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Which CEXs/DEXs are you using for margin trading Altcoins from the within US?
Curve wars: how prime numbers safeguard our crypto
Bitcoin grew up in a period of time with low interest rates by the FED and ECP. Will higher rates change the next Pre- & Post-Halving market?
Asked to verify Eligible Contract Participant (ECP) for crypto margin trading on Kraken - workaround?
Asked to verify Eligible Contract Participant (ECP) for crypto margin trading on Kraken - workaround?
Asked to verify Eligible Contract Participant (ECP) for crypto margin trading on Kraken - workaround?
Asked to verify Eligible Contract Participant (ECP) for crypto margin trading on Kraken - workaround?
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CDE is open, that's Coinbase's derivatives exchange and they have their own FCM too so you can trade Futures as a retail user from right next to your Coinbase spot. USD funds flow easily from spot to the FCM but not so much back again, that takes 12-24 business hours. They'll give you about 3.75x margin (more for long, less for short, usually) and the contract size is .01 BTC so it's quite precise with $0.05 ticks (per contract fee is about 5-7x the tick size). Then there's LedgerX options which are also retail but aren't margined but they're gonna be soon and they'll have futures there too. Right now writing contracts there requires real BTC, it'll be cash and margin after the June expiry. Otherwise there's also CMEG, who have futures and options, and a few other exchanges here and there. Some exchanges like Bitstamp and Kraken will give you margin if you're an accredited investor (or is it an ECP, I forget which). If you get on CMEG you can trade it against some Forex, somehow, maybe, I dunno. IBRK would give you retail access to CMEG or a bunch of other places. StoneX supports CDE, too.
For U.S. clients to be eligible for [margin trading on Kraken](https://support.kraken.com/hc/en-us/articles/360061972272-Margin-trading-and-Eligible-Contract-Participant-ECP-self-certification-for-U-S-clients), they will need to self-certify as an Eligible Contract Participant (ECP) as defined under U.S. law ([Section 1a(18) of the Commodity Exchange Act](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim)). Section 1a(18)(viii)(xi) of the Commodity Exchange Act states that an Eligible Contract Participant is *an individual who has amounts invested on a discretionary basis, the aggregate of which is in excess of (I)* ***$10,000,000****; or (II)* ***$5,000,000*** *and who enters into the agreement, contract, or transaction in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual...*
The key word in your paragraph is “custody”. Unless you’re a ECP with honestly millions under management as well as have a license to trade equities and be a financial planner… it’s not going to happen under the current rules. Secondary, it’s possible to find a custodian to hold physical BTC for you under shelter of an IRA, but the management fees you’ll pay will make it kind of pointless when compared to the ETF fees. If it’s an IRA then just settle for Blackrock (IBIT), Invesco (BTCO), or Fidelity (FBTC). I’m absolutely sure some fucking Spartan is gonna drop the “not your keys not your coin”, but if under the the absolute worst circumstances if one of those three is rocked by a rug pull and they can’t make the bag whole then the market is so shot at that point - it doesn’t matter. There is a real thing as “too big to fail.” Those are.
Just as I feared, we veered right into [the ECP problem](https://en.wikipedia.org/wiki/Economic_calculation_problem) (Calculating economic resource allocation) that is so common in these talks about decentralizing society. Mises and Hayek (two of the most important figures in economics ever according to AnCaps) have written book after book after book on this subject and we could hammer away at it for years here without catching up to one of those books. :( You can find them all at [Mises.org](https://Mises.org) if you're curious. I'd recommend starting with Mises' timeless "Socialism." I believe the bottom line is simply that free, unregulated markets do a pretty-close-to-magical job of allocating all resources in an economy. The second you hamper the free market, say, by putting in laws or rules such as licensing or taxation, you offset the magical balance and in a few years your markets collapse due to misallocated resources. Even "distributing" market control still messes with that delicate balance. There must be NO control of markets, which requires no governments and no rulers to touch them in any way. AnComs definitely want to either distribute the resources themselves from a central position (100% failure rate so far) or distribute the job somehow that is not allowing unhampered markets to flourish. I won't say this will have a 100% failure rate too but I believe Mises would if he were still with us.
Hi u/QanPon 👋 In light of regulatory guidance, Kraken has phased out the availability of margin trading for certain Kraken clients who are residents of the U.S. from June 23, 2021, onwards. For U.S. clients to be eligible for margin trading on Kraken, they will need to self-certify as an Eligible Contract Participant (ECP) as defined under U.S. law [(Section 1a(18) of the Commodity Exchange Act)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1a&num=0&edition=prelim). For more information please refer to our support article - [https://support.kraken.com/hc/en-us/articles/360061972272](https://support.kraken.com/hc/en-us/articles/360061972272) Hope this helps, Pluto from Kraken 🐙
Are you sure that you did not select OTC qualification via ECP qualification? you only need drivers license and a selfie for level 2 varification. Everything you are mentioning is for their separate OTC trading.
Thanks for your inputs u/LucianAries! 🤜🤛 Hey u/ColeWorld09, Kraken offers [margin trading services](https://support.kraken.com/hc/en-us/articles/4402532394260) with certain geographic and eligibility limitations. Clients within the United States also need to meet certain eligibility requirements in order to qualify for margin trading. (an ECP + more than $10 million in assets) Check out full details in this regard [here](https://support.kraken.com/hc/en-us/articles/360061972272) 👈 Feel free to [reach out](https://support.kraken.com) for any questions mate! Cheers, Orange from 🐙
Wait for the launch of ECP Ethernet Computer
EvergrowCoin ECP gets listed on 1st exchange BitMart. 8% Rewards for Holders and 6 Utilities
All these comments are so new. I guess that means I was not the only person who came across this. As a U.S. resident who does not have a net worth of 10 million, does anyone know the consequences of typing "I AM AN ECP"??
For margin trading on Kraken you must have $10 million in assets invested on a discretionary basis to qualify. https://support.kraken.com/hc/en-us/articles/360061972272-Margin-Trading-and-Eligible-Contract-Participant-ECP-Self-Certification-for-U-S-Clients
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