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-cut, 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 thousand stablecoins lying around that can be used for Forex trading.

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

It may not seem like much, but you often have to pay this commission when topping up your account using other payment systems.

But the real fun begins when you want to withdraw your profits. Withdrawals from your account to your cryptocurrency wallet are easy, but converting to real money will require additional costs. Transferring to a dollar card costs at least 10%

So, by the most conservative estimates, using cryptocurrency as your trading account currency means you're losing 11%. That's quite a significant amount, especially considering many investors don't always achieve such a financial result within a month.

Using Tether in settlements

But isn't it now possible to pay for goods and services with cryptocurrencies?

Unfortunately, such options are still quite limited. Try buying groceries, clothes, or paying for your apartment with cryptocurrency for a month and see for yourself.

While Bitcoin is still accepted in some places, Tether isn't quite as popular yet, and exchanging one cryptocurrency for another for every purchase is a real hassle.

Therefore, it can be said that cryptocurrencies, when depositing or withdrawing funds, are only beneficial for traders who already use them in their transactions. Otherwise, it's best to use traditional options such as bank cards, accounts, and popular payment systems.

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