Exchanging large amounts of BTC for FIAT - page 3.

Solosanz

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Quote from: apogio on March 16, 2023, 03:26:48 AM

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.

AbuBhakar

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Quote from: apogio on March 16, 2023, 03:26:48 AM

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...

You can use https://bisq.network/ and https://hodlhodl.com/ to trade in a decentralized platform without the need to trust CEX since you hold your private key here. The only con was the difference in the price which is understandable since people charge a bit premium on their listing here. There's no KYC or any bullshit centralized thing.

Don Pedro Dinero

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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.

_act_

legendary

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Lightning network is good with small amount of BTC

He can use Binance if he is ready to do KYC and provide his personal data information like identity document for it. He should make sure that Binance allow people from his country to use the exchange.

For some privacy ways, he can check this site: https://kycnot.me/

There are some like Bisq that are very good decentralized exchange, but I do not know about their trading volume.

apogio

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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...

Topic: Exchanging large amounts of BTC for FIAT - page 3. (Read 340 times)