Ok, perhaps a noob question but if I want to move my cypto from say, Binance to say Coinbase is that possible without cashing out to my bank and then rebuying the crypto?
I would assume cashing out would trigger a tax requirement come tax time as a capital gain or something like that but I would just rather have my crypto on another platform, all in one place.
You can transfer from your Binance crypto wallet to your Coinbase crypto wallet without involving the bank.
As long as you’re sending your crypto to the correct address. I.E. ETH > ETH, BTC > BTC, and so on – you’re fine. However, if you attempt to send say, ETH > BTC (different protocols/blockchains) you’ll lose those funds. Always double-triple check before sending currency that the address is correct.
As for taxes, I would do some research – but the short answer is; you aren’t charged until you withdraw. The amount you pay in taxes is based on the time length the security was held for before selling. I believe in the US, it’s taxed as income unless you hold it for a year – then capital gains taxes apply to it (smaller tax rate).
Good luck
you can transfer from exchange to exchange how ever you will lose some due to the withdrawal fees. I have found changing for example btc to ltc before transferring has less of a withdrawal fee on most exchanges. Then converting it back to btc once on the other exchange this way you dont lose as much as you would if you transferred it just as btc. But do your own research first to see what your best option is.
Also look at min deposits for the other exchange some have a min deposit requirement.