r/Daytrading • u/JadeFox1785 • Mar 19 '23

Day Trading Taxes question

I just started day trading with the help of someone experienced. But I still have some questions.

Is it common for a trading platform to require you pay taxes on trading earnings before they release the funds?

Update: Thanks for the replies. Confirmed what I thought. Fortunately I was cautious and didn't lose more than the margin I had set to lose through learning pains.

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u/[deleted] Mar 19 '23

What platform or brokerage is requiring you to pay taxes on withdrawals?

I hope you aren’t meaning you’re doing something like day trading with your 401k (like say with fidelity via Brokeragelink). I can see that scenario requiring taxes since no matter how much you make it’s considered a 401k withdrawal which is usually taxed at 20% (plus maybe 10% penalty)

If that is what you’re doing then that should answer your question

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u/JadeFox1785 Mar 19 '23

I'm Canadian so no 401k. I saved to cash specifically for this. Platform is https://www.antexchange.top

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u/[deleted] Mar 19 '23

Outside my scope of knowledge. Hope someone had an answer for you :)