@291fifth said:
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
You can convert directly to dollars. I do it all the time
How much are fees (if any) for converting your Crypto to Dollars?
@291fifth said:
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
You can convert directly to dollars. I do it all the time
How much are fees (if any) for converting your Crypto to Dollars?
Zero using Robinhood.
Depends on how you do it. Coinbase is 1.5%. I believe Coinbase Pro is 0.5%. Robinhood is 0%. I'm not sure about some of the other sites.
@291fifth said:
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
You can convert directly to dollars. I do it all the time
How much are fees (if any) for converting your Crypto to Dollars?
Zero using Robinhood.
Depends on how you do it. Coinbase is 1.5%. I believe Coinbase Pro is 0.5%. Robinhood is 0%. I'm not sure about some of the other sites.
Which then leads to other questions...
If one gets Zero transaction costs with Robinhood and someone else is paying 0.5 - 1.5% with Coinbase (or other sites), than the next question would be who is getting the better exchange rate?
With stocks - those who use free brokers don't get the same speed and better trade costs with market orders. I imagine the same could be said for zero transaction costs with Crypto transactions.
@291fifth said:
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
You can convert directly to dollars. I do it all the time
How much are fees (if any) for converting your Crypto to Dollars?
Zero using Robinhood.
Depends on how you do it. Coinbase is 1.5%. I believe Coinbase Pro is 0.5%. Robinhood is 0%. I'm not sure about some of the other sites.
Which then leads to other questions...
If one gets Zero transaction costs with Robinhood and someone else is paying 0.5 - 1.5% with Coinbase (or other sites), than the next question would be who is getting the better exchange rate?
With stocks - those who use free brokers don't get the same speed and better trade costs with market orders. I imagine the same could be said for zero transaction costs with Crypto transactions.
It's not really an exchange rate. It's more like a stock with a bid/ask. I'm not sure how the spreads compares as one only used 2 sites. There is a fierce in the way they hold the crypto.
Lots of info or there if you want to do some research.
@291fifth said:
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
You can convert directly to dollars. I do it all the time
How much are fees (if any) for converting your Crypto to Dollars?
Zero using Robinhood.
Depends on how you do it. Coinbase is 1.5%. I believe Coinbase Pro is 0.5%. Robinhood is 0%. I'm not sure about some of the other sites.
Which then leads to other questions...
If one gets Zero transaction costs with Robinhood and someone else is paying 0.5 - 1.5% with Coinbase (or other sites), than the next question would be who is getting the better exchange rate?
With stocks - those who use free brokers don't get the same speed and better trade costs with market orders. I imagine the same could be said for zero transaction costs with Crypto transactions.
I don’t believe this is true. Which fee-based brokers can get you better execution than Fidelity, which is free and doesn’t use Payment for Order Flow?
Robinhood will not get perfect execution on crypto trades because they do take payment for order flow but I imagine it’s much less than the fees Coinbase charges. I don’t know exactly how wide the wholesale spreads are so I can’t say for sure.
Interesting how my comment warning people not to use Robinhood to hold crypto got deleted. Because you DO NOT hold the private keys to your Crypto wallet, in the app, thus you do not OWN the crypto.
@JordanCollector said:
Interesting how my comment warning people not to use Robinhood to hold crypto got deleted. Because you DO NOT hold the private keys to your Crypto wallet, in the app, thus you do not OWN the crypto.
As far as I am concerned, while crypto sales are taxable just like any other, there is not a consistent reporting mechanism for this. An equivalent to an annual brokerage tax statement should be mandatory.
As a CPA, as this is not presently available, I make a point of telling the client he / she needs to provide me applicable # shares, cost, sales price, and buy and sell dates. I also get him / her to sign an engagement letter to the effect that all information provided to me is done to the best of his / her knowledge. This way, I'm off the hook re preparer penalties if something bad happens.
A small % of your portfolio in crypto diversifies said portfolio. That said, the industry is virtually unregulated, and rife with fraud. No one is going to steal your shares in Pfizer, but your fill in the blank crypto can 'mysteriously' disappear.
Then there's the volatility. I'm old, and this in itself would keep me away from it. It's not going away. It depends on you re how you deal with it. For every person claiming to make millions, far more have either been scammed and or lost a fortune.
"Vou invadir o Nordeste, "Seu cabra da peste, "Sou Mangueira......."
@291fifth said:
If I have crypto and want to cash it in for actual US legal tender currency without having to buy anything with the crypto ... how is that done? Can it be done?
You can convert directly to dollars. I do it all the time
How much are fees (if any) for converting your Crypto to Dollars?
Zero using Robinhood.
Depends on how you do it. Coinbase is 1.5%. I believe Coinbase Pro is 0.5%. Robinhood is 0%. I'm not sure about some of the other sites.
Which then leads to other questions...
If one gets Zero transaction costs with Robinhood and someone else is paying 0.5 - 1.5% with Coinbase (or other sites), than the next question would be who is getting the better exchange rate?
With stocks - those who use free brokers don't get the same speed and better trade costs with market orders. I imagine the same could be said for zero transaction costs with Crypto transactions.
It's not really an exchange rate. It's more like a stock with a bid/ask. I'm not sure how the spreads compares as one only used 2 sites. There is a fierce in the way they hold the crypto.
Lots of info or there if you want to do some research.
It's comments like this that make me think that, if we are a representative sample, very few owners know very much about what they own.
Comments
Well this is what Bidens nominee for Comptroller of the currency just said:
"There will be no more private bank deposit accounts and all of the deposit accounts will be held directly at the fed."
Dollar go bye bye.
Michael Jordan collector of cards and memorabilia for about 30 years.
How much are fees (if any) for converting your Crypto to Dollars?
BST references available on request
Zero using Robinhood.
Depends on how you do it. Coinbase is 1.5%. I believe Coinbase Pro is 0.5%. Robinhood is 0%. I'm not sure about some of the other sites.
Which then leads to other questions...
If one gets Zero transaction costs with Robinhood and someone else is paying 0.5 - 1.5% with Coinbase (or other sites), than the next question would be who is getting the better exchange rate?
With stocks - those who use free brokers don't get the same speed and better trade costs with market orders. I imagine the same could be said for zero transaction costs with Crypto transactions.
BST references available on request
It's not really an exchange rate. It's more like a stock with a bid/ask. I'm not sure how the spreads compares as one only used 2 sites. There is a fierce in the way they hold the crypto.
Lots of info or there if you want to do some research.
I don’t believe this is true. Which fee-based brokers can get you better execution than Fidelity, which is free and doesn’t use Payment for Order Flow?
Robinhood will not get perfect execution on crypto trades because they do take payment for order flow but I imagine it’s much less than the fees Coinbase charges. I don’t know exactly how wide the wholesale spreads are so I can’t say for sure.
Deleted comments:
Happy, humble, honored and proud recipient of the “You Suck” award 10/22/2014
Interesting how my comment warning people not to use Robinhood to hold crypto got deleted. Because you DO NOT hold the private keys to your Crypto wallet, in the app, thus you do not OWN the crypto.
And now this....
https://insiderpaper.com/hackers-accessed-thousands-of-phone-numbers-of-robinhood-users/
May I please ask why my comment was deleted?
Michael Jordan collector of cards and memorabilia for about 30 years.
It is against forum rules to make possibly defamatory statements.
How about we go get some tickets for a game at Cripto Center in LA. How about that?🙃
🎶 shout shout, let it all out 🎶
Bit of a commute from NY.
As far as I am concerned, while crypto sales are taxable just like any other, there is not a consistent reporting mechanism for this. An equivalent to an annual brokerage tax statement should be mandatory.
As a CPA, as this is not presently available, I make a point of telling the client he / she needs to provide me applicable # shares, cost, sales price, and buy and sell dates. I also get him / her to sign an engagement letter to the effect that all information provided to me is done to the best of his / her knowledge. This way, I'm off the hook re preparer penalties if something bad happens.
A small % of your portfolio in crypto diversifies said portfolio. That said, the industry is virtually unregulated, and rife with fraud. No one is going to steal your shares in Pfizer, but your fill in the blank crypto can 'mysteriously' disappear.
Then there's the volatility. I'm old, and this in itself would keep me away from it. It's not going away. It depends on you re how you deal with it. For every person claiming to make millions, far more have either been scammed and or lost a fortune.
"Seu cabra da peste,
"Sou Mangueira......."
Or get a Crypto credit, ATM card and use it like a normal bank acc. They are the ones that just bought the staples center.
Hoard the keys.
$700,000,000+ Someone’s got some duckets 🤔. I believe it is a naming rights deal. They don’t own anything but the name
🎶 shout shout, let it all out 🎶
Crazy.
Hoard the keys.
I added to my crypto position on this dip.
Roll the dice.
It's comments like this that make me think that, if we are a representative sample, very few owners know very much about what they own.