Quite a tight stop loss.. that's like 1% from your entry.. the previous resistance was at $48,000, I would move it below that, otherwise you could get wick'd.
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Bitcoin Thread
- Thread starter Dan C
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Sensorei
Executive Member
Until you long, then your heart rate goes up 40 BPM until there is a deciding move.
Haha nice, close one!
thanks will have a look
AirWolf
Honorary Master
Down to 48 again
enerdude
Expert Member
GAD
Well-Known Member
How do I get funds to Binance if they do not accept my bank card....
Buy crypto on Luno and send to Binance...what are the cheapest fees...I know Eth transaction fees are crazy.
Ive done all the verifications on Binance but cannot make a deposit with Zar fiat.
The Alt coin forum is not very active so I thought I might get better advice from the big guns here.
Buy crypto on Luno and send to Binance...what are the cheapest fees...I know Eth transaction fees are crazy.
Ive done all the verifications on Binance but cannot make a deposit with Zar fiat.
The Alt coin forum is not very active so I thought I might get better advice from the big guns here.
South African banks blocked debit/credit card purchases on Binance and other foreign exchanges. Also you should read this first before sending BTC lol.
Transferring Bitcoin from Luno to overseas exchanges is a crime
Existing exchange control regulations in South Africa make it a criminal offence to transfer cryptocurrency from local exchanges to offshore ones, authorities have warned.
mybroadband.co.za
GAD
Well-Known Member
SA Banks not allowing us to buy crypto abroad and Sars wants to tax us on profits on local exchanges...I will never understand this country...South African banks blocked debit/credit card purchases on Binance and other foreign exchanges. Also you should read this first before sending BTC lol.
Transferring Bitcoin from Luno to overseas exchanges is a crime
Existing exchange control regulations in South Africa make it a criminal offence to transfer cryptocurrency from local exchanges to offshore ones, authorities have warned.
Oh well...might as well look at other means....do have some eth but afraid of the costs transferring it to Binance.
Maybe I'll have to consider @Snyper564's suggestion.
Sensorei
Executive Member
Personally I would opt for tax emigration and leave, rather than throw away over 40% of my crypto trading profits in a country where you get nothing back for your tax. In a few years just a few BTC will be retirement money. I'd be happy to pay the tax in a country that looks after me. We have it really bad here for people with a considerable portion of their wealth in crypto.
There are countries where there is no tax on crypto and plenty with very low tax rates. Dubai has no tax which is why so many crypto social media influencers are based there. In Switzerland traders don't need to report their crypto trading profits.
Germany doesn't tax crypto profits on individuals if you're been hodling for 1+ year. Then there's Portugal which is one of the easiest countries to open a bank account as a non-resident, and they are super crypto tax friendly. Even the Japanese can cash out R450,000 worth of crypto profits per year and only pay 10% tax. The list goes on. SA sucks.
If you make the wrong type of trade you can actually make a huge loss by paying tax. Consider this scenario:
Jonny buys 1 bitcoin in 2016 for R10,000 and holds for a few years. The price of bitcoin increases 100x and now his current bitcoin is now worth R1 million, he hasn't sold yet so does not owe any tax, so far he is only R10,000 out of pocket from his initial investment. He then decides ethereum is going to be the next big thing since 2.0 is coming out so he swaps all of his bitcoin for ethereum.. therefore the current value of his ethereum holdings is worth R1 million. His financial advisor warns that due to the tax rule, he made a taxable income of R990 000 because he sold his bitcoin for another crypto. So he must pay 18% capital gains tax on the R990, 000 gain which equals R178,200. Not wanting to go to prison or wanting to sell his ethereum, he pay this in cash for his tax year. He holds the ethereum for several years but unfortunately due to scalability issues ethereum is replaced with a rival, so the value of his holding drops 99% and now equals R10,000. He decides to sell back to rand to get his initial investment back.
So what did Jonny do, he invested R10,000 in one speculative asset it rose in value, then swapped that asset for another speculative asset and it dropped in value, and then he ended up paying R178,200 in tax eventhough he never saw the million rand touch his bank account.
Jonny buys 1 bitcoin in 2016 for R10,000 and holds for a few years. The price of bitcoin increases 100x and now his current bitcoin is now worth R1 million, he hasn't sold yet so does not owe any tax, so far he is only R10,000 out of pocket from his initial investment. He then decides ethereum is going to be the next big thing since 2.0 is coming out so he swaps all of his bitcoin for ethereum.. therefore the current value of his ethereum holdings is worth R1 million. His financial advisor warns that due to the tax rule, he made a taxable income of R990 000 because he sold his bitcoin for another crypto. So he must pay 18% capital gains tax on the R990, 000 gain which equals R178,200. Not wanting to go to prison or wanting to sell his ethereum, he pay this in cash for his tax year. He holds the ethereum for several years but unfortunately due to scalability issues ethereum is replaced with a rival, so the value of his holding drops 99% and now equals R10,000. He decides to sell back to rand to get his initial investment back.
So what did Jonny do, he invested R10,000 in one speculative asset it rose in value, then swapped that asset for another speculative asset and it dropped in value, and then he ended up paying R178,200 in tax eventhough he never saw the million rand touch his bank account.
Sensorei
Executive Member
But the loss is ring-fenced by SARS and can be set off only against capital gains. They don't straight refund you the money.
Speedster
Honorary Master
Who said anything about a straight refund?
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