At the moment, practically every broker in Europe is escaping to Seychelles, Belize, Marshall Islands and others countries, because this is the only way to continue to offer 1:500 leverage, bonus.
Im sure, but just because they go offshore doesn’t necessarily mean they will accept U.S clients.
You are right, is mostly for EU customers
Ahhh so that was the verdict lol got it
Hows Ospreyfx been for ya
I took a pass. The smaller spreads were heavily-offset by their commission fees, if I recall correctly. But for anyone reading this, this may only be relative to scalpers.
6 per lot is their commission. That’s interesting though.
I forget what the exact commissions were, but when you’re scalping the 1 and 3 minute charts etc., then those higher commissions can be profit-killers, especially since crypto lots may be structured differently.
Hey Everyone, I tried doing a search to see if there were any threads about US Taxes. I didn’t find much. Any advice or resources on how to handle profits from CFD trading? Specifically for US residents. Thanks!
You should speak to a qualified accountant. Some accountants can work remotely and are cheaper than H&R Block for most things, whilst 1000% more qualified. Depending on your situation, you should be able to generate a report summary of your trades.
Does the IRS treat CFDs differently from capital gains on stocks?
Hi guys, I’m new here, and to forex trading in general. I wanted to capitalize on the gold rush last week and ran into some snags when i was trying to fund my /B/tradersway/B account. I have been practicing on their demo platform and was really excited to make some great money, but I was scared off. Before opening my /B/tradersway/B account i had opened with oanda and IG US. The transfer of funds was so seamless and normal that’s what I thought it should be with all brokers. So you could imagine my surprise when I saw bitcoin, Vload, and etc., with /B/tradersway/B. I immediately thought it was a scam or something and went looking elsewhere only to find more of the same.
So long story short i was crushed, but determined to find out what the hell was going on. The more i found out the madder i got. Knowing that the US is going to the extent that it is to regulate such a market is truly disheartening. In the end. I found this forum and I read over 4000 posts that has literally given me hope again that I can change my life and have a fair opportunity to truly trade in the forex market. I have learned SO much from the hard work, and sheer amount information that everyone in this forum has shared. It’s truly amazing what this forum is. I cannot thank you guys enough for this amazing resource and I will plan to become a part of this community. I will be starting my forex journey with coinexxx, eaglefx, and tradersway, and using cash app as my BTC wallet/exchange. Once again I want to thank you guys for everything.
Stocks >1 year… long term capital gains
Stocks <1 year… short term capital gains/ordinary income
CFDs/Swaps… ordinary income when realized… hold a S&P CFD for 5 years, tax is due when it’s sold and gains converted into functional currency (USD)
Physically held foreign currency is also taxed on realization method. An offshore trading account denoted in non USD trading CFDs offers “interesting” tax deferment strategies
The above being said, consult a CPA on this matter.
And if you are using cryptocurrency, it may also be taxed differently, depending on how long you hodl before realizing.
Regardless of what I or anyone else here says, though, probably best to consult a qualified professional.
Always consult a tax professional…if you are lucky/good enough to be earning from any sideline.
Good thread but i think it
s getting redirected with all these tax post. Correct me if im wrong but for such thing will be better to open another one.
I don’t think so. Knowing how to get your tax information from your offshore broker is important and something those who trade offshore should know.
The problem is there isnt many professionals that know about tax on forex/crypto markets, as there hasnt been too many retail traders making a big enough amount of money for it to be taxable.
Very good point.
This is a curious statement. The tax laws are pretty clear on all of this now and should really not be difficult to understand for any reputable accountant.