I know a Forex broker, Coinexx, who offers trading in almost 25 crypto currencies. They also accept deposit and withdrawals in the major digital coins such as Ripple, Ethereum and Bitcoin.
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I agree @maria098, Coinexx is a good brokers for BTC trading as well BTC deposits. And I agree to certain extent with few members here that it is risky but there are few nutheads like me who like to trade leveraged cryptos. And with Coinexx the spread is pretty decent when compared to what I see on the exchanges like coinbase. The bid and ask price for BTCUSD on coinbase is atrocious.
{quote} I agree @maria098, Coinexx is a good brokers for BTC trading as well BTC deposits. And I agree to certain extent with few members here that it is risky but there are few nutheads like me who like to trade leveraged cryptos. And with Coinexx the spread is pretty decent when compared to what I see on the exchanges like coinbase. The bid and ask price for BTCUSD on coinbase is atrocious.
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Second that.. coinexx indeed is good sply spreads. Hp the quality stays the same n does not deteriorate with time.
Are you replying as maria here in reply to his ans
Coinexx crypto model looks fantastic so far...it will be nice to see some more established and aged brokers start offering more crypto pairs with some established clearing banks. JAFX offering seems good but there is open questions about the company and it's main principal.
Coinexx crypto model looks fantastic so far...it will be nice to see some more established and aged brokers start offering more crypto pairs with some established clearing banks. JAFX offering seems good but there is open questions about the company and it's main principal.
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Agreed @COGnizant .. another reg flag is they've just been sued by CFTC
Quoting the release here
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JAFX, Ltd. Solicits U.S. Retail Customers to Trade Forex without Registering as a Retail Foreign Exchange Dealer
Washington, DC – The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action in the U.S. District Court for the District of Utah against JAFX, Ltd. (JAFX), a/k/a JAFX, EOOD, of Sofia, Bulgaria and Kingstown, St. Vincent and the Grenadines. The CFTC Complaint alleges that, from at least September 2016 and continuing to the present, JAFX operates as a retail foreign exchange (forex) dealer, without being registered with the CFTC, as required, and that it fails to provide customers with the required Risk Disclosure Statement.
Specifically, the CFTC’s Complaint, filed on July 27, 2018, charges that JAFX has been the counterparty to leveraged, retail forex transactions for customers located in the United States, who are not Eligible Contract Participants (ECPs). JAFX allegedly solicits orders from U.S. customers who are not ECPs to open leveraged, retail forex trading accounts through JAFX’s website, as well as videos on YouTube, where JAFX is, or offers to be, the counterparty to each leveraged retail forex transaction. Customers are directed to open trading accounts by submitting an online account application through JAFX’s website, and JAFX encourages customers to access and trade their accounts via a mobile application, according to the Complaint. U.S. customers allegedly may open an account with JAFX for as little as $100.
The CFTC appreciates the assistance of the Financial Supervision Commission of Bulgaria.
The CFTC Division of Enforcement staff members responsible for these cases are Timothy J. Mulreany and Paul G. Hayeck.
Well that really raises a question on the operational ethics and negligence of the so called reputable broker like JAFX. I checked their website long ago and liked there conditions and all but the broker always portrayed the image of not accepting US clients and so I never had traded with them. But after such news doing rounds I went to the website and begin signing up. And yes United States was automatically fetched in there. I filled in my details for testing and No issues to the next step for documents. But obviously now I won’t take risks to really open an account.
And what were they thinking that CFTC watch dogs will not be able to find this perjury? They always have and will keep chasing the off shore brokers coming for US clients.
It’s a pure scene of negligence by JAFX to hide their operations in US from the CFTC.
Sad. broker like them was so foolish to have made such a silly mistake.. I reckon its better to be a unregulated offshore then to set up companies in these shady offshore locations to onboard clients.. that a fist flag to stay away for me. I rather be with an offshore that says that they are not regulated them with them who say they are regulated and then openly taking US guys ... thinking CFTC is stupid.
Had a chat with one of their agents.. they came across to be pretty rude and not seem to interested in answering anything related to the matter....
Despite the CFTC blow, they now say they will not be affected by ESMA & there will be no change to their leverage amounts.. Looks like they are destined to wreck .. If the get away from CFTC( which looks impossible) ESMA is going to hound them.
And if you ask them any questions related to CFTC, they tell you "Thank you for bringing this to our attention. Thus matter has already been forwarded to our legal department who shall be dealing with it. " Having said that these regulatory bodies be it CFTC, ESMA or IIROC they are choking clients
I tend to agree with you. The offshore brokers won’t be able to survive under the offensive attack of CFTC with such ignorant behavior. The Forex industry in US is already been suffering a lot at the hands of these controlling regulatory authorities. And JAFX handed them a knife on a silver platter.
In its defense, JAFX acknowledged its unlawful conduct by stating that- “JAFX is currently not regulated. Regulation takes a very long time to set up and we are in the process of applying for regulation.”
But again CFTC got away with by it denying receiving any such application from JAFX.
With this I think came a renewed warning from CFTC to sweep away more brokers for daring to serve US clients even if they have to pick a dirty fight for it at times. As they have done it in past too.
It is less than a month that Tallinex broker was also bashed with a civil complaint by CFTC was wrongfully operating in US without regulations. And these are the "foreign entities" added to THEEEE RED List in DEC 2017 are: · Astercap Ltd. · Fundix Inc. · Broker Official · Global Consulting Group · Axetrades · Goldex Technology Limited · B&K Investment · K2 Investing · Binary Mate · Markets The World · Binary Options Ltd. · Options Robot · Binary Options Robot · Signals Binary · Capital City Markets · Suomen Kerran LP d/b/a/ Finministry · DineroLibre · Trade24 Global Ltd. · Finance Group Corp. · UTC Broker · Forward Option
That looks quite a conversation about the rough tussle between CFTC and the offshore brokers. And yes the ongoing attacks of these control freaks will undermine the free spirit of the market.
But guys let’s just put the worries aside and focus on the purpose of this thread for a while.
Now can anyone here suggest me a good bitcoin broker in Australia?
That looks quite a conversation about the rough tussle between CFTC and the offshore brokers. And yes the ongoing attacks of these control freaks will undermine the free spirit of the market. But guys let’s just put the worries aside and focus on the purpose of this thread for a while. Now can anyone here suggest me a good bitcoin broker in Australia?
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cityindex, plus 500 and pepperstone. these are some good Australian brokers who offer bitcoin.
Yaa sure! For city index btc spreads is around 70 points and eth 6 pts, Plus 500 is 65 pts for btc; eth 6-7pts and pepperstone only offers btc trading at avg 15 pts.
does anyone from here have any experience trading with any of these brokers?
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I have an exp. with Plus 500. They offer some trading advantages. Account opening was quick. They offered good execution on cryptos. Just a few minor glitches like one time with withdrawal side but it was resolved within a week. Rest everything is good.
{quote} I have an exp. with Plus 500. They offer some trading advantages. Account opening was quick. They offered good execution on cryptos. Just a few minor glitches like one time with withdrawal side but it was resolved within a week. Rest everything is good.
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thanks for the info mathew. will surely look into their trading conditions and see if it suits me well. and about the withdrawals, how much time does it otherwise take to process the withdrawal request?
Well it generally is processed in max of 3 working days but sometimes there might be an issue which can delay the withdrawals more than 1 week. has happened with me.
And I have a question. If you want to trade bitcoin then why not go with exchanges specially created for cryptocurrency. Why normal brokers?
well I am little hesitant about fund security with the offshore brokers that is why playing safe with local brokers.
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I understand your concern but I think today there are some offshore brokers who are quite legit in operations. Plus can offer you better trading conditions. You can test them in small account.
Yaa sure! For city index btc spreads is around 70 points and eth 6 pts, Plus 500 is 65 pts for btc; eth 6-7pts and pepperstone only offers btc trading at avg 15 pts.
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these are outrageous spreads mate! why trade with an onshore and get bummed when there are many offshores that offer better conditions and spreads.
@darren I know there are some offshore brokers offering good spreads even saw them in some major brokers list also. Let’s see if I can try one sometime. Thanks anyways
