From UK, Understanding Investing Jargon help

[gentlemand]

bitfinex has a BTC/GBP market with ~ 1/3 of coinbase's BTC/GBP volume. bitfinex actually has a better spread and deeper order book though, so it should be perfectly fine. it also has significantly cheaper fees---0.1% maker/0.2% taker vs 0.5%/0.5% at coinbase pro.

The idea of inserting or extracting GBP from Bitfinex makes me want to cry. I have genuinely never seen anyone on any forum say they've used that pairing on Bitfinex, let alone how they funded it or took their gains.

[figmentofmyass]

bitfinex has a BTC/GBP market with ~ 1/3 of coinbase's BTC/GBP volume. bitfinex actually has a better spread and deeper order book though, so it should be perfectly fine. it also has significantly cheaper fees---0.1% maker/0.2% taker vs 0.5%/0.5% at coinbase pro.

The idea of inserting or extracting GBP from Bitfinex makes me want to cry. I have genuinely never seen anyone on any forum say they've used that pairing on Bitfinex, let alone how they funded it or took their gains.

tbh i haven't seen much discussion about bitfinex fiat deposits/withdrawals in general for the past year or 2. their whole operation is difficult to figure out. their 10k eur/usd/gpb minimums indicate they aren't really for retail reddit troll types.

i've seen them periodically shut down eur/usd/gpb/jpy transfers all at once so it seems like they operate all fiat currencies through the same banking network. maybe they are playing games with volume but bitfinex isn't really known for that, and arbitrage seems to be keeping markets in line so fiat must be flowing.

[very_452001]

Hi at coinbase pro, on profile information section part of the site it says Taxes status missing.

Im from UK and understand coinbase is in USA.

Can coinbase pro have the legal right to stop withdrawals or freeze my account in future if I dont fill out that taxes section?

[gentlemand]

Hi at coinbase pro, on profile information section part of the site it says Taxes status missing.

Im from UK and understand coinbase is in USA.

Can coinbase pro have the legal right to stop withdrawals or freeze my account in future if I dont fill out that taxes section?

I've never heard of a Brit having anything from Coinbase regarding tax. It's purely for Americans as far as I know.

It might be this? https://help.coinbase.com/en/pro/taxes-reports-and-financial-services/taxes/1099-k-tax-forms-faq-for-coinbase-pro-prime-merchant.html  That's the one people mention most often.

It's also triggered only over a certain amount of volume or transactions.

May as well ask them if you're unsure.

[rexxarofmoknathal]

Hi at coinbase pro, on profile information section part of the site it says Taxes status missing.

Im from UK and understand coinbase is in USA.

Can coinbase pro have the legal right to stop withdrawals or freeze my account in future if I dont fill out that taxes section?

Since Coinbase is located in the USA, the tax section only applies to USA residents or nationals living abroad or at least that's what my understanding of how taxation works in the USA is anyway. It would not make sense to get taxed by the USA since living in the UK you'll need to declare your earning to HMRC and it won'e make sense to be taxed twice!

[very_452001]

Hi at coinbase pro, on profile information section part of the site it says Taxes status missing.

Im from UK and understand coinbase is in USA.

Can coinbase pro have the legal right to stop withdrawals or freeze my account in future if I dont fill out that taxes section?

Since Coinbase is located in the USA, the tax section only applies to USA residents or nationals living abroad or at least that's what my understanding of how taxation works in the USA is anyway. It would not make sense to get taxed by the USA since living in the UK you'll need to declare your earning to HMRC and it won'e make sense to be taxed twice!

Okay so am I obliged to fill out the tax section form on coinbase to prevent disruptions to my coinbase account?

[gentlemand]

Okay so am I obliged to fill out the tax section form on coinbase to prevent disruptions to my coinbase account?

I doubt there'll be a single reference number or box that needs filling in that'll make sense or apply to you.

I've never heard of any Brit talking about this. Ask support if you're not sure but I'd ignore it unless they nudged me. They're going to know what jurisdiction you're in.

[figmentofmyass]

Hi at coinbase pro, on profile information section part of the site it says Taxes status missing.

Im from UK and understand coinbase is in USA.

Can coinbase pro have the legal right to stop withdrawals or freeze my account in future if I dont fill out that taxes section?

Since Coinbase is located in the USA, the tax section only applies to USA residents or nationals living abroad or at least that's what my understanding of how taxation works in the USA is anyway. It would not make sense to get taxed by the USA since living in the UK you'll need to declare your earning to HMRC and it won'e make sense to be taxed twice!

Okay so am I obliged to fill out the tax section form on coinbase to prevent disruptions to my coinbase account?

no, they only word it that way ("your tax information is missing", "to comply with tax regulations we need to collect certain information") to persuade USA customers to voluntarily provide it. notice the references to "form 1099-K"? that's not a UK tax form.

in fact, coinbase does not provide any tax forms to non-USA customers. https://help.coinbase.com/en/coinbase/taxes-reports-and-financial-services/taxes/coinbase-tax-resource-center.html

however, be mindful that HMRC may request your info from coinbase, and they have made such blanket requests in the past: https://www.coindesk.com/british-tax-authority-seeks-customer-data-from-crypto-exchanges-in-search-of-tax-evaders

[very_452001]

Hi coming back here.

I installed latest version of Google Authenticator. Theres a new feature in the latest google authenticator app that allows you to transfer accounts to a new device.

The question is if I tap on export accounts in google authenticator then will that automatically include the backup recovery keys also or am I still required to enter the recovery key for each account when exporting accounts to new device?

[gentlemand]

The question is if I tap on export accounts in google authenticator then will that automatically include the backup recovery keys also or am I still required to enter the recovery key for each account when exporting accounts to new device?

It'll allow you to first choose which accounts you want to export and then it'll create a single QR code that the new phone will scan and set them all up there straight away. No need to do anything else. People have been squealing for it for years but Google like to take their time about these things.

I've been horribly slack with losing 2FA keys in the past so had to cancel all of mine and start again with the recoveries properly recorded this time around.

[rexxarofmoknathal]

I personally use BestChange to find the best exchanges. The site is extremely easy to use and has been around for quite some time now, making it one of the more reputable platforms.

For more in-depth info, I use CoinGecko, since this allows you to categorize exchanges by trading volume, number of trading pairs etc. This will help you find the best exchanges for GBP markets. CMC, however, is absolute trash.

[very_452001]

The question is if I tap on export accounts in google authenticator then will that automatically include the backup recovery keys also or am I still required to enter the recovery key for each account when exporting accounts to new device?

It'll allow you to first choose which accounts you want to export and then it'll create a single QR code that the new phone will scan and set them all up there straight away. No need to do anything else. People have been squealing for it for years but Google like to take their time about these things.

I've been horribly slack with losing 2FA keys in the past so had to cancel all of mine and start again with the recoveries properly recorded this time around.

Is there a way to save the QR code without having the new phone nearby?


What is mainnet address? Slso does Bittrex exchange support the new Bytom altcoin as I am still holding old Bytom ERC-20 on my hardware wallet.

[moderator's note: consecutive posts merged]

[gentlemand]

Is there a way to save the QR code without having the new phone nearby?

Most phones should have some sort of screen shot/capture function. Mine does it holding down the power and volume down button. I'm not sure how keen I'd be to leave something like that on a phone for any period of time though. That's the key to a lot of things.

[very_452001]

Hi coming back here with a beginner question:

Looking at candle sticks charts. The top of a green candlestick shows close price and bottom of it shows open price and vice-versa for red candles.

What I dont understand is crypto and bitcoin market is open 24/7 so how does the candlestick represent a open and close price for a 24/7/365 days constant open market?