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See The Best Places To Buy Bitcoin Cheap In 2021

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Bitcoin, the most popular cryptocurrency invented by Satoshi Nakamoto is of inherent value today. Nowadays, several exchanges list the crypto on their platforms for sale. However, cheaply buying Bitcoin is of advantage to a potential customer. So, what exchange platforms offer Bitcoin for sales in a cheap way? Let’s find out in this article. Before, let’s find out some criteria to consider when buying Bitcoin.

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CRITERIA TO CONSIDER WHEN BUYING BITCOIN

  • FEES 

Different exchanges charge a certain fee when selling Bitcoin. Besides, you have to find out if they accept your currency. For instance, sites that accept US Dollars will charge you a conversion fee if you transfer GBP. It is therefore important to consider the one suitable for your needs.

  • LIQUIDITY

Liquidity is a crucial factor when choosing an exchange. Liquidity refers to the amount of Bitcoin an exchange site can sell considering the changes in price movement. The liquidity of various exchange sites varies. To determine the liquidity of a good exchange platform, look out for their trading volume.

  • SPEED

Various exchanges perform Bitcoin transactions at different speed rates. Some could take five days. Meanwhile, others could take place at quicker rates.

  • ACCESSIBILITY

Various exchanges are available for use through different platforms. While some sites are mobile-based, some sites are web-based. Therefore, choose the one that offers you comfortability.

  • LOCATION

 The location of an exchange site determines if you can use it. For instance, some countries have regulations that prohibit some exchange sites from operating in their country. Also, trading fees apply to the geographical location. To choose the one that suits your needs, do your research.

5 SITES WHERE YOU CAN BUY THE CHEAPEST BITCOIN

  1. CEX.IO

CEX.IO is one of the top-leading exchange sites where you can get cheap Bitcoin. It all  depends on the method of payment you use in funding your account. That determines how cheap or costly your orders will be. For instance, if your method of payment is via bank transfer, you will pay zero fees for transactions involving GBP, EUR, and USD. Besides, the trading fee as well is minimal as it depends on your trading volume. Although the withdrawal fees can be quite costly, this shouldn’t bother investors that wish to “go long” with their investment. To get started, create an account here.

  1. BINANCE
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Binance is arguably one of the best exchange sites when buying Bitcoin. Viable for beginners and pro users, it allows users to buy several cryptocurrencies using different methods of payment – debit/credit cards, bank transfer, P2P, and more. Its trading fee of 0.1% is reliable and convenient for users. Even the withdrawal fee is one of the lowest amongst many exchanges. With this site, you have access to several trading features that can enhance your trading prospects. To get started with Binance, create an account here.

  1. PAXFUL

Paxful is a P2P exchange site that allows you to buy and sell various cryptocurrencies. With P2P, you have the advantage of getting different sellers that sell at various rates. The beauty of this is that you get to buy Bitcoin from the seller of your choice at the best rate. The transaction that occurs between you and the seller is safe as Paxful acts as an escrow between the parties. You can buy crypto through the following ways:

  • You see a trader of your choice
  • Start the tree and send your payment
  • Wait for the seller to send your crypto

One advantage of Paxful is that it offers zero fees to buy Bitcoin. Through various payment methods such as credit/debit cards, bank transfers, gift cards, and more, you get to buy at the customer’s rate. This rate depends on some factors such as verification status, parent methods, and more. 

  1. COINBASE

Coinbase is another crypto exchange that allows users to buy Bitcoin. As a popular exchange site, Coinbase offers a free wallet to its users. It accepts payments through different methods and charges a flat fee of $3.99 for its transaction. Also, it stores its digital currencies in an offline vault and safe deposit boxes to enhance security. Besides, there is a 48-hour withdrawal cancelation option to protect users from fraudulent activities.  

  1. eToro

eToro is another exchange site where you can get Bitcoin at a cheap price. It allows and trains users for trading. For instance, traders who sign up for eToro do get a virtual account of $100,000 to practice their skills before venturing into real trading. 

With eToro, you can buy Bitcoin via different methods of your charge. However, they charge a trading fee which is usually minimal. 

CONCLUSION

Cheaply buying Bitcoin gives you an advantage and strategically amasses more profits. By considering the criteria, you have access to different exchange sites of your choice. 

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Taxes: Do You Trade Crypto? See The Best Way To Calculate Your Taxes In 2021

What software can help you in computing the taxes on your coins? Let’s find out in this article.

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In years past, cryptocurrency was not the priority of tax-related governmental agencies. However, a lot has changed since Bitcoin has set new records for investors. That implies that if you did not pay taxes in years past, you are liable to do that now. Agencies like the IRS have cleared up confusing questions about cryptocurrencies. They view cryptocurrencies as capital assets just like stocks or bonds. Since they increase in value, taxing them is the right option. So, how do you calculate taxes on your digital currencies? What software can help you in computing the taxes on your coins? Let’s find out in this article.

HOW IS YOUR CRYPTOCURRENCY TAXED?

Cryptocurrencies are viewed as capital assets that incur profits after a long period. When your coins increase in value after a long time, they develop into what we call capital gains. These capital gains are the liable assets that are subjected to taxes. That is, when you realize profits after selling your invested coins, that profit is liable to taxes. For instance, let’s say you buy BTC at $30,000 and you sell it for $50,000, the taxable amount is the $20,000 gain. 

Taxing cryptocurrencies occurs on how long you have held your coins as well as your annual income. In most cases, cryptocurrencies are taxed on the short-term basis or the long-term one. The short-term gains are the coins you own and sell within a period of one year. Meanwhile, the long-term gains are the coins you own and hold for more than a year to incur profits. Most times, short-term gains are taxed at your normal income rate. While the long-term gains are taxed at a lower rate, depending on your annual income. 

However, if you sell your invested coins at a loss, your transactions are not liable to taxation. Capital losses are not subjected to taxation. Instead, you can use it to offset other investment gains. For instance, if you purchase BTC at $30,000 and sell it at $25,000, you will owe nothing in taxes but can use the $5,000 loss as a gain to future investments.

WHEN DO YOU PAY TAXES CRYPTOCURRENCIES?

Paying taxes on cryptocurrencies depends on how you got it or how you spend it. Different events arouse the need for payment of taxes. Here are some events that incur taxes on your coins.

  1. MINING CRYPTOCURRENCY

Mining involves solving complicated equations and recording data on the blockchain network in exchange for new tokens. Therefore, you get taxed as a result of the entire value you have acquired. The mined coins get taxed as self-employment income. 

  1. SELLING CRYPTO

When you sell digital currencies for profit, you get taxed depending on how long you have held the coins. It can be on a short-term or long-term tax rate.

  1. SWAPPING CRYPTOS

When you exchange one cryptocurrency for another, swapping takes place. When this transaction takes place, you owe taxes for any gains earned during the process. 

  1. WHEN SPENDING CRYPTOCURRENCY

You pay tax based on the price of the cryoto when you make a specific purchase. Meaning, if your crypto provides you with a greater value than the initial price, you owe income tax. 

  1. AIRDROPS, BONUSES, OR SIGN UP PERKS

When you get coins as a bonus for signing up on a new exchange, it is liable to taxation. If you also receive coins via airdrops, it is qualified as a taxable income.

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HOW TO CALCULATE CRYPTO TAXES?

From the core, calculating crypto taxes involves noting the original price of a certain crypto, and then calculating the gain or loss incurred. However, it becomes more complex when you have multiple cost bases for a lot of cryptocurrencies you sell. For instance, if you buy the same crypto at different prices within three years, which cost basis do you use to calculate your taxes?

In situations like this, accounting methods such as FIFO, LIFO, and Minimization determine the cost basis to use. One could choose the first purchase to determine your profits or loss within those three years. Besides, using a crypto tax calculator could help in getting the right answer. With a tax calculator, you get answers to complex calculations.

BEST CRYPTO TAX SOFTWARE

Crypto tax softwares is unique in its functionalities. They have different features, perform different functions to suit the needs of their clients. While some are incorporated with exchange platforms, others aren’t. Besides, they charge different subscription fees in using their services. In 2021, here is the list of some crypto tax software you can use.

Choosing the appropriate one for your needs is of utmost benefit to you. 

CONCLUSION

Calculating taxes on crypto is integral in your trading activities. Whether you are a trader, long hodler, or an investor, you need to determine whether you are getting the right satisfaction or not. However, if you encounter any complex calculations, you can make use of the crypto tax software to automatically give you answers. If you have any questions that aren’t answered yet, then getting a tax expert can be the right choice for you.

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Updated List Of The Best Crypto Exchanges In 2021

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Bitcoin has become a valuable asset today. With various exchanges, you can instantly buy these digital currencies and wait for their value to increase. These exchanges have different features and policies that influence your trading activities. In fact, some exchanges are unavailable to you based on speed, trading fees, liquidity, security, and location. In this article, you will learn nine (9) best Bitcoin exchanges in the world that are good for trading Bitcoin.

BEST CRYPTO EXCHANGES IN 2021

  1. BINANCE

Binance is one of the world’s fastest-growing crypto exchange sites that offer lots of advantages to its users. On the platform, you can Bitcoin with your debit/credit card or through P2P trading. With a fully functional mobile app available for Android and IOS users, Binance allows you to trade your Bitcoin for other coins. Although it isn’t available to US citizens, it remains the # 1 exchange in the world. With Binance, you have access to varieties of features such as a low trading fee of 0.1%,  Bitcoin saving account, Future and Margin trading, staking, and more. Besides, Binance has a native crypto, BNB that allows you to gain discounts as a trader. To get started with Binance, create an account here.

  1. CEX.IO

CEX.IO is another world’s growing exchange site that supports varieties of cryptocurrencies. It has a top-notch security system and allows the buying, selling, and trading of cryptocurrencies. It accepts some lists of fiat currencies (USD, GBP, EUR, RUB) and accepts varieties of payment methods. These methods of payment include VISA, MasterCard, S.W.I.F.T, Sepa, ACH, QIWI, and more. The standard trading fee is 0.25%. One notable feature about Coinbase is that major trading tools like Shrimpy and 3Commas support its trading platform. Its app is available for Android and IOS users. To get started, create an account here.

  1. COINBASE

Coinbase is a popular U.S exchange site that accepts the buying and selling of cryptocurrencies. With millions of customers worldwide, it supports fiat currencies such as GBP, USD, EUR, and more. When buying Bitcoin, you can use one of its methods of payment such as debit or credit cards, wire transfer, or bank deposit. Also, you can withdraw your currency into hardware wallets such as Ledger Nano-S, or Trezor-like devices. Although it charges zero deposit fees, it still charges a processing fee of 3.99% for its card transactions. Its mobile app is available for Android and iOS users. To get started with Coinbase, create an account here.

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  1. COINMAMA

Coinmama is another cryptocurrency exchange site that specializes in telling Bitcoin to its users. With a fast and secure tea section, you can buy any cryptocurrency of your choice using your bank account, debit or credit cards, or wire transfer. With Coinmama, you can buy Bitcoin through one of its various packages. If you don’t want their packages, you can specify the amount you intend to purchase. Coinmaa does not provide you a digital wallet for storing your coins. Instead, you provide your wallet address during transactions. The processing fee for its card transaction is 5%. To get started with Coinmama, create an account here.

  1. BitIt

BitIt is a France-based exchange site that allows the buying and selling of cryptocurrencies. With millions of customers, it supports various fiat currencies such as USD, GBP, EUR, CAD, AUD, JPY, CNY, and more. With top-notch security, it offers a wide range of payment methods such as VISA, Maestro, MasterCard, and more. To buy Bitcoin on the site, you have to complete your verification process. 

  1. KuCoin

KuCoin is another global exchange that supports the buying and selling of cryoto assets. With a friendly user interface, it is popular for its security system. It supports several markets and hundreds of cryptocurrency trading pairs. It has no withdrawal limit and charges a zero deposit fee. It offers brilliant trading features and charges a processing fee of 0.1%. Its mobile app is available for Android and iOS users.

  1. BITTREX

Bittrex is a US-based cryptocurrency exchange that allows the buying and selling of cryptocurrencies. It supports over 190 cryptocurrencies but does not allow fiat deposits such as USD, GBP, EUR, and more. It supports two types of accounts – the basic and the advanced account. Different trading features such as the candlestick charts, sport and margin trading, and more. It also offers a flat fee of 0.25%.

  1. KRAKEN

Kraken is a US-based cryptocurrency exchange that allows you to buy and sell cryptocurrencies. It supports fiat currencies such as USD, GBP, EUR, CAD, and more. With Kraken, you can easily trade with many cryptocurrencies such as BTC, ETH, LTC, and more. Although getting started with Kraken can take a few days, it provides a smooth experience as you use it. To get started with Kraken, create an account here.

  1. ByBit

ByBit is a derivative cryptocurrency exchange site that allows you to buy and sell cryptocurrencies such as BTC, LTC, ETH, XRP, and more. It provides up to 100x on leverage trading and supports hundreds of cryptocurrency pairs. With an advanced security system, ByBit allows users to have access to its trading features, options, indicators, and others. It provides a mobile app that incorporates necessary features and allows you to monitor market changes. Its app is available for Android and iOS users. ByBit does not accept a fiat currency deposit. Meaning, you need to make a Bitcoin purchase via an exchange site that accepts fiat deposits. Its trading fees are minimal compared to other exchanges and offer insurance to mitigate risks for its users.

CONCLUSION

Cryptocurrency exchanges have different policies and regulations that affect them. Consider the one best for you in terms of payment, security, location, and more. Choose the one that is suitable for you and begin trading.

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