Big amount Cashing Out in Australia

[rohanneal]

Guys

I would like your opinion on best way to cash out in Australia when time comes. Most of the exchange charge 1 percent of fee when converting Crypto to AUD. When you cashing out  big amount you have to pay hefty fees. Is there better way to cash out ?h

Edited September 24, 2018 by rohanneal

[Stormy09]

It's free to withdraw from coinspot now - and it's pretty cheap to transfer XRP in - about 1 xrp last time I did it (about 2 weeks ago)

I transferred a few from Bittrex and by the time I refreshed Coinspot it was there !!

 

 

Edited September 24, 2018 by Stormy09
additional info

[SaladFingers]

Independent Reserve do OTC, not sure what their fee would be for this service though.

[rohanneal]

Coinspot charges 1 percent fee when converting from XRP TO AUD 

[OzAlphaWolf]

Blockbid are coming. They charge 0.1% for trading and will offer an OTC service. Not sure what that fee would be. 

[CrypToe]

Would the dream scenario be an Aussie exchange becoming an xRapid partner? 

[Vvittin]

Be more worried about taxes....but yes...less cookie you give away the better.

[johnc]

10 hours ago, rohanneal said:

Guys

I would like your onion on best way to cash out in Australia when time comes. Most of the exchange charge 1 percent of fee when converting Crypto to AUD. When you cashing out  big amount you have to pay hefty fees. Is there better way to cash out ?h

 

Edited September 24, 2018 by johnc
deleted no longer required

[Guest]

4 hours ago, rohanneal said:

Coinspot charges 1 percent fee when converting from XRP TO AUD 

If you trade on XRP markets then the fees has been reduced to .1% for xrp, the liquidity is low at the moment though but I believe it will build up. Also Coinspot will be launching OTC services soon, you can register your interest now.

Coinspot sources liquidity from Bittrex and others am not sure of to fulfill market orders and I believe they will be able to execute large orders as well.

Volume is pretty decent on BTCmarkets as well, specially during spikes so selling AUD100,000-300,000 worth of zerps in one order is not a problem as I have witnessed during Dec/Jan run.

[rohanneal]

2 minutes ago, Invincible said:

If you trade on XRP markets then the fees has been reduced to .1% for xrp, the liquidity is low at the moment though but I believe it will build up. Also Coinspot will be launching OTC services soon, you can register your interest now.

Coinspot sources liquidity from Bittrex and others am not sure of to fulfill market orders and I believe they will be able to execute large orders as well.

Volume is pretty decent on BTCmarkets as well, specially during spikes so selling AUD100,000-300,000 worth of zerps in one order is not a problem as I have witnessed during Dec/Jan run.

Many thanks....this has helped me 

[fiik]

BTCMarkets

Withdrawal Fees

Australian bank transfer - Free (Any fiat in your BTCM trading acc - ur bank acc)

but as Vvittin pointed out CGT (capital gains tax) will be the killer unless you hold for 12 months then sell and get 50% bonus - where if you make $X CGains you only need to claim 1/2 as CGains - so $10000 would be tax paid on $5000 and $5000 is yours tax free. (though this may still need a personal clarification from the ATO).

Also remember that any C Gains (or losses) get added to your taxable income and that will determine which tax bracket you end up in and the relevant tax percentage to be paid. 

Edited September 24, 2018 by fiik