they already close doors to new u.s. traders, they only deal with their current u.s. traders
Think this will include offshore forex brokers too?
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i look for a major crack down from the world regulators in 2021
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I am 100% for reporting all my trading, crypto, investment income and paying my fair share of US taxes as a US citizen, I just want people to leave me alone and not tell me what to do.
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whoās telling you what to do?
That ship sailed long ago as a US citizen.
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If anyone ever asks me why I want at least one offshore broker that trades crypto on the weekends, Iāll just show them todayās Bitcoin chartā¦
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Beautiful aināt it? 
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Took the plunge today and started up a Binance US account, mainly to compare to my Coinbase Pro and (sort of) Cash App
If anyone else in here uses it and can relay any positives or negatives about it, let me hear 'em, please.
Iām guessing they work just like Coinbase? Can buy, sell, hold, transfer BTC to/from brokers and to/from my US bank?
I have a Binance account since they opened in my state a few months ago. Was used to them for a long time on their main site and was pretty bummed out when they halted US clients.
Itās not bad at all, liquidity is smaller then the main site but really donāt have a problem to speak of. Their mobile app is somewhat lame compared to the main app. Not as robust, but have gotten used to it.
Yes to all of that.
howeverā¦There are holds on transfers. ACH deposits 10 days and 5 days after initiating a Debit Card deposit.
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Hereās the problem for Treasuryā¦ If a US citizen makes 100K off shore and stores it in crypto in a trezor wallet off the exchanges which they log into using Tor browser &/or no log VPN, itās pretty much left up to the individual to self report & pay. The offshore broker is not reporting, the wallet is not reporting, the exchange to turn it into usable fiat is not reporting <20K, and the individual might not be saying anything either or misrepresenting the factsā¦ I only made 30K this year. IRS/Treasury is not too happy about that lack of transparency & control.
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From my experience, they have no holding period even with incoming bitcoin deposit. So users can cash out at anytime and it will credit to cash account.
From there we can ach to bank for free or instant transfer to bank for a fee (1.5% ?). PayPal charges 1% for instant, $10 max. Coinbase 1.5%
All ach is free 1-3 days.
For bitcoin fees compare with Coinbase pro
Cash app : $100 charges $2.28 , Coinbase pro $0.50
For $1000 at 17.72 , pro 5
for $5000 at 51.57 , pro 25
you are right about fees do become noticeable with larger transactions . I was wrong for saying fees not different by much. They certainly do and add up over time
Iām pretty content with using Coinbase Pro to withdraw and Cash App to deposit if/when needed. There might be exchanges with less fees than CB Pro, but itās probably minimal in comparison. I also have something else good up my sleeve for all that down the road, so Iām not pressed by anything right now.
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Iām trying to setup with Bitstamp since they have USDC & XRP.
Gemini have dropped their fees. They are now cheaper than coinbase pro <10K, and if youāre with coinexx, they have the gusd stable coin.
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Has anyone tried out fairforexfx?
What do you think this will mean for the industry?
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more reporting by the exchanges to the the world regulators and who knows how they will use this info in the future, to me it look like the world regulators are trying to track where we send our cryptos to and whoās sending cryptos to us.
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I think this reveals that governments have not been able to crack the block chainā¦ they are putting pressure on the exchanges that turn crypto into usable fiat currency to potentially track everything that goes in and out, but the massive black hole for them will remain transactions between off exchange wallets.
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yes i agree but donāt be surprise if they crack down on wallets/cold storage wallets in the future
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