HONESTY … WHERE CAN I GET SOME?

“At least this guy is honest … doesn’t say much for scumbag LP’s!”

And right on cue, like he came straight out of central casting, here’s Coinexx’s

response to my email questioning the veracity of their crude oil LP’s

… remember, on Friday I sent them 2 pics of their spreads versus PLUS500.

Directly below, their response.

Dear Barry,

This is in respect to the inquiry you have made on support for spreads on oil.

Our average spread on WTI crude oil is 2-3 pips. please be advised that we are pure ECN

broker and provide direct liquidity from the LPs. Spread may get wide depending on the

movement, volatility and liquidity in the market hence you might see higher spreads at

the time of high volatility like news time or when there is low liquidity in the market like

during market closing or opening time.

Feel free to get in touch should you require any further information; we would love to help

you out with it!

Cheers & have a great day!

Coinexx Support!

Email: sgarg@coinexx.com | Website: https://coinexx.com/  | Questions? Just ask at Live

Chat

Of course, he addressed nothing of what I asked, so I wrote back.

You fail to address the points I raised in my email. The fact is, while your LP's widened

spreads to unreasonable levels, PLUS500 maintained a WTI crude oil spread of 2 cents.

Please further explain to me how they can do that but you can't, seeing how they have

the same oil conditions as Coinexx. Simply look at the two pics I sent you that show they

beat your spread by a mile. So, my question is, why can't you get their LP's for oil, instead

of the thieving LP's we're stuck with at Coinexx? And furthermore, your oil spread is not

consistently 2-3 cents; that's hogwash. All it takes is a small bump in volatility, and your

LP's see the opportunity to widen the spread to 4 - 5 cents, for reasons of pure greed. In

other words, if PLUS500 can maintain 2 cent spreads in volatile conditions, why can't

you? Stop giving people the idiotic response of "DUH, market conditions, DUH"!

Regards,

Barry

Apparently not liking my response, support wrote back from this.

Dear Barry,

Please be advised that every broker has a different set of LPs hence the spreads or prices

may vary from broker to broker. as we are pure ECN broker, we provide the same variable

spreads directly to the clients from the LPs and spreads totally depends on market

movement, volatility and liquidity hence fluctuation is expected. We are connected with

major LPs from across the world which cannot be changed and provide the best bid and

ask prices across all instruments including forex, commodities, indices and crypto

currencies.

Which natch, elicited another reply from me.

NO, you do NOT provide the best bid/offer spread in WTI Crude Oil ... are you blind? ... do

you not see the side-by-side comparison of WTI spreads with Coinexx versus PLUS500? In

the first example, you are at 5, they are at 2 ... the second example, you're at 7, they are at

2. Try and convince me again you have the best spreads! And as for your MAJOR LP's

FROM ACROSS THE WORLD, who you somehow think are giving us the best deal ever,

I've proven to you and Coinexx that this is a LIE. So, whom does PLUS500 use for their

Oil spreads? And why don't you use them? Or, as I'm beginning to understand, you

simply take part of the spread along with commission, so that makes giving clients a

higher cost of doing business OK from your perspective. STOP lying to people, because

as I have proven, you don't come anywhere close to having the BEST BID/OFFER

SPREAD in WTI Crude Oil.

And with that, they slinked off to a safe space, no doubt.

One algorithm buy signal today in crude oil … not much in it, and again way

too much risk for the reward … up a few cents … the chart from the M5

directly below. One algorithm buy signal today in crude oil … not much in it,

and again way too much risk for the reward … up a few cents … the chart

from the M5 directly below.

click on chart to enlarge

Just like the SP500, not much you can do, when you come into the day to trade,

and we already got a 2$ + range going … what’s left for New York? … and

again the answer is not a “Hoover Dam” thing except chop. So, onto tomorrow

… until then mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

A RAY OF HOPE FOR OIL TRADERS

“And, it’s only Monday!”

As soon as I write it, it gets thrown back in my face … well, maybe … some

potentially good news for oil traders, especially smaller trading accounts.

Yesterday’s blog highlighted the fact there isn’t any decent place to trade

either WTI or Brent crude oil … dunno yet, but maybe I was a bit premature

in that assumption.

Today, I’m at Coinexx, the place that bought out FinPro Trading, back at the

end of 2018. Before then, they were strictly a crypto trading exchange. I

talked with them earlier today, and what they tell me, is that they also bought

out Turnkey’s service provider, which I believe was Turnkey FX … I’m not

100% certain on this, as Turnkey Forex is kinda mum on the question

… interesting tidbit if true, but more to the point.

Coinexx bid/offer spreads today in WTI crude oil were 2 - 3 cents, with a 1 lot

= to 1,000 barrels. Trading is done in increments of 0.01 lots, meaning the

minimum trade size is 10 barrels [1,000 * 0.01 = 10]. Round turn commissions

are $2 per 1 lot, meaning if you trade 100 barrels of oil [$1 per penny] or 0.10

lots, your RT commission = 20 cents [about ⅕ of a minimum one penny tick].

Leverage is set by the customer at account setup, and can be set at 500X

… that means on the 100 barrels of oil at current price, the margin is about

$12 - $13.

Now, as we all know, leverage can kill you if you let it, but for a smaller

account that has maybe $200 - $500 in it, trading oil with these conditions

makes an awful lot of sense, cuz you can pick your risk level. Coinexx has

approximately 20+ crypto currencies you can utilize for deposit / withdrawal,

including the most popular Bitcoin [BTC]. Crypto is the only means for

deposit & withdrawal, so there are no bank transfers or credit/debit cards.

If you choose to open a live account and use MT4, your account can only be

based in USD or EURUSD. If you choose to use MT5, your account can be held

in USD, or the 5 crypto currencies 1) Bitcoin [BTC], 2) Bitcoin Cash [BCH],

3) Etherium [ETH], 4) Lite Coin [LTC], and 5) Ripple Coin [XRP].  

Opening an account at Coinexx [ https://coinexx.com/ ] is easy, but despite

what the website says about “no verification”, that’s simply to open an

account. To trade, deposit, & withdraw you have to provide gov’t ID & proof

of address. I haven’t heard anything but good things about Coinexx, and they

have a positive review status at Forex Peace Army … the fact they aren’t

regulated doesn’t bother me in the least cuz regulation is meaningless … go

ask REFCO & MF Global ex-customers where regulation by everybody got

them, when both went belly up … it got them shafted is where it got them

… so, it could be a good place to trade oil if your account is relatively small.

At 2 - 3 cents, the spread is reasonable considering the daily ranges are usually

well over $1+, on the vast majority of days, while the RT commission is

meaningless coming in at ⅕ of a penny move no matter what your size of trade

level. OK, so you give up a penny or two to get the size of your risk profile

where you want it … remember, this is a CFD … IMHO, the flexibility this

offers is well worth the give up of a couple of pennies … in reality, it will trade

a lot better than the NADEX call spreads, that I am sure.

Today’s oil market, a simple reflection of the U.S. stock market … where the

SP500 goes, WTI oil isn’t far behind … SP500 rallies, oil rallies … SP500

breaks, oil breaks … and everything inside the 61.00-ish - 63.50-ish range

that’s been in effect for about the last 16 trading days. Right now, nothing

else matters, and with OPEC+ meeting in June, there isn’t much to go on but

rumors about supply, and rumors about world oil demand going lower cuz of

China.

For those who want to trade oil, but don’t want the 1,000 barrel size futures

contracts, give the demo at Coinexx a shot … use the MT5 and follow the

Bitcoin trading there as well [not available on MT4] … choose 500X as

leverage to give your account margins the lowest amount possible. If they,

meaning Coinexx, can consistently keep this 2 - 3 cent spread, it should be a

clear winner for smaller accounts. Until tomorrow mi amigos!

Have a great day everybody!

-vegas

LIGHTNING BOLTS & CRICKETS

 

“Markets have turned into hanging parties!”

Where do you begin talking about this day? … first I guess, is the fact major 

FX pairs are beyond hope anymore … seriously, forget volatility here as 

central bank HQ is dialed in, which leads to reversals and the infamous 

“Flying Wedge of Death” [FWD] … forget stock indices today, as premium 

erosion sets into the SP500 chop around 2930 … but then there’s oil, where a 

Trump Tweet unleashes a selling panic, thus giving oil a much needed boost 

in the daily range … something that’s been severely lacking these last months.

I looked at both oil and SP500 earlier, and nothing looked good simply cuz 

premiums were too high based on lethargic market action … well, one was 

right, the other went ballistic … “when somebody figures out when Trump is 

gonna Tweet on oil, let me know OK”? And of course, this fits well within what 

I’ve been saying for ages now, “that markets only move when POLS & 

Apparatchiks open their Pie Holes” … today sees that in oil in spades.

Next week sees Asia off the entire week, not returning until May 7 … 10 days 

of “Golden Week” Holiday … so, don’t look for anything to be priced fairly at 

NADEX on the open or until Europe opens about 10 - 11 hours later. Lately, 

their bid/offer spreads have been horrific … only oil priced around 2 cents 

per bbl. is OK, everything else a complete ripoff … you gonna step up and 

pay 10 PIPS to get into GBPJPY? I’m sure as hell not. And until we get close 

to the NYSE open [about 90 minutes], don’t expect the SP500 call spreads to 

be priced well either … last night they were hovering around a full index 

point, which is embarrassing.

It’s bad enough when you have to deal with manipulative market forces 

… it’s worse when you got to pay huge “vig” just to get a position on and 

make a trade. Geesh, I wish they’d get their shit together.

Back Sunday night with a blog update … until then mi amigos 
… Onward & Upward!!
 

Have a great weekend everybody!

-vegas
 

OUR NADEX SIGNALS SERVICE IS UP & RUNNING … DAILY 

WTI CRUDE OIL SIGNALS & “VOLATILITY” STRATEGIES 

IN 20 OTHER MARKETS, INCLUDING COMMODITIES, FX, 

& STOCK INDICES! … “what on earth are you waiting for”?

 

I’M TIRED OF THE FX “COIN FLIP”

 

“You know who you are!”

I grow weary of the NADEX FX “coin flip”, where premiums are high most 

nights and in the morning, intraday volatility sucks and shows zero signs of 

getting significantly better anytime soon, and it’s either a complete loss of 

premium or a small gain … this ain’t a winning formula. If you want to 

continue to trade GBPUSD, GBPJPY, & EURJPY, that’s fine with me, but 

until volatility is substantially higher consistently, I don’t see the advantage 

to us in this area … “hell, I can flip a coin and make the decision process just 

as easy, so why bother with them”?

Instead, tonight I’ll be looking at WTI Crude Oil & the Stock Indices, and 

again at the European open … it’s the only place where bid/offer spreads are 

anywhere near reasonable, combined with the fact premium levels in these 

two markets have FINALLY come down significantly … ‘bout frickin’ time 

… nonetheless, the way they are priced now, even slow days can make us 

money. So, back to oil, and most likely the SP500.

Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!
 

-vegas

OUR NADEX SIGNALS SERVICE IS UP & RUNNING … DAILY 

WTI CRUDE OIL SIGNALS & “VOLATILITY” STRATEGIES 

IN 20 OTHER MARKETS, INCLUDING COMMODITIES, FX, 

& STOCK INDICES! … “what on earth are you waiting for”?