Okay so first of all you buy bitcoin through places like coinbase and cex.io and so on, and they usually have a higher price for bitcoin then the market price, so you get screwed there. Then there is a huge fee to actually purchase the bitcoins. Then there is a transfer fee to the exchanges. Then there are trading fees. Then you send it back to coinbase or wherever for fees. Then you try withdrawing to cash out...and there is fees. Then year end you have to do tax, which is the biggest fee.
These "profits" are reduced by like 60% by the time you cash out.
Are people doing something different or am I not understanding this? Because there are WAY too many fees and then you gotta do taxes? Like damn.
What's everyone elses method?
These "profits" are reduced by like 60% by the time you cash out.
Are people doing something different or am I not understanding this? Because there are WAY too many fees and then you gotta do taxes? Like damn.
What's everyone elses method?
trading fees are proportional to your position. not shitting on your position size, but if you had a bigger position, you would get the fees proportionately, but they would not be so much of a deal ( they are pretty much insignificant at .2-.3 percent). use a better exchange, you shold only see conversion rates like these with lbc and similar services. take the time to verify, and use your fiat to fund an exchange, not buy bitcoin p2p. the opportunity advantage of having your money parked at an exchange is the tits, and the rates are pretty much market rates, without a premium (as you are using a market
)