What are you guys doing with all the crypto stuff? What platforms are we using?
Right now I’m with Crypto.com although I haven’t used them too much, as I’m waiting for them to launch a UK debit card (they’ve already launched in the US/SG)
They do have a referral offer* though for $50 rewards of their Crypto for the new user (& the person referring after the new user buys crypto) which is currently at roughly $4 a piece
I’m assuming we’ll have a few Coinbase people and maybe some Wirex users?
Personally I don’t get the crypto thing at all but a metal Visa card with no foreign exchange and reimbursable costs for Spotify, Expedia, Airbnb + airport lounge access and up to 5% cashback is way too much not to gamble on lmao otherwise I’d have left it
I’m still sad that I didn’t jump on BTC when it was like a couple of cents though ngl as is anyone who didn’t do that
They have a “pay” wallet where you transfer your crypto and it automatically converts it when paying. Probably similar to Revolut but can’t be sure as I don’t use it.
Not always, but when you have a large purchase to make and the cashback is at 8%, I would be tempted to buy some crypto and make a payment with that. But this inconvenience is the exact reason why I use the crypto.com cards, you recharge it in £ and spend in £, only the cashback is in crypto.
@sufyan98 that makes sense, also waiting for my Binance card (been months now…) Love the 8% cashback offer but you’ll have to account for capital gains tax as you are creating a taxable event every time you sell back into fiat (every time you pay with that card in GBP). So just staking / earning interest on your crypto might get you better returns depending on which crypto you own
I believe cashback is non taxable. It is on bank accounts that give cash back like Halifax on £500 card spend, but is taxed if you keep £5000 in it for a payment.
Edit : Just reread your response and buying crypto it self isn’t taxable but trading it is. You way to use it would to top it up with Fiat and spend on it to get the cashback. How you get that cash back is then not taxable as long as you aren’t buying Crypto with it. I think
But if you have to spend crypto to get the cashback (load the card with crypto) the spending is taxable as disposals.
On cashback (really cryptoback) I think it’s probably true that it’s not taxable as income but I think you’ll still have to factor it into cost basis calculations when you ultimately dispose of the received crypto at a later date.
Correct. The last thing you would want to do is spend your Crypto this way. I think this is the reason why it isn’t available in the UK atm. It would have to have a way of paying the extra tax per transaction and it would be like paying double VAT.
Unless I’m missing something and all your income is already in crypto this is not something I’d want to use.
Are many people here earning interest on their cryptos?
If so, how do you do it (interest accounts, staking, lending, yield farming etc) and which platforms do you use?
Yeah, I got it. Their customer service is very poor and there’s some other short falls. Namely, CRO is providing a really poor CRO and instead of making the stake X CRO it’s now linked to prices in GBP.
Probably get a decline $SHIB has quarter in value in the last couple of weeks
You wouldn’t get cashback on crypto purchases AFAIK
Nice thinking though
You would be liable for tax on cashback via the backdoor capital gains tax, imo
If CRO went up in value there’d be a net capital gain there + HMRC crypto guidance is very aggressive. Not an accountant or tax advisor. DYOR.
Celsius is my preferred one at the minute, also quite a fan of Nexo, but Celsius are a lot more trustworthy in my mind due to numerous features + the incoming “insure your funds that we’re lending out” feature
I can give you a Celsius invite code if you’re interested, if you deposit more than $400 equiv in coins they give you a $40 bonus in BTC, which is neat
Regardless, I think it’s worth buying some ETH/BTC right now
Thanks for posting on this thread, I just opened my email to it and that’s why I remembered this forum haha
I have most of mine in Celsius and have my interest paid in Cel. A bit in Crypto.com and use their card to build up my Cro stack. I don’t trust Crypto.com as much as I do Celsius. Most Yield farming is a con imo.
Once you stake Cro it is set, no matter what happens to the price.
as is anyone who didn’t do that
$SHIB has quarter in value in the last couple of weeks