Topic: OK, I HAVE to start with $2500? [edit: my bad :/] (Read 178 times)

Basically, the short answer is between 10-37%.

Good to see you buy your first bitcoin. Congratulations on that but you need to be careful because bitcoin prices can go down for more.
Starting with $10 will be good as you are still a beginner and you need to learn more, especially learning about trading because trading is not just to buy low and sell high.
Buy low and sell high is the basic thing in trading but with learning many things related to trading, your chance to make a profit will be bigger, which means you can make money from trading.
You can continue to have more bitcoin and trade it to make a profit.
Good luck.

I know it's considered a commodity, and that they are taxing it as capital gains. I was just interested if anybody knew around about what percentage it was. Trust me I'm just getting guidance and so forth from people here but as far as tax information and all that kind of stuff I'm not going to be getting that information from a forum.

Okay after looking at it more closely I believe I can invest immediately the minimum buying is $100 from my linked account. If wiring the money you have to wire at least $2,500. So I believe that was (again) my own mistake I feel kind of dumb.

In order to take full control, and be able to transfer the coins to my wallet, I have to wait 10 days. That way things aren't reversible and it's easier to make sure that they don't get fraud on their exchange. This is why they have lower fees.

I'm officially a Bitcoin owner now I used the $10 that they give you for free when you sign up and bought my first Bitcoin! YAY 😁

I'm officially a Bitcoin owner now I used the $10 that they give you for free when you sign up and bought my first Bitcoin! YAY 😁

Depends on how the US handle taxes, but in many countries they tax it based on how you earned it. For example, over in the UK we have income tax, which is basically how much you earn in a tax year, and depending on the threshold you are in depends on the amount you get taxed. I believe it starts off at 20% for those over £11,000 ish.

However, I do believe the USA are one of the countries which determine the tax based on how you got the Bitcoin. For example, mining, selling goods, or purchasing Bitcoin from an exchange. In your instance, buying it from an exchange, I believe they tax it as capital gains tax, on the amount of profit you made on the purchase.

You shouldn't take legal advice from us though. If you are serious about investing in Bitcoin or any cryptocurrency for that matter its probably worth either learning about tax yourself or getting in touch with an accountant.

Side note: I'm in the U.S. Anyone know how much they take in taxes (approx.) when you cash out? I've heard people saying around 7.5% all the way to 47% 

Just on Swanbitcoin, it is not something usual otherwise

If you want to compare with 2 other established companies:

- on Kraken the deposit minimum with Fedwire goes from $1 to $150, depending on the bank
https://support.kraken.com/hc/en-us/articles/360000381846-Fiat-currency-deposit-methods-fees-and-minimums

- on Coinbase there is no minimum but there is a $10 fee
https://help.coinbase.com/en/coinbase/getting-started/add-a-payment-method/payment-methods-for-us-customers

That's why I suggested looking for another place to buy your BTC. Imagine you only want to buy $1,000 worth of bitcoin, you need to deposit $2,500 first, and then transfer back $1,500 to your bank account

 Is that the same everywhere or is that just that Swanbitcoin? Or is that a wire thing? I've never "wired" money before.

First time I hear about a minimu purchase. Are you talking about Swan Bitcoin? Otherwise, it may be a scam website you found but on Swan Bitcoin the minimum plan is $10

I

Wire Transfers
By wiring money into your Prime Trust account, you acknowledge that you have agreed to the terms on this page.

Please read these instructions carefully to avoid significant settlement delays with your wire due to mistakes at your bank.

Please use your bank’s online wiring form, and, if possible, cut and paste your information rather than typing it. Bank staff can make transcription errors, leading to funds not reaching your account.

You will wire money directly to your Prime Trust custodial account following the instructions below.
By wiring money into your account, you acknowledge that it is coming from your own bank account and are not being asked to do so by a third party for any reason.
Please do not contact Swan to verify your wiring instructions, as each bank handles wiring differently. Please do contact us if your wire hasn’t arrived by the end of the following business day.
The wire will usually settle into your account within 1-2 business days. Wires sent after 12PT on any day will likely settle the following business day. Wires are not processed on weekends and holidays. Neither Swan nor Prime Trust is responsible for delays in wire transfers for any reason.
You may deposit any amount, but please contact Swan Client Services if planning to deposit $500k or more. If you are depositing on behalf of an entity, we can help you set up a corporate account.
Once the wire clears, you will be notified by email, and a Convert Now button will appear beneath your Cleared balance on top of your dashboard. You can use this button to buy Bitcoin in increments of up to $50k at a time. Trade execution is provided on a best effort basis and is not guaranteed. Please contact us at [email protected] if you would like us to handle execution for you, for purchases larger than $250k.
Some banks allow you to select “how fast do you want it delivered,” which may mislead you into selecting an ACH deposit instead of a Wire. Please verify that the word ACH does not appear on your screen. Sending ACH transactions to this account number will result in funds not reaching your account.
The minimum wire is $2500. There is no maximum. If your wire bounces, it will be returned to you, but return times are not guaranteed. Please follow instructions carefully to avoid a wire return.
Please get an IMAD trace number and a wire receipt from your bank immediately after wiring. If your wire does not arrive within 1-2 business days, Prime Trust will require this information to trace the wire.
Please ensure that the reference code, which begins with a Q, is the only information in the reference field that will be sent to the beneficiary (Prime Trust), sometimes labeled Reference, Additional information for recipient, or Information for Beneficiary Bank to avoid significant settlement delays.