Binance Account holders: Please move your crypto to other US accounts such as Coinbase
TAX Filing: Calculate all the gains/loss for this year. When filing tax, show the gains/loss as part of miscellaneous.
What is Crypto Currency?
A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
How to trade Crypto Currency?
- Create an account @ Coinbase
- Check your email for verification
- Login to Coinbase
- Setup your checking account
- You can do real-time Bank account setup using your bank user/password which is a standard procedure or you could do manual setup as mentioned below.
- Enter your bank account number and routing number.
- Coinbase will deposit 2 small deposits after 2-3 days
- Check your bank account after 2-3 days and if there are any deposits like few cents
- Come back to Coinbase and validate your deposits.
- Once bank account is linked, initiate required $$$ amount from your bank account to Coinbase
- It will take 2-3 days for the first time.
- Once you have money in your coin base account
- Head to Gdax.com and log-in with your Coinbase Userid/password
- On Gdax.com once you log in, on the topmost left side there is a drop down to choose options
- Options like BTC/USD, ETH/USD, LTC/USD
- Choose the option you want to buy.
- Put a Buy limit to avoid any transaction fees
- Same for Sell Limit to avoid transaction fees