Cashing out tips & strategies - page 2.

kryptqnick

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Quote from: serveria.com on May 14, 2020, 04:12:35 AM

I guess all (most) HODLers are considering to cash out at some point after new highs are reached. So here in this thread we can share experience and ideas on how to do it safely, swiftly and efficiently. Best rates, opsec issues, crypto-friendly banks etc... any hints will be appreciated!

P.S. I lost nearly all my stash in an unfortunate boating accident so my interest is purely theoretical. Cool

P.P.S. If this topic doesn't belong here please feel free to move it to the appropriate section.

From my experience, the local context matters a lot. If one uses a crypto exchange, one might sell BTC for EUR or USD, but these are not the currencies people mainly use. So apart from the fees associated with this transaction, there will also be the losses due to the USD-local fiat exchange rate. So I prefer to use websites that allow me to sell BTC and receive my local currency directly. In Ukraine, the best exchanges seem to be those suggested by bestchange.com. I've calculated that on average I lose around 4% on the fees. And while my bank account and name de-anonymize me, no proper KYC is required.

serveria.com

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Quote from: nicecrypto on May 15, 2020, 08:08:00 AM

Quote from: serveria.com on May 14, 2020, 05:35:08 AM

Here are some links for OTC trade provided by one fellow WOer:

https://genesistrading.com
https://www.b2c2.com
https://cumberland.io
https://www.circle.com/en-gb/trade

Haven't tried myself I'm curious if somebody here tried one of these? Minimum amount could be something like 50-75k?

To me I think any time I feel like cashing out whatever I have, binance has made it very easy for us, meaning I can easily cash out straight into my local bank account, so the days of using third party services to cash out is behind me, although some people may not find it important because they are not interested in kyc but to me it is great and less stressful, so cashing out process can be different for everyone because we are all from different locations.

Binance is a well-known crypto to crypto exchange. Do they also allow FIAT withdrawals? Btw, is there any link where it's possible to compare the withdrawal limits of all major exchanges?

nicecrypto

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Quote from: serveria.com on May 14, 2020, 05:35:08 AM

Here are some links for OTC trade provided by one fellow WOer:

https://genesistrading.com
https://www.b2c2.com
https://cumberland.io
https://www.circle.com/en-gb/trade

Haven't tried myself I'm curious if somebody here tried one of these? Minimum amount could be something like 50-75k?

To me I think any time I feel like cashing out whatever I have, binance has made it very easy for us, meaning I can easily cash out straight into my local bank account, so the days of using third party services to cash out is behind me, although some people may not find it important because they are not interested in kyc but to me it is great and less stressful, so cashing out process can be different for everyone because we are all from different locations.

serveria.com

legendary

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I'd like to ask you to keep this thread spam free. Only post if you have any tips or other valuable info on how to cash out. Thank you very much!

wingfield_crypto

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Setting a goal is always important, because it helps people know when to stop and avoid regrets. The price of a coin will not increase indefinitely, but if you have reached your price target, you can withdraw them without regrets. Of course, the price target must be realistic, otherwise you will never enjoy profit.
I set a price cap for each currency I own at which to sell, depending on the history and potential of the currency.

Leonardo7

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Wow, sons of men are planning to cash out. Lols. This is good though, what is the essence of seeing your money grow and never take action only to see it dump badly again like in 2017, only to keep asking when Lambo in a hopeful wish! I decided that any time we experience an unusual price growth, I will take profit and when there is a correction, I buy low with some percentage of my profit, I never sell all my position to fiat and will never do that in the future. Got verified account for this purpose.

Utoy101

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Quote from: serveria.com on May 14, 2020, 04:12:35 AM

I guess all (most) HODLers are considering to cash out at some point after new highs are reached. So here in this thread we can share experience and ideas on how to do it safely, swiftly and efficiently. Best rates, opsec issues, crypto-friendly banks etc... any hints will be appreciated!

P.S. I lost nearly all my stash in an unfortunate boating accident so my interest is purely theoretical. Cool

P.P.S. If this topic doesn't belong here please feel free to move it to the appropriate section.

The key to having an effective cashout when the time is right is actually knowing what you want and how much profits you want to achieve before even getting into the trade, that's the only way you will be able to cashout without emotions and greed not clouding your decision. I think every trader knows how difficult it is to hit that sell button when the market is greening but the bitter fact still remains, the green movements won't always last forever and as such, knowing when to cashout is paramount

shoreno

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Quote from: kezinaur14 on May 14, 2020, 06:15:47 PM

Quote from: serveria.com on May 14, 2020, 05:33:07 AM

Quote from: GreatArkansas on May 14, 2020, 05:20:57 AM

Also if you are planning to cash out your Bitcoins, you should plan it ahead. Just like what I am doing when I want to cash out, I am transferring my Bitcoins to my exchange account and use only 1 - 5 satoshi per byte, like maybe 3-5 days before I want to sell it since sometimes the traffic of network is too high, so 1 - 5satoshi per byte fee is kinda too long but I also saved some bucks there.

Great tip, in fact it's clever to keep a small fraction of your stash on an exchange(s) so you can cash out faster? It's a win-win as you get lower fees and save lots of time if compared to transferring last minute? I'd like to add that you should only keep the amount you can afford to lose on an exchange!

Just make sure your stash is not too big, as any exchange you hold coins on, you're not the owner of said coins by definition. Yeah they can say the coins are tied to your name and email, but the reality is, if they decide to screw you, they basically can. I personally never keep over $1k on exchanges.

they can screw you only if the exchange is not trusted enough or you have done something that isnt right like not following thier rules but its okay to to depo only smaller amount depending on your capacity . i like the tip above and ive been doing that all the time , advance withdrawal using small fee . this is sometimes beneficial too because the price can rise more before your coins arrived on your wallet resulting for you to earn more . if you think the price is already high enough and willl prolly decline , you should use high fee for faster transfer

gentlemand

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Welt Am Draht

Quote from: serveria.com on May 14, 2020, 06:35:32 PM

ANY bank may start to ask questions sooner or later. Everything depends on the amount of money going into your account. If you're receiving, say $10k monthly and then all of a sudden you receive $500k you will be charged with money laundering. Sad

Numbers may differ but you got the idea...

No way would I deposit mountains of money out of nowhere. All you need to do is attempt to find a live human at the bank and tell them before time. I have a complete paper trail so I'd supply that if necessary. As long as they're made aware there shouldn't be any problems. Millions of people send millions of dollars through bank accounts every year.

serveria.com

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Quote from: MCobian on May 14, 2020, 06:08:09 PM

I'm sure most of the members of this forum already know how to cash out properly. In my opinion a good cash out strategy is through
local exchanges, because thus available fiat pairing of our respective countries. Because local exchanges in my country already working
with banks, it will be easier to cash out. The results of the cash out go directly to my bank account.

ANY bank may start to ask questions sooner or later. Everything depends on the amount of money going into your account. If you're receiving, say $10k monthly and then all of a sudden you receive $500k you will be charged with money laundering. Sad

Numbers may differ but you got the idea...

kezinaur14

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Quote from: serveria.com on May 14, 2020, 05:33:07 AM

Quote from: GreatArkansas on May 14, 2020, 05:20:57 AM

Also if you are planning to cash out your Bitcoins, you should plan it ahead. Just like what I am doing when I want to cash out, I am transferring my Bitcoins to my exchange account and use only 1 - 5 satoshi per byte, like maybe 3-5 days before I want to sell it since sometimes the traffic of network is too high, so 1 - 5satoshi per byte fee is kinda too long but I also saved some bucks there.

Great tip, in fact it's clever to keep a small fraction of your stash on an exchange(s) so you can cash out faster? It's a win-win as you get lower fees and save lots of time if compared to transferring last minute? I'd like to add that you should only keep the amount you can afford to lose on an exchange!

Just make sure your stash is not too big, as any exchange you hold coins on, you're not the owner of said coins by definition. Yeah they can say the coins are tied to your name and email, but the reality is, if they decide to screw you, they basically can. I personally never keep over $1k on exchanges.

MCobian

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I'm sure most of the members of this forum already know how to cash out properly. In my opinion a good cash out strategy is through
local exchanges, because thus available fiat pairing of our respective countries. Because local exchanges in my country already working
with banks, it will be easier to cash out. The results of the cash out go directly to my bank account.

serveria.com

legendary

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Privacy Servers. Since 2009.

Quote from: DdmrDdmr on May 14, 2020, 11:19:36 AM

Actually, there’s not only the how, where and how much to ponder, but also the ramifications in may have in terms of taxation/deanonymization (from an IRS or equivalent point of view).

The second part of the story I have added will depend on stuff like the country of residence, applicable law, will to come clear or remain opaque, and so forth, but adds an interesting, and potentially nerve-wracking post-sell set of variables to consider beforehand.

Possible solution in such case is to travel to some Eastern European country (Ukraine?) open a conventional bank account there and cash out at a branch. I'm not sure how safe this trip is going to be though...

serveria.com

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Quote from: gentlemand on May 14, 2020, 05:52:18 PM

Quote from: DarkDays on May 14, 2020, 05:17:43 PM

If Bitcoin ever reaches a stupidly high value very quickly, then I may be tempted to cash out my whole stash, in which case I'll probably arrange a local meet and sell for cash.

Cash's days are numbered depending on where you are and that was before the viral fun. If it's under the radar it's also a monster pain up the arse. You can't actually do anything significant with it in many a country any more. You can only buy so much food and fuel per week.

I can't see the point of securing a large amount of profit and spending the rest of your days hiding it. A wodge of play money would be useful though.

If we speak about Europe, there's a huge difference between, say Sweden and Germany for example. In Sweden cash is used very rarely, while in Germany cash is still king Grin

gentlemand

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Quote from: DarkDays on May 14, 2020, 05:17:43 PM

If Bitcoin ever reaches a stupidly high value very quickly, then I may be tempted to cash out my whole stash, in which case I'll probably arrange a local meet and sell for cash.

Cash's days are numbered depending on where you are and that was before the viral fun. If it's under the radar it's also a monster pain up the arse. You can't actually do anything significant with it in many a country any more. You can only buy so much food and fuel per week.

I can't see the point of securing a large amount of profit and spending the rest of your days hiding it. A wodge of play money would be useful though.

serveria.com

legendary

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Quote from: DarkDays on May 14, 2020, 05:17:43 PM

If Bitcoin ever reaches a stupidly high value very quickly, then I may be tempted to cash out my whole stash, in which case I'll probably arrange a local meet and sell for cash.

Selling for cash can be dangerous. Criminals may use the good old $20 wrench method to force you to give them your private keys for example. Or just give you counterfeit money.

DarkDays

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I personally convert most of my cryptocurrency to giftcards on Bitrefill, since I happen to spend a lot of money on Amazon and at various other retailers anyway.

Beyond that, I invest in gold from European Mint, and keep the rest in crypto savings accounts. Whatever I generate from the savings accounts is converted into gold.

If Bitcoin ever reaches a stupidly high value very quickly, then I may be tempted to cash out my whole stash, in which case I'll probably arrange a local meet and sell for cash.

Not exactly sure how to do that securely yet, but hopefully this thread will give me some ideas.

Sanugarid

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Quote from: serveria.com on May 14, 2020, 10:51:22 AM

Any more exchanges like CB where Paypal and online (cloud) bank withdrawals are allowed?

As far as I know paypal withdrawals are just supported for US citizens and there is no other top exchange that is offering a fiat deposit like coinbase even the binane hasn't doing it yet.
As for my cashing out strategy, I always sell by batch so the fee is more in control especially when it is from a stablecoin when you converted bitcoin or any coin.

gentlemand

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Quote from: serveria.com on May 14, 2020, 03:29:09 PM

Interesting but... what about limits on an exchange? If the amount in stablecoins is big enough can they freeze your account? Perhaps also request some additional proof of ownership? In any case, you need to study their terms and conditions before you do it. What is the exchange you'd recommend for this? What are the exchanges with less restrictions/higher limits?

That's another area I wouldn't touch. It's either Tether, which is terrifying in its own way, or it's something like USDC or Paxos where you're at the mercy of one entity's good will to make good on the redemption, then you have normal banking to worry about too. Both Gemini and Paxos have refused stablecoin redemptions in the past because too much redeeming made them look bad on CMC.

All of these systems will be under intense pressure if you're offloading near a peak.

I don't get what's wrong with good old real dollars.

serveria.com

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Quote from: Nalbo on May 14, 2020, 11:40:01 AM

I plan to change my crypto to stablecoins on it's peak and sell it on batches. Withdrawing stablecoins or converting them to digital payment gateway like paypal and skrill is easier which can easily be deposited to banks without questions raised. I'm even thinking about NEXO mastercard. If it works as advertised, it's the easiest way to change your crypto to cash.

Interesting but... what about limits on an exchange? If the amount in stablecoins is big enough can they freeze your account? Perhaps also request some additional proof of ownership? In any case, you need to study their terms and conditions before you do it. What is the exchange you'd recommend for this? What are the exchanges with less restrictions/higher limits?

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