⭐ Merited by hugeblack (4)
So I've been investing in cryptocurrencies for a few months now and want to do a little bit of swing/day trading. I'm only thinking about doing it with $1,000 for some fun "on the side" cash, not to get rich.
Got a couple of questions for you guys:
1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.
2.) How do you keep track of all of your trades for tax purposes?
Most of my purchasing that I do now is from Swan Bitcoin and a little bit from Coinbase. Both of these offer the ability to download files in CSV form with all of your trades on it. Recently I looked at strike app for buying Bitcoin. I emailed/asked them if that ability at this time, they said no. Which makes me wonder how do you keep track of your Bitcoin purchases and sales with strike app. I have heard that, companies that you have to register KYC with, do send you tax information just like your work does with a W-2 form. Does anybody know if that's the case? Obviously when I pick an exchange I will look into this further with that exchange. I'm just kind of wondering off the top of my head how people who trade regularly, that have hundreds of transactions a year, keep track of all that.
3.) When you're trading on these lower fee type trade platforms, can you custody your own Bitcoin if you decide to hold them or is that the reason that the fees are cheaper because it's not the same style thing you're basically just owning the number you never get to actually custody the coin?
-TIA for any advice/info
Got a couple of questions for you guys:
1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.
2.) How do you keep track of all of your trades for tax purposes?
Most of my purchasing that I do now is from Swan Bitcoin and a little bit from Coinbase. Both of these offer the ability to download files in CSV form with all of your trades on it. Recently I looked at strike app for buying Bitcoin. I emailed/asked them if that ability at this time, they said no. Which makes me wonder how do you keep track of your Bitcoin purchases and sales with strike app. I have heard that, companies that you have to register KYC with, do send you tax information just like your work does with a W-2 form. Does anybody know if that's the case? Obviously when I pick an exchange I will look into this further with that exchange. I'm just kind of wondering off the top of my head how people who trade regularly, that have hundreds of transactions a year, keep track of all that.
3.) When you're trading on these lower fee type trade platforms, can you custody your own Bitcoin if you decide to hold them or is that the reason that the fees are cheaper because it's not the same style thing you're basically just owning the number you never get to actually custody the coin?
-TIA for any advice/info