How Much Have You Invested In Cryptocurrency Reddit

How much have you invested in cryptocurrency reddit

How much have you invested in cryptocurrency reddit

Disclaimer : I'm no financial whiz, anything you do or choose not to do is at your own risk, always seek advice from your accountant or financial adviser.

Step 1. Setup SMSF. Ensure you have the deed of the SMSF trust amended to include investment in cryptocurrency, include various examples, definitions so that there is felxabilty for you to invest in digital assets, coins, tokens and ICOs

Step 2.

How much have you invested in cryptocurrency reddit

Get a trading account setup in SMSF name to trade/buy on your own behalf (account must be in SMSF name, not your personal account) and ensure you have sufficient purchasing capability to buy your coins without hitting a daily $2000 (or similar) buy limit.

A limit that mataches how much you are looking to buy would be ideal eg: if you need to purchase $100k of bitcoin, you should have a limit of $100k per day purchasing limit.

Otherwise, you will be watching BTC price track up over the 50 days you will be buying @ your $2k daily limit.

OR

Contact a broker in Bitcoin to get the purchase done and secured to your hardware wallet/vault in around 24hrs and perform the annual ATO audit in conjunction with an accountancy in Sydney who sets up the SMSF with a customised deed.

I personally thought I would be knowledgeable enough to do the purchasing of my own super in bitcoins, but realised the logistics challenges of large sums of money, eg risk of exchange freezing your account as well as the daily limit problem etc so figured this was the simplest and most convenient way to arrange the SMSF quickly and with minimal risk.

Casually Explained: How to Read the Stock Market

I've used this broker/SMSF before so I'm happy to recommend them.

Mod: Removed link to commentor's associated website.

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How much have you invested in cryptocurrency reddit