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makemeraf

What's your exit strategy?

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I really would like to know since I still don't have a solid exit plan. What are the best exchanges that offers international wire transfer service with SWIFT(Ironic, right?). Is Bitstamp and Wirex good? Those are the only ones that I found that are somewhat legit. What do you think? Would like to hear your plans and recommendations. Thank you.

Edited by makemeraf

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Oh man I'm glad to see a sentiment change in that people are planning for how to cash out ?

 

To answer your question it depends on your country of residence and appropriate tax requirements, google should be able to provide several options for consideration. 

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I think you have to weight up all pros and cons such as finding the best rates and customer services along with the safest to send your identification to, after all your personal ID is very valuable and should only be sent to the safest and secure organisations.

I have not decided yet but my exit strategy might involve converting the XRP to Bitcoin and then using an exchange with an excellent reputation such as Coinbase to withdraw cash to my bank account but as the previous poster stated it depends on the country of residence.

Edited by HazzaHat

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my easy first exit for a small %age of my zerps to cover my in will probably be by converting XRP to GBP on wirex. Not sure what it's like to transfer the £ off it so I'll probably just use it as direct source for paying off some debts or part of mortgage etc. More notable future withdraws I am less worried about planning for now as I believe there will be more fiat pairs with binance etc long before I need that.....

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With PNC bank now on board, my hopes are that our domestic banks will offer some sort of custodial services for certain assets, XRP being one of them.  With this scenario, you'd be able to exchange USD for XRP as easy as transferring money online within your bank.

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I just set some random exit points where I will cash out small amounts over time. There is no point in trying to time the highs or hope for an even higher price. Will I miss some gains? Sure, but I will also prevent some losses, because I don't think that the price goes straight to $10 or higher. If it ever hits such crazy prices I will decide what to do with the rest of my stack.

Additionally I will most likely buy more if there is another 70-80% correction again after the next bull market. Bitstamp is solid, never had any problems here, but they will ask many questions when you want to cash out larger sums of fiat.

Edited by DavyJones

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46 minutes ago, TokenBaby said:

Don't sell for fiat.

Use it as collateral for a crypto-backed fiat loan instead.

Use nexo.io and save on taxes, plus keep your $XRP and the upside.

Too bad they don’t take xrp yet. Seems like an interesting concept. Although it doesn’t state the actual dividend payouts I wonder if it’s better to use this strategy or cash out with long term gain taxes. All cryptos besides their own coin have a 16% apy interest. Capital gains are 15% in my state. I’d do it if the dividens were higher than say 4-5%

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4 hours ago, HazzaHat said:

I think you have to weight up all pros and cons such as finding the best rates and customer services along with the safest to send your identification to, after all your personal ID is very valuable and should only be sent to the safest and secure organisations.

I have not decided yet but my exit strategy might involve converting the XRP to Bitcoin and then using an exchange with an excellent reputation such as Coinbase to withdraw cash to my bank account but as the previous poster stated it depends on the country of residence.

 

3 hours ago, scoobysi said:

my easy first exit for a small %age of my zerps to cover my in will probably be by converting XRP to GBP on wirex. Not sure what it's like to transfer the £ off it so I'll probably just use it as direct source for paying off some debts or part of mortgage etc. More notable future withdraws I am less worried about planning for now as I believe there will be more fiat pairs with binance etc long before I need that.....

if you sell XRP for something else.. and then convert to cash.... aren't you having to pay taxes twice (in the USA at least)?

you buy XRP... taxed

you sell for BTC..taxed

you transfer to cash... taxed

 

 

 

 

 

 

56 minutes ago, TokenBaby said:

Don't sell for fiat.

Use it as collateral for a crypto-backed fiat loan instead.

Use nexo.io and save on taxes, plus keep your $XRP and the upside.

can you explain? i don't get it.

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27 minutes ago, AwesomeCopper said:

Too bad they don’t take xrp yet. Seems like an interesting concept. Although it doesn’t state the actual dividend payouts I wonder if it’s better to use this strategy or cash out with long term gain taxes. All cryptos besides their own coin have a 16% apy interest. Capital gains are 15% in my state. I’d do it if the dividens were higher than say 4-5%

XRP is coming this year. Arrington XRP Captial is an investor.

First dividend payout is also coming this year (this of course depends on how many NEXO tokens you hold). 

Point is, we will be able to leverage XRP without selling it.

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21 minutes ago, MegaNerd said:

can you explain? i don't get it.

Research Nexo.io

Read this about tax... https://medium.com/nexo/heres-how-nexo-might-help-you-with-your-tax-situation-9614d5323f88

Know that Arrington XRP Captial is an investor.

Know that XRP will be added to the platform this year.

Point is, we will be able to leverage XRP without selling it.

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Just now, TokenBaby said:

Research Nexo.io

Read this about tax... https://medium.com/nexo/heres-how-nexo-might-help-you-with-your-tax-situation-9614d5323f88

Know that Arrington XRP Captial is an investor.

Know that XRP will be added to the platform this year.

Point is, we will be able to leverage XRP without selling it.

STILL DONT GET IT BUT ILL RESEARCH. THANKSSSSSSS

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