“Love at first sight! … then comes reality … be prepared Skippy”
Today I’m going to compare the “Pros & Cons” of BTCUSD trading at 3 different
venues … 1) PRIMEXBT, 2) COINEXX, AND 3) BASEFEX, our newest partner and
quite frankly the best place to trade BTC hands down … but, don’t take my word
for it, simply look at the facts.
First up is PRIMEXBT … they have binary options, and decent FX for small
accounts … their CFD’s are overpriced with a very heavy commission structure,
so you wouldn’t ever trade CFD’s here … their BTC CFD is good, but the problem
I have with them is twofold … 1) commission structure is too high, and 2) you
only deal through the LP’s [liquidity providers] they provide, meaning you take
the bid to sell or take the offer to buy and that’s it … slippage can at times be
horrible, and there is no recourse for a bad fill from the LP … overall, if you are
primarily trading FX and only do an occasional BTC trade, then PRIMEXBT is
very good … overall, I give them a B+ for trading BTCUSD.
COINEXX has all the markets, and you need the MT5 platform … in everything
but crypto, they use the same servers & LP’s as Turnkey, and their quoted
spreads & commission structure is among the very best you will ever find … for
BTC trading, COINEXX is excellent when conditions in Bitcoin are relatively
stable and not very chaotic, as their bid/offer spread is tight [$0.50 - $2.00] and
the commission structure is the cheapest anywhere … however, at least 50% of
the time, and maybe more, BTC is anything but relatively stable and is in fact bat
shit crazy … that leads to 3 big problems … 1) the bid/offer spread balloons
quickly to $10 - $20+, thus no matter what side of the market you’re on, getting
out you’re gonna feel like you got hosed by the hedge fund liquidity provider
[LP’s} who is anything but … 2) limit orders ARE NOT HONORED by the LP’s
… e.g., you’re long and the market is rising, and you have a limit sell order in at
9003.00 to liquidate, thinking if it goes through 9000 some stops will carry it
above the 9003 level for your profit … and you’re right! … market rallies up to
9003.50 and then collapses … you get filled at 8994.50 … WTF! … in reality,
COINEXX treats limit orders as “MARKET IF TOUCHED” [MIT] orders, and when
the market went 9003 bid, your limit order immediately became a market order
to sell, and you know what happens next.
Well, what if the market was at 8999 and then in a millisecond it was at 9015 bid?
… great, you’re gonna get filled at 9003, right where you wanted it filled, and the
fucking scumbag hedge fund acting as the LP screws you blind and keeps the
difference … in other words, its HEADS THE LP WINS, TAILS YOU LOSE!
This all leads to problem #3, which is slippage … when Bitcoin moves fast, you
have no idea on the MT5 platform where BTCUSD is in fact trading at on the
various cash exchanges … only thing you see is the bid/offer from some hedge
fund [banks generally don’t make markets in BTC, so they leave it up to large
and even scummier hedge funds] … AND THIS I CAN GUARANTEE YOU … that
hedge fund is NOT going to give you a fair & honest price for BTCUSD, they’re
gonna be anywhere from $5 - $20 off the market GUARANTEED … and even in
relatively normal conditions [if there is such a thing in BTC], the mystery ticks
up/down can lead to some horrendous fills, where you’re gonna feel cheated
… this is what happens when there is no bid/offer market to look at, and there is
only the LP … overall though, even with these 3 problems, if BTC is only the
occasional trade, then I give COINEX AN A-, and for strictly BTC trading I give
them a B+.
BaseFEX is a strictly Bitcoin platform … here, in an “order book” format, you
ARE PART OF THE MARKET, and can see bids & offers as they change and
trades are made … what I particularly like is that trading volume is done by
dollar volume … so, instead of placing an order to buy/sell BTC with 0.01 BTC,
which is about $86 at current BTC price as I write, you’d simply place an order to
buy “86”, or if you wanted to do $100, it would be “100”, etc. … the order book
usual spread is about $1 - $2, but can balloon if things get chaotic, but it isn’t
gonna be any worse than COINEXX OR PRIMEXBT, and in fact it will be better!
… commissions are based on “maker” [limit orders] or “taker” [market orders]
… 0.02% for makers, and 0.06% for takers … 2 other points: 1) the more you
trade, the less your fees become, and 2) by signing up through the BaseFEX Logo
in the upper right hand column via my affiliate link, you’ll enjoy and extra 10%
reduction in trading fees you ordinarily would not get … so, don’t hand me any
of that “there’s no advantage in being an affiliate” … if you’re an active BTC
trader, even with a small account, you’ll put back THOUSANDS OF DOLLARS
INTO YOUR POCKET … [you’re welcome.]
Directly below, a screenshot of the “live” order book from this morning.
click on ANY image or chart to enlarge
Also on the “Trade” page of the BaseFEX website just above the order book, is a
recap of the day’s stats so far … below, this morning at 7:30 A.M. EST directly
below.
Now, as you can plainly see, for most every BTC trader, excepting some whales
who want to throw around hundreds of thousands or millions of dollars of BTC
at a crack, anybody who wants to trade any dollar amount from $1 to about
$30,000 worth of BTC can find the liquidity they need on the order book … the
24 hour totals of trading = ~ $7 million dollars changed hands, so not bad, and
about $700,000 is outstanding at the time I took the screenshot at around
7:30 A.M. EST today… you’ll also notice that rollover occurs every 8 hours, and
there’s a charge of 0.01% on any position you have … I like this, cuz this isn’t a
platform for buying & HODL-ing, it’s a platform for trading.
If you go to their website, the “Trade” page has what I reproduced above.
Remember, this is for BTC ONLY, so you’re not gonna come here and trade the
NDX100 or any FX pair … so my BTC grade for BaseFEX is A+ … it fills every
need any trader could want RIGHT NOW … NO KYC, 100X leverage, BTC
deposit / withdrawal, & no limit to withdrawals per day or on amount, and since
they’ve been up & running since 2018, there has never been an outage on the
platform … and they have a demo you can sign up for and practice … with a real
spread and the LOWEST FEES ANYWHERE, and getting an additional 10% off
fees by signing up through my affiliate link, not only does BaseFEX offer the
very best trading conditions for most BTC traders, you get money put back into
your pocket through my discount offer … but here’s the BOTTOM LINE: if you
trade BTC through either PRIMEXBT OR COINEXX, you’re simply handing free
money to an LP, that you could give yourself by being part of the actual market
at BaseFEX … it’s as simple as that … one more thing … limit orders are limit
orders at BaseFEX, where you may get a partial fill … and if the price goes
through your limit to a better price for you, it gets filled at the better price and
your remaining order is treated as a market order, so better price and higher fee
cuz you went from maker to taker … so, every reason in the world to trade BTC
here, and there isn’t a better alternative I have seen, and believe me I’ve looked
and looked hard.
Just before Noon EST, and the bid/offer spread at BaseFEX is holding around
the $3 level, plus/minus some pennies, while COINEXX IS oscillating between
$5 - $10 … and while it’s not the end of the world, I just don;t like PRIMEXBT’S
RT commission rate of 0.1% of notional … right now that about a $9.70 fee for
1 BTC, which is simply too rich given the alternative of BaseFEX, where not only
can you be part of the market, you aren’t getting constantly screwed by some
shitbag hedge fund LP who is 99.99% off the market with fills … same with
COINEXX.
And simply cuz I know I get new readers every day, ALWAYS USE A SECURE,
ANONYMOUS, & PRIVATE EMAIL SERVICE LIKE PROTON MAIL [free & in
Switzerland], AND IN ADDITION, ALWAYS USE A TOP NOTCH VPN SERVICE … I
use TORGUARD cuz it’s well priced, easy to use, works perfect with streaming
services like trading platforms, YouTube vids, Netflix, Hulu, etc. … use the
promo code “50FORLIFEBUNDLE” [minus the quotes] and save 50% off annual
sub price and pay just $29.99 for the entire year, and it supports up to 8 devices,
so it’s perfect for family use … use BTC to pay and your up & running in minutes!
Today sees another run to 10K in BTC, but that got smacked down rather quickly
… it’s early still, and the day’s range stands at about $900, and like I said
yesterday, BTC moves more in 12 hours than anything in FX moves in a week,
maybe a month … from the algorithm trade signals earlier today, around the
NYSE open, an example of a trade where the trader has multiple options
available to him/her for liquidation depending on their style of trading … here is
one such example directly below.
Outta here … until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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