Cashing out of Crypto

Anything that doesn't fit in another forum
Post Reply
concerned
Veteran
Posts: 229
Joined: Sun Oct 15, 2017 2:05 am

Cashing out of Crypto

Post by concerned »

Hi
I had some Ethereum in MyEtherWallet.com which I am trying to covert to Fiat Currency; basically transfer to my normal bank account.
Just wondering if there is an easy way of doing this? Looking at these websites, seems it is easy to buy these crypto coins, but not so easy to transfer out to your bank account in fiat currency.... In the meantime I have converted my Ethereum to AUSDC coins, seems these are linked to US dollars
Thanks
EmaxisSlim Cultist
Veteran
Posts: 238
Joined: Thu Sep 09, 2021 2:29 am

Re: Cashing out of Crypto

Post by EmaxisSlim Cultist »

You can sell your ether on an exchange. Then you will need to pay capital gains tax on any profits. You will need to have the purchase price, and the sale price handy come tax time.

I would strongly recommend a Japan-approved exchange ala bitflyer or Kraken.
concerned
Veteran
Posts: 229
Joined: Sun Oct 15, 2017 2:05 am

Re: Cashing out of Crypto

Post by concerned »

Thanks! EmaxisSlim Cultist for your reply on this, will open an account on one of these exchanges
User avatar
adamu
Sensei
Posts: 2376
Joined: Wed Aug 02, 2017 11:43 pm
Location: Fukuoka
Contact:

Re: Cashing out of Crypto

Post by adamu »

If you're not American, then doing the ID verification gauntlet at Bitflyer is probably the safest bet.

You can also transfer it to me in exchange for 1000 RetireWiki tokens. :lol:
concerned
Veteran
Posts: 229
Joined: Sun Oct 15, 2017 2:05 am

Re: Cashing out of Crypto

Post by concerned »

Thanks! Adamu, yes I am going with BitFlyer
RetireWiki tokens, sure, they will also each go to 60,000 USD right? :D
Post Reply