Bitcoin Forum
September 24, 2018, 06:51:14 PM *
News: ♦♦ New info! Bitcoin Core users absolutely must upgrade to previously-announced 0.16.3 [Torrent]. All Bitcoin users should temporarily trust confirmations slightly less. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: selling on localbitcoins.com and buying on mybtc.ca  (Read 33 times)
tazzz102
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
January 18, 2018, 09:25:53 PM
 #1

Hi guy.  I'm relatively new to bitcoin and cryptocurency in general.  I was wondering if anyone knew whether or not it is illegal to sell bitcoin on localbitcoins.com and buy from mybtc.ca?  The goal is to make a small profit but doesn't always work out that way.  Has anyone done this before or know if it is legal or not?
1537815074
Hero Member
*
Offline Offline

Posts: 1537815074

View Profile Personal Message (Offline)

Ignore
1537815074
Reply with quote  #2

1537815074
Report to moderator
1537815074
Hero Member
*
Offline Offline

Posts: 1537815074

View Profile Personal Message (Offline)

Ignore
1537815074
Reply with quote  #2

1537815074
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1537815074
Hero Member
*
Offline Offline

Posts: 1537815074

View Profile Personal Message (Offline)

Ignore
1537815074
Reply with quote  #2

1537815074
Report to moderator
johniadeluca
Member
**
Offline Offline

Activity: 224
Merit: 11

Global Risk Exchange - gref.io


View Profile
January 18, 2018, 09:26:36 PM
 #2

It's definitely to do if done the right way. Make sure you require verification from purchasers, make sure you're compliant with state laws, and it should be pretty easy to get started.

▐▐ █     GRE   ≣   GLOBAL RISK EXCHANGE     █ ▌▌
━━  ((     Whitepaper     |     ANN Thread     ))  ━━
Telegram     Medium     Facebook     Twitter     Github
tazzz102
Newbie
*
Offline Offline

Activity: 2
Merit: 0


View Profile
January 19, 2018, 02:01:55 PM
 #3

Yes I've set up an ad and made pretty strict ID verification.  I'm wondering if the fact that I'm selling on that site and then buying the same amount from another site with the hopes of making a profit is legal or not.  Anyone have any experience with this?  Or know about financial law at all?
greeklogos
Full Member
***
Offline Offline

Activity: 462
Merit: 111



View Profile
January 19, 2018, 02:16:58 PM
 #4

In ideal such system may be seen very profitable, to sell on the exchanger with high prices and to buy on this one where the price is low, but just calculate it good  Wink All those slow transactions and high fees may kill all the interest of such the idea indeed. I was thinking about such way of earning as well, but when I calculated everything I understood that it doesn't worth.

The FASTEST and MOST SECURE  Token Exchange.
▬▬  ETHERSHIFT  ▬▬  No More Waiting! Main Sale Starts Nov 05, 2018.  ▬▬  ETHERSHIFT  ▬▬
WHITEPAPER | ANN | TELEGRAM | TWITTER | REDDIT | DISCORD
zhekinsp
Full Member
***
Offline Offline

Activity: 420
Merit: 111



View Profile
January 19, 2018, 05:29:53 PM
 #5

Hi guy.  I'm relatively new to bitcoin and cryptocurency in general.  I was wondering if anyone knew whether or not it is illegal to sell bitcoin on localbitcoins.com and buy from mybtc.ca?  The goal is to make a small profit but doesn't always work out that way.  Has anyone done this before or know if it is legal or not?
It is not illegal if your country never banned trading of crypto currency in your country.

Many traders are doing this kind of traders to make money in no time but doing this kind of trades comes with risks of losing the bitcoin price while the transactions are in pending.Because now a days the time required to get the confimration of a transaction is longer sometimes it takes hours based on your fee.If you pay high fee then there is no meaning of doing this kind of trades because your profits will be paid the the transaction fee.

audaciousbeing
Hero Member
*****
Online Online

Activity: 742
Merit: 552

★ ChipMixer | Bitcoin mixing service ★


View Profile
January 19, 2018, 08:35:38 PM
 #6

Yes I've set up an ad and made pretty strict ID verification.  I'm wondering if the fact that I'm selling on that site and then buying the same amount from another site with the hopes of making a profit is legal or not.  Anyone have any experience with this?  Or know about financial law at all?

If the trading of btc is legal in your country, then you don't have anything to worry what you intend doing is merely someone who is into buying and selling. Just like having a store for groceries by buying from an wholesaler to sell to a final consumer. All that you need to do is do it right by filing your returns and paying the due tax after carefully studying the tax law regarding crypto in your country with that, you are fine.

However, you just need to be more careful by taking time to know the business you want to venture into because as a new person going in that line of trade, you are target of some people who are always bent on who they want to scam.

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!