Believing that more harm may come than good, does not equate to downplaying the benefit or legitimacy of some of the proposed regulatory efforts and legislation. But it is very important that we understand as much as possible, and question what we do not…this is especially true for lawmakers.
Admittedly, I have certain ideas about taxation and privacy relating to cryptocurrency, both of which are extremely relative, that may not necessarily conform with the views and ideas of the majority, but I have realistic expectations and possess common sense and I choose to abide by the law and will continue to do so.
While I am hopeful that such regulatory policies and proper legislation will help to deter criminals and further-legitimize cryptocurrency globally, I am also skeptical that many of the suggestions that are being made may adversely impact more honest people in the long-term, while having little-to-no impact on criminals that choose to circumvent the law.
Does that mean that such efforts are moot and/or should be dismissed? Not at all. But I feel that we may be at a critical point in history, and it is extremely important for everyone to be vigilant and to make careful considerations going forward. We should not be too quick to apply old thinking to new ideas, nor should we trust that our best interests will be equally-regarded.
I really love EagleFx and CryptoFx’s same day withdrawal, first $25 withdrawal in 2 hr. It’s amazing. Thanks to SmallPaul:+1: I can do it everyday:grin:
@TraderO Far be it from me to discourage motivational
content. But maybe you should amend your post to add
some context to the preceding video post.
I am a technical trader but none of the existing Price Based
technicals in common usage are good enough to succeed
in Forex.
I have to invent my own which use Curency Trend Strength
factoring, or even deeper predictive factors. Without predictive
power, no trading can be successful and qualify as a legitimate
business.
Has anyone tried out OspreyFX yet? Was looking at their crypto spreads, and I am skeptical about a few of them. Would rather not do the whole KYC process just to find out. Thanks.
Hello all. This may be a stupid question, but i’m going to ask it anyway: A good chunk of this thread is about the discussion of establishing foreign corp entities to facilitate trading with foreign brokers. I’ve been demo trading with some of the recommended brokers from this forum (thank you, by the way), and am considering starting a live account with one of them next month. If they accept U.S. customers, what’s stopping me from simply opening a personal account with them? is it necessary for me to go through the process of establishing shell/holding companies offshore in order to start, or is that strictly part of a tax avoidance strategy?
99% of us have personal account with brokers on our list, we was just looking for a different options in case sht hit the fan or some was looking to trade with one of the bigger regulated brokers
Thanks. I read through your comments and the worst that I could find was that they might be charging a deposit fee for cryptocurrency. Unless there is something more concerning, I may eventually check them out because their real-time spreads are showing 0 spread for LTCUSD, almost always, and reasonable spreads for XRPUSD, and if that is really true, then that could be very favorable.
LQDFX mentioned cryptocurrency offerings over a year ago. At the time of this writing, they say that it will be available on their next update, but have no idea when that will be. Could be another year or more at this point.
I think that this has less to do about minimizing taxable income, and more about securing a future with trading by being able to trade with brokers that may not accept US clients - now, or in the future.
The point of the discussion (at least my point) was that these few brokers who will deal with U.S. persons have a somewhat temporary status, since they may make the business decision at any moment, to close their business for U.S. persons.
Therefore, building a scalable and sustainable business would be at risk given the shifting sands of the few brokers still accepting U.S. persons.
Not to mention the issues involved with Funds Transfer, as you can see all of these brokers struggle with constantly changing methods of Funds transfer, as the U.S. government CFTC and such entities put pressure on the standard funds transfer mechanisms, thus forcing them to find alternative methods of transferring funds.
The result is an uncertain Business Climate, and this poses a constant Risk to building a stable and sustainable business.
[edit] As an individual and perhaps a ‘small time’ trader (no offense meant) this may be acceptable, but as activity scales, it poses unacceptable risk and burden
[edit2] TAX AVOIDANCE IS NOT THE AIM OF AN OFFSHORE ENTITY which would be illegal. Rather, it is strictly a matter of stable access to the world’s best brokerages, and funds transfer mechanisms. WE ARE NOT HERE TO CHEAT ON TAXES !!!
The bigger issue was that the fee was not listed on their site and when asked about it they either ignored me or ended the conversation. Too sketchy for me to feel comfortable. I also don’t trade crypto but since thats a huge factor for you, go for it and share your experience later.
I understand your position. I will certainly share my experiences, should I decide to check them out. Some of the crypto spreads that they have published on their website look very interesting, assuming that their website is accurate.
Thanks HyperScalper, no offense taken. Nor did i mean any offense with my use of the term “tax avoidance,” something (in my opinion) far separate from cheating one’s taxes. Reducing one’s tax burden is a completely viable piece of any business in my estimate, but to each there own. I am indeed a small time trader, but hope to one day be able to do this full time. Good to know about the funds transfer issues, do you find using a cryptowallet (for the brokers that allow BTC) alleviates that, at least to a certain degree?
I can do it everyday:grin:
