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Crypto currency investing: US citizens abroad


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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 by SaamBaht
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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!

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  • 1 year later...

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.

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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?

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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.

 

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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.

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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

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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?

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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?

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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.

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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.

 

🙂

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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.

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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.

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