Using cryptocurrencies as a trader's account currency

Every day, stock brokers are increasingly offering to use cryptocurrencies for depositing and withdrawing funds.

Some companies already have more than a dozen cryptocurrency options available for financial transactions.

Maybe you shouldn’t resist and it’s better to accept the proposed calculation option as the main one. How beneficial is the use of virtual currencies in a trader’s work?

First of all, this is beneficial for the brokerage company, since these calculations do not appear anywhere in the financial statements and can be completely excluded from taxation.

For a trader, the situation is not so clear, because you first need to buy the right cryptocurrency, ideally it should be a stablecoin such as, for example Tether.

Because not everyone has a wallet with a couple of thousand stablecoins lying around that can be used for Forex trading.

In this case, the commission amount will be at least 1-2%:

It doesn’t seem like much; you often have to pay such a commission when topping up using other payment systems.

But the most interesting thing begins if you want to withdraw profits, withdrawing from your account to your cryptocurrency wallet will not be difficult, but transferring to real money will require additional costs, the cost of transferring to a dollar card is at least 10%:

That is, according to the most conservative estimates, when using cryptocurrencies as a trader’s account currency, you lose 11%. Agree, quite a lot, especially considering that many investors do not always show such financial results in a month.

Using Tether in Payments

But now you can pay for goods and services with cryptocurrencies?

Unfortunately, there are still quite a few such options; try buying food, clothing, or paying for an apartment with cryptocurrency for a month and see for yourself.

Moreover, while Bitcoin is still accepted in some places, Tether is not yet so popular, and exchanging one cryptocurrency for another for each purchase is still a hassle.

Therefore, we can say that cryptocurrencies when replenishing or withdrawing funds are beneficial only to those traders who already use them in their calculations. Otherwise, it is best to use traditional options such as bank cards, accounts, and popular payment systems.

Frequent account replenishment options - https://time-forex.com/info/popolnit-schet-foreks