It is important to note that Cryptocurrency Investment a speculative endeavour because the FCA, Financial Conduct Authority, has no control; over the crypto market. Therefore, the Financial Ombudsman and the Financial Compensation Scheme would not be able to protect you.
All the UK Independent Wealth advice is not meant to serve as a personal recommendation. All the recommendations should be considered relative to your situation. It would be best if you learned of all the risks associated with investing in crypto. Some of the risks have been highlighted in this article. Suppose you are in doubt of any implications, whether it is taxation or suitability, it is always advised to obtain independent financial guidance.
The Bitter Truth about Digital Currency
A popular phrase in the crypto market advises individuals never to risk more than what they can afford to lose, as, in crypto investment, your capital is always at risk. Furthermore, previous performance and predictions are not dependable sources to foretell future results. There is also no assurance that investing in these digital currencies will pay dividends. Profits gotten from share dealings are considered a form of income and therefore must be taxed. Better still, profits obtained from converting crypto back to fiat currency are also taxable under capital gains tax. However, tax treatment might change as it is dependable on individual situations.
Rob Marstrand, the investment director, Editors, or contributors, might be interested in recommendations. Nonetheless, the opinions and information expressed do not directly reflect the Cryptocurrency views and opinions of other editors at Southbank Investment Research Limited.
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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
