Avoiding Bitmex fees by trading Bitcoin to Litecoin
I have about $200 in Bitcoin on Bitmex and want to cash out but the fees are way too high. Can I trade the Bitcoin for Litecoin, and then send the Litecoin to a wallet on a website that will let me cash out for only a small fee? What website / wallet could I use for this? Is this a good idea?
What Site do you Use for Trading Bitcoin to Litecoin?
I scoured Reddit hoping there was some kind of discussion about this but sadly I couldn't find one. Currently the 2 Litecoin mining sites I have used benchmarked their prices to https://btc-e.com/exchange/ltc_btc but I don't know how much I trust it. Are there any reliable sites anyone has used?
I have a question about selling Litecoin not purchased from exchanges like Coinbase, Kraken, etc...
Before Coinbase and other exchanges started to sell litecoin, I got them from trading bitcoin to litecoin on exchanges like bittrex several months ago. So can I sell them on coinbase or other exchanges? If yes do I need to provide history in case if I get audited one day from IRS. Another question I would like to ask. Say for example now Litecoin Local becomes a thing now similar to bitcoin local. If I buy them from there and than try to sell it on an exchange, how will I provide information on the value of the coins or do I just pay income tax since there is no proof.
Found some info on the new tax laws affecting crypto that I thought I'll share. Starting yesterday all trades or transactions regarding cryptocurrency are now taxable events. for example: trading bitcoin to litecoin or vise versa, cashing out, sending X amount of bitcoin to a different exchange, sending it to a cold storage, etc The IRS has decided to treat bitcoin as well as the other cryptos as property rather than currency. Capital Gains tax applies meaning you get taxed differently if you hold on to your assets for over a year(making it a long term gain) or if its under a year(making it a short term one) And lastly losses can be deducted up to $3000 a year. There is more infomation out there but I recommend you do your own research and or consultant your CPA
CoinEx Token (CET) has more trade volume than Litecoin (LTC) and Ripple (XRP). I think CET should be added to markets.bitcoin.com (Satoshi Pulse). It would help give additional exposure to CoinEx, the BCH-based exchange.
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