As much as cryptocurrency is growing at an exponential rate, trading and investing in digital coins can be a risk. There are more than one million scams every year, which makes it difficult to find a legitimate way to invest in this new industry.
One of the most talked about procedures in crypto is to avoid TDS because it usually means somebody has stolen your money. In this blog post, we talk about how you can avoid TDS ?
What is TDS?
TDS stands for “tax deduction at source.” This means that the company you purchase from will take tax out of your order and send it to the government, it doesn’t matter whether it is your cryptocurrency tax or any other good tax. Most countries have laws that require crypto exchanges to follow this method and usually tax percentages can be found on crypto exchange websites as well.
The main reason exchanges do this is to avoid being taxed. Some countries only tax crypto when it goes from crypto to fiat, and the only way to do that is if an exchange has your money long enough for you to purchase from them. This TDS method allows exchanges to give you your money quickly enough that the government doesn’t have time to tax any of it.
Avoiding TDS is as simple as using one of the many different exchanges that don’t require you to use a bank account, such as Changelly and Shapeshift. These two are known for not charging fees on transactions, but they do charge fees in altcoins. These are also known for being one of the slower exchange platforms, but I personally like them because you can avoid TDS on trades.
How to avoid scams on your crypto investment ?
To make sure that you understand how to avoid scams. We all know that there is no such thing as perfect security, but we can take the necessary precautions in order to keep ourselves safe from the dreaded scammer.
This is a common method employed by scammers and it has been brought up numerous times on forums and comment boards. A number of users claim that they have accidentally sent their coins/tokens to a wrong address, which belonged to thieves.
In most cases, the user has not intentionally sent his money to the thief’s address, he simply made a mistake while typing or copying the address into his wallet’s window. The wallet generates a unique address every single time you request to send your funds and there is no way to change that.
- If you make a mistake, the coins are gone, no matter how much you regret it. The only way to double check that the right address is used is if someone else has access to your computer or wallet and makes the transaction for you. Even then, there is no guarantee that they won’t send your coins to a scammer’s address. Some newcomers also used various best crypto tax software to maintain the record of their crypto wallet.
- A lot of newcomers have no idea what exchanges are and end up sending their money directly from their wallets (see above) or from other platforms that trade cryptocurrencies for fiat currency such as CoinPayments or Coinbase. A lot of these platforms claim to be exchanges, but they are not.
If you want some help or advice related to this then, I suggest you visit Binocs at least once. Binocs is the best crypto software which helps people in this field.
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