I would really love to see brokers accepting and processing withdrawals in BTC. Considering its price is constantly appreciating.
who is your favorite FX broker??
- Thread starter cashclay
- Start date
I believe there are actually some that do, but again (surprise surprise) they're not genuine brokers: they're counterparty market-makers trading against you and incentivised for you to lose. I would avoid them, myself.
Well if Japan airlines started to accept bitcoins, why legal and genuine brokers can't accept use them as funding/ withdrawal channel?
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lovethetrade
This thread has been active for 12 months now, can we see the shortlist of the best FX brokers that are actual brokers not market-makers in disguise with a vested Interest in seeing their clients lose?
I suspect there will be very few in the spot FX market because the profit differential between the two business models is huge.
https://www.bloomberg.com/view/articles/2013-01-10/how-bucket-shops-lured-the-masses-into-the-market
I suspect there will be very few in the spot FX market because the profit differential between the two business models is huge.
https://www.bloomberg.com/view/articles/2013-01-10/how-bucket-shops-lured-the-masses-into-the-market
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No compelling reason, in theory, but the reality is that forex "brokers" who accept Bitcoin are doing so because they're actually counterparty market-makers who trade against their own customers, and long and successful experience has correctly taught them that customers who want to deposit by Bitcoin (just like those who want "competitions" and "bonuses") are the ones whose funds they will gradually but consistently and reliably win from them.
They do their marketing accordingly, to attract these very gullible "traders" who typically don't even understand the difference between a genuine broker and a counterparty market-maker.
Genuine brokers don't accept Bitcoin account funding.
Like so many of the other things which people try unceasingly to explain to you in this forum, it's simply an indication of what kind of "broker" it is, and whether we should be using their "services".
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lovethetrade
Why not? Many sportsbookers are accepting bitcoins. It's the nature of the business, a percentage of their profitable client base are money laundering or are stocked up in cryptocurrency for whatever reason.
I don't see that as a determining factor of whether the financial broker or sportsbookmaker are legitimate and/or market makers.
I'd appreciate an answer to my very reasonable question also given the title of this thread. Are there any spot FX brokers that arent CFD providers or market makers?
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For the reasons stated above (fairly repeatedly, now). You may not like them, but that has nothing to do with whether or not they're "reasons", and they are.
Indeed they are.
But that's not relevant to the points made above.
Yes, there are.
"Interactive Brokers", for a start. They're neither CFD providers nor market-makers. Whether they happen to be suitable for you to use is, of course, another matter altogether. But clearly, obviously, there are spot Fx brokers in the world who aren't market-makers or CFD brokers.
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lovethetrade
Thanks for that info, looks like NinjaTrader and ThinkorSwim does spot forex as well. They are the ones traders should be using not the bucket shops.
So, the credible list so far is
1. Interactive Brokers
2. NinjaTrader Brokerage
3. ThinkorSwim
Its a shame the industry (mainly outside the US) has let investors down by allowing these dodgy FX brokers and CFD providers to operate. No broker/provider should be allowed to create a market whether they disclose it or not due to the inherent conflict of interest. Otherwise they prey on investors that lack experience (allow credit card deposits, deliver poor execution, provide a laggy or uncomfortable platform to trade with etc) which contradicts every financial regulatory body's core principles. Thats what I'm baffled about, why would they allow it in the first place and still allow CFD providers to operate in most countries today when investor/consumer protection is their fundamental principle.
The SEC is onto it, they know it's gambling and that's why it's banned.
CFDs are big in the UK, same with sports bookmaking . I suspect it's because it's an important part of their economy. Why else would they allow these scammers to operate.
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Mine is Interactive brokers. Can someone pls explain otherwise?
Reiterating your views on that is not an argument. How you can explain that legal Japanese companies started to accept bitcoin as a mean of payment?