Updated on April 26, 2022
Bitcoin and cryptocurrencies has recently become one of the hottest topics in 2017 – and the craze is only just beginning. Many visa holders and foreigners have asked themselves if they are allowed to trade cryptocurrencies with their visa or if there are any consequences that come with trading abroad. In this article you will find all the answers on trading cryptocurrencies such as bitcoin and which exchanges you can use to start creating your investment portfolio!
Can I trade cryptocurrencies as a visa holder?
In the United States all visa holders are allowed to trade cryptocurrencies since they are not controlled or regulated by banking institutions or the government. So basically, anybody can invest in cryptocurrency and it doesn’t matter where you are or where you are from since buying and selling Bitcoin is not considered a form of employment. The profits and losses you make trading cryptocurrency are considered capital gain and capital losses. This means whether you are on an F1, H1B, J1, L1, OPT or a refugee, you are allowed to trade all kinds of different cryptocurrencies such as Bitcoin or Ripple.
What do I need to take into consideration when trading cryptocurrencies?
When you decide to trade with cryptocurrencies, keep in mind that profits from the sale will be taxed the same way profits from stock or property investments are taxed. Bitcoin is considered an asset, much like property is seen as an asset. Apart from paying taxes, some trading websites or apps will ask for your SSN or your ITIN before you can trade. At most trading sites you will need one or the other to successfully trade. Do not try to fool the government with your online trading! You will have to pay the respective taxes on any earned profits from bitcoin or other cryptocurrencies.
What bitcoin exchanges can I use for trading?
When you start trading cryptocurrency, you need to choose a cryptocurrency wallet where you can send and receive coins online. The second step in your questo to profit from the cryptocurrency boom is choose the exchange platform you want to trade on. This can be any online platform or app that allows you to exchange cryptocurrency. Please note that a cryptocurrency exchange is not part of the regular stock exchange!
Here are the most popular for Bitcoin exchanges:
If you are a beginner in the new crypto market, you should start trading using Coinbase because of its good reputation and its ease and simplicity. Coinbase makes crypto trading less taunting and an easier process to get through. At the moment, Coinbase is the world’s largest bitcoin broker because it offers very good customer support and comes with full insurance on your trade. Once you understand this website, you can have a look at other brokers and shop different platforms to trade your currency on. Aside from the five platforms mentioned above, there are several other home pages and apps where you can trade bitcoin or other cryptocurrencies. We recommend you to be careful and to always do research on the broker before you decide to trade your bitcoins because not all are secure and offer insurance.
When you decide to trade cryptocurrencies, you have to keep in mind that the current market is highly volatile so it is important you have sufficient funds to trade safely. We advise against borrowing money when you start trading because you might be digging a deep hole that will be hard to get out of. Do not invest money you cannot lose – the most important tip when investing money. If you have the sufficient funds we recommend that you take the Crypto plunge, however, if you don’t have enough cash we can only ask that you be careful! Try creating a savings that you can use to invest in this growing market!
We hope this article has helped you understand how bitcoin works and which cryptocurrency traders you can use. If you have any further questions or experiences you want to share, please feel free to contact us. Other than that, we wish you the best of luck when trading your bitcoins. Don’t forget: Be careful when you choose to go with a new trader – you definitely don’t want to lose your money! Invest responsibly and watch your gains grow!
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