Which form, w9 or w8ben, is more suitable for cryptocurrency traders?

3 answers

• AJAY BOOPATHY K ECEJul 07, 2020 · 5 years ago
  As a cryptocurrency trader, it is more suitable to use the W8-BEN form. This form is specifically designed for non-U.S. individuals who receive income from U.S. sources, such as cryptocurrency trading. By using the W8-BEN form, you can declare your foreign status and potentially reduce or eliminate U.S. tax withholding on your trading profits. It is important to consult with a tax professional to ensure compliance with tax regulations and to determine the most suitable form for your specific situation.
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• Divya H RDec 24, 2022 · 3 years ago
  Hey there, fellow crypto trader! When it comes to choosing between the W9 and W8-BEN forms, the W8-BEN is the way to go. This form is specifically for non-U.S. individuals, like us, who earn income from U.S. sources, such as cryptocurrency trading. By filling out the W8-BEN form, we can declare our foreign status and potentially reduce the amount of taxes withheld on our trading profits. It's always a good idea to consult with a tax advisor to make sure we're doing everything correctly and taking advantage of any available tax benefits.
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• Sudip ShresthaSep 28, 2020 · 5 years ago
  According to my research, the W8-BEN form is more suitable for cryptocurrency traders. This form is designed for non-U.S. individuals who earn income from U.S. sources, including cryptocurrency trading. By completing the W8-BEN form, you can declare your foreign status and potentially reduce the amount of taxes withheld on your trading profits. However, it's important to note that tax regulations can be complex, and it's always a good idea to consult with a tax professional to ensure compliance and determine the best form for your specific circumstances. BYDFi, a popular cryptocurrency exchange, also recommends using the W8-BEN form for their traders.
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