Swing trading is a topic that is often brought up in regards to Bitcoin and other cryptocurrencies. On some exchanges, if you trade in Bitcoin or any of the other cryptocurrencies for cash, the exchange will report you as a potential scammer. However, many do not report this activity. To learn more about this, please read my previous article, “Did You Know?: How is Trading in Cryptocurrencies Different from Stealing? ” I have spoken with numerous individuals with no knowledge of trading and they all agreed that it is quite common and even recommended that one does this when trading cryptocurrencies.
With this in mind, I will be going over the issue of whether or not you can legally trade in the United States for or in any other currencies without being a U.S. citizen or green card holder. I will also explain all the ways in which people have been stifled from trading and will be detailing what is happening in regards to your rights as a trader.
When is a cryptocurrency legal?
The simple answer is no. As I previously stated, there are several methods to trade currency in the United States. Below are the most common methods of doing this and what they entail.
1. Buying and selling: This is the easiest method of trading. This method is quite legal in the United States as long as you meet the aforementioned requirements. For a more detailed discussion please read my article – Do you know that bitcoin is NOT registered as a “currency” in the United States. “Buying” coins or tokens is still legal, however you can have trouble because you can become a “pump and dump” trader and will not be covered in my previous article, “Pump and dump” in the United States. “Selling” is a completely different matter all together.
2. Transaction settlement: There are many traders that deal in bitcoin that purchase the cryptocurrency through a broker and then settle their transaction. The transaction is then cleared by the broker and credited to their banking account. Some brokers will still give you the bank account numbers and they have no obligation to give you proper documentation when asking for approval.
The problem with this method of trading is that as of now, you are still subject to the “BitLicense Laws”, which could lead to you being prosecuted within the United States. For those interested in learning more about this topic, please read my previous article – Are The “BitLicense” Laws Legal In the United States?
3. Exchanges: There
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