[NEWS] Bit4x.com - First FOREX accepts bitcoin! - 1:1000 Leverage!!! - page 6.

kakobrekla

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Psi laju, karavani prolaze.

Quote from: mobodick on October 06, 2012, 10:31:35 AM

It gets even more hazy when you follow the FSA number listed at the bottom of the VenetFX site.
The number listed there does not resolve to a firm called VenetFX, it resolves to a firm called Worth.it Financial Services Ltd in London which doesn't have a functioning website (but still with a registered domain. Edit: domain seems not registered).
Meanwhile, there is no firm called VenetFX in the FSA register.
Still, they manage to claim Best FOREX award 2011 or something similar next to that FSA number.

VenetFX is a Worth ltds brandname.

Best Forex award is for MT4 software.

Quote from: mobodick on October 06, 2012, 10:31:35 AM

BTW. watch out for the software VenetFX is trying to push.
On their Meta Trader 4 page they make it seem as if they create or resell Meta Trader 4. If you click on the picture with the 5 monitors you will start a download of venetfxsetup.exe . Which should be handled with EXTREME CARE.

As you can see, file is hosted on http://metaquotes.net/. Official MetaTrader page.
We can not upload our own files there, they build customized exe for each broker.

alan2here

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WorkAsPro

Added this topic as info to the Bit4x entery.
https://bitcointalksearch.org/topic/leverage-comparison-superthread-101081

Foxtra

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Quote from: mobodick on October 06, 2012, 10:13:13 AM

Some interesting insights:

Bit4X claims to have its service provided by VenetFX.
The VenetFX website claims it is located at 29 Harley Street London.
When googling this address the first link tries to sell virtuall offices located at that address.
The second link is this: http://www.bobbear.co.uk/finance.html
It appears there are scams run off of this virtual office space.

There is absolutely no reason to trust these people.
The chance that this is not some form of scam is subatomic.

+1 Obvious scam.

mobodick

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It gets even more hazy when you follow the FSA number listed at the bottom of the VenetFX site.
The number listed there does not resolve to a firm called VenetFX, it resolves to a firm called Worth.it Financial Services Ltd in London which doesn't have a functioning website (but still with a registered domain. Edit: domain seems not registered).
Meanwhile, there is no firm called VenetFX in the FSA register.
Still, they manage to claim Best FOREX award 2011 or something similar next to that FSA number.

BTW. watch out for the software VenetFX is trying to push.
On their Meta Trader 4 page they make it seem as if they create or resell Meta Trader 4. If you click on the picture with the 5 monitors you will start a download of venetfxsetup.exe . Which should be handled with EXTREME CARE.

Edit: Apparently the file is virus free and seems a legitimate way of branding meta trader..

mobodick

hero member

Activity: 840

Merit: 1000

Some interesting insights:

Bit4X claims to have its service provided by VenetFX.
The VenetFX website claims it is located at 29 Harley Street London.
When googling this address the first link tries to sell virtuall offices located at that address.
The second link is this: http://www.bobbear.co.uk/finance.html
It appears there are scams run off of this virtual office space.

There is absolutely no reason to trust these people.
The chance that this is not some form of scam is subatomic.

firefop

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Activity: 420

Merit: 250

Quote from: kakobrekla on October 06, 2012, 05:30:13 AM

Let me rephrase, without me there is no trading Forex in Bitcoin. Not with Bit4X, not with VenetFX. I think I'm adding a lot of value.

So then why are you operating as a seperate entity? If you're legitimate reseller/agent/whatever for venetfx - I would think that they'd have you integrated into their main site... Either way, it just looks shady.

kakobrekla

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Psi laju, karavani prolaze.

Quote from: Rotsor on October 05, 2012, 07:44:19 PM

So I guess that's a currency exchange service rather than just a pass-through.

No currency exchange is taking place. But you would have known that, if you would have read the text on the website.

kakobrekla

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Psi laju, karavani prolaze.

Quote from: firefop on October 05, 2012, 07:28:53 PM

Quote from: kakobrekla on October 04, 2012, 06:48:11 PM

Quote from: firefop on October 04, 2012, 06:41:58 PM

I'm not quite following the point of all this --- You're basically running a venetfx passthrough. . . since venetfx accepts bitcoins as well, where's our advantage to using your service?

It's not like you're adding btc pairs into the mix (I long for the days of the 'big 7' ) so exactly what value are you adding over us going direct?

I take care of all VenetFX/Bit4X Bitcoin clients.

Yah that's what I thought - so you're basically adding no service level at all --- and running a passthrough. Nice Roll Eyes

Let me rephrase, without me there is no trading Forex in Bitcoin. Not with Bit4X, not with VenetFX. I think I'm adding a lot of value.

Rotsor

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Presale is live!

Quote from: firefop on October 05, 2012, 07:28:53 PM

Yah that's what I thought - so you're basically adding no service level at all --- and running a passthrough. Nice Roll Eyes

Huh? I thought he said he was handling all of VenetFX's bitcoin business. So I guess that's a currency exchange service rather than just a pass-through.

firefop

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Merit: 250

Quote from: kakobrekla on October 04, 2012, 06:48:11 PM

Quote from: firefop on October 04, 2012, 06:41:58 PM

I'm not quite following the point of all this --- You're basically running a venetfx passthrough. . . since venetfx accepts bitcoins as well, where's our advantage to using your service?

It's not like you're adding btc pairs into the mix (I long for the days of the 'big 7' ) so exactly what value are you adding over us going direct?

I take care of all VenetFX/Bit4X Bitcoin clients.

Yah that's what I thought - so you're basically adding no service level at all --- and running a passthrough. Nice Roll Eyes

kakobrekla

hero member

Activity: 714

Merit: 500

Psi laju, karavani prolaze.

Quote from: firefop on October 04, 2012, 06:41:58 PM

I'm not quite following the point of all this --- You're basically running a venetfx passthrough. . . since venetfx accepts bitcoins as well, where's our advantage to using your service?

It's not like you're adding btc pairs into the mix (I long for the days of the 'big 7' ) so exactly what value are you adding over us going direct?

I take care of all VenetFX/Bit4X Bitcoin clients.

firefop

sr. member

Activity: 420

Merit: 250

I'm not quite following the point of all this --- You're basically running a venetfx passthrough. . . since venetfx accepts bitcoins as well, where's our advantage to using your service?

It's not like you're adding btc pairs into the mix (I long for the days of the 'big 7' ) so exactly what value are you adding over us going direct?

alan2here

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WorkAsPro

https://bitcointalksearch.org/topic/leverage-comparison-superthread-101081

Foxtra

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Just saying, if you don't want to blow your account in one week, you shouldn't use leverage superior than x100 on currencies.
And x25 max on commodities.

kakobrekla

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Psi laju, karavani prolaze.

I have been getting a lot of questions about how does the margin and leverage work exactly, hope this clears it up.

Quote

100 BTC account with 1:10 with 0.01 lot trade, margin ~77, max trade amount 0.01
100 BTC account with 1:50 with 0.01 lot trade, margin ~15.5, max trade amount 0.06
100 BTC account with 1:100 with 0.01 lot trade, margin ~7.7, max trade amount 0.12

Margin depends on USD/EUR for technical limitations. Currently the price is around 1.29. 100/1.29 = 77.
Minimum for trading currencies is 0.01 lot and 0.1 lot for Gold and Silver.

Topic: [NEWS] Bit4x.com - First FOREX accepts bitcoin! - 1:1000 Leverage!!! - page 6. (Read 49924 times)