i have account with them i never use but this is the info i get when i try to buy crypto
" currently, we don’t support buying crypto with USD. we’ll send you an udate when we do."
they say be your own bank, if i gonna be my own bank with cryptos im gonna use a cold storage wallet where i have my offshore broker send my cryptos to my cold storage and nobody see’s and know’s how much i have in it but me.
I admit I’m not super fluent in crypto stuff, but how would you spend your crypto in cold storage? I want to use my trading income to pay rent and buy food and travel the world - it does me no good sitting around, even if it’s growing. At least a bank account I can grab cash from an ATM if need be.
you would have to send your crypto to coinbase or coinbase pro to convert your crypto curreny to USD and send your USD to your bank account that’s where you lose your privacy
Converting back into fiat currency, as SmallPaul has suggested, is one, very popular way. Another way is to use a crypto pay card that acts similarly to a credit/debit card. There are also more and more product/service providers that are accepting crypto as payment, which can be done via traditional, crypto transfer methods or by more modern solutions such as scanning/swiping your phone etc…
As cryptocurrency becomes more mainstream, it should become easier to use, allowing more and more people to bypass fiat altogether, should they choose to do so. Until that time comes, you can search the web for product/service providers that accept bitcoin as payment. You can already book a flight and hotel room with crypto, as well as buy products online. I’ve seen people purchase vehicles and even homes with cryptocurrency, but the opportunities for that may still be very few, comparatively speaking.
EDIT: it should be noted that a crypto pay card does not require a product/service provider to accept cryptocurrency, since most of the pay cards work by transferring your crypto into fiat at the moment of purchase, so the merchant is actually receiving fiat for payment.
Sure would be easier if the USA was just cool and allowed us to trade normally, eh? I don’t mind the privacy issues, I plan to pay taxes on everything, I don’t mind people (or governments) knowing I trade or how much I trade - I just don’t want anyone or anything thinking they can freeze my accounts at their whim. That’s where I’m at. I’ll use any company and pay them fees to work for me - but I need to know my accounts are safe and happy by using them.
I guess one way to handle things is get the best cold storage you can get, do your trading, transfer your profits from your offshore broker in crypto to your cold storage, then just feed your exchange bits and pieces of your money as you need it, or use a crypto paycard which I’ve actually seen.
That way you are not keeping your money in an offshore broker, which legit could disappear overnight if they wanted to - and also not transferring huge amounts into Coinbase or CashApp unless needed.
I fully trust the regulated offshore brokers like FX Choice who have been around a long time, but I also trade with the EagleFX and Crypto Rockets of the world, so this could be a great Plan B for me.
Greenflash808, be super, super sure you keep a current and past record/copy of all trading transactions that you can show your bank and the IRS in case the IRS seizes your money in the bank because of what they claim is “structuring” or “suspicious activity.” With multiple copes of your trading transactions you can prove that you made the money honestly and not through drug dealing, etc. I have not seen any mention of this problem with traders here, but there can be a first time at any time. Keep making copies of the monthly report your broker sends to you each month in case it later disappears for some reason.
I assume that you or someone that you know has had this problem? If so, can you elaborate more on it? For example, was the issue resolved and are future recurrences likely? Was cryptocurrency involved, or were these direct transfers from broker-to-bank? Regulated or unregulated broker etc.? Thanks.
i think you would draw a red flag if your sending 100k or more multiple times from your cold storage wallet to coinbase without you having a track record of you owning a business or paying taxes, the first thing the IRS think is money laundering and tax evasion 
The Bank Secrecy Act requires banks and other financial institutions to report transactions that are 10k or more in value, simply put. It is normal to put a hold on such funds so that they can be verified, and to ensure that no bank fraud or money-laundering etc. is occurring. This is well-known for anyone making large transactions. However, for the IRS to seize that money has me scratching my head. I am curious to know more about it. Perhaps this is just a simple matter of semantics.
yes i know what your saying i was just saying if you have a cold storage wallet with a few millions in it and needed 100k here and there you would draw a red flag sending that money to coinbase than to your bank,
Understood. I would assume that Coinbase would have similar reporting requirements since they are locally-based. What a world that we live in.
searching about the IRS
EDIT: Civil forfeiture in the United States, also called civil asset forfeiture or civil judicial forfeiture , is a process in which law enforcement officers take assets from persons suspected of involvement with crime or illegal activity without necessarily charging the owners with wrongdoing.
I have never had an IRS seizure and do not know anyone personally who has had that problem, but SmallPaul hit right on it with his last comment. The internet is loaded with accounts of the IRS abusing its powers of seizure. So be forewarned and be ready to do battle with the enemy if necessary. I think the main thing to do to keep the IRS away is to try to make all of your deposits going into your bank $10,000 or more, accompanied by the required documentation, to avoid the appearance of “structuring.” If less than 10k must be deposited it would probably be best to provide the same documentation to the IRS as if for amounts of 10k or more, just to be safe in case you can’t afford to lose the money
question is it better to just do bigger transactions and pay your taxes
Thanks, SmallPaul, for sharing. Upsetting article to read, for sure. I suppose the following excerpt could serve as a silver lining:
The IRS announced in a written statement Thursday that it will “no longer pursue the seizure and forfeiture of funds associated solely with ‘legal source’ structuring cases unless there are exceptional circumstances justifying the seizure and forfeiture and the case has been approved at the director of field operations (D.F.O.) level.”
So, hopefully, not a major issue these days, but probably a good idea to document things, as compounder has suggested, just to be on the safe side.
I often deal with large transactions that can be easily verified and still have to put up with nonsense from my bank. The IRS is getting their share, so I never worry about deposits that are over 10k. Even if I am audited, I have records for everything. Honestly, if the IRS ever seized one of my accounts and refused to refund my money in its entirety, I would probably leave this country as soon as possible.
Hey everyone, quick question if you use eaglefx can you see if your nas100 feed is stuck at 9526? Been that way for a while now and I have open positions that will be in profit. I used the live chat and IT is looking into it but if I’m not wrong crypto rocket uses the same feed providers and theirs isn’t frozen when I log into mt4. All the other quotes are streaming perfectly fine.
Yes it did appear stuck at the level for a bit.
It’s working now, had a little knot in my stomach moment. Thank you for your response!
check out some of the tech stocks on your MT4. They were all stuck or lagging or something wrong with them just like Nasdaq. so might have been a stock market thing and not a broker thing.