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So I'm working on a crypto derivatives trading bot... have been for a few years now... it's going alright. I am personally situated in Ontario, Canada, and get

So I'm working on a crypto derivatives trading bot... have been for a few years now... it's going alright. I am personally situated in Ontario, Canada, and getting more and more anxious by the day as seemingly every major legitimate derivatives trading platform with any volume is banning Ontarians from trading. Kraken, Bitmex, Okex, and Huobi all won't even look at me simply because I have a personal address inside Ontario. I can trade on their spot markets with them, sure... but the fees are MUCH higher than that of derivatives markets and my bot isn't THAT good to swallow a 0.3% trade cost when it's essentially performing high frequency trading. A fee of 0.075% however is manageable. Binance still allows me to trade derivatives, and I can't figure out how or why. They don't have any legal authority to allow Ontarians to trade afaik, and they're the absolute largest derivatives trading platform on the planet right now. I tried setting up a corporation in the UK back when Bitmex originally banned Ontarians, but when I went to register that corporation as a trader with Bitmex, they demanded to know the identity of all of the owners of the corporation, and if any of them resided inside Ontario then they wouldn't work with that corporation as well. (the bot was originally setup to trade on Bitmex as they had the most liquidity at the time, but that has dwindled significantly ever since they banned Ontarians and all of the USA from trading in October 2020) I don't have millions of dollars in my pocket, so I don't have the money to jump through legal loopholes by registering shell corporations and paying representatives to act as proxy owners in non-banned jurisdictions. I'm not doing anything wrong imho. I'm not risking my life savings or going to crash the cryptocurrency market with my derivatives trading ways or whatever the Ontario government is trying to protect me from? I am just another guy trying to make a buck like everyone else on this planet. Why is my government trying to prevent me from doing so at every turn? I just don't get it? What are my options if/when Binance decides to ban Ontarians as well?

ur-whale 5y ago
> What are my options Vote with your feet.
- johnnyApplePRNG 5y ago
  Trust me, I've considered it! I've got a large family and a massive network of friends here in Ontario, however. I grew up here, I can't move. I've considered getting dual citizenship in another country, but that isn't exactly cheap or problem free either. And I don't think the estonia e-residency is enough to satisfy regulators/crypto-exchanges that are serious about KYC.
  - vmception 5y ago
    E-stonia Eresidency is not enough. That just makes it easier to get EU banking. Someone else’s id and rental agreement is though, for this purpose. These are either directly purchasable on a DNM (darknet market), or something you can ask for Woooorst case you need to deep fake live on webcam, this is consumer grade tech even open source now Acquiring and using the ID This might violate laws Anyway. VPN from the expected country all the time, or Tor+RDP (remote desktop) from a compromised computer close to the postal code of the ID which can also be found on an RDP DNM Hacker. News.
    - johnnyApplePRNG 5y ago
      I appreciate the creative thinking, but I would really prefer to do this legally it at all possible.
      - vmception 5y ago
        Ask a friend in another country for the verification info. Or buy a Caribbean citizenship and circumstance that generates a utility bill. (El Salvador has plans for easy crypto entreprenuer citizenship but they might lose international support over authoritarian moves.)
    - zelly 5y ago
      excellent post, sir, but shhhhh
  - ur-whale 5y ago
    > I grew up here, I can't move. You don't want to. Not the same thing. It's all about priorities. [edit: not sure why you are being downvoted, your answer is transparent and reasonable ...]
- 71a54xd 5y ago
  Just incorporate a shell company in the Seychelles - it's basically the only way to go about this. Ironically, it's also one of the only ways to circumvent insane legacy payment provider requirements for industries that require high-risk payments.
  - johnnyApplePRNG 5y ago
    So when Bitmex asks for the information of the owners of the corporation, what do I tell them? How do I prove that I am a real person who resides outside of Ontario without committing fraud? ... or actually residing outside of Ontario which would prevent the need for the shell corp in the first place? Unfortunately I don't know anybody well enough who lives outside of any of the banned jurisdictions to trust them with hundreds of thousands of dollars worth of crypto currency. If I get caught lying, Bitmex can literally liquidate all of my positions and essentially steal my money. Not sure about the others but I imagine it's the same. They're all trying to save their own skin, they don't care about me at all. Not saying it's a bad idea, I just don't see how it would be any different than the UK corporation I already setup.
    - ur-whale 5y ago
      > So when Bitmex asks for the information of the owners of the corporation, what do I tell them? The key here is the definition of "legal ownership of an entity", which - while most people tend to believe they're identical - is not the same as "actual control of an entity".
      - johnnyApplePRNG 5y ago
        Sorry, what are you suggesting/saying exactly?
        ur-whale 5y ago
        > Sorry, what are you suggesting/saying exactly? I'm saying that being the legal owner of a company and having actual control of said company are really not the same thing. There are a number of ways to achieve this, all of which are very dependent on your personal context. But to be practical, I'll give you an example: a member of my extended family runs a construction company. For all intents and purposes, he completely controls the company: what it does, what the money generated is used for, etc... However, he does not own it: as seen from the govmt's perspective, his ex-spouse does. For reasons I am not going to get into, he could not own both this construction company and other businesses he controls without running into some issues. What he did: he divorced his wife and through the divorce, he gave her full ownership of the company. The facts that: - they still live as a couple - they love each other - they trust each other with their lives - the wife has zero interest in sticking her nose in the company's business None of the above appear on any book or has any legal standing. There is a reason why so many business names in the Anglo-Saxon world have the word "trust" in them. This is just an example, there are many other avenues.
Vadoff 5y ago
Sounds like it's time to move.
- coralreef 5y ago
  Yeah, abandon your family, friends, career, community, so you can have the freedom to run a crypto trading bot!
chowells 5y ago
> I am just another guy trying to make a buck like everyone else on this planet. What? Most people aren't trying to make a quick buck by rent-seeking in a system based on massive electrical waste. Myself? I cut my work hours recently so that I can live now instead of dreaming of someday. I spend my free time enjoying my life, not trying to figure out who to exploit. That's also an option.
- andreilys 5y ago
  I spend my free time enjoying my life, not trying to figure out who to exploit. It’s not clear to me why building a derivatives trading bot leads to exploitation but whatever floats your ideological boat I suppose.
  - girvo 5y ago
    I don't neccesarily agree with what I'm about to comment, I'm just adding some clarity: ...rent-seeking in a system based on massive electrical waste. With that as the core assumption, the exploitation would be anyone who relies on the environment (everyone, then), I'd think.
    - gruez 5y ago
      How is operating a trading bot "rent seeking"?
      - Igelau 5y ago
        "Rent-seeking is the effort to increase one's share of existing wealth without creating new wealth." The accusation here, right or wrong, is that this is what crypto and the bot are ultimately doing. Note, this may have you reaching for questions that start with "How is this any different from..."
        fighterpilot 5y ago
        The claim of pure rent-seeking is easily disproven by comparing bid-offer spreads before and after the advent of computerized market making and seeing how much bid-offer transaction costs have shrunk for the average investor.
treve 5y ago
> What are my options if/when Binance decides to ban Ontarians as well? You're an in an extremely risky market, from both a regulation perspective (they might shut you down/you might lose a lot), and from a perspective of all the scams and lack of transparency exists in crypto. You can either try to become political, or move on to less risky markets. If you're just here to make money, move on and try something that doesn't carry this insane regulatory risk.
- baby 5y ago
  Lots of scams sure, but what do you mean by "lack of transparency"? I thought the whole point of cryptocurrencies is the transparency they provide. EDIT: I guess you meant transparency of exchanges? In which case yeah, I would agree.
  - treve 5y ago
    Exactly, lots of market manipulation, exchanges folding, executives replaced, not to mention all the issues around stablecoins.
noxer 5y ago
Have look at the XRPL DEX. You can trade there with IOUs (for example BTC IOUs or USD IOUs). Works from anywhere in the world since its a DEX and its extremely cheap (no fees) and it can not exclude people. You still need a way to exchange from and to traditional fiat but that should not be too hard to do. For the most part you can use IOU fiat so they can stay on the ledger ("blockchain").
xtracto 5y ago
For a small fee, i can run your bots from Mexico.
Barrin92 5y ago
>I'm not doing anything wrong imho. well you're not the subject of the regulation either, it's the platforms which offer financial products to customers. And even if you might not incur any significant financial risk, derivatives trading, just like any other complex financial instrument is regulated because we have more than enough experience with (systemic) distortions on financial markets and huge losses being incurred by consumers of such services.
- jkhdigital 5y ago
  > we have more than enough experience with (systemic) distortions on financial markets Who is “we”? Do you know who writes the legislation regulating financial markets? And you trust those people?
  - deleted 5y ago
    [deleted]
jkhdigital 5y ago
Haven’t had any issues with OKEx and FTX. YMMV
meltedcapacitor 5y ago
There are still quite a few exchanges with only fake KYC (accept any burner email/any country) as long as you fund and withdraw only crypto. Sometimes with withdrawal limits, which you simply program into the bot (create new accounts every time you hit the limit).
rrdharan 5y ago
> What are my options if/when Binance decides to ban Ontarians as well? Why not find something else to do besides automating crypto derivatives trading?
wyck 5y ago
You're never going to get away from regulation on centralized exchanges. Have a look at injective , its a decentralized derivatives exchange, afterall crypto is meant to be decentralized.
- arthurcolle 5y ago
  Injective has no liquidity, what kind of recommendation is this?
tomc1985 5y ago
There's lots of other finance stuff you could be writing bots for... automated technical analysis on stocks, for example, and you can very neatly skirt all the crypto bullshit.
IfOnlyYouKnew 5y ago
Yes, you could move somewhere else, and maybe it isn't even fair or necessary or proportional to make life difficult for you specifically. But it could turn out to be quite lucky. Big career changes get more difficult with every year you get older. Plus: if it involves moving into any adjacent subject area, doing it now and not in three to thirty months when it all blows up, you won't be competing with thousands of guys wearing the same exact Jack Wolfskin jacket and trying to move from fantasy finance to the real thing. And if you don't share my pessimism: if I'm wrong and cryptocurrencies go mainstream, you also be out of luck because it'll become interesting to those teams of hundreds of Harvard & MIT quants. And, of course, you might get to do something useful. At least in comparison to ending up being blamed for bonfires of both money and forests.
- perl4ever 5y ago
  >you also be out of luck because it'll become interesting to those teams of hundreds of Harvard & MIT quants I read somewhere the comment that people like that are already there, and they have been reveling in the fact that simple arbitrage strategies that are otherwise obsolete in the rest of the financial world, are still quite lucrative with crypto.
nootropicat 5y ago
Dydx. It's a zkrollup (non-custodial) based perpetuals exchange, no kyc. Only an ip check for Americans on the interface. Liquidity for eth and btc perps is good now, volume picked up. https://dydx.exchange/blog/public https://dydx.exchange/blog/public
- johnnyApplePRNG 5y ago
  Their fees have lowered significantly since I last looked at them, wow! Thanks for the tip!
noitsnot 5y ago
I really have to question how Binance is pulling off basically no fee trading. There's something not right as if they may be hit with pretty hard regulation. Add in the Brian Brooks lasting two months as CEO of .US and Catherine Coley's short stint (and disappearance). I would transfer some of my funds over since they seemed to cleanup the customer service nightmare but it seems like too much unknown risk.
- fighterpilot 5y ago
  They don't have any fees?
  - noitsnot 5y ago
    The first tier level is 0.0750% / 0.0750% (maker/taker) if you opt-in for your fees in BNB. https://www.binance.us/en/fee/schedule https://www.binance.us/en/fee/schedule
    - fighterpilot 5y ago
      Those are pretty large fees.
      - noitsnot 5y ago
        Give me a better option without suggesting Robinhood. Kraken is double and Coinbase Pro is x7. I'm U.S. based.
        dkersten 5y ago
        Bybit? Their derivatives fees are 0.075% for takers just like Binance (and maker is -0.025%). Spot trading is 0.1% (and 0% maker fees). https://help.bybit.com/hc/en-us/articles/360039261154 https://help.bybit.com/hc/en-us/articles/360039261154
        fighterpilot 5y ago
danlugo92 5y ago
Binance has very lax KYC for certain countries. Venezuela has a very basic paper-only id card.
dkersten 5y ago
Unfortunately the problem seems to be with the Ontario Securities Commission, so the exchanges don't have much choice. No idea how Binance gets around it.
danlugo92 5y ago
Shot you an email.
secondaryacct 5y ago
You're the definition of a parasite scalping cents on the market providing no utility. That s fine and legal, but why would we, the people represented by the elected government, care for your edge case when tons of people are being exploited by these ?
- arthurcolle 5y ago
  You don't understand market structure. Market making provides liquidity which is literally required to have efficient markets. I don't know enough about how his bot operates but if he is a maker of liquidity then he is providing a useful function. Please don't spread FUD and fake news if you don't understand market microstructure. Thanks.
zelly 5y ago
> I don't have millions of dollars in my pocket You need to work on your alpha then, that should be your priority
nradov 5y ago
If you're looking for options, a better one would be to find the nearest casino and bet it all on black. You're more likely to win there than with some trading bot. And if you do win the casino will actually pay out instead of stealing your money. They might even give you free drinks. Seriously those exchanges and trading platforms are set up to take advantage of n00bs like you. Don't be a sucker.
hkai 5y ago
You voted for the government hell-bent on safetyism, so that's a consequence.
johanneskanybal 5y ago
I think many of us have done similar things but after researching the legal and tax aspects of it decided it was a terrible idea. your local regulations and tax rules may vary just promise to research it 100% before continuing :)
egorfine 5y ago
I can feel your pain. My bot is running on BitMex and Binance. I live in a corrupt Shithole Country™, so as of right now I enjoy pretty lax KYC from both exchanges. I'm truly bothered by the fact that all of them are seemingly happy to comply with the laws of governments in regard to it citizens. So as soon as my country bans crypto (which is close to inevitable) - Binance will happily strip me of my income. For no reason, really. Pushing me, a non-criminal and mostly() law-abiding citizen to turn to money laundering schemes. technically every working citizen here is a criminal
darwingr 5y ago
I just went over the CRA's rules for how it treats cryto and all I can say is oof. Worse part to me seemed to be that you can't deduct expenses (hardware, fees, power, etc) from your capital gains lest it then be considered income and therefore have the full tax rate.

ur-whale 5y ago

> What are my options Vote with your feet.

johnnyApplePRNG 5y ago
Trust me, I've considered it! I've got a large family and a massive network of friends here in Ontario, however. I grew up here, I can't move. I've considered getting dual citizenship in another country, but that isn't exactly cheap or problem free either. And I don't think the estonia e-residency is enough to satisfy regulators/crypto-exchanges that are serious about KYC.
- vmception 5y ago
  E-stonia Eresidency is not enough. That just makes it easier to get EU banking. Someone else’s id and rental agreement is though, for this purpose. These are either directly purchasable on a DNM (darknet market), or something you can ask for Woooorst case you need to deep fake live on webcam, this is consumer grade tech even open source now Acquiring and using the ID This might violate laws Anyway. VPN from the expected country all the time, or Tor+RDP (remote desktop) from a compromised computer close to the postal code of the ID which can also be found on an RDP DNM Hacker. News.
  - johnnyApplePRNG 5y ago
    I appreciate the creative thinking, but I would really prefer to do this legally it at all possible.
    - vmception 5y ago
      Ask a friend in another country for the verification info. Or buy a Caribbean citizenship and circumstance that generates a utility bill. (El Salvador has plans for easy crypto entreprenuer citizenship but they might lose international support over authoritarian moves.)
  - zelly 5y ago
    excellent post, sir, but shhhhh
- ur-whale 5y ago
  > I grew up here, I can't move. You don't want to. Not the same thing. It's all about priorities. [edit: not sure why you are being downvoted, your answer is transparent and reasonable ...]
71a54xd 5y ago
Just incorporate a shell company in the Seychelles - it's basically the only way to go about this. Ironically, it's also one of the only ways to circumvent insane legacy payment provider requirements for industries that require high-risk payments.
- johnnyApplePRNG 5y ago
  So when Bitmex asks for the information of the owners of the corporation, what do I tell them? How do I prove that I am a real person who resides outside of Ontario without committing fraud? ... or actually residing outside of Ontario which would prevent the need for the shell corp in the first place? Unfortunately I don't know anybody well enough who lives outside of any of the banned jurisdictions to trust them with hundreds of thousands of dollars worth of crypto currency. If I get caught lying, Bitmex can literally liquidate all of my positions and essentially steal my money. Not sure about the others but I imagine it's the same. They're all trying to save their own skin, they don't care about me at all. Not saying it's a bad idea, I just don't see how it would be any different than the UK corporation I already setup.
  - ur-whale 5y ago
    > So when Bitmex asks for the information of the owners of the corporation, what do I tell them? The key here is the definition of "legal ownership of an entity", which - while most people tend to believe they're identical - is not the same as "actual control of an entity".
    - johnnyApplePRNG 5y ago
      Sorry, what are you suggesting/saying exactly?
      - ur-whale 5y ago
        > Sorry, what are you suggesting/saying exactly? I'm saying that being the legal owner of a company and having actual control of said company are really not the same thing. There are a number of ways to achieve this, all of which are very dependent on your personal context. But to be practical, I'll give you an example: a member of my extended family runs a construction company. For all intents and purposes, he completely controls the company: what it does, what the money generated is used for, etc... However, he does not own it: as seen from the govmt's perspective, his ex-spouse does. For reasons I am not going to get into, he could not own both this construction company and other businesses he controls without running into some issues. What he did: he divorced his wife and through the divorce, he gave her full ownership of the company. The facts that: - they still live as a couple - they love each other - they trust each other with their lives - the wife has zero interest in sticking her nose in the company's business None of the above appear on any book or has any legal standing. There is a reason why so many business names in the Anglo-Saxon world have the word "trust" in them. This is just an example, there are many other avenues.

Vadoff 5y ago

Sounds like it's time to move.

coralreef 5y ago
Yeah, abandon your family, friends, career, community, so you can have the freedom to run a crypto trading bot!

chowells 5y ago

> I am just another guy trying to make a buck like everyone else on this planet. What? Most people aren't trying to make a quick buck by rent-seeking in a system based on massive electrical waste. Myself? I cut my work hours recently so that I can live now instead of dreaming of someday. I spend my free time enjoying my life, not trying to figure out who to exploit. That's also an option.

andreilys 5y ago
I spend my free time enjoying my life, not trying to figure out who to exploit. It’s not clear to me why building a derivatives trading bot leads to exploitation but whatever floats your ideological boat I suppose.
- girvo 5y ago
  I don't neccesarily agree with what I'm about to comment, I'm just adding some clarity: ...rent-seeking in a system based on massive electrical waste. With that as the core assumption, the exploitation would be anyone who relies on the environment (everyone, then), I'd think.
  - gruez 5y ago
    How is operating a trading bot "rent seeking"?
    - Igelau 5y ago
      "Rent-seeking is the effort to increase one's share of existing wealth without creating new wealth." The accusation here, right or wrong, is that this is what crypto and the bot are ultimately doing. Note, this may have you reaching for questions that start with "How is this any different from..."
      - fighterpilot 5y ago
        The claim of pure rent-seeking is easily disproven by comparing bid-offer spreads before and after the advent of computerized market making and seeing how much bid-offer transaction costs have shrunk for the average investor.

treve 5y ago

> What are my options if/when Binance decides to ban Ontarians as well? You're an in an extremely risky market, from both a regulation perspective (they might shut you down/you might lose a lot), and from a perspective of all the scams and lack of transparency exists in crypto. You can either try to become political, or move on to less risky markets. If you're just here to make money, move on and try something that doesn't carry this insane regulatory risk.

baby 5y ago
Lots of scams sure, but what do you mean by "lack of transparency"? I thought the whole point of cryptocurrencies is the transparency they provide. EDIT: I guess you meant transparency of exchanges? In which case yeah, I would agree.
- treve 5y ago
  Exactly, lots of market manipulation, exchanges folding, executives replaced, not to mention all the issues around stablecoins.

noxer 5y ago

Have look at the XRPL DEX. You can trade there with IOUs (for example BTC IOUs or USD IOUs). Works from anywhere in the world since its a DEX and its extremely cheap (no fees) and it can not exclude people. You still need a way to exchange from and to traditional fiat but that should not be too hard to do. For the most part you can use IOU fiat so they can stay on the ledger ("blockchain").

xtracto 5y ago

For a small fee, i can run your bots from Mexico.

Barrin92 5y ago

>I'm not doing anything wrong imho. well you're not the subject of the regulation either, it's the platforms which offer financial products to customers. And even if you might not incur any significant financial risk, derivatives trading, just like any other complex financial instrument is regulated because we have more than enough experience with (systemic) distortions on financial markets and huge losses being incurred by consumers of such services.

jkhdigital 5y ago
> we have more than enough experience with (systemic) distortions on financial markets Who is “we”? Do you know who writes the legislation regulating financial markets? And you trust those people?
- deleted 5y ago
  [deleted]

jkhdigital 5y ago

Haven’t had any issues with OKEx and FTX. YMMV

meltedcapacitor 5y ago

There are still quite a few exchanges with only fake KYC (accept any burner email/any country) as long as you fund and withdraw only crypto. Sometimes with withdrawal limits, which you simply program into the bot (create new accounts every time you hit the limit).

rrdharan 5y ago

> What are my options if/when Binance decides to ban Ontarians as well? Why not find something else to do besides automating crypto derivatives trading?

wyck 5y ago

You're never going to get away from regulation on centralized exchanges. Have a look at injective , its a decentralized derivatives exchange, afterall crypto is meant to be decentralized.

arthurcolle 5y ago
Injective has no liquidity, what kind of recommendation is this?

tomc1985 5y ago

There's lots of other finance stuff you could be writing bots for... automated technical analysis on stocks, for example, and you can very neatly skirt all the crypto bullshit.

IfOnlyYouKnew 5y ago

Yes, you could move somewhere else, and maybe it isn't even fair or necessary or proportional to make life difficult for you specifically. But it could turn out to be quite lucky. Big career changes get more difficult with every year you get older. Plus: if it involves moving into any adjacent subject area, doing it now and not in three to thirty months when it all blows up, you won't be competing with thousands of guys wearing the same exact Jack Wolfskin jacket and trying to move from fantasy finance to the real thing. And if you don't share my pessimism: if I'm wrong and cryptocurrencies go mainstream, you also be out of luck because it'll become interesting to those teams of hundreds of Harvard & MIT quants. And, of course, you might get to do something useful. At least in comparison to ending up being blamed for bonfires of both money and forests.

perl4ever 5y ago
>you also be out of luck because it'll become interesting to those teams of hundreds of Harvard & MIT quants I read somewhere the comment that people like that are already there, and they have been reveling in the fact that simple arbitrage strategies that are otherwise obsolete in the rest of the financial world, are still quite lucrative with crypto.

nootropicat 5y ago

Dydx. It's a zkrollup (non-custodial) based perpetuals exchange, no kyc. Only an ip check for Americans on the interface. Liquidity for eth and btc perps is good now, volume picked up. https://dydx.exchange/blog/public https://dydx.exchange/blog/public

johnnyApplePRNG 5y ago
Their fees have lowered significantly since I last looked at them, wow! Thanks for the tip!

noitsnot 5y ago

I really have to question how Binance is pulling off basically no fee trading. There's something not right as if they may be hit with pretty hard regulation. Add in the Brian Brooks lasting two months as CEO of .US and Catherine Coley's short stint (and disappearance). I would transfer some of my funds over since they seemed to cleanup the customer service nightmare but it seems like too much unknown risk.

fighterpilot 5y ago
They don't have any fees?
- noitsnot 5y ago
  The first tier level is 0.0750% / 0.0750% (maker/taker) if you opt-in for your fees in BNB. https://www.binance.us/en/fee/schedule https://www.binance.us/en/fee/schedule
  - fighterpilot 5y ago
    Those are pretty large fees.
    - noitsnot 5y ago
      Give me a better option without suggesting Robinhood. Kraken is double and Coinbase Pro is x7. I'm U.S. based.
      - dkersten 5y ago
        Bybit? Their derivatives fees are 0.075% for takers just like Binance (and maker is -0.025%). Spot trading is 0.1% (and 0% maker fees). https://help.bybit.com/hc/en-us/articles/360039261154 https://help.bybit.com/hc/en-us/articles/360039261154
        fighterpilot 5y ago

danlugo92 5y ago

Binance has very lax KYC for certain countries. Venezuela has a very basic paper-only id card.

dkersten 5y ago

Unfortunately the problem seems to be with the Ontario Securities Commission, so the exchanges don't have much choice. No idea how Binance gets around it.

danlugo92 5y ago

Shot you an email.

secondaryacct 5y ago

You're the definition of a parasite scalping cents on the market providing no utility. That s fine and legal, but why would we, the people represented by the elected government, care for your edge case when tons of people are being exploited by these ?

arthurcolle 5y ago
You don't understand market structure. Market making provides liquidity which is literally required to have efficient markets. I don't know enough about how his bot operates but if he is a maker of liquidity then he is providing a useful function. Please don't spread FUD and fake news if you don't understand market microstructure. Thanks.

zelly 5y ago

> I don't have millions of dollars in my pocket You need to work on your alpha then, that should be your priority

nradov 5y ago

If you're looking for options, a better one would be to find the nearest casino and bet it all on black. You're more likely to win there than with some trading bot. And if you do win the casino will actually pay out instead of stealing your money. They might even give you free drinks. Seriously those exchanges and trading platforms are set up to take advantage of n00bs like you. Don't be a sucker.

hkai 5y ago

You voted for the government hell-bent on safetyism, so that's a consequence.

johanneskanybal 5y ago

I think many of us have done similar things but after researching the legal and tax aspects of it decided it was a terrible idea. your local regulations and tax rules may vary just promise to research it 100% before continuing :)

egorfine 5y ago

I can feel your pain. My bot is running on BitMex and Binance. I live in a corrupt Shithole Country™, so as of right now I enjoy pretty lax KYC from both exchanges. I'm truly bothered by the fact that all of them are seemingly happy to comply with the laws of governments in regard to it citizens. So as soon as my country bans crypto (which is close to inevitable) - Binance will happily strip me of my income. For no reason, really. Pushing me, a non-criminal and mostly() law-abiding citizen to turn to money laundering schemes. technically every working citizen here is a criminal

darwingr 5y ago

I just went over the CRA's rules for how it treats cryto and all I can say is oof. Worse part to me seemed to be that you can't deduct expenses (hardware, fees, power, etc) from your capital gains lest it then be considered income and therefore have the full tax rate.