and trade. If you wish to withdraw, you request withdrawal and the funds are back to your wallet within 24 hours. I hardly had to interact with their team for resolutions. Pretty sorted broker. FYI, they only allow crypto deposit/withdrawal in almost 25 coins and off crypto denominated accounts to trade digital assets and FX CFDs. Hope it helps
     
  5. cynic

    cynic

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    Thanks for your response, traderace_mkt.

    Whilst I understand that the theorised benefits of regulatory oversight (and/or compliance) tend not to fully materialise in practice, I remain swayed toward precautionary sentiments akin to those expressed within the following article:

    https://www.fxempire.com/education/article/not-go-unregulated-broker-345736

    In summary, my response to the suggestion of funding an account with such brokers, is as follows:

    No financial regulation! => No FTSEing way!!
     
  6. trading@riat

    trading@riat

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    Thanks for your time and effort. I have been looking for a good broker offering trading in FX as well as cryptocurrencies in one platform. After your provided info, i visited the Coinexx website and felt their trading conditions are quite good. Even the spreads looks quite competitive. Can you share a little more about your experience with this broker? Like how are the deposit/ withdrawal policies? Actually I want to be sure before going live with them, you know security reasons. :D
    BUT THANKS ANYWAYS!
     
  7. cynic

    cynic

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    Perhaps some items from the Holeproof line of merchandise, may prove to be the more prudent investment.

    I understand the performance of their hosiery to be highly dependable, in a theatrical sense, at the very least.
     
  8. traderace_mkt

    traderace_mkt

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    Yes you got that right. The spreads don’t just look competitive they are competitive. Based on my experience with Coinexx I’d say you don’t need to worry about your investments with them. As far as deposits and withdrawals are concerned I am happy. Unlike some other brokers with whom people usually face withdrawal issues, my withdrawal requests with Coinexx were processed pretty quickly, much faster than the other brokers I had been with in the past. Account opening with Coinexx was quite straightforward for me, no documentation required. As an added benefit they give a 100% deposit bonus on opening a new account with them. Plus their client support team has assisted me diligently whenever I needed them.
     
  9. greggles

    greggles I'll be back!

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    I'll just wait here and relax until cynic arrives. :whistling:
     
    cynic likes this.
  10. cynic

    cynic

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    Holey theatrical socks!

    Give them a single thread , and they practically darn themselves!!

    Darned socks!! Darn 'em, darn 'em, darn 'em, DARN 'EM!!!
     
    peter2 likes this.
  11. greggles

    greggles I'll be back!

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    OK, I couldn't resist. I did some of my own research. First I took a look at the website and noticed that they are offering these as "Investment Plans".

    screenshot-www.coinexx.org-2018-06-27-20-31-21.png

    6% daily profit? 30% weekly profit? Come on guys. Pull the other one, it yodels. No description of the "trading experts" who provides these amazing services, their qualifications or experience. No history of past performance or any idea of the methodology employed. Hmmm...

    So then I thought I'd check their their Product Disclosure Guide, Disclaimer, or their Financial Services License. But there was none of that on their website. Completely unlicensed. You are entirely unprotected. These guys could take your money, run off to the Bahamas and there is nothing you could do about it.

    There was a Risk Warning and a T&C but that was just to cover their arse. Even in the dodgiest of jurisdictions you seem some legal documentation.

    Then I thought I'd take a look at their offices at 76 Guild Street, London, UK. I was sure they were vast and luxurious. After all they were in London, one of the world's largest financial capitals and they were an "investment management company". So, I went to Google Street View and took a look.

    screenshot-www.google.com-2018-06-27-20-45-49.png

    Eh? There doesn't even appear to be a 76 Guild Road. I could find a 68 and an 82, but no 76.

    Where do they house their 63 "in-house traders"? I'm a little confused now. :confused:
     
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  12. Country Lad

    Country Lad Off into the sunset

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    Ah ha G, you didn't read the fine print. The address on their website is Guild STREET, not Guild Road. Never mind there not appearing to be a number 76, actually the whole of Guild STREET London doesn't exist.

    I think we have too much time on our hands.
     
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  13. greggles

    greggles I'll be back!

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    Ahhhh! So that's why I couldn't find it. Maybe they should move to Guild Road? Any real location is better than an imaginary one. They might be able to get a good deal on this place... and it comes with a bonus shower screen in the backyard.

    screenshot-www.google.com-2018-06-27-22-29-01.png
     
  14. peter2

    peter2

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    One of the hardest things for me to do when I'm in a winning trade is to let it go. These little distractions (like looking for Guild St, London) help my patience. The latest Trump news spike seems to have run out of steam so it might be a correct time to close one half.
     
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  15. traderace_mkt

    traderace_mkt

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    Hey greggles. I think you're mistaken my friend. I was talking about coinexx.com. Have no association with coinexx.org. Perhaps you'd like to have a look at it again. Coinexx.com. I even highlighted it.Coinexx ASF Screenshot.png
     
    trading@riat likes this.
  16. cynic

    cynic

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  17. greggles

    greggles I'll be back!

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    Really? Then why is the company name the same on both websites?

    In any case, what I said applies equally to both websites. Not licensed, no disclaimer, no Product Disclosure Statement. On the website you directed me to, there is only a Terms of Use that contains this very brief mention of risk.
    Yet there is no description of what those risks are. The above Risk Warning even states that the company is deliberately not disclosing all the risks. Why would anyone in their right mind give a company like this any money, real or crypto? There is absolutely no protection or accountability whatsoever.
     
    So_Cynical likes this.
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