Joining Crypto Exchange as UK passport holder?

Desperate to join the fun, I applied to MaxCoin.
I was rejected, seemingly because I’m from the UK. Has anyone else had this problem? Is there a way round it?

The Maxcoin helpdesk was prompt in replying to my request for reasons, but referred me to an EU website about data protection.

Try bitoex.

Repost alert :rotating_light: where’s the alien?

Best of luck and keep us posted it you get bitoex or something working.

Bito[ex|pro] have quite high fixed transfer fees unfortunately.

I’m not crypto investor but my Revolut bank account allows to buy and sell.
I’m from UK

@Snowflake, I’m curious to know how well you understand how cryptocurrency works and all of the tax-related issues.

I know a bit. Hard to say.

Whatever you decide to do, best to make sure you understand the tax implications on short term capital gains.

I’m just doing it as a substitute for gambling really. I’m pleased that you think I’ll make some gains :stuck_out_tongue:

Well, I guess it sounds like you don’t plan on holding any coin long term. :wink:

Who knows, I just want to have some fun with it. Seems ideal for gloating about one’s great wisdom in the case of a win and pretending nothing happened in the event of a loss. Life in miniature.

Time to read up on these I guess.

Many people aren’t aware that any exchange of cryptocurrencies is a taxable event. Crypto is taxed in the same manner as gold or property. The common misconception is that because crypto is anonymous, it’s not subject to taxation.

This couldn’t be further from the truth. Governments in many countries are clamping down on crypto markets and transactions by introducing new legal and regulatory frameworks that seek to increase the traceability of crypto-asset transfers.

It’s all rather off-putting funspongery. Will resume banging head against wall.

There are programs (called “apps” these days) that will do all the tax calculations for you - look into Koinly and the like. Not that big a deal, really. They even provide you with the appropriate tax form to file with once the calculations are done. As long as you don’t hold your crypto across multiple platforms, you should be ok.

1 Like

Koinly seems helpful. But it’s still a good idea to study up on cryptocurrencies before jumping in.

OP made it sound like he wanted in because he was “desperate” to make some quick cash.

If he has money he can lose without affecting his financial health, then by all means, jump in and play.

I said ‘desperate to join the fun’, nothing about desperation for anything else.