Topic: Exchanging large amounts of BTC for FIAT - page 2. (Read 340 times)
There is nothing to fear in doing the trade. Binance is a trusted service provider and it have the much easier interface. In particular one can prefer to do the trade and recieve the funds in the respective bank account through the P2P trading feature. For users who doesn't have a verified binance account can look for alternates like our forum currency exchange section where you need to find a person and make the trade with the help of an escrow.
Sorry for the misunderstanding.
The amount is big enough for him to be afraid to trust any exchange to make the exchange. It is also big enough for me to consider sending him FIAT in exchange for his BTC.
When I say it is not a huge amount, I mean it is not a life-changing amount (for the majority of people living in Europe - where we live).
friend.
The amount is big enough for him to be afraid to trust any exchange to make the exchange. It is also big enough for me to consider sending him FIAT in exchange for his BTC.
When I say it is not a huge amount, I mean it is not a life-changing amount (for the majority of people living in Europe - where we live).
friend.
If the Bitcoin is huge enough and he is certain that the Bitcoin is also clean (that is to say, the address at which he is holding the Bitcoin is not among those blacklisted by exchanges for theft), then I will also recommend that he use Binance to make a quick exchange via the P2P option since you said the exchange is already fully verified. I am sure it will be a quick exchange.
And I will also give the advice that, to be on the safe side, he should either divide the coin into 2–5 places before selling on the P2P marketplace, so that when one trade becomes successful, he can move on to the next, and so on until he has traded them all and reached his target. He should also be very careful when doing the trade, for there are also lots of scammers who are waiting for newbies who will fall victim to their scam. Most of them ask sellers to release coins first before they make payment, which is why some send a fake edited receipt and claim they have sent you money, which you might sometimes think is the bank network delaying the deposit.
Tell your friend to always log onto his bank and confirm each deposit from the vendor before proceeding to the release coin option, just to be on the safe side.
I've heard that there is services around the world, they will fly to your city and exchange your btc to fiat if it's over 300k$.
But for big amounts you can always use OTC services of every CEX. It's right in the footer of exchanges including binance and kraken
But for big amounts you can always use OTC services of every CEX. It's right in the footer of exchanges including binance and kraken
Hello everybody.
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
I've used Binance for years and didn't really encounter problems I think you're going to be good, Binance is one of the top exchanges that you could use but still just do not put your funds on exchange for a long time, even though its a big exchange there is always the possibility that it might have issues like and possibly something similar to FTX could happen.
Still, I would still recommend Binance, but putting in a big amount of funds will not give you any issues. I think you're going to encounter this problem the time you convert your cryptocurrency or your funds to fiat money. When you put a large amount of money in the bank especially when it comes to something like Binance or a shady address the banks might hold your funds or ask where did you get that funds and then probably ask for some documentation. It already happened to my friend when hi try to cash out a big amount of bitcoin last time when bitcoin drop down a big percentage.
Hello everybody.
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
I think your friend knows little about bitcoin and looks up to you for advice in this area. He wants to do something as simple as exchanging bitcoins to fiat, since he already has the bitcoins in an exchange he could have used the Binance p2p service, it’s safe and reliable. It’s a cheaper option than withdrawing the bitcoins to a different wallet because Binance charges a withdrawal fee. What’s the point of storing bitcoins in an exchange if you do not use the p2p service? A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
So far, I've never had a problem using binance, and I think it's one of the most reliable exchanges out there right now. your friend just needs to do KY and try to exchange the assets he has. If you feel that binance is not trusted, you can help your friend by sending him fiat and he sends you the bitcoin he has. Also, he might be able to split the assets he has into parts to send to Binance to try to withdraw from there.
I recommend Binance, it's really a reliable exchange for us, I've been using them for the past 5 years and haven't had any problems with small to large amounts. If two people are really close, they can exchange it, but if they are not very close, it is not recommended because there is still a chance that one of them scams because this is a large amount of money.
Very laughable, how is Binance exchange a piece of shit? This is the bet exchange that handles crypto to Fiat service very well, their P2P is very reliable than many others, unless you go against their rules, like don't release your fund until you get your money credited into your bank account, all you need to do is pass the KYC verification.
You said it yourself 'exchanges are unpredictable' so no one could really tell you what to expect here but personally, I wouldn't go with Binance, not when dealing with fiat anyway. You should look into Coinbase.
But I think what you should be more concerned about here, is the bank you're going to deal with. You probably have a higher risk with them, than you do with an exchange because you're converting to fiat.
But I think what you should be more concerned about here, is the bank you're going to deal with. You probably have a higher risk with them, than you do with an exchange because you're converting to fiat.
Exchange small amounts on the exchange which you are prepared to lose just in case they halt transactions like you said and then you reduce the risk and will not lose all of it. The fees will cost more but I do not think this is a problem if you want security instead of trying to sell all your Bitcoin at once. I recommend only exchanging on reputable exchanges because they are less likely to halt transactions suddenly. You can maybe use a p2p exchange but I think these are more risky for the things you are concerned about because you are relying on the exchange and the person you are trading with not halting transactions and I think you will be better with a centralized exchange in this scenario.
So far, I've never had a problem using binance, and I think it's one of the most reliable exchanges out there right now. your friend just needs to do KY and try to exchange the assets he has. If you feel that binance is not trusted, you can help your friend by sending him fiat and he sends you the bitcoin he has. Also, he might be able to split the assets he has into parts to send to Binance to try to withdraw from there.
It is not a huge amount, but it is definetely more than I can afford...
That's exactly my point my friend. I also have a Binance account, but I don't use it at all. I use hodl hodl, but I can't tell him to use hodl hodl too, since I don't recommend it for large amounts.
Aren't you contradicting yourself here as first you said its a big amount, they you said its not and now again you say its big? Anyway, if in the end is not a huge amount you should definitely advise your friend to check Bisq as it should be possible to sell bitcoin in relatively short time frame. If he doesn't want to go through that hassle and amount is not big, he can try Binance too but in that case he should be ready to go through some extra verifications.
Sorry for the misunderstanding.
The amount is big enough for him to be afraid to trust any exchange to make the exchange. It is also big enough for me to consider sending him FIAT in exchange for his BTC.
When I say it is not a huge amount, I mean it is not a life-changing amount (for the majority of people living in Europe - where we live).
Binance is one of the most trusted crypto exchanges, so it's pretty safe as long as a person is ready to comply with their rules. If it's a really big transaction, I believe they can ask about the sources of money, and if a bank account receives a big transaction, the bank might have questions as well. So I don't know, perhaps split into several transactions and into several bank accounts if it's possible and easy in your country? I wouldn't do a big transaction via an exchange because I wouldn't want to deal with the delays and sorting things out, as well as a small but present risk of not getting your money, either due to a scam or funds being frozen by the exchange or by the bank.
Fortunately it is possible to split the withdrawals in multiple accounts. Thanks for the suggestion my friend.
I think it's only natural for your friend to ask that because Exchanging large amounts of BTC for FIAT can be a risky process, so it's important to make sure you do it safely and legally. As we all know Binance is a popular exchange that offers crypto-to-fiat exchanges, and the process is usually quite simple as some exchanges may charge a fee for withdrawals. Additionally, if you are looking for more privacy when exchanging your BTC for FIAT, you may want to consider peer-to-peer exchanges, as they can offer more anonymity.
Binance is one of the most trusted crypto exchanges, so it's pretty safe as long as a person is ready to comply with their rules. If it's a really big transaction, I believe they can ask about the sources of money, and if a bank account receives a big transaction, the bank might have questions as well. So I don't know, perhaps split into several transactions and into several bank accounts if it's possible and easy in your country? I wouldn't do a big transaction via an exchange because I wouldn't want to deal with the delays and sorting things out, as well as a small but present risk of not getting your money, either due to a scam or funds being frozen by the exchange or by the bank.
It is not a huge amount, but it is definetely more than I can afford...
That's exactly my point my friend. I also have a Binance account, but I don't use it at all. I use hodl hodl, but I can't tell him to use hodl hodl too, since I don't recommend it for large amounts.
Aren't you contradicting yourself here as first you said its a big amount, they you said its not and now again you say its big? Anyway, if in the end is not a huge amount you should definitely advise your friend to check Bisq as it should be possible to sell bitcoin in relatively short time frame. If he doesn't want to go through that hassle and amount is not big, he can try Binance too but in that case he should be ready to go through some extra verifications.
Hello everybody.
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
There is no big deal here. Here should register on Binance, get his or herself verified using any provided means of identification verification in Binance. It does not take longer time to complete verification if the information provided are accurate. After successfully passed the verification, click on P2P service and choose available vendors to trade with. Make sure you attached your banking information first thou. To be on a safer side, select among the verified vendors. If you have the money up to the quantity of btc he wants to exchange, then you can send him the money and collect the btc in return so you can save him or her of time wasting. A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
Assuming we were dealing with a little number of funds here I would have asked you to just go ahead with using Binance, I guess you're already aware of the fact that you'll be asked to complete your KYC but since you mentioned a large amount then I'll ask that you look for a decentralized exchange like https://bisq.network, not suitable for large volume trade, for example that the way you won't have to worry about your coin being seized by any central body.
This will be the safest and most trusted option all you have to do now is to compare the price that he was supposed to sell in an exchange and them send him the money once you've confirm that he has sent you the coins, at least this way none of you will be able to scam each other unlike online p2p tht's been flooded by scammer looking for newbies to dupe.
[~snipped~]
I even thought of sending him FIAT and letting him send me BTC, b,ecause I don't plan to sell my BTC soon.
I even thought of sending him FIAT and letting him send me BTC, b,ecause I don't plan to sell my BTC soon.
This will be the safest and most trusted option all you have to do now is to compare the price that he was supposed to sell in an exchange and them send him the money once you've confirm that he has sent you the coins, at least this way none of you will be able to scam each other unlike online p2p tht's been flooded by scammer looking for newbies to dupe.
He already has a verified account in Binance. No unfortunately I don't have the cash equivalent. It is not a huge amount, but it is definetely more than I can afford...
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs?
Why you're saying Binance is a piece of shit? there's no problem to use Binance as long as you're fine to submit your KYC, it's currently the biggest exchange so huge amount transaction isn't really common on there. Just use Binance to trade, not for holding your coins.If your friend can wait and doesn't really need the money in hurry, you can suggest him to use Bisq or hodlhodl since it's P2P exchange and there's no way they will halt your withdrawal.
Hello, I didn't want to be rude
Binance must be totally organised for a massive crypto withdrawal to external wallets. It is everyone's right to choose self-custody over cex. However, they stated liquidity issues, which is unacceptable and a little scary.In principle, he shouldn't have a problem, as he has an account at Binance and the bitcoins there. There is a certain risk in leaving them in centralised entities such as Binance, but I don't see any more risk in changing bitcoin to fiat or simply having the bitcoin there, it's the same risk. Another thing is when he withdraws to his bank account, his bank could stop the transaction and ask him about the origin of the funds if he is not clear.
In any case, if everything has a legal origin and he can prove it, the most he faces is a delay.
In any case, if everything has a legal origin and he can prove it, the most he faces is a delay.
thanks. As I said, our only anxiety has to do with their liquidity.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Even though I have Binance account, went though KYC (had to do it to unlock account due lost 2FA), using their debit card for 2 years and never had any issues with them, I honestly still wouldn't trust them with larger amounts and would find some other way, most likely directly P2P. There are some like Bisq that are very good decentralized exchange, but I do not know about their trading volume.
Well, since he mentioned that his friend wants to exchange large amounts Bisq is probably not the best way to do it if you wanna do it fast due their low volume so may end up losing a lot of money. Then again, if his friend is not in a hurry and has time, he can do it gradually little by little.That's exactly my point my friend. I also have a Binance account, but I don't use it at all. I use hodl hodl, but I can't tell him to use hodl hodl too, since I don't recommend it for large amounts.
Assuming we were dealing with a little number of funds here I would have asked you to just go ahead with using Binance, I guess you're already aware of the fact that you'll be asked to complete your KYC but since you mentioned a large amount then I'll ask that you look for a decentralized exchange like https://bisq.network, not suitable for large volume trade, for example that the way you won't have to worry about your coin being seized by any central body.
This will be the safest and most trusted option all you have to do now is to compare the price that he was supposed to sell in an exchange and them send him the money once you've confirm that he has sent you the coins, at least this way none of you will be able to scam each other unlike online p2p tht's been flooded by scammer looking for newbies to dupe.
[~snipped~]
I even thought of sending him FIAT and letting him send me BTC, b,ecause I don't plan to sell my BTC soon.
I even thought of sending him FIAT and letting him send me BTC, b,ecause I don't plan to sell my BTC soon.
This will be the safest and most trusted option all you have to do now is to compare the price that he was supposed to sell in an exchange and them send him the money once you've confirm that he has sent you the coins, at least this way none of you will be able to scam each other unlike online p2p tht's been flooded by scammer looking for newbies to dupe.
Hello everybody.
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
There is no big deal here. Here should register on Binance, get his or herself verified using any provided means of identification verification in Binance. It does not take longer time to complete verification if the information provided are accurate. After successfully passed the verification, click on P2P service and choose available vendors to trade with. Make sure you attached your banking information first thou. To be on a safer side, select among the verified vendors. If you have the money up to the quantity of btc he wants to exchange, then you can send him the money and collect the btc in return so you can save him or her of time wasting. A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Even though I have Binance account, went though KYC (had to do it to unlock account due lost 2FA), using their debit card for 2 years and never had any issues with them, I honestly still wouldn't trust them with larger amounts and would find some other way, most likely directly P2P. There are some like Bisq that are very good decentralized exchange, but I do not know about their trading volume.
Well, since he mentioned that his friend wants to exchange large amounts Bisq is probably not the best way to do it if you wanna do it fast due their low volume so may end up losing a lot of money. Then again, if his friend is not in a hurry and has time, he can do it gradually little by little. 
Binance is trusted exchange market and possibility withdrawing huge amount to be cash trough P2P, you don't need third party or local exchange market for withdrawing to the bank but selling fiat by P2P and use the same Bank account name with your friend Binance account exchange. I don't think difficult withdrawing assets in exchange market exactly with Binance but don't tries huge amount for first time selling trough P2P in Binance.
Another way to withdraw fund in Binance you can convert fiat fund to your local pair, in Binance several countries pair trading and I used it before withdrawing to my local exchange, don't need to trade fiat or stable coins in your local exchange market and directly withdrawing become your local money currencies.
Another way to withdraw fund in Binance you can convert fiat fund to your local pair, in Binance several countries pair trading and I used it before withdrawing to my local exchange, don't need to trade fiat or stable coins in your local exchange market and directly withdrawing become your local money currencies.
If his bitcoins are not involved in theft or crime, there should be no problem transferring bitcoins to Binance in exchange for fiat. Another note is that you need to make sure his Binance account is KYC to avoid unnecessary trouble. Binance is still safe for instant transactions, it's just not safe when you use them to store long-term assets. But if the two of you really trust each other, why not do as you think? The two of you can trade with each other since you also have the need to hold bitcoins for the long term.
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