What is a good sof

[Bill D]

Hi, most bank refuse crypto wealth deposits.

However, is a salary from a onshore proprietary trading firm with trade assets and crypto considered a good proof of funds ? And dividends ?
Could a bank refuse your SOF if your salary comes from proprietary trading (including crypto) ? Or will it be as solid as if you got a salary from AMAZON

Does it make sense for a stock and crypto and forex trader to be setup as a company so you get a salary instead of capital gains in crypto(and stocks) which are refused by most banks ?

the flaw I see : more costly to get access to brokers
longer time for opening account
more audits requirements


the advantage : if you get a bank account it will let you transfer in high frequency way your whole assets every hour, because it is your business
you will get paid a salary which will be recognized worldwide as the purest sof, while "capital gain" even taxed are problematic it seems

 

[JohnnyDoe]

Photoshop is your friend

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[Bill D]

JohnnyDoe said:
Photoshop is your friend
Click to expand...

I meant without deceiving bank which carries risks.

Could a bank refuse salary deemed the onshore company trading crypto, simple proprietary trading onshore setup ?(the same way it would refuse crypto deposits even documented)

 

[JohnnyDoe]

Bill D said:
I meant without deceiving bank which carries risks.
Click to expand...

rof/%

Bill D said:
Could a bank refuse a salary depsit deemed the onshore company is trading crypto ?(the dame way it would refuse crypto deposits even documented)
Click to expand...

Yes, a bank can do whatever it wants. “Banking is a privilege, not a right” - citation of a monkey refusing to open an account for me.

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[OffChance]

Bill D said:
Hi, most bank refuse crypto wealth deposits.

However, is a salary from a onshore proprietary trading firm with trade assets and crypto considered a good proof of funds ? And dividends ?
Could a bank refuse your SOF if your salary comes from proprietary trading (including crypto) ? Or will it be as solid as if you got a salary from AMAZON

Does it make sense for a stock and crypto and forex trader to be setup as a company so you get a salary instead of capital gains in crypto(and stocks) which are refused by most banks ?

the flaw I see : more costly to get access to brokers
longer time for opening account
more audits requirements


the advantage : if you get a bank account it will let you transfer in high frequency way your whole assets every hour, because it is your business
you will get paid a salary which will be recognized worldwide as the purest sof, while "capital gain" even taxed are problematic it seems
Click to expand...

I have same issue so I'm in the process of opening a Swiss bank acc for my DMCC prop crypto trading company. From there, giving myself a salary should be enough. Will let you know once I'm done opening the bank account.

 

[khinkali]

OffChance said:
Will let you know once I'm done opening the bank account.
Click to expand...

Please do! I think there are quite a few of us with similar goals to you and @Bill D

 

[MiddleEuroAsia]

Bill D said:
Hi, most bank refuse crypto wealth deposits.
Click to expand...

not all of them, but yeah, generally when it comes to crypto, the best source of funds is documents that show you have nothing to do with it. It's as simple as that.

Bill D said:
However, is a salary from a onshore proprietary trading firm with trade assets and crypto considered a good proof of funds ? And dividends ?
Could a bank refuse your SOF if your salary comes from proprietary trading (including crypto) ? Or will it be as solid as if you got a salary from AMAZON
Click to expand...

yeaah, no. your statement about banks and SOF is too broad because it all depends on the bank's policy. Some banks might accept a salary from a proprietary trading firm that deals in crypto and others might refuse it. This also applies to forex, not just crypto.

Bill D said:
Does it make sense for a stock and crypto and forex trader to be setup as a company so you get a salary instead of capital gains in crypto(and stocks) which are refused by most banks ?
Click to expand...

again, when it comes to using a salary as a source of funds, it's not bulletproof, even if you do "development work" or "marketing work" for your crypto company and have relevant documents like a contract between you and your trading company that says so, It will still also depends on the bank's policies and requirements.

Bill D said:
the flaw I see : more costly to get access to brokers
Click to expand...

it depends on the broker, Some brokers may not have higher entry points, but their KYC (know your customer) requirements may be stricter.

Bill D said:
longer time for opening account
Click to expand...

again, it depends on the broker.

Bill D said:
more audits requirements
Click to expand...

for audits, they differ from FZ to FZ, and not all of them are that strict.

Bill D said:
the advantage : if you get a bank account it will let you transfer in high frequency way your whole assets every hour, because it is your business
you will get paid a salary which will be recognized worldwide as the purest sof, while "capital gain" even taxed are problematic it seems
Click to expand...

Nah, ideally, P2P/OTC trading might be your best bet. You can negotiate with traders on the fees and have some kind of SOF from them, including contracts and invoices that don't mention anything about crypto. Just be sure to do it B2B or C2C or C2B or whatever works for you.

 

[JackAlabama]

Bill D said:
Hi, most bank refuse crypto wealth deposits.

However, is a salary from a onshore proprietary trading firm with trade assets and crypto considered a good proof of funds ? And dividends ?
Could a bank refuse your SOF if your salary comes from proprietary trading (including crypto) ? Or will it be as solid as if you got a salary from AMAZON

Does it make sense for a stock and crypto and forex trader to be setup as a company so you get a salary instead of capital gains in crypto(and stocks) which are refused by most banks ?

the flaw I see : more costly to get access to brokers
longer time for opening account
more audits requirements


the advantage : if you get a bank account it will let you transfer in high frequency way your whole assets every hour, because it is your business
you will get paid a salary which will be recognized worldwide as the purest sof, while "capital gain" even taxed are problematic it seems
Click to expand...

With current events unfolding, it might be time to get into bitcoin (alternatively cash) and not into the banks...

 

[Bill D]

MiddleEuroAsia said:
not all of them, but yeah, generally when it comes to crypto, the best source of funds is documents that show you have nothing to do with it. It's as simple as that.

yeaah, no. your statement about banks and SOF is too broad because it all depends on the bank's policy. Some banks might accept a salary from a proprietary trading firm that deals in crypto and others might refuse it. This also applies to forex, not just crypto.
Click to expand...

MiddleEuroAsia said:
again, when it comes to using a salary as a source of funds, it's not bulletproof, even if you do "development work" or "marketing work" for your crypto company and have relevant documents like a contract between you and your trading company that says so, It will still also depends on the bank's policies and requirements.
Click to expand...

Let's say you make open onshore company in your residency country,
You then bring your personnal assets to the company (which are all declared taxed already), via contribution or loan
You then open corporate accounts, you go throught extensive analyzes to prove sof
You audit your company yearly, pay all taxes
and trade financial assets incl cryptos throught it, audit it, pay taxes,
you use an EMI or bank to transfer to personal account a salary, dividends
will you have to go everytime throught an extensive source of funds analyzes and background checking of every profits you made in life when you will received this salary to a personal bank account, or will showing payslip be enough, and whenever you will open a new bank account later in your life ? Because if you ever made a profit in crypto it will always appear and create hassles, if you have many trades the banks are not able to analyze it

it seems now that if you want to access all banks and brokers of your wish you need a salary

MiddleEuroAsia said:
it depends on the broker, Some brokers may not have higher entry points, but their KYC (know your customer) requirements may be stricter.

again, it depends on the broker.

for audits, they differ from FZ to FZ, and not all of them are that strict.
Click to expand...

I am not talking about uae especially, I am talking about onshore companies mostly, like in Cyprus, Romania, Bulgaria, or EU in general, knowing you are ready to make audits even more if it helps with banking

MiddleEuroAsia said:
Nah, ideally, P2P/OTC trading might be your best bet. You can negotiate with traders on the fees and have some kind of SOF from them, including contracts and invoices that don't mention anything about crypto. Just be sure to do it B2B or C2C or C2B or whatever works for you.
Click to expand...

I want to have functional transactional account for an activity of trading financial assets, access to all brokers, not cashing out a gain

JackAlabama said:
With current events unfolding, it might be time to get into bitcoin (alternatively cash) and not into the banks...
Click to expand...

well, with current events you want event you want access to brokers seemless, to the banks you like, not blocked transfers, no problems because having deceived a bank,

 

[hlepic211]

JohnnyDoe said:
Photoshop is your friend
Click to expand...

I have to admit I kind of used this method a couple of times and it worked flawlessly.

Let's say I have a bank that accepts my crypto deposits and want to transfer funds to another bank that is not that crypto-friendly - if I photoshop the statement that the money came from a company (change the incoming payment details) as a royalty payment/dividends distribution/contract payment can that become a problem in the future? I mean how will they check if it's legit or not

 

[JohnnyDoe]

hlepic211 said:
I have to admit I kind of used this method a couple of times and it worked flawlessly.

Let's say I have a bank that accepts my crypto deposits and want to transfer funds to another bank that is not that crypto-friendly - if I photoshop the statement that the money came from a company (change the incoming payment details) as a royalty payment/dividends distribution/contract payment can that become a problem in the future? I mean how will they check if it's legit or not
Click to expand...

A bank can and sometimes will check a document coming from another bank, for example a reference letter or an account statement. It is unlikely to happen but it's not a zero risk proposition like a photoshopped utility bill.

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