How Crypto saved me from an Italian Bad Bank [True Story]
On october 2016, after trading some cryptocurrencies on Poloniex, Kraken and the scammy Cryptsy, I decided to start trading with traditional stocks.
So I contacted an italian bank, leader in trading, and opened an account with them.
image from eunews.it
It took me more than one month to send and validate all the documents, then to have a 20 leverage activted, I had to put 5000 euro on the account. Of course, after activation, I could remove that money from account.
I didn’t have that money, so I borrowed it, hoping to give it back to my borrowers in a few days.
The bank wanted to know:
- how much money I had on other accounts
- if I had estate properties
- If I had debts with other banks
- where did I take the 5000 euro to put on their account
They said it was routine to ask such question, to avoid problems with money laundering and illicit funds (sounds funny hear that from a bank!).
They didn’t activate the leverage service so the money was blocked there for two months; they stopped answering the phone and emails, but kept the money there.
It would have been honest to say: “Sorry, we don’t want to activate the service, you can take the money away” but they were silent, and kept earning interests on that money without any feedback and without activating the service.
So I was looking for a cheap, smarter alternative and finally I discovered this
image from newsbtc.com
NOTE: if you want to subscribe to 1broker, please use my referral link https://1broker.com/?r=14445 - it doesn't cost you nothing but I will earn a 25% of the small commissions they take you anyway
Differences with the "Leader" Bank
- On 1broker you don't need to spend months to sign silly documents to activate your account
- You can start trading immediately, depositing as low as 0.01 BTC (no bloody euros)
- Leverage is up to 200 (they don't ask 5000 euro for this service, it's just free)
- There are no commissions, just spread, and it's very low (it starts from 0,01 spread)
- You can trade stocks (like Apple, Facebook, Tesla, etc), indexes, forex, commodities, everything using BTCs!
Being so cheap and revolutionary, the platform is web based and very basic, but if you are a good trader (or want to become one) it's the best option!
I will write more about 1broker in the next posts, for now I invite to subscribe there with my referral link https://1broker.com/?r=14445 and stay tuned to read a full review about this website very soon!
Good idea! What do you think is easier to get into: crypto trading or traditional stocks/bonds?
I tried both, other websites like Kraken and Poloniex have the option to trade some cryptos also using a small leverage and you can also go short, but the P/L is not very clear (for this, 1Broker is very clear and transparent compared to the other crypto exchanges).
I think trading traditional stocks, commodities and forex may be a little bit easier, and you have higher volumes, a little more predictable movements, high volatility on openings and closings (cryptos have not this opening/closing option).
I trade better with traditional stuff, so beware, crypto pumps and dumps can be very violent and unpredictable and low volumes may also be a problem!
Have you got back your 5000 so far?
Fortunately I was able to have them back, but I was lucky, I think...
That is the thing with the banks.. When you give them your money you have no right on them. If you get something back then you are lucky. The same applies even on savings accounts.. Banks are almost like the ponzi games pops for cryptos..
Exactly like that...
We can have our own Central Bank in our pocket with cryptos, fortunately :)
Nice Post
Thank you!
Instructive story! I do not trust in most of banks either! They used to steal my money as a charge or taxes... disgusting! The only ethical bank in Hungary is the nonprofit Magnet Bank.
If you could read an italian forum about this bank you would read terrible stories.
I don't want to say its name, they have too many good lawyers for my money :)