Huobi Global, the largest exchange in terms of volume traded, announced a partnership to make it more convenient for Latam-based customers who want to purchase cryptocurrencies. Astropay, a payment platform that allows customers to buy cryptocurrency in Latam with fiat currencies, has been partnered with the exchange.
Huobi makes Crypto easier to Buy in Latam
Huobi aims to appeal to Latam-based customers looking to get into the cryptocurrency market. Astropay, the payment processing platform that allows customers to buy crypto in fiat currency in certain countries, has announced a partnership between Huobi, the leading crypto exchange.
Astropay wallet will be required to buy the assets. Customers can do this in Brazil, Mexico and Chile as well as Peru. According to the company, there will be support for various payment methods, such as bank transfers and credit and debit cards. Other options, such as Pix in Brazil and SPEI Mexico, that are specific to a region will be supported.
The company aims to provide a better service for customers who are based in the region. Huobi Global's chief financial officer Lily Zhang stated that this is the reason:
Latin America is home to a vibrant, young population that is enthusiastic about crypto and we have seen a significant rise in Huobi Global users hailing from this region.
Zhang stated that the company's goal is to make the purchase and trade of digital assets "a secure, convenient and enjoyable experience for everybody."
Jumping through hoops
Huobi will now compete with regional exchanges and peer-to-peer (peer to peer) offers in the region. Huobi has an advantage in acquiring users because they accept local payment options. Access to debit cards that are dollar-based or international is not easy in countries like Venezuela. This makes Binance P2P a viable option, which allows Venezuelans access to crypto using their fiat currency. There have been exchange restrictions in Argentina that could affect availability of foreign currency.
Chainalysis's recent report shows that some Latam countries are among the top 20 most crypto-adopted nations. Brazil ranks seventh, while countries such as Argentina are also included.
What do you think of Huobi's partnership with Astropay to facilitate fiat-tocrypto transactions in Latam Leave a comment below.
Frequently Asked Questions
Can I buy gold with my self-directed IRA?
However, gold can only be purchased with your self-directed IRA. To do so, you must first open a brokerage account at TD Ameritrade. If you already have a retirement account, funds can be transferred to it.
The IRS allows individuals to contribute up to $5,500 annually ($6,500 if married and filing jointly) to a traditional IRA. Individuals can contribute as much as $1,000 per year ($2,000 if married filing jointly) to a Roth IRA.
If you do decide that you want to invest, it is a good idea to buy physical bullion and not in futures. Futures contracts, which are financial instruments based upon the price of gold, are financial instruments. These contracts allow you to speculate on future gold prices without actually owning it. You can only hold physical bullion, which is real silver and gold bars.
Should You Invest Gold in Retirement?
This will depend on how much money and whether you were able to invest in gold at the time that you started saving. You can invest in both options if you aren't sure which option is best for you.
In addition to being a safe investment, gold also offers potential returns. It is a good choice for retirees.
While most investments offer fixed rates of return, gold tends to fluctuate. Its value fluctuates over time.
However, it doesn't necessarily mean that you shouldn't invest your money in gold. Instead, it just means you should factor the fluctuations into your overall portfolio.
Another advantage to gold is that it can be used as a tangible asset. Gold is less difficult to store than stocks or bonds. It can be easily transported.
You can always access your gold if it is stored in a secure place. Plus, there are no storage fees associated with holding physical gold.
Investing in gold can help protect against inflation. Because gold prices tend to rise along with other commodities, it's a good way to hedge against rising costs.
Additionally, it will be a benefit to have some of your savings invested into something that won't lose value. Gold usually rises when stocks fall.
Gold investment has another advantage: You can sell it anytime. Like stocks, you can sell your position anytime you need cash. You don't even have to wait until you retire.
If you do decide to invest in gold, make sure to diversify your holdings. You shouldn't try to put all of your eggs into one basket.
Also, don't buy too much at once. Start by purchasing a few ounces. Next, add more as required.
The goal is not to become rich quick. Rather, it's to build up enough wealth so you won't need to rely on Social Security benefits.
While gold may not be the best investment, it can be a great addition to any retirement plan.
Can I hold physical gold in my IRA?
Not only is gold paper currency, but it's also money. It's an asset that people have used for thousands of years as a store of value, a way to keep wealth safe from inflation and economic uncertainty. Investors today use gold to diversify their portfolios because gold is more resilient to financial turmoil.
Today, Americans prefer precious metals like silver and gold to stocks and bonds. Although owning gold does not guarantee that you will make money investing in it, there are many reasons to consider adding gold into your retirement portfolio.
One reason is that gold has historically performed better than other assets during periods of financial panic. Gold prices rose nearly 100 percent between August 2011 and early 2013, while the S&P 500 fell 21 percent over the same period. During these turbulent market times, gold was among few assets that outperformed the stocks.
One of the best things about investing in gold is its virtually zero counterparty risk. Your stock portfolio can fall, but you will still own your shares. However, if you have gold, your value will rise even if the company that you invested in defaults on its loans.
Finally, gold provides liquidity. You can sell your gold at any time without worrying about finding a buyer, which is a major advantage over other investments. Because gold is so liquid compared to other investments, buying it in small amounts makes sense. This allows you to take advantage of short-term fluctuations in the gold market.
Who holds the gold in a gold IRA?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
You must have gold at least $10,000 and it must be stored for at the least five years in order to take advantage of this tax-free status.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you plan to sell the gold one day, you will need to report its worth. This will affect how much capital gains tax you owe on cash you have invested.
A financial planner or accountant should be consulted to discuss your options.
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement accounts
How to keep physical gold in an IRA
An easy way to invest gold is to buy shares from gold-producing companies. But, this approach comes with risks. These companies may not survive the next few years. Even if they do survive, there is still the possibility of losing money to fluctuating gold prices.
You can also buy gold directly. You will need to either open an online or bank account or simply buy gold from a reliable seller. This option has many advantages, including the ease of access (you don’t have to deal with stock markets) and the ability of making purchases at low prices. It is easier to view how much gold has been stored. A receipt will be sent to you indicating exactly how much you paid. This will allow you to see if there were any tax omissions. You are also less likely to be robbed than investing in stocks.
There are however some disadvantages. Bank interest rates and investment funds won't help you. Also, you won't be able to diversify your holdings – you're stuck with whatever you bought. Finally, the taxman may ask you about where you have put your gold.
BullionVault.com has more information about how to buy gold in an IRA.
By: Sergio Goschenko
Title: Huobi Partners With Astropay to Facilitate Fiat Payments in Latam
Sourced From: news.bitcoin.com/huobi-partners-with-astropay-to-facilitate-fiat-payments-in-latam/
Published Date: Fri, 23 Sep 2022 05:30:00 +0000