Hyperscalper, the info you share is much appreciated as always. Agree with Paul on Binary Option, though. No bandwidth for it. Plus, my strategies probably wouldn’t work well with what they offer as I don’t focus on predicting timing. I might wait a few minutes or a week for a move.
Paul, keeping your crypto in a hardware wallet or other cold storage is useful to keep others from accessing it. Personally, I don’t worry too much, since I plan on keeping my foreign broker crypto accounts small (way less than $10k total for me). This is ok, since foreign brokers allow big leverage. I also think it wise to keep a good paper trail. There is no need to convert the crypto, since many brokers accept crypto as base currency. The only crypto specific taxable events should be the initial crypto purchase and selling, which both occur at the US crypto exchange. Definitely don’t lie to the IRS. None of this is tax advice. It’s just me, a trader, sharing my own ideas. I also hire an accountant to do this stuff for me. Damn it, Jim. I’m a Computer Scientist not a Tax Professional.
EDIT: important note about leverage and money management. Money management basics are important. Never risk more than 1% is a good rule. percentage of total Forex money even sitting with a single broker is small. Bulk of the money should probably be in an FDIC insured account. I can live with one tiny account with 500 to 1 leverage getting wiped out occasionally. It will happen if you use that kind of leverage. Also, not advocating doing anything at all for anyone else. Just sharing personal experience in spirit of giving back to community that has helped me. Plus, I am still working my day job. I’m not driving a lambo or anything here. This is just sharing from a working class quant. Cheers
