There is a lot of hype going around cryptocurrencies, and with the amount of crypto currencies that are coming out right now, everyone is confused on which coin to invest in. Or is investing in coins a sane option? The answer is, I dont know – yet. But what I do know, trading them can be quite profitable.
I had a very captivating discussion with a college friend yesterday who knows quite a bit about crypto and I registered on a few crypto trading websites. They have amazing charts and TA (Technical Analysis) – better than what my current stock broker offers, for a fraction of the cost and guess what? No tax!
Well, you might have to pay SCGT (Short term capital gain tax) after realizing some profits in crypto. There are no transaction taxes like STT, GST or SEBI charges, because these exchanges are not regulated by a governing body. They could run away with your money if they want to, but I like to think that they won’t. It is human tendency to think that bad things won’t happen to them. Based on this fact, people who short sell make a lot of money if and when they are right.
There are only maker and taker fees in crypto exchanges, which in itself is a pretty cool concept. I’m not going to delve into that now, you can always google it. Also, I haven’t started trading crypto yet, so I am not an expert on this. I am learning on how to trade crypto from this YouTube channel and this Twitter handle. Twitter has a great crypto community.
So, if you are interested in trading or cryptocurrencies, hit me up and lets make some munnnyyyy!