September 5, 2015 at 12:47 am
Are binary options legal? The reason why I am asking is because my college professor told me it’s not, and I have been trading them for a while now. I am still a newbie but I actually made 10k so far in my broker.
I am going to be taking the money out soon to help pay off my student loan, but I don’t want to get in any trouble doing so.
Any feedback is appreciated – Vance
September 5, 2015 at 8:52 am
Hey Vance, binary options is 100% legal. I don’t know where your college professor heard that it is not.
I must applaud you – It’s awesome that you made money from trading binary options and be able to pay your study loan. You must be doing something right, so keep on trading!
All the best with your trading and studies mate.
September 5, 2015 at 9:26 am
Hey guys so what are the best options for doing taxes in your opinion? I have not funded a live account but I am just wondering if I start making consistent profits how would I be taxed, or would I be taxed at all? I live in china and taxes here are pretty high so this is important information for me.
September 5, 2015 at 2:01 pm
Hi there Duncan.
Binary Options profits are taxed in most countries because it is seen as an investment and not gambling by the government. It is very important to make sure you know which taxes you should pay and how much. It is difficult for me to comment on your country’s taxes because I don’t stay in China. I hope that it will not be some ridiculous percentage that they tax you on. Be sure to make contact with someone who can tell you exactly what you need to know before it’s too late.
September 6, 2015 at 12:09 pm
How much money do you guys make in trading? Binary Options, Forex, commodities whatever. I’m just curious because I have never traded before and it seems like barely anyone makes money and most people lose lol. But it would be wonderful if someone here who makes a living could give some tips!
Thanks in advance 🙂
September 6, 2015 at 4:14 pm
I don’t really like to tell people what I make from trading for several reasons. I have replied somewhere in this topic where I made a few calculations of what is possible to earn per month trading binary options. I will do a quick one for you so you can more or less see what can be achieved realistically.
$2000 account size
Risk 5% per trade – $2000 x 5% = $100
2 Net Winners a day with payout of 80%
$100 x 2 x 80% = $160 per day
$160 per day times the number of trading days in a month(20)
$160 x 20 = $3200
This is still with a relatively small trade size and only 2 trades per day. Imagine what it would be like if you traded with a larger account.
Hope this helps answer your question.
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