Topic: Exchanging large amounts of BTC for FIAT (Read 340 times)
I think Binance is a big and very trusted market at the moment, so to exchange Cryoto as fiat currency can be done at any time and currently there is a little tax deduction for some platforms and this we have to give up because it follows the country's regulations, if your friends are willing then never hesitate to use Binance, Because until now I am still safe using Binance and several other platforms.
Still not done yet with exchanges issue? Funny how you did not encourage him to continue his investment but wanting him to trade his holdings into your fiat. I know pushing someone to risk is a bad thing. But for sure you know what's right and not. Binance is one of the trusted exchanger in this industry and your opinion seem to discourage your friend on selling his holdings. This should have been discussed between you two, in a more detailed manner. You should have given him options to take if he's really worried than to let him let go of the chance to make peofit especially with the market behavior right now which is somehow bullish (just too volatile). As you've mentioned, you are also holding, that should be something you should have shared to somehow give him the confidence to continue aiming for profit.
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...
If your friend wants to do a conversion from bitcoin to fiat, that is not an issue. Since you said you want more bitcoin you can do that for him all you Just have to do is transfer to your friend then he sends you the fiat equivalent in bitcoin but let him do the transfer of the bitcoin first but if you trust him not to goof then it depends on your agreement and this type of transaction is called the p2p which was the original means of bitcoin to fiat trade. The other as you have said I the centralised exchange which is the third party and they are exchanger. With the recent activities of the CEX I believe he withdrew and wants to do away with the cex for his own good and safety which is not bad after all that was why Satoshi Nakamoto invented the bitcoin but the government used the cex to get at bitcoin holders. So therefore your intuition is not wrong but if you must have it your way, you must be careful as what you have said seems a big amount of money your friend wants to convert.
In the background of all the exchanges that exist now, Binance is one of the most reliable options. Possible withdrawal through p2p.
It's a necessary evil if you ask me. We can't fully trust it, but in a situation like this, we have to use it to our advantage. There are other options available, but it totally depends on their availability.
P2P is the best way to exchange your cryptocurrency for fiat, but it comes with its own side effects and problems. You need a trusted buyer in order to ensure that you get the best value you are exchanging for. And to avoid fraud.
Other option could be ATM. This is the most secure way to get the job done, but totally depend on availability. I heard only few countries have issued crypto exchange ATMs. Not sure if it's available in your country tho.
In the end, if we try to find an easy way, then there's no choice but to trust exchanges.
P2P is the best way to exchange your cryptocurrency for fiat, but it comes with its own side effects and problems. You need a trusted buyer in order to ensure that you get the best value you are exchanging for. And to avoid fraud.
Other option could be ATM. This is the most secure way to get the job done, but totally depend on availability. I heard only few countries have issued crypto exchange ATMs. Not sure if it's available in your country tho.
In the end, if we try to find an easy way, then there's no choice but to trust exchanges.
I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
If they are unwilling to go through the risk involved with using exchanges and do not want to do KYC verification, they can also consider selling to a vendor who accepts btc for fiat not you who may care less about kYC and has a personal relationship with them incase the btc was illegally gotten. There are vendors that can buy any amount of bitcoins you wish to sell, they also do not need have to have any form of personal relation with these people, they just need to find out how credible these vendors are for business. They may be subject to whatever the rate that these vendors give them, there is a cost for everything.Maybe he can find a person for a face to face transaction, but he needs to be careful for scammers.
Face to Face can also be a terrible decision. If it must be face to face, make sure to meet them in a public place with lots of people.
Maybe he can find a person for a face to face transaction, but he needs to be careful for scammers.
Have your friend problem solved with exchange large amount if Bitcoin for fiat? right now not any problem yet for withdrawing huge bitcoin fund to bank account because all countries have their own local exchange market and linked directly to your bank account. Have little problem if using local exchange withdrawing limited in daily day based on my account under $20,000 available and need to submit another document if want to increase above it amount.
For Binance easy withdrawing huge amount after passing basic KYC and uploaded document ID we have limited withdrawing under 200 BTC in daily day, I think enough with your friend once time withdrawing to bank account use P2P or getting third party service in your country and sending money to your bank account.
For Binance easy withdrawing huge amount after passing basic KYC and uploaded document ID we have limited withdrawing under 200 BTC in daily day, I think enough with your friend once time withdrawing to bank account use P2P or getting third party service in your country and sending money to your bank account.
I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.
Was wondering what needs for this thread when you already has this plan and option?if you are not in trust with exchange then better to act this way so both of you will be safe, and also I am a Binance user and had been using their p2p for years and never that encounter a single issue.
You can do that. You can give him fiat money and you will receive BTC. It was a good option in my opinion because he doesn't really trust in exchanges.
that is the conclusion i find why need to ask this here when he can do it rightfully without any issues . 
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...
At present binance is one of the most used and secure cex, but I do not recommend its constant use, since the first rule to remember about Bitcoin is known your keys not your Bitcoin, but since he has an account on binance he can request binance if he wants card and withdraw from FIAT from ATMs, but it's just my advice, it doesn't mean it's the best way to go. or use platforms like bisq
You can do that. You can give him fiat money and you will receive BTC. It was a good option in my opinion because he doesn't really trust in exchanges. But you can rest assured that all will be safe if it is a trusted exchange market like Binance or Crypto.com. That is if you want to trade and immediately start exchanging your BTC and withdrawing fiat money. But if you just want to hold the BTC I think your friend can hold it where he has stored that BTC.
In the past I sold and withdrawn tens of thousands of dollars from Binance in short time. Some of my coins are even linked to casinos. No problems with Binance at all. But like you said, exchanges are unpredictable. Who knows what can trigger their automatic account freeze.
But you shouldn't disregard banks too. Banks want to know where your money come from, because they don't want to get in trouble by serving dirty clients. If you use p2p trading it will likely raise more questions than withdrawal from exchange. Be ready to answer those questions and find out if your bank is crypto-friendly or not.
But you shouldn't disregard banks too. Banks want to know where your money come from, because they don't want to get in trouble by serving dirty clients. If you use p2p trading it will likely raise more questions than withdrawal from exchange. Be ready to answer those questions and find out if your bank is crypto-friendly or not.
It depends on what you call large amounts. For medium amounts 0.01 to maybe 0.25 (something in that range), I'd recommend to check out the decentralized exchange software bisq.
It's been mentioned before, but I also want to endorse it.
You can find all relevant info here: https://bitcointalksearch.org/topic/guide-how-to-buy-and-sell-bitcoin-using-bisq-5430964
It's been mentioned before, but I also want to endorse it.
You can find all relevant info here: https://bitcointalksearch.org/topic/guide-how-to-buy-and-sell-bitcoin-using-bisq-5430964
As long as the transaction is clean and you don't do anything something illegal, there's nothing to worry about if you're just gonna use these exchanges for buying bitcoin.
Then afterwards, you just cash out the bitcoin that has been purchased on them. Yeah, kyc might be required but if you can't find someone to deal with through P2P or through OTC markets then that's where your friend will still fall.
It's the reality these days that those comfortable exchangers do require KYC and we can't do anything against that unless you can find any of those that has been mentioned.
Then afterwards, you just cash out the bitcoin that has been purchased on them. Yeah, kyc might be required but if you can't find someone to deal with through P2P or through OTC markets then that's where your friend will still fall.
It's the reality these days that those comfortable exchangers do require KYC and we can't do anything against that unless you can find any of those that has been mentioned.
As long as he has a binance account I don't think it's a problem, it's just possible if he doesn't and still wants to use it then indeed KYC is one thing that will definitely exist. On the other hand there has been some advice from a few people before about using some decentralized exchange and that would also be something to try and with the possibility that if you have fiat and want to trade your friend's btc then that would also be one of the good things as long as the context still right on this.
....
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.
So far, I am using Binance and have no problem with this exchange when converting BTC to fiat as long as we have done KYC verification. Binance is one of the most trusted exchanges to be considered. Although this is not guaranteed 100%safe, at least, it is safer than other exchanges. 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.
Actually there are some P2P processes that your friend can be done, but this is also high risk because of the trust.
Actually if you have the idea of buying the Bitcoin from your friend, and your friend agrees with the idea, it will be ore interesting and also safer, right? Why not?
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.
I would never recommend Binance which is a centralized and sooner or later will go the way of all the cexes like MTgox, FTx, TRT. Use other means, from private key to private key or use Bisq or similar to buy.
Also when you use a cex you are selling your kyc data and one day all that data could be your doom.
For me, Binance to be quite safe, and currently I am still buying/selling Bitcoin on Binance. Good luck to you.
is there any other way to go about doing what he needs?
I'm not a big fan of Binance but it's the most used exchange in our country that's why I have to use it primarily and there is not a single time in my 2 years journey, they halt any of my transactions. I convert my BTC to fiat using the p2p trading method of Binance. I do not know on what basis you are saying these exchanges shit maybe due to the nature of centralization if that's the case then you can go for decentralized exchanges. Depending upon your country's regulation and the availability of exchanges CEXs have limitations while DEXs do not see the countries as a selection factor. So I think DEXs are the best option for you. If you do want not to do p2p on your own with your friend. But I think that will be great if you help him out because from what I can see you have some experience and your friend has not. So helping a newbie to learn the way of blockchain and btc technology will keep them attached to it instead of going away with the frustration of failure and loss of money.
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.
Yeah Binance is safe enough as long as your bitcoin is not from illegal source like crime or somethings else. One of the reason that binance (based of this source) required Know-Your-Customer Verification is their way to protect users from hackers, money launderers, or maybe market manipulators. Know-Your-Customer Verification is effective to asses if your crypto currency have been obtained illegaly of depositing from a non legitimate sorce because you can not masking identity. So, if you are certain that you have a legal source of your bitcoin and do not any problem to do Know-Your-Customer Verification, i can say that Binance is safe enough for changing your Bitcoin into Fiat. Do not worry if Binance would halt transaction. 
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.
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 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...
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.
legendary
Activity: 1358
Merit: 1565
The first decentralized crypto betting platform
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.
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.
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.
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...
Jump to: