Day/swing trading.... | Bitcointalksearch.org

el kaka22

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Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

There are many regular crypto exchanges are available which will charge you lesser fees along with your trading volume. It means when you are continuously trading with them then you can enjoy much lower fees. These days, paying in exchange tokens will get you up to 50% saving in fees.

Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

How do you keep track of all of your trades for tax purposes?

It differs with countries. As per my country taxation, I need to pay only when I convert my bitcoin into my fiats. So, when I am trading bitcoin against altcoins, I never need to worry on any of applicable taxes. I save my profits in BTC hence I do not need to worry on taxes until I spend my bitcoins.

Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

When you're trading on these lower fee type trade platforms, can you custody your own Bitcoin if you decide to hold them

Could you please elaborate your third question a little better; I am sorry I could not figure out what you are exactly referring to.

martina14

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Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

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

Honestly, I don't get the point of your topic, but one I know for sure that I do trade based on my understanding in the graph, if I notice that it is the right time buy or sell, I will set it up at once then wait, this was I did most of the time as an individual traders here in the cryptocurrency business. And so far so good of course.

LUCKMCFLY

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Quote from: perfect999 on November 22, 2021, 01:09:30 PM

Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

For exchanges where you can start your cryptocurrency day trading or swing trading, there are so many exchanges out there that you can make use of that are quite reliable. Coinbase.com and other one you mentioned (Swan Bitcoin, which I’ve never heard of) seems to be the only ones you know.

There is also Binance.com which has a lower fees for trading, it has one of the best fees you’re going to find in the market. There are other good exchanges as well such as Crypto.com, and Kraken. Maybe you should check them out and know which would fit your needs exactly and you can then start making use of it.

You are right, Binance is for me one of the exhcanes that are cheaper in terms of trading and operations fee, despite the fact that it has had some behaviors that did not aggravate me with the users of Colombia for subjecting them all to prior investigation without any notice. Even so, it represents being a good exchange, one of the exchanges that is very good that was widely used in 2017 was Bitfinex, the bad thing about that Exchange is that its fees are too expensive, both for a simple deposit and for a simple operation, but The tools that the exchange has are very good, and it has not been hacked for many years or its security has been compromised.

perfect999

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Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

For exchanges where you can start your cryptocurrency day trading or swing trading, there are so many exchanges out there that you can make use of that are quite reliable. Coinbase.com and other one you mentioned (Swan Bitcoin, which I’ve never heard of) seems to be the only ones you know.

There is also Binance.com which has a lower fees for trading, it has one of the best fees you’re going to find in the market. There are other good exchanges as well such as Crypto.com, and Kraken. Maybe you should check them out and know which would fit your needs exactly and you can then start making use of it.

adaseb

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Quote from: maju69 on November 20, 2021, 05:44:31 PM

Quote from: palle11 on November 20, 2021, 03:53:56 PM

Quote from: trickys on November 20, 2021, 10:08:17 AM

Nowadays, you can trade crypto with pretty much any CFD broker. Have you tried?
OK.. they might not offer many cryptocurrencies but still a decent start.

I think brokers added bitcoin against USD on their platform for now. Some of the altcoins added are yet to be active. At least I have seen a pair on ltc with USD but it is yet active for trade.

Is that how the broker manipulates? because I have quite bitter experience with brokers. Since the OP uses a DEX exchange it is clear that his trading history will be quite difficult and will have to record it by copying all transaction data from the exchange address. There is no other way to accept a broker's offer, if it is trustworthy. Meanwhile, our condition is that we are still able to trade freely on the Exchange which is permitted in the country where we live.

The guy is talking about those forex or CFD type of brokers which are typically used under MetaTrader. Generally the way these brokers work, is when you send an order, instead of being routed to the open market, they just take the trade opposite of you. So you are basically trading against the broker instead of open market.

The reason they do this is because something like 99% of all new retail traders lose money, that is what they are betting on, if you make money they will find ways to not pay you.

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Quote from: magnum1010 on September 18, 2021, 10:43:43 AM

Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

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?

I think that one of the best exchanges for introday trading is binance. Actually, such kind of traders are very beneficial for exchanges, so they encourage those, who trade every day and give them discounts.
What comes to taxes, I haven't ever withdrawn my money from crypto, but as I know, none of my friends has payed taxes as well, only fees of banks and exchanges.

Binance currently dominates the crypto market and because of the problems faced by platforms like ethereum, which are still struggling with high fees. in the future will binance also be able to maintain? maybe not if the price of BNB has also increased.

I think you are right, I also have not seen any taxes made for every transaction that I have made. because it is clear that the tax will be carried out by an authority that handles this, but we know that there are still many countries that still do not approve / recognize crypto, so it is clear that there is a dilemma when it comes to cutting taxes in crypto. in addition to the good intentions of individuals who will pay for the profits obtained but it also seems difficult to prove the truth, it is feared that it will even make it difficult for themselves.

maju69

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Quote from: palle11 on November 20, 2021, 03:53:56 PM

Quote from: trickys on November 20, 2021, 10:08:17 AM

Nowadays, you can trade crypto with pretty much any CFD broker. Have you tried?
OK.. they might not offer many cryptocurrencies but still a decent start.

I think brokers added bitcoin against USD on their platform for now. Some of the altcoins added are yet to be active. At least I have seen a pair on ltc with USD but it is yet active for trade.

Is that how the broker manipulates? because I have quite bitter experience with brokers. Since the OP uses a DEX exchange it is clear that his trading history will be quite difficult and will have to record it by copying all transaction data from the exchange address. There is no other way to accept a broker's offer, if it is trustworthy. Meanwhile, our condition is that we are still able to trade freely on the Exchange which is permitted in the country where we live.

palle11

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Quote from: whofarted75 on September 19, 2021, 05:29:23 AM

I woke up this morning and had a premonition I logged on to Coinbase and check the rate to convert from Bitcoin to tether or USDC. It turns out there is no fee, like when you buy Bitcoin from Fiat. This was my confusion. I thought every time you went from Bitcoin to any other money (be it fiat or crypto) you had to pay the fee of what would end up being something like $10 per $1,000. I didn't know, and now I understand better what stable coins are for. You trade from Bitcoin, when you think it's going to go down, to a stable coin and then back to Bitcoin from tether or whatever stable coin when you think it's going to go up. And you don't have to pay the fees because you're not buying in from Fiat.

Yes there is no fee charge in such. That is not considered as transaction yet but conversion that you have just made to keep your coin stable or pegged with the dollar at a point until a certain time you want to unpeg it or reconvert it back to cryptocurrency. Also it is the same with binance. When converting your coins to USDT, there is no charge on it.

Quote from: trickys on November 20, 2021, 10:08:17 AM

Nowadays, you can trade crypto with pretty much any CFD broker. Have you tried?
OK.. they might not offer many cryptocurrencies but still a decent start.

I think brokers added bitcoin against USD on their platform for now. Some of the altcoins added are yet to be active. At least I have seen a pair on ltc with USD but it is yet active for trade.

jrrsparkles

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Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

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

People who are day trading will love to trade on the exchanges with lowest fee and decent trading volume but when it comes to coinbase its not the cheapest but for US people its still the most preferred one because no other exchanges are available for them with that much liquidity and trading pairs.

If the platform doesn't offer trading history files for tax purposes then it will be your job to track them all manually on Excel sheet but most of the regulated ones have such tracking feature if I am not wrong.

hugeblack

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It is difficult to help you with tax matters, and therefore you must specify your country and ask specialized departments for this.
Why are you trading on platforms that require identity verification? There are good platforms that do not require identity verification (Okex and Kucoin) and have good trading volumes, so you can use them without worrying about the tax stuff. You withdraw using USDT and then use a central platform that verifies the identity and pays the tax once.

Generally, as I mentioned, you should read the terms of service and ask them how to disclose taxes.

trickys

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Nowadays, you can trade crypto with pretty much any CFD broker. Have you tried?
OK.. they might not offer many cryptocurrencies but still a decent start.

whofarted75

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Update:
I woke up this morning and had a premonition I logged on to Coinbase and check the rate to convert from Bitcoin to tether or USDC. It turns out there is no fee, like when you buy Bitcoin from Fiat. This was my confusion. I thought every time you went from Bitcoin to any other money (be it fiat or crypto) you had to pay the fee of what would end up being something like $10 per $1,000. I didn't know, and now I understand better what stable coins are for. You trade from Bitcoin, when you think it's going to go down, to a stable coin and then back to Bitcoin from tether or whatever stable coin when you think it's going to go up. And you don't have to pay the fees because you're not buying in from Fiat.

This was part of my confusion and I was wondering how people could say that's not expensive. I feel kind of dumb but now I realize I was wrong. At this point I had only been buying crypto I hadn't actually sold any yet or tried converting to any other type of crypto from one to another. So it didn't dawn on me that the fee wasn't included every time you did a transaction. This makes much more sense. Grin

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1. You should search for the other exchanges and do not just use Coinbase so you can compare how good the services are for each exchange.
2. You can download your trade history in CSV as you did in Coinbase and I guess every exchange has that feature so you can download it anytime.
3. You can hold your bitcoin in that exchange, but you can also send your profit in bitcoin to other wallets that only you can control.

The fee will always have a gap and I do not think much about that because if I can make a profit of more than $5 in every trade (which I am sure that you can do that easily), you will not think about the fee. But if you want to send your bitcoin to another wallet, you can send it in more than $100 in bitcoin so you will not think much about the fee. After all, when you send bitcoin to other wallets, that means that is your profit.

GreatArkansas

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Answer for number 1, and number 2;
First, you need to identify which country you are from, check if there are any regulations about cryptocurrency in your country, like trading the cryptocurrency or owning it. And before signing up for an exchange, make sure to read their Terms and Conditions (TOS) because there you can find if you are qualified to have an account there.

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Quote from: whofarted75 on September 18, 2021, 03:59:51 PM

Thanks for the info guys, really helpful.

Let me clarify what I mean by high fees.

On Coinbase, if you buy $100.00 worth of Bitcoin, the fee would be $2.99

On Binance, if you buy $100.00 worth of Bitcoin, the fee would be $0.10

That would add up fast! That's what i'm talking about. Wink

For a swing trader that does only few amount of trades weekly/monthly, I'd say the fees won't add up much maybe only in the long run. You can check Binance US if you're not allowed to trade on binance that i. These exchange fees shouldn't be a cause of alarm for someone that trades longer term and not a day reader. If you can't register on Binance, your best option would be to utilize decentralized exchanges.

whofarted75

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Thanks for the info guys, really helpful.

Let me clarify what I mean by high fees.

On Coinbase, if you buy $100.00 worth of Bitcoin, the fee would be $2.99

On Binance, if you buy $100.00 worth of Bitcoin, the fee would be $0.10

That would add up fast! That's what i'm talking about. Wink

Ararbermas

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Must try binance mate, infact you can use other assets if you really want a small fees when it comes withdrawal.. Because for me in my personal opinion on day trading through binance it is very reliable because of the real volume of each of every coin and it's very informative wherein available also in trading view, so why not choosing binance since this is the most popular exchange nowadays very secured as well?.

MrcMrc

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Isn’t it better you start your trading on an exchange that has real trading volume other than going after low fees exchange but with loads of fake trading volume? I will advise you to take your time to build your trading skills before venturing into trading.

otundebis

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Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

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

To answer your number question, coinbase should be good for you, the fee are low and the fact that coinbase is legit and it has a good reputation
For the number two question, you may have to manual record your gains and losses with the capital you started trading with. There should be record of your trading with exchange like coinbase, and you can use such record to support your data
The last question, Yes you could have custody of your asset if the exchange used support it. I know you can trade from your wallet with coinbase exchange.

teosanru

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Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

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.

On a quick exchange with huge volume and minimal fees, something like Binance or FTX is the most optimal exchanges for this purpose, generally you won't mind a lot of volume on other exchanges and lesser volumes means that high slippages which can be quite high of a cost.

Quote

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.

In my country tax regarding cryptos is still not quite set, therefore I am showing it as a business Income which generally most of the stocks and futures traders also do. I think if some law comes in the future it's still going to be around this existing treatment because when you buy and sell something for trading, it's generally a business activity and doesn't attract capital gains tax.

Quote

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

DyDx is an exchange that is decentralized and is trying to bring in the technology where you can be the custodian of your coin and at the same time enjoy low fees and speedy transactions. So far, Centralized exchanges obviously don't give you the private key but the Withdrawals aren't really too difficult these days.

Theones

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Quote from: ?? on ??

If it's your first time trading and you don't have any prior knowledge about trading then probably you shouldn't start trading right now, you need to gather knowledge first and gain some experience by doing some practice trades that don't have any risk involved since there's no money involved.

Yes thats very much correct. It has been advised so many times here to new people that never invest straight away. Be patient and gather some knowledge before you can invest. Bitcointalk.org has great resources that can help you in understanding crypto trading. You can also post your queries here for instant replies by senior members.
Between OP seems to be a rich guy since he is doing fun on 1000$. Good luck.

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Quote from: herurist on September 18, 2021, 11:16:13 AM

yes as said before that binance is a very good place for you but if you see your thread that says that you will try to start in day trading, I think it will be a little risky considering your amount of money is $1000 of course not the amount of money few and indeed will not be useful for those who already have abundant assets but it will be a different story for small traders.
I suggest you to look for more detailed information about this daily trading because of course something like this especially regarding money matters cannot be taken lightly.
than you lose $ 1000 by trying things that are not necessarily better you learn it earlier before you try in trading.

To be frank, I have not even thought of how much the fees are charged for each trades I make since 2017. But I am sure I have chosen the right exchanges who charge little for trades. I started my trading in Binance exchange. They offered fees reduction when we provide fees in BNB. Then I opened up accounts on many other exchanges. So paying fees in their tokens/coins, will reduce more fees I am sure.

And I store all the coins where ever I trade irrespective what exchange it is. I always activate the security locks so that they are not hacked or mis-used.

herurist

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yes as said before that binance is a very good place for you but if you see your thread that says that you will try to start in day trading, I think it will be a little risky considering your amount of money is $1000 of course not the amount of money few and indeed will not be useful for those who already have abundant assets but it will be a different story for small traders.
I suggest you to look for more detailed information about this daily trading because of course something like this especially regarding money matters cannot be taken lightly.
than you lose $ 1000 by trying things that are not necessarily better you learn it earlier before you try in trading.

whofarted75

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thanks Tytanowy Janusz, good info.

I guess one question I would have is if you can get Bitcoin at such low rates, why pay 1.49% even 0.99% when you can get it for less than .1% on Binance?

I assume it's like Coinbase versus Coinbase pro I have heard that Coinbase pro has lower rates. So the question is if there's no difference why do they charge more for one than the other? I'm kind of confused as to why I've been buying on these exchanges at higher rates.

I've been buying at Swan Bitcoin at 1.49% and then after $5,000 in one year it drops down to 0.99% but even that is high compared to a 0.1% so wtf?

Tytanowy Janusz

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Quote from: whofarted75 on September 18, 2021, 10:35:59 AM

extremely low at 0.150%. Can you custody the crypto that you buy in this way on Binance?

Its 0.1% and yes, you can withdraw your coins as long as you bought them on spot (not futures or margin).
You can also trade using BUSD trading pairs. That way you can reduce fees to 0 but you have to be a maker. Its not a problem to always be a maker with your PHP skill and trade using API and simple algo.

Quote from: Tytanowy Janusz on September 18, 2021, 09:45:50 AM

I was looking into and wondering about using strike app to trades since there are no fees at all and on the lightning network. But they don't have the download CSV file option. For that matter other than looking at your brief history that they have in the app there's really nothing other than yourself keeping track of all your trades.

Fees is not everything. There are also spreads (slippage) that on low liquid trading pairs are far bigger cost than fees. That's why it is important to choose high volume exchanges. Especially if we are talkig about lowering from 0-0.075% to 0.

magnum1010

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Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

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?

I think that one of the best exchanges for introday trading is binance. Actually, such kind of traders are very beneficial for exchanges, so they encourage those, who trade every day and give them discounts.
What comes to taxes, I haven't ever withdrawn my money from crypto, but as I know, none of my friends has payed taxes as well, only fees of banks and exchanges.

whofarted75

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Quote from: Tytanowy Janusz on September 18, 2021, 09:45:50 AM

Use binance. Super low fees (0.075% if you use BNB to reduce it), the best liquidity (means the lowest spreads, and low probability of flash crashes).

If I remember right when not using BNB the rate is still extremely low at 0.150%. Can you custody the crypto that you buy in this way on Binance?
Thanks for the info Tytanowy Janusz 👍

Quote from: Tytanowy Janusz on September 18, 2021, 09:45:50 AM

Binance allow that too. In fact i havent seen crypto exchange that don't have it.

I was looking into and wondering about using strike app to trades since there are no fees at all and on the lightning network. But they don't have the download CSV file option. For that matter other than looking at your brief history that they have in the app there's really nothing other than yourself keeping track of all your trades.

Quote from: Tytanowy Janusz on September 18, 2021, 09:45:50 AM

You should also check how tax from crypto is calculated in your country. In my, they don't care about crypto/crypto trades. They tax me only on crypto/fiat trades so I trade with USDT or BUSD trading pairs and sell to USD only when I want to cash out profits.

Yeah unfortunately, here in America, any exchange (including from one crypto to another) triggers a tax event. Anything under one year is considered short-term gains and taxed like regular income tax. Anything over one year is taxed as long-term gains and capital gains tax in a lower rate. Wink

Tytanowy Janusz

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Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

1.) Where would you do day/swing trading? A regular exchange likely has too high of fees. IE: Coinbase.

Use binance. Super low fees (0.075% if you use BNB to reduce it), the best liquidity (means the lowest spreads, and low probability of flash crashes).

Quote from: whofarted75 on September 18, 2021, 04:22:40 AM

Both of these offer the ability to download files in CSV

Binance allow that too. In fact i havent seen crypto exchange that don't have it. You should also check how tax from crypto is calculated in your country. In my, they don't care about crypto/crypto trades. They tax me only on crypto/fiat trades so I trade with USDT or BUSD trading pairs and sell to USD only when I want to cash out profits.

whofarted75

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Quote from: ?? on ??

If it's your first time trading and you don't have any prior knowledge about trading then probably you shouldn't start trading right now, you need to gather knowledge first...

Well that's what I'm doing here is starting the process of gathering knowledge.

Quote from: ?? on ??

and gain some experience by doing some practice trades that don't have any risk involved since there's no money involved.

I know how to program in PHP mySQL and I create in an app where I can track trades. I've been using charts from binance and simulating buying and selling several trades but I don't know what the fees are or what kind of fees to expect on that kind of a system so I'm only guessing, but I currently I'm showing profits of approximately $6,000 (acting as though I started with $1,000) so I'm actually getting ahead with my "fake money" that's why I would like to start small and maybe do a few trades and see how it goes.

So essentially that's what I'm doing here I'm trying to get people's thoughts and opinions so I can go out investigate them and find out what works best for me. Cool

whofarted75

newbie

Activity: 26

Merit: 22

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

Topic: Day/swing trading.... (Read 233 times)