I sent a ticket to FXChoice a while back... to ask if you deposit BTC if it gets converted.Some brokers do accept deposits in BTC. The drawback is that BTC is very volatile, so a downturn could deeply damage the dollar value of the account. To claim to have profits every day as the value of BTC widely fluxuates against the value of the currencies being traded only makes the whole Mirror Trading scheme seem that much more likely to be a scam.
One reason I can think of for an account manager to want clients to deposit in BTC instead of actual money is that this bypasses all the usual checks done on bank wires. Yes, all BTC transactions are recorded in the blockchain, but it's easy have the BTC to be placed into an anonymous wallet, then go to a crypto conversion site, and swap that BTC for some other crypto. Then move it somewhere else, convert it to cash, and laugh at all the fraud victims who can't trace were their money went.
It makes sense that you can't just dump 11 000 BTC somewhere (or 5% or whatever was mentioned) and somehow magically trade forex pairs against each other. Right!? You NEED dollars if you want to trade USD for EUR etc? Right? I'm not sure... anyone know for sure?Thank you for contacting us.
We offer the option to fund a USD trading account directly with Bitcoin. The funds will be automatically converted into USD if this is the currency of your trading account then you will be able to trade in USD. To deposit Bitcoin to your trading account, you will need to:
1. Log into your Backoffice profile: https://my.myfxchoice.com/login/
2. Go to the "Deposit" section and choose "Bitcoin"
3. Fill out the form so the system will generate your payment details (including the BTC Address where you need to send your Bitcoins into)
4. Use the generated details to complete the payment procedure through your external Bitcoin wallet account
Bitcoin deposits usually take 1 - 2 hours (sometimes more depending on the Bitcoin network) or once you receive at least 6 confirmations on blockchain.
As soon as the deposit is complete and we receive your funds, you will be notified via e-mail and the funds will reflect in your account.
Please feel free to contact us if there’s anything else you need help with. You may also contact us through our 24/5 Live Chat service for an immediate assistance.