Day/swing trading....

[hugeblack]

It is difficult to help you with tax matters, and therefore you must specify your country and ask specialized departments for this.
Why are you trading on platforms that require identity verification? There are good platforms that do not require identity verification (Okex and Kucoin) and have good trading volumes, so you can use them without worrying about the tax stuff. You withdraw using USDT and then use a central platform that verifies the identity and pays the tax once.

Generally, as I mentioned, you should read the terms of service and ask them how to disclose taxes.

[1714772845]

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[1714772845]

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[jrrsparkles]

So I've been investing in cryptocurrencies for a few months now and want to do a little bit of swing/day trading. I'm only thinking about doing it with $1,000 for some fun "on the side" cash, not to get rich.

Got a couple of questions for you guys:

1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

2.) How do you keep track of all of your trades for tax purposes?
Most of my purchasing that I do now is from Swan Bitcoin and a little bit from Coinbase. Both of these offer the ability to download files in CSV form with all of your trades on it. Recently I looked at strike app for buying Bitcoin. I emailed/asked them if that ability at this time, they said no. Which makes me wonder how do you keep track of your Bitcoin purchases and sales with strike app. I have heard that, companies that you have to register KYC with, do send you tax information just like your work does with a W-2 form. Does anybody know if that's the case? Obviously when I pick an exchange I will look into this further with that exchange. I'm just kind of wondering off the top of my head how people who trade regularly, that have hundreds of transactions a year, keep track of all that.

3.) When you're trading on these lower fee type trade platforms, can you custody your own Bitcoin if you decide to hold them or is that the reason that the fees are cheaper because it's not the same style thing you're basically just owning the number you never get to actually custody the coin?

-TIA for any advice/info

People who are day trading will love to trade on the exchanges with lowest fee and decent trading volume but when it comes to coinbase its not the cheapest but for US people its still the most preferred one because no other exchanges are available for them with that much liquidity and trading pairs.

If the platform doesn't offer trading history files for tax purposes then it will be your job to track them all manually on Excel sheet but most of the regulated ones have such tracking feature if I am not wrong.

[palle11]

I woke up this morning and had a premonition I logged on to Coinbase and check the rate to convert from Bitcoin to tether or USDC. It turns out there is no fee, like when you buy Bitcoin from Fiat. This was my confusion. I thought every time you went from Bitcoin to any other money (be it fiat or crypto) you had to pay the fee of what would end up being something like $10 per $1,000. I didn't know, and now I understand better what stable coins are for. You trade from Bitcoin, when you think it's going to go down, to a stable coin and then back to Bitcoin from tether or whatever stable coin when you think it's going to go up. And you don't have to pay the fees because you're not buying in from Fiat.

Yes there is no fee charge in such. That is not considered as transaction yet but conversion that you have just made to keep your coin stable or pegged with the dollar at a point until a certain time you want to unpeg it or reconvert it back to cryptocurrency. Also it is the same with binance. When converting your coins to USDT, there is no charge on it.

Nowadays, you can trade crypto with pretty much any CFD broker. Have you tried?
OK.. they might not offer many cryptocurrencies but still a decent start.

I think brokers added bitcoin against USD on their platform for now. Some of the altcoins added are yet to be active. At least I have seen a pair on ltc with USD but it is yet active for trade.

[maju69]

Nowadays, you can trade crypto with pretty much any CFD broker. Have you tried?
OK.. they might not offer many cryptocurrencies but still a decent start.

I think brokers added bitcoin against USD on their platform for now. Some of the altcoins added are yet to be active. At least I have seen a pair on ltc with USD but it is yet active for trade.

Is that how the broker manipulates? because I have quite bitter experience with brokers. Since the OP uses a DEX exchange it is clear that his trading history will be quite difficult and will have to record it by copying all transaction data from the exchange address. There is no other way to accept a broker's offer, if it is trustworthy. Meanwhile, our condition is that we are still able to trade freely on the Exchange which is permitted in the country where we live.

[yohananaomi]

So I've been investing in cryptocurrencies for a few months now and want to do a little bit of swing/day trading. I'm only thinking about doing it with $1,000 for some fun "on the side" cash, not to get rich.

Got a couple of questions for you guys:

1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

2.) How do you keep track of all of your trades for tax purposes?

I think that one of the best exchanges for introday trading is binance. Actually, such kind of traders are very beneficial for exchanges, so they encourage those, who trade every day and give them discounts.
What comes to taxes, I haven't ever withdrawn my money from crypto, but as I know, none of my friends has payed taxes as well, only fees of banks and exchanges.

Binance currently dominates the crypto market and because of the problems faced by platforms like ethereum, which are still struggling with high fees. in the future will binance also be able to maintain? maybe not if the price of BNB has also increased.

I think you are right, I also have not seen any taxes made for every transaction that I have made. because it is clear that the tax will be carried out by an authority that handles this, but we know that there are still many countries that still do not approve / recognize crypto, so it is clear that there is a dilemma when it comes to cutting taxes in crypto. in addition to the good intentions of individuals who will pay for the profits obtained but it also seems difficult to prove the truth, it is feared that it will even make it difficult for themselves.

[adaseb]

Nowadays, you can trade crypto with pretty much any CFD broker. Have you tried?
OK.. they might not offer many cryptocurrencies but still a decent start.

I think brokers added bitcoin against USD on their platform for now. Some of the altcoins added are yet to be active. At least I have seen a pair on ltc with USD but it is yet active for trade.

Is that how the broker manipulates? because I have quite bitter experience with brokers. Since the OP uses a DEX exchange it is clear that his trading history will be quite difficult and will have to record it by copying all transaction data from the exchange address. There is no other way to accept a broker's offer, if it is trustworthy. Meanwhile, our condition is that we are still able to trade freely on the Exchange which is permitted in the country where we live.

The guy is talking about those forex or CFD type of brokers which are typically used under MetaTrader. Generally the way these brokers work, is when you send an order, instead of being routed to the open market, they just take the trade opposite of you. So you are basically trading against the broker instead of open market.

The reason they do this is because something like 99% of all new retail traders lose money, that is what they are betting on, if you make money they will find ways to not pay you.

[perfect999]

Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

For exchanges where you can start your cryptocurrency day trading or swing trading, there are so many exchanges out there that you can make use of that are quite reliable. Coinbase.com and other one you mentioned (Swan Bitcoin, which I’ve never heard of) seems to be the only ones you know.

There is also Binance.com which has a lower fees for trading, it has one of the best fees you’re going to find in the market. There are other good exchanges as well such as Crypto.com, and Kraken. Maybe you should check them out and know which would fit your needs exactly and you can then start making use of it.

[LUCKMCFLY]

Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

For exchanges where you can start your cryptocurrency day trading or swing trading, there are so many exchanges out there that you can make use of that are quite reliable. Coinbase.com and other one you mentioned (Swan Bitcoin, which I’ve never heard of) seems to be the only ones you know.

There is also Binance.com which has a lower fees for trading, it has one of the best fees you’re going to find in the market. There are other good exchanges as well such as Crypto.com, and Kraken. Maybe you should check them out and know which would fit your needs exactly and you can then start making use of it.

You are right, Binance is for me one of the exhcanes that are cheaper in terms of trading and operations fee, despite the fact that it has had some behaviors that did not aggravate me with the users of Colombia for subjecting them all to prior investigation without any notice. Even so, it represents being a good exchange, one of the exchanges that is very good that was widely used in 2017 was Bitfinex, the bad thing about that Exchange is that its fees are too expensive, both for a simple deposit and for a simple operation, but The tools that the exchange has are very good, and it has not been hacked for many years or its security has been compromised.

[martina14]

So I've been investing in cryptocurrencies for a few months now and want to do a little bit of swing/day trading. I'm only thinking about doing it with $1,000 for some fun "on the side" cash, not to get rich.

Got a couple of questions for you guys:

1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

2.) How do you keep track of all of your trades for tax purposes?
Most of my purchasing that I do now is from Swan Bitcoin and a little bit from Coinbase. Both of these offer the ability to download files in CSV form with all of your trades on it. Recently I looked at strike app for buying Bitcoin. I emailed/asked them if that ability at this time, they said no. Which makes me wonder how do you keep track of your Bitcoin purchases and sales with strike app. I have heard that, companies that you have to register KYC with, do send you tax information just like your work does with a W-2 form. Does anybody know if that's the case? Obviously when I pick an exchange I will look into this further with that exchange. I'm just kind of wondering off the top of my head how people who trade regularly, that have hundreds of transactions a year, keep track of all that.

3.) When you're trading on these lower fee type trade platforms, can you custody your own Bitcoin if you decide to hold them or is that the reason that the fees are cheaper because it's not the same style thing you're basically just owning the number you never get to actually custody the coin?

-TIA for any advice/info

Honestly, I don't get the point of your topic, but one I know for sure that I do trade based on my understanding in the graph, if I notice that it is the right time buy or sell, I will set it up at once then wait, this was I did most of the time as an individual traders here in the cryptocurrency  business. And so far so good of course.

[el kaka22]

Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

There are many regular crypto exchanges are available which will charge you lesser fees along with your trading volume. It means when you are continuously trading with them then you can enjoy much lower fees. These days, paying in exchange tokens will get you up to 50% saving in fees.

How do you keep track of all of your trades for tax purposes?

It differs with countries. As per my country taxation, I need to pay only when I convert my bitcoin into my fiats. So, when I am trading bitcoin against altcoins, I never need to worry on any of applicable taxes. I save my profits in BTC hence I do not need to worry on taxes until I spend my bitcoins.

When you're trading on these lower fee type trade platforms, can you custody your own Bitcoin if you decide to hold them

Could you please elaborate your third question a little better; I am sorry I could not figure out what you are exactly referring to.