We withdraw profits received on the exchange through cryptocurrencies
If you have already started making money on Forex or the stock exchange, then sooner or later you will be faced with the issue of taxation of the profits received.
This issue has been discussed in detail more than once on our website, you can read about it at this link https://time-forex.com/info/nalogi-s-zarabotka-na-foreks .
There are several options for reducing tax costs, but in any case, you will have to pay something.
But this was the case until recently; now, thanks to cryptocurrencies, there is a unique opportunity to completely avoid taxation when withdrawing profits.
Not long ago, brokers began allowing their clients to withdraw funds to cryptocurrency wallets, thereby charging only transaction costs.
If you work with a broker who is not a tax agent in your country, then he is not required to inform the tax authorities about your income.
Since real tax obligations arise only after you personalize your money, for example, sell cryptocurrency and the proceeds go to your personal bank account.
The opportunity is really good, and we’ll talk about how to use it to the fullest below.
Withdrawal of money from a trading account through cryptocurrencies
At the moment, most brokers allow you to withdraw funds to a Bitcoin wallet; there may also be options for other popular cryptocurrencies:
For example, the same RoboForex offers Bitcoin and Ethereum, and twice a month funds can be withdrawn without commission, which is also quite a significant plus.
In this case, it is recommended to withdraw only profits, and, if necessary, return the main deposit to the same account from which the deposit was made.
In addition, there is such a nuance that before starting trading you should check with the broker, whether the company allows you to make withdrawals to an account other than the deposit account.
If not, then you will have to top up your account the same way using a cryptocurrency wallet. What to do with cryptocurrency?
After all, this money still needs to be converted into real money in order to be spent?
But this was the case several years ago, now there are a lot of options that allow you to pay directly with Bitcoin.
Well, firstly, these are Amazon and eBay, as well as other online stores, that is, you can transfer all your expenses through cryptocurrency:
Bitcoin and analogues are willingly accepted in some restaurants, travel agencies, hotels, to find places where you can pay with digital currency there are a lot of services.
In addition, you can transfer cryptocurrency into cash using cryptomats or exchangers with subsequent transfer to electronic payment systems.
But this method is more expensive than paying for goods and services. What are the disadvantages of this?
The main disadvantage is the instability of electronic money rates.
Yes, you can make good money if after the withdrawal of funds the cryptocurrency has risen in price. If the exchange rate falls, you can also lose a lot. Therefore, you should order a withdrawal through cryptocurrencies when their rate is at a significant minimum or, after withdrawal, quickly spend (transfer into cash) the received cryptocurrencies.