Cryptocurrency is a great asset to invest in at the moment, as the market continues to increase and more currencies are being developed. As we come closer to what is expected to be a completely digital future, cryptocurrencies are allowing traders to get ahead of the game and learn how things will work one day.
Those who take their crypto trading seriously will be looking for a reliable way to preserve the long-term value of their assets and ensure that their current efforts are not put to waste.
There are some good options out there for funds and accounts that can store cryptocurrency, but a self-managed super fund is the best.
What Is A Self-Managed Super Fund?
An SMSF cryptocurrency account is a way to preserve the long-term value of digital assets, and it can also be a viable option for those looking to start a retirement portfolio.
They are an increasingly popular investment structure that is especially useful for cryptocurrencies. Investing in an SMSF allows traders to take advantage of the generous tax structures in place for crypto as well as helping to maintain the value of assets long term.
A self-managed super fund is a form of a retirement account that provides tax benefits and privileges to members. They are a great structure to use for cryptocurrencies, and it is estimated that there are over half a million SMSFs in Australia currently.
SMSFs can be used for a range of assets, but they are currently very popular for those in the crypto trade industry as they can be a great fund to maintain the value of cryptocurrencies.
How To Open An SMSF
If you are looking to start your retirement portfolio and want a reliable way to preserve the value of your digital assets, then a self-managed super fund is a great way to go.
They can be easy to open if you go through a reliable source such as Swyftx, which has partnered with New Brighton Capital to allow for their users to invest in SMSFs. This makes it easy to apply for a self-managed super fund if you are already a member of Swyftx due to their connection with this banking partner.
Before you can be given an SMSF, you must first apply to the ATO for approval.
With a Swyftx account, which is an online exchange platform that supports over 250 digital assets, it will be easy to apply for an SMSF as you already have an account that the funds will be transferred from.
Once this paperwork has been completed and you have been approved for a self-managed super fund, you will then need to open a bank account that can be used in transfers to this new account, connect your Swyftx account, and create new data leads.
An SMSF, once set up, can be a great tool for crypto-traders as it can help you see long-term benefits and tax privileges from your current efforts in the industry.
Also Read: Staking vs. Lending Crypto: Which is Best for You?
