While pinpointing the single “best” source for crypto advice is subjective and depends on your specific needs, CoinDesk consistently ranks high. Their reputation as a leading news and information provider within the crypto space isn’t unfounded. They offer in-depth reporting on Bitcoin, Ethereum, and the broader crypto market, going beyond surface-level price movements.
CoinDesk’s value lies in its journalistic integrity and commitment to factual reporting. They strive for unbiased analysis, crucial in a market often saturated with hype and misinformation. Their coverage spans technical analysis, regulatory developments, market trends, and emerging technologies impacting the crypto landscape. Beyond news articles, they often feature expert opinions and insightful analysis from seasoned professionals, providing a more nuanced perspective than many other sources.
However, remember that even reputable sources like CoinDesk shouldn’t be taken as financial advice. Always conduct thorough independent research and consider your own risk tolerance before making any investment decisions. Supplementing CoinDesk’s reporting with other trusted sources and your own due diligence is paramount for informed decision-making in the volatile crypto market.
Furthermore, consider diverse perspectives. While CoinDesk offers a broad overview, engaging with specialized blogs, podcasts, and research papers focused on specific aspects of crypto (like DeFi or NFTs) can provide deeper understanding within niche areas. Ultimately, responsible crypto investing is about building your own informed perspective, not simply relying on a single source.
How do I recover money lost on crypto?
Recovering lost crypto funds hinges on the cause. If a technical glitch or exchange/wallet error is to blame, immediately contact support. Document everything: transaction IDs, timestamps, screenshots, and communication logs. Persistence is key; follow up relentlessly. Understand that success isn’t guaranteed; many exchanges have limited liability clauses. However, clear evidence of their fault increases your chances.
Scams, however, are a different story. Phishing, rug pulls, and Ponzi schemes rarely result in recovery. Report the incident to the appropriate authorities (like the FTC or your local law enforcement) and to any relevant regulatory bodies. Preserve all evidence, as this might be useful for investigations or potential civil actions. This is often a long and complex process with little chance of recovery.
For private key loss, the situation is typically dire. If you didn’t use a reputable recovery service *before* losing access, chances of retrieval are minimal. Unless you have backups stored offline and securely, your funds are likely gone. Consider this a costly lesson about the importance of robust security practices.
Always prioritize secure storage and diversify your assets across multiple, reputable exchanges and wallets to minimize risk. Regularly audit your holdings and transaction history to detect discrepancies promptly. Prevention is always cheaper and less stressful than recovery.
How do I get my money out of crypto?
Cashing out your crypto holdings involves several methods, each with its own advantages and drawbacks. Understanding these nuances is crucial for maximizing your returns and minimizing risk.
Exchanges: Selling directly on a reputable exchange like Coinbase or Binance is the most common approach. This offers speed and convenience, but fees can vary significantly. Consider transaction fees, withdrawal fees, and potential spread differences before selecting an exchange. Always prioritize security and ensure the exchange is properly licensed and regulated in your jurisdiction.
Brokerage Accounts: Many brokerage firms now offer crypto trading capabilities, often integrating seamlessly with their existing platforms. This provides a familiar environment for those already invested in traditional stocks and bonds, but usually involves higher fees than dedicated crypto exchanges.
Peer-to-Peer (P2P) Trading: Platforms like LocalBitcoins facilitate direct trades between individuals. This can offer competitive pricing but presents higher risk due to the absence of regulatory oversight and increased potential for scams. Thorough due diligence, including verifying the counterparty’s identity and reputation, is paramount.
Bitcoin ATMs: While convenient for smaller withdrawals, Bitcoin ATMs typically charge substantial fees and often offer less favorable exchange rates. They are suitable for quick, smaller transactions but less so for larger sums.
Crypto-to-Crypto Trading: Swapping one cryptocurrency for another, like trading Bitcoin for a stablecoin like USDC, before converting to fiat currency can sometimes provide tax advantages or exploit arbitrage opportunities. However, this method adds complexity and requires a good understanding of market dynamics.
Who is the most trusted crypto advisor?
Finding a trustworthy crypto advisor is crucial, given the volatility and complexity of the market. While there’s no single “most trusted,” several stand out for different reasons. Identifying the best fit depends heavily on your individual needs and investment goals.
DAiM caters primarily to US investors seeking focused Bitcoin and digital asset management. Their strength lies in personalized investment strategies and ongoing client support, a critical aspect often overlooked.
For those preferring automated solutions, Shrimpy Advisory presents a robo-advisor option, also for US investors. This is suitable for individuals who desire a hands-off approach, leveraging algorithmic trading strategies.
eToro, while not solely a crypto advisor, offers a compelling social investing platform. This allows users to observe and copy the strategies of successful crypto traders, providing a valuable learning and potentially profitable experience. However, remember that mimicking successful traders doesn’t guarantee your own success, and thorough due diligence is always necessary.
Important Considerations: Before choosing any advisor, rigorously research their track record, fees, regulatory compliance (especially crucial in the still-evolving crypto regulatory landscape), and client testimonials. Remember that past performance doesn’t guarantee future results, and no advisor can eliminate risk entirely. Always diversify your portfolio and only invest what you can afford to lose.
Due Diligence is Paramount: Don’t solely rely on online rankings or testimonials. Independently verify information and carefully review all legal documentation before entrusting your investments to any advisor. Understanding the risks associated with cryptocurrency investments is essential before seeking professional guidance.
How do I get back into my crypto account?
Reclaiming access to your cryptocurrency holdings is crucial, and understanding the recovery process is paramount. If you’re using Crypto.com’s Onchain Wallet, the primary method for regaining access is through your 12-word recovery phrase.
This phrase, often called a seed phrase or mnemonic phrase, acts as a master key to your wallet. It’s essentially a cryptographic representation of your private keys, granting you sole control over your assets. Never share your recovery phrase with anyone, including customer support representatives from any legitimate organization. Legitimate entities will never request this information.
Here’s what you need to know about recovery phrases:
- Importance: Losing your recovery phrase means irreversible loss of access to your funds. There’s no backdoor or alternative method to regain access without it.
- Security: Store your recovery phrase offline, ideally in a secure, physical location. Avoid digital storage due to the risk of hacking or data loss.
- Format: The words are usually randomly generated and appear in a specific order. Any alteration or misspelling will render the phrase useless.
- Multiple Uses: Your recovery phrase can be used to recover your wallet across different devices and operating systems if needed. Keep in mind though, restoring from a recovery phrase creates a new wallet, with the old one deleted. This is different from “logging in.”
The process usually involves:
- Launching the Crypto.com Onchain Wallet application.
- Selecting the “Recover Wallet” or similar option.
- Carefully entering your 12-word recovery phrase in the exact order provided.
- Creating a new password for enhanced security.
Remember, responsible crypto management includes securely storing your recovery phrase. Treat it like the key to a vault containing significant assets – because it essentially is.
What federal agency regulates cryptocurrency?
The cryptocurrency regulatory landscape is complex, with no single federal agency having complete oversight. While the Securities and Exchange Commission (SEC) focuses on whether a digital asset is a security, the Commodity Futures Trading Commission (CFTC) steps in when a digital asset is deemed a commodity.
Specifically, the CFTC regulates digital assets classified as “digital commodities.” This classification hinges on two key criteria: the underlying blockchain network must be both “functional” and certified as “decentralized.” This certification process is notably open; anyone can certify a digital asset’s commodity status, regardless of their involvement in the network’s development. This opens the door to potential complexities and inconsistencies in regulation.
This decentralized certification process contrasts sharply with the SEC’s approach, which involves a case-by-case assessment of whether a digital asset meets the Howey Test for securities classification. The Howey Test examines factors like investment of money, expectation of profits, reliance on the efforts of others, and a common enterprise. This often leads to prolonged uncertainty for projects, particularly those operating in the gray area between security and commodity.
The lack of clear, unified regulation poses challenges for investors and businesses alike. It leads to jurisdictional uncertainty and potential regulatory arbitrage, where projects might seek jurisdictions with more favorable regulations. The ongoing debate about regulatory frameworks and the evolving nature of blockchain technology will likely continue to shape the regulatory landscape for years to come.
It’s crucial to remember that legal classifications can change, and the regulatory landscape is constantly evolving. Always conduct thorough research and seek professional legal advice before engaging with any digital asset.
Does anyone regulate cryptocurrency?
The cryptocurrency landscape is complex, and the question of regulation is often debated. While there isn’t a single, unified global regulatory body for crypto, different jurisdictions approach it differently. In the United States, the Commodity Futures Trading Commission (CFTC) plays a significant role. The CFTC regulates cryptocurrencies as commodities under the Commodity Exchange Act. This means they primarily focus on the derivatives market surrounding cryptocurrencies, such as futures and options contracts.
Landmark cases like CFTC v. McDonnell (2018) and CFTC v. My Big Coin Pay (2018) solidified the CFTC’s jurisdiction in this area, establishing legal precedent for how they approach the regulation of crypto-related derivatives. These cases highlighted the CFTC’s power to pursue enforcement actions against individuals and entities engaging in fraudulent or manipulative activities in the cryptocurrency derivatives market.
It’s crucial to understand that the CFTC’s authority is limited to the commodities aspect of crypto. Other agencies, such as the Securities and Exchange Commission (SEC), may also have jurisdiction depending on how a particular cryptocurrency is classified (e.g., as a security). This often leads to overlap and confusion, highlighting the need for clearer and more comprehensive regulatory frameworks. The lack of consistent global regulation presents challenges for investors and businesses operating in the crypto space.
The ongoing debate about crypto regulation also touches upon issues of consumer protection, market manipulation, and anti-money laundering (AML) compliance. As the cryptocurrency market continues to evolve, regulatory bodies are constantly adapting their approach, leading to a dynamic and often unpredictable regulatory environment.
What is the best advice for crypto?
Cryptocurrency investment demands rigorous due diligence, not gut feeling. Base your decisions on verifiable data, not hype.
Fundamental Analysis is Key: Thoroughly research any project. Understand its whitepaper, team, technology, market position, and potential use cases. Don’t just chase the next meme coin.
- Tokenomics: Analyze the token’s supply, distribution, and utility. How is it designed to incentivize growth and what are the potential risks?
- Technology: Assess the underlying blockchain technology. Is it scalable, secure, and innovative?
- Team and Community: Research the team’s experience and reputation. A strong, transparent, and active community often signals a healthier project.
Risk Management is Paramount: Diversification is crucial. Don’t put all your eggs in one basket. Develop a robust risk management strategy including stop-loss orders and position sizing. Only invest what you can afford to lose.
- Security First: Choose reputable exchanges and wallets that prioritize security. Enable two-factor authentication and regularly update your software.
- Tax Implications: Understand the tax implications in your jurisdiction. Properly track your transactions to avoid penalties.
- Regulatory Landscape: Stay informed about the evolving regulatory landscape. Changes in regulations can significantly impact the market.
Ignore Social Media Noise: While platforms like Reddit can offer insights, much of the advice is speculative and potentially misleading. Focus on independent research and credible sources of information. Don’t be swayed by FOMO (Fear Of Missing Out) or emotional trading.
Technical Analysis: While not a replacement for fundamental analysis, understanding chart patterns and technical indicators can help identify potential entry and exit points. However, be aware that technical analysis is not always accurate and should be used cautiously.
Can you get money back from crypto losses?
Yes, you can! The IRS recently clarified (Chief Counsel Advice) that crypto losses are deductible. This means you can offset your crypto gains with your losses, potentially lowering your tax bill. This is done under IRC Section 165 as an itemized deduction, despite the Tax Cuts and Jobs Act (TCJA) limitations.
Important Considerations:
- Capital Gains vs. Ordinary Losses: Crypto is treated as property, so losses are generally considered capital losses. You can deduct up to $3,000 of net capital losses annually against your ordinary income. Any excess is carried forward to future years.
- Record Keeping is Crucial: Meticulously track all your crypto transactions—purchase dates, amounts, and sale prices. This is vital for accurate tax reporting and avoiding IRS scrutiny. Software like Koinly or CoinTracker can greatly simplify this.
- Wash Sale Rule Applies: The wash sale rule prevents you from claiming a loss if you repurchase the same (or substantially similar) cryptocurrency within 30 days before or after selling it at a loss. Be mindful of this rule!
- Different Types of Crypto Transactions: The tax implications vary depending on whether you’re staking, mining, trading, or receiving crypto as income. Be sure to understand the tax implications for each activity.
- Consult a Tax Professional: Crypto tax laws are complex. It’s always advisable to consult a tax professional specializing in cryptocurrency to ensure you’re complying with all regulations and maximizing your deductions.
Don’t forget: While you can deduct losses, this doesn’t magically give you your money back. It simply reduces your tax liability, offering a small consolation after a downturn in your portfolio.
How do I get out of crypto?
So you’re looking to exit the crypto game? Smart move sometimes! Centralized exchanges (CEXs) like Coinbase, Binance, and Kraken are your best bet for a quick and straightforward cash-out. They let you swap your coins for fiat currency (like USD, EUR, etc.) and then transfer that fiat to your bank account – simple as that. Remember though, CEXs aren’t without their risks – security breaches and regulatory issues can always happen. Consider using a reputable CEX with strong security measures and a good track record. For added security, use two-factor authentication (2FA) and secure your accounts meticulously. Don’t keep large amounts of crypto on the exchange longer than you need to. Also, understand that you’ll likely incur fees on both the sale of your crypto and the transfer to your bank. Different exchanges have different fee structures, so shop around! And finally, keep in mind that capital gains taxes are a reality – consult a tax professional to navigate this aspect effectively.
How much does a crypto advisor cost?
Hourly rates for competent crypto advisors typically range from $200 to $300, but this is just a starting point. Expect higher fees from advisors with extensive experience managing substantial portfolios or specializing in niche areas like DeFi or NFTs. Boutique firms might charge even more, often structuring fees as a percentage of assets under management (AUM) rather than hourly. This AUM-based model can be more cost-effective for larger portfolios, while hourly rates suit individuals with simpler needs or seeking advice on specific projects. Consider the advisor’s track record – verifiable returns and transparent methodologies are crucial. Don’t be swayed solely by flashy marketing; investigate their regulatory compliance and professional certifications (where applicable). Finally, remember that low cost doesn’t always equate to value; a high-quality advisor who guides you towards sound, long-term strategies is worth the investment.
Will I ever get my money back from crypto?
Cryptocurrency transactions are irreversible; think of them as cash transactions on a global scale. Getting your money back hinges entirely on the recipient’s cooperation. While there’s no guaranteed reversal mechanism like chargebacks with credit cards, your first step should be contacting the exchange or platform you used. Report the transaction as fraudulent immediately; detailed records of the transaction ID, addresses involved, and timestamps are crucial. Some exchanges have internal dispute resolution systems or may be able to assist in tracing the funds, particularly if the recipient is known or the transaction appears suspicious. Your success greatly depends on factors like the platform’s policies, the recipient’s willingness to return the funds, and the speed of your response. Remember to thoroughly vet any cryptocurrency transaction before proceeding, and never engage with untrusted parties.
The likelihood of recovery is dramatically reduced if the recipient mixes your funds with others, uses a privacy coin, or sends the crypto to multiple wallets. Acting swiftly and providing comprehensive evidence increases your chances of success. Consider consulting with a cryptocurrency recovery specialist if the exchange is unhelpful or the situation is complex. Be aware, however, that these services often charge significant fees, and success isn’t guaranteed.
Can you transfer money from crypto.com to your bank account?
Yes, you can withdraw funds from your Crypto.com account to your linked bank account. For security and ease of use, withdrawals are only permitted to bank accounts previously used for deposits within the Crypto.com app.
Important Considerations:
- Prior Deposit Requirement: Only bank accounts with a verifiable deposit history within the Crypto.com app are eligible for withdrawals. This is a crucial security measure.
- Recent Accounts Prioritized: The app conveniently displays your most recently used deposit accounts first, streamlining the withdrawal process.
- Withdrawal Limits and Fees: Be aware of any applicable withdrawal limits and fees, which may vary depending on your region, payment method, and the amount being withdrawn. Check your Crypto.com app for current details.
- Processing Times: Withdrawal processing times can vary. While typically swift, unforeseen circumstances might cause delays. Allow sufficient time for the funds to reach your bank account.
- Security Best Practices: Always double-check the recipient bank account details before initiating a withdrawal to prevent errors and potential loss of funds.
Adding a New Bank Account: To withdraw to a new bank account, you will first need to deposit funds into that account via the Crypto.com app. Only after a successful deposit will that account become eligible for withdrawals.
Does the IRS regulate cryptocurrency?
The IRS absolutely considers cryptocurrency and NFTs taxable assets. This means any gains from trading, staking, mining, or even receiving them as payment are subject to capital gains tax, potentially at significant rates depending on your holding period. Short-term gains (assets held for less than a year) are taxed as ordinary income, while long-term gains (held for over a year) have lower rates but still need reporting.
Furthermore, don’t overlook the complexities. Wash sales (selling a crypto asset at a loss and repurchasing a substantially similar one shortly thereafter to offset taxes) are disallowed. Gifting crypto also has tax implications for both the giver and recipient. The fair market value at the time of the gift becomes taxable for the recipient, and the giver may need to report a loss or gain. And keep meticulous records. The IRS expects detailed documentation of every transaction, including the date, amount, and basis of each asset.
Tax software specifically designed for crypto can be invaluable in navigating these complexities and ensuring accurate reporting. Failing to accurately report your crypto transactions can result in significant penalties and interest charges, so professional advice is often worthwhile.
Are there crypto financial advisors?
Navigating the crypto world can be tricky, especially for beginners. It’s like the Wild West out there! That’s where crypto financial advisors come in. They’re experts who can help you understand and manage your cryptocurrency investments.
What do they do? They can help with:
- Portfolio creation and management: They’ll help you choose which cryptocurrencies to invest in, based on your risk tolerance and goals.
- Risk assessment: Crypto is volatile – they help you understand and manage the risks involved.
- Tax planning: Crypto taxes can be complex – they help you navigate this.
- Market analysis: They keep an eye on market trends to help you make informed decisions.
Finding a reputable advisor is key. Some examples include DAiM, eToro, and Shrimpy Advisory, but always do your own research before choosing one. Look for advisors with experience, good reviews, and transparent fees.
Important Note: Remember that no investment is risk-free. Even with an advisor, you can still lose money. Only invest what you can afford to lose.
Things to Consider Before Hiring an Advisor:
- Fees: How are they compensated? Are there hidden fees?
- Experience: How long have they been working in the crypto space?
- Regulation: Are they regulated in your jurisdiction? This offers a degree of protection.
- References: Ask for references and check their background thoroughly.
Can you make $100 a day trading crypto?
Making $100 a day trading crypto is achievable, but it demands dedication and skill. It’s not a get-rich-quick scheme; consistent profitability requires understanding market dynamics, technical analysis, and risk management. Learning to read charts (candlestick patterns, moving averages, RSI, MACD) is crucial. Identifying support and resistance levels helps predict price movements. Diversification across multiple cryptocurrencies minimizes risk. Paper trading (simulated trading) is vital before risking real capital. Successful traders utilize various strategies, such as scalping (short-term trades), day trading (holding positions for a day), or swing trading (holding for several days or weeks). Leveraged trading can amplify profits but significantly increases risk, so proceed with caution. Fundamental analysis (examining the technology, team, and adoption of a cryptocurrency) can complement technical analysis. Staying updated on crypto news and market sentiment is paramount. Automated trading bots can assist, but require careful configuration and monitoring. Remember, even experienced traders experience losses; consistent profitability takes time, patience, and continuous learning. $100 a day might seem modest, but achieving it consistently demonstrates real trading mastery.
Can crypto losses be written off?
Yes, cryptocurrency losses can be written off in the US, but it’s more nuanced than simply deducting the entire amount. You can offset capital gains from cryptocurrency or other investments. This means if you have a $10,000 profit from one crypto and a $5,000 loss from another, your taxable capital gains are reduced to $5,000. Importantly, you can deduct up to $3,000 of *net* capital losses against your ordinary income (e.g., wages). Any losses exceeding this $3,000 limit can be carried forward to future tax years. This requires accurate record-keeping and proper reporting using Form 8949, detailing each transaction (buy and sell dates, cost basis, proceeds). Failure to do so can lead to audit issues.
Tax-loss harvesting is a crucial strategy. This involves strategically selling underperforming assets to realize losses and offset gains. However, be mindful of the “wash-sale” rule: you can’t buy substantially identical assets within 30 days before or after selling at a loss, or the loss deduction will be disallowed. Consider diversifying your portfolio to mitigate risks and avoid concentrating losses in a single asset. Remember to consult a qualified tax professional for personalized advice, as tax laws are complex and can change.
Calculating cost basis is critical for accurate loss reporting. Different methods exist depending on the circumstances (FIFO, LIFO, specific identification). Choosing the most tax-advantageous method requires careful consideration and might necessitate using specialized crypto tax software to track transactions and calculate gains/losses accurately. Inaccurate reporting can result in penalties and interest.
What is the phone number for crypto customer service?
Crypto.com doesn’t have a general customer service phone number for crypto-related issues. Their support is primarily email-based.
For Crypto.com Visa card problems, you can email them at [email protected] or call +65-6264-0211. Note that this number might have international dialing costs depending on your location.
Important note: Be extremely cautious about sharing your seed phrase, private keys, or any sensitive information with anyone claiming to be from Crypto.com support. They will never ask for this information. Always verify the legitimacy of any contact attempts independently.
Tip: Before contacting support, search their help center for answers to common questions. You might find a solution faster this way. Many crypto exchanges have detailed FAQs and troubleshooting guides on their websites.
Who can I talk to about cryptocurrency?
Financial advisors can offer valuable insights, but remember they’re often bound by regulatory constraints and may not be crypto experts. Their advice will likely focus on traditional asset allocation strategies. Do your own thorough research before investing. Consider exploring independent financial advisors with demonstrable crypto experience, but always vet their credentials carefully. Look for advisors who understand the inherent volatility of cryptocurrencies and the risks involved, not just those focused on the potential upside. Diversification is crucial; never put all your eggs in one crypto basket. Also, factor in tax implications which vary greatly depending on your jurisdiction and holding period. Understand the different types of cryptocurrencies, their underlying technology, and the projects behind them. Finally, be wary of get-rich-quick schemes – they’re abundant in the crypto space.
Consider consulting with a tax professional specialized in cryptocurrency to understand the tax implications of your investments. They can help you navigate the complex landscape of capital gains taxes and other relevant regulations.
Can I get my money back from crypto?
Getting your money back from a crypto transaction is tricky. Unlike credit cards, crypto transactions are usually irreversible. Think of it like sending cash – once it’s gone, it’s gone.
Your only hope of getting a refund is if the recipient sends the cryptocurrency back to you. This relies entirely on their cooperation.
Here’s what you should do:
- Contact the recipient immediately. Explain the situation and ask for a refund.
- Contact the cryptocurrency exchange or platform you used to send the money. They might be able to assist, although they likely won’t be able to force a refund. They may have fraud protection policies, or be able to provide information helpful in recovering your funds.
- Document everything. Keep records of the transaction details, any communication with the recipient, and any communication with the exchange.
- Report fraudulent activity. If you believe the transaction was fraudulent, report it to the appropriate authorities (e.g., your local police, the FTC).
Important Considerations:
- Scams are common: Be extremely cautious when sending crypto. Verify the recipient’s identity and legitimacy before sending any funds.
- No central authority: Unlike banks, there’s no central authority to reverse crypto transactions.
- Private keys are crucial: Securely store your private keys; without them, you cannot access your cryptocurrency.
