Crypto currency investing: US citizens abroad

[SaamBaht]

Hello,

 

I live in Thailand. I have been using a friend's account to invest in cryptocurrency. He's not a US citizen. It's getting a little complicated so I'd like to do it myself. Are there any restrictions on US citizens investing in cryptocurrency while living abroad? Would any of you recommend a site or a wallet to do this while living in Thailand? Any other recommendations would be helpful. Thank you so much.

Edited February 29, 2020 by SaamBaht

[freeman01]

I would recommend Kraken https://www.kraken.com very well known Bitcoin and crypto exchange/brokers with solid banking that has never been hacked and with fair fees. They accepts pretty much every nationalities except those on blacklist like iran or north korea.

 

I also like and trust Binance, most popular crypto exchange with insane volume and low fees, but only for crypto to crypto as the fiat gateway is not as reliable as kraken yet.

 

Careful which coins you buy though, only Bitcoin is a safe bet long term.

And if invest a significant amount, buy a ledger hardware wallet at https://www.ledger.com to store your crypto and take the time to fully understand the risks.

[SaamBaht]

Thanks Freeman!

 

I have signed up at Kraken and awaiting verification. I will look into getting a wallet and transferring my assets over. I'm only buying two coins: Bitcoin and XRP. 

 

Take care!

[karunasup]

I tried to open account in binance.us and they insisted ona USA based tel and address.

I have an account on their first exchange binance.com and they are forcing me to move my assets out.

SO, will try krakken again as a few months ago even they refused to open an account with a Thailand based address.

[fdsa]

59 minutes ago, karunasup said:

I have an account on their first exchange binance.com and they are forcing me to move my assets out.

why, is it because you are an US citizen?

[sencelebi]

You can invest in it but you have to report it on your US tax returns and pay tax on the income.

[rwill]

Atomic Wallet allows you to buy Crypto without opening any account using a debit or credit card.  It uses Simplex, UK based, for the purchase with a 5% charge(min. $10).  Purchasing this way the tokens go into your Atomic Wallet without having to input the address.

 

I went to the Simplex web page and when you click buy crypto it redirects to this site:

Buying Crypto Was Never This Easy (chainbits.com)

Here you have to input the address to send the tokens to.

 

[mwbrown]

On the advice of a crypto-savvy Thai friend I've just signed up at bitkub.com.  They claim to be Thailand's leading crypto site.

 

They have an extensive identification process, with special handling for US citizens, which I'm going through now.  It will take up to 14 days to authenticate me before I can start trading.  They will report my activity directly to the IRS.

[jack71]

On 2/29/2020 at 1:36 PM, freeman01 said:

buy a ledger hardware wallet at https://www.ledger.com to store your crypto

totally agree with your comments re kraken. However ledger is inferior to trezor hardware wallet model T where one can create a secret wallet using an additional 'passphrase'. the best thing is that you dont have to enter it on the keyboard. you can enter the passphrase word on the actual trezor device to access that wallet. Ive always had issues wiht my ledger nano s and dont like their ledger live either. many issues. i dont use it anymore

[jack71]

On 4/8/2021 at 8:28 PM, karunasup said:

I tried to open account in binance.us and they insisted ona USA based tel and address.

I have an account on their first exchange binance.com and they are forcing me to move my assets out.

SO, will try krakken again as a few months ago even they refused to open an account with a Thailand based address.

try using a vpn?

[Farang123]

1 hour ago, jack71 said:

totally agree with your comments re kraken. However ledger is inferior to trezor hardware wallet model T where one can create a secret wallet using an additional 'passphrase'. the best thing is that you dont have to enter it on the keyboard. you can enter the passphrase word on the actual trezor device to access that wallet. Ive always had issues wiht my ledger nano s and dont like their ledger live either. many issues. i dont use it anymore

How do you deposit funds into an account in Kraken?

[mvdf]

If you're American and hoping to invest in crypto, stick to Coinbase or Gemini. 

 

Non-American banks and crypto exchanges are extremely American-averse, thanks to the US's FATCA drivel.

[Heng]

Not financial or legal advice but you've already found the solution before you started asking for a solution.  

 

Um, this post should be considered for entertainment value/purposes only.

 

????

[karunasup]

Finally, opened an account at Kraken. However, note that Kraken works with a third part called ETANA for the bank account linked to your account. You must have the same residential address as used for ID verification. In my case I cannot use my USA bank cuz I use a Thai residential address. So, had to use a different bank. 

At any rate, Kraken seems to be investor-friendly. Good customer service via chat.

[Farang123]

On 4/18/2021 at 3:26 PM, karunasup said:

Finally, opened an account at Kraken. However, note that Kraken works with a third part called ETANA for the bank account linked to your account. You must have the same residential address as used for ID verification. In my case I cannot use my USA bank cuz I use a Thai residential address. So, had to use a different bank. 

At any rate, Kraken seems to be investor-friendly. Good customer service via chat.

I also signed up for Kraken recently.  I signed up for an intermediate account and put in my US Address so my account is US based.  However my US Bank Account won't let me transfer money to Kraken without going into a branch physically.  Kind of weird.

[genobkk]

On 4/8/2021 at 8:28 PM, karunasup said:

I tried to open account in binance.us and they insisted ona USA based tel and address.

I have an account on their first exchange binance.com and they are forcing me to move my assets out.

SO, will try krakken again as a few months ago even they refused to open an account with a Thailand based address.

The app keeps crashing, I could not get anywhere 

 

 

On 4/19/2021 at 4:28 PM, Farang123 said:

I also signed up for Kraken recently.  I signed up for an intermediate account and put in my US Address so my account is US based.  However my US Bank Account won't let me transfer money to Kraken without going into a branch physically.  Kind of weird.

 

[Heng]

If all else fails.... Bisq.    

[BananaBandit]

Are there any reliable venues for U.S. persons currently in TH where you can buy crypto with a debit card?

[Kwarium]

On 5/25/2021 at 11:26 PM, Heng said:

If all else fails.... Bisq.    

Should we take that to mean it is the worst option, or just a less popular one?

 

I am leaning towards Binance.com, not binance.us. I would like to buy using e-banking on my phone. 

 

Can someone make a suggestion for fool proof exchanges and hot wallet? Maybe options for both US and non US persons?

 

Buy the Dip! ????

 

Ps- So far I have found that anyone taking cards (credit or debit) seem to charge about 3-4% extra!

Edited May 30, 2021 by Kwarium
Ps-

[Heng]

2 hours ago, Kwarium said:

Should we take that to mean it is the worst option, or just a less popular one?

 

 

 

I wouldn't call it the worst, it's just less liquid compared to all of the exchanges people can choose from.   It's a DEX though so there's no KYC and of course no leaving people out based on their nationality or country of residence.    It's reassuring that DEX's exist as a plan B in case governments one day try to bring the hammer down.  

Edited May 30, 2021 by Heng
grammar

[genobkk]

I am set to go on Biance US. I got approved on Kraken just waiting for 3rd party payment processor to approve me.  CoinBase declined me because I was in Thailand. It certainly has horrid CS. I can’t get anyone to even answer me.   Crypto.com approved me for an account but must do outbound wire transfers only from Thailand, I was told to try to open another account with US address to get ACH bank withdrawals.  CS is not good with Crypto.com but at least they answer about once per day in chat.    It looks like I am stuck with Biance US.  Linked right to my bank in the states already for ACH transfers,   I like Kraken, if the 3rd party payment system works, I might use it   

I bought some Dogecoin on Robbin Hood.  Etoro looks interesting I am approved as well but on either of theses you can only buy and sell coins, no wallet to send or receive 

[Heng]

4 hours ago, genobkk said:

I am set to go on Biance US.  

 

Be sure to read the Binance (for both Binance global and Binance.us even though they are separate entities) thread on Reddit.   There are a LOT of complaints of Binance.us freezing accounts and then not providing timely customer service to unfreeze your account.    You may want to consider that when deciding how much you want to leave 'on exchange' at any given time.  

[Kwarium]

4 hours ago, genobkk said:

I am set to go on Biance US. I got approved on Kraken just waiting for 3rd party payment processor to approve me.  CoinBase declined me because I was in Thailand. It certainly has horrid CS. I can’t get anyone to even answer me.   Crypto.com approved me for an account but must do outbound wire transfers only from Thailand, I was told to try to open another account with US address to get ACH bank withdrawals.  CS is not good with Crypto.com but at least they answer about once per day in chat.    It looks like I am stuck with Biance US.  Linked right to my bank in the states already for ACH transfers,   I like Kraken, if the 3rd party payment system works, I might use it   

I bought some Dogecoin on Robbin Hood.  Etoro looks interesting I am approved as well but on either of theses you can only buy and sell coins, no wallet to send or receive 

And many people wonder why crypto is not more mainstream yet! Geez!

 

I would really like to do transfers from my Thai bank to an exchange locally (or third party if need be) then Hodl long term in a cold or paper wallet. I do see hardware wallets on Lazada though...

 

Still doing dd on which outfits to use. Would also like some privacy coin like Pirate, so will probably need to use Ogre for those transactions.

 

Crypto seems to be the hardest thing in the world to buy! ????

[fdsa]

6 hours ago, genobkk said:

CoinBase declined me because I was in Thailand. It certainly has horrid CS. I can’t get anyone to even answer me.

6 hours ago, genobkk said:

 CS is not good with Crypto.com but at least they answer about once per day in chat.  

 

1 hour ago, Kwarium said:

And many people wonder why crypto is not more mainstream yet! Geez!

 

I would really like to do transfers from my Thai bank to an exchange locally (or third party if need be) then Hodl long term in a cold or paper wallet. I do see hardware wallets on Lazada though...

 

Still doing dd on which outfits to use. Would also like some privacy coin like Pirate, so will probably need to use Ogre for those transactions.

 

Crypto seems to be the hardest thing in the world to buy! ????

 

facing the very same issues with buying stocks. Hey, why stocks are not more mainstream yet? ????

 

 

 

 

  

1 hour ago, Kwarium said:

Crypto seems to be the hardest thing in the world to buy! ????

try localbitcoins.com or localcryptos.com ????

 

Edited May 31, 2021 by fdsa

[BananaBandit]

Can I wire USD from my Bank of America account into a crypto account?

 

Or is this not allowed for some reason?

[genobkk]

17 hours ago, fdsa said:

 

 

facing the very same issues with buying stocks. Hey, why stocks are not more mainstream yet? ????

 

 

 

 

  

try localbitcoins.com or localcryptos.com ????

 

I have no issues with stocks, I have several accounts open from the states 

[genobkk]

18 hours ago, Kwarium said:

And many people wonder why crypto is not more mainstream yet! Geez!

 

I would really like to do transfers from my Thai bank to an exchange locally (or third party if need be) then Hodl long term in a cold or paper wallet. I do see hardware wallets on Lazada though...

 

Still doing dd on which outfits to use. Would also like some privacy coin like Pirate, so will probably need to use Ogre for those transactions.

 

Crypto seems to be the hardest thing in the world to buy! ????

Yes, I bought some bitcoins years ago on localbitcoins.com. I guess I should log in and check on them.   I wanted to buy XRP but even with a wallet that used simple processor my payment kept getting declined.  Payment got to send OTP but page closed before allowing me complete the process.    I certainly wanted something more user friendly then one of the localwhatever.com.  

[BananaBandit]

On 5/31/2021 at 6:39 AM, Kwarium said:

Crypto seems to be the hardest thing in the world to buy! ????

 

Buying this stuff is seriously twice the hassle of trying to get laid back in high school. At least for US persons. 

 

Just when I think it's gonna work out, some other dingbat thing surfaces.

 

The latest round:

 

I finally got cleared by Etana bank to fund my Kraken account with USD.  But now it seems that, in order to make my Bank of America wire transfer to Kraken, I need to authenticate via phone text message.  I've been overseas for years now.  The phone number linked to my Bank of America account is long obsolete.  I doubt they would accept my Thai phone number. 

Edited June 2, 2021 by BananaBandit
asymmetrical text formatting

[fdsa]

On 6/1/2021 at 12:25 PM, genobkk said:

I have no issues with stocks, I have several accounts open from the states 

I have no issues with stocks traded with my home country bank which is also a broker at the same time. Instant money deposit/withdrawal, buy/sell, live chat with the support, etc.

But when trying to open an account at interactivebrokers.com it takes them 10 days to answer my ticket.

Edited June 2, 2021 by fdsa

[fdsa]

1 hour ago, BananaBandit said:

 

Buying this stuff is seriously twice the hassle of trying to get laid back in high school. At least for US persons. 

 

Just when I think it's gonna work out, some other dingbat thing surfaces.

 

The latest round:

 

I finally got cleared by Etana bank to fund my Kraken account with USD.  But now it seems that, in order to make my Bank of America wire transfer to Kraken, I need to authenticate via phone text message.  I've been overseas for years now.  The phone number linked to my Bank of America account is long obsolete.  I doubt they would accept my Thai phone number. 

 

LOL. I feel that posessing an US passport is the worst nightmare for a wealthy man.