Crypto regrets

Martico

MEM62 said:

PoGee said:

I dabbled in crypto around 2023. Tiny amounts initially but when I had the courage to go big, my bank 'S' stopped payments to binance. I instead invested in property, which resulted in a loss....
Are there any low fee crypto platforms where I can start again, that won't be blocked by my bank? Have I missed the boat or is it still worthwhile investing in crypto? 
I'm thinking of putting £40k into premium bonds but the crypto lure is still there.

 How something with a value that can soar or plummet based on one social media comment from the likes of Trump or Musk can be seen as an 'investment' is beyond me.

 

To be fair, the same also applies now to copper (see this week) and national currencies, among others. It's dizzying

PoGee

Albermarle said:

PoGee said:

I dabbled in crypto around 2023. Tiny amounts initially but when I had the courage to go big, my bank 'S' stopped payments to binance. I instead invested in property, which resulted in a loss....
Are there any low fee crypto platforms where I can start again, that won't be blocked by my bank? Have I missed the boat or is it still worthwhile investing in crypto? 
I'm thinking of putting £40k into premium bonds but the crypto lure is still there.

I think you need to look at your overall financial strategy.
You say you are looking at Crypto or Premium Bonds ( two ends of a very large spectrum) . You have invested in property and are looking at buying Whisky barrels ( and industry blighted by scams).

What is wrong with finding a balance in the middle with mainstream stocks and shares?

I had 2 rentals and sold one to my son. The money is now sitting in an easy access savings account doing nothing. I've decided against premium bonds as I read around 2 thirds of holders haven't won anything. Crypto is still appealing and know a wee bit about it. 
I know how to be a landlord very well and feel comfortable with legislations etc but as I get older, I don't want to buy another rental.
I don't understand sipps or stocks+ shares ISAs. I'm mortgage free.

eskbanker

PoGee said:
I've decided against premium bonds as I read around 2 thirds of holders haven't won anything.

Even if that statistic is true, it's likely to be meaningless, given that there are many with tiny holdings (who won't have won anything on average) but plenty with substantial holdings (who will win frequently), so as it's a numbers game, you'd need to ascertain likely returns for the size of holding you have in mind.

Scottex99

PoGee said:

Scottex99 said:

PoGee said:

What are views on Swissborg?

Very solid, I’ve had an account since 2018. 

Legit and I’ve never had an issue. Fairly innovative with different types of products too and nice UX/UI

Aren't the fees a bit high? That's why I liked binance. Think it's 1.5% with swissborg and was maybe 0.3% with binance

True and not the place for a £40k trade but Binance is no good for fiat either.

I’ve had Swissborg since 2018 so I’m in the Genesis plan and pay 0.25%.

Kraken would do the job but you’d probably want to chop down the flow anyway to make sure banks and exchanges are happy with KYC/SOF etc.

Plus sounds like you could be new to the space so perhaps don’t want to Fomo in at ATH. Or if you understand the risks, you do want that 

otherwayup

While we're talking crypto, anyone used switching from BTC to WBTC as a way to create a taxable event (and make use of the years CGT allowance) without having to get out of bitcoin for a month, etc?
WBTC seems to be limited to Binance, so only useful if you already have an account there.

masonic

otherwayup said:

While we're talking crypto, anyone used switching from BTC to WBTC as a way to create a taxable event (and make use of the years CGT allowance) without having to get out of bitcoin for a month, etc?
WBTC seems to be limited to Binance, so only useful if you already have an account there.

Appears also to be available on Kraken and a few others.

Scottex99

otherwayup said:

While we're talking crypto, anyone used switching from BTC to WBTC as a way to create a taxable event (and make use of the years CGT allowance) without having to get out of bitcoin for a month, etc?
WBTC seems to be limited to Binance, so only useful if you already have an account there.

Does that work? No CGT where I live so I don’t keep up.

wBTC is on ethereum (erc20) so it is available on a few exchanges and a load of wallets/apps 

masonic

Scottex99 said:

otherwayup said:

While we're talking crypto, anyone used switching from BTC to WBTC as a way to create a taxable event (and make use of the years CGT allowance) without having to get out of bitcoin for a month, etc?
WBTC seems to be limited to Binance, so only useful if you already have an account there.

Does that work? No CGT where I live so I don’t keep up.

wBTC is on ethereum (erc20) so it is available on a few exchanges and a load of wallets/apps 

It should work. They are different financial instruments. Arguably even more different than a pair of different ETFs tracking the same index.

PoGee

Scottex99 said:

PoGee said:

Scottex99 said:

PoGee said:

What are views on Swissborg?

Very solid, I’ve had an account since 2018. 

Legit and I’ve never had an issue. Fairly innovative with different types of products too and nice UX/UI

Aren't the fees a bit high? That's why I liked binance. Think it's 1.5% with swissborg and was maybe 0.3% with binance

True and not the place for a £40k trade but Binance is no good for fiat either.

I’ve had Swissborg since 2018 so I’m in the Genesis plan and pay 0.25%.

Kraken would do the job but you’d probably want to chop down the flow anyway to make sure banks and exchanges are happy with KYC/SOF etc.

Plus sounds like you could be new to the space so perhaps don’t want to Fomo in at ATH. Or if you understand the risks, you do want that 

DS said to wait also so will keep an eye out for any drop in price.

Scottex99

You could just DCA in over time.

Lump sum I think historically does better but I don’t bother to try to time it any more.

If its a decently red day, I’ll buy more. I have the luxury of having bags from 5+ years already though.

Could be 125 tomorrow, could go back to 110, who knows