Topic: Getting money out of Exchanges (Read 173 times)
UK
I don't used exchange to directly transfer my BTC to Fiat then redirect into my account since exchange itself has an issue on the bank requirements as well as the law for it. There are some wallet has a feature to cash out your BTC into banks without hassle. What country are you living OP?
Yes good comment and I understand what you are saying. I know that the exchanges always have to deal with some intermediary Bank in eastern Europe or somewhere like that as many of the major Banks will not cooperate. Are you aware of any major Banks that will support money transfers. I know that when I was in Singapore some of the Banks there would not even allow me to send funds to well known exchanges. My money and they want to tell me what to do with it? No wonder people are losing trust for Banks.
I am posting this as I would like to know what experiences others have with this. I have been using Bitcoin for years and have used many exchanges. However the one thing that really irritates me is the lack of ease when it come to drawing out Fiat cash to your bank account. There always appears to be an issue. The exchanges always find a reason as to why there is a delay - they say their corresponding bank is holding things up or they say the transfer was rejected because the name of the account was slightly different when in fact my Bank says that this is not the case. Anyway whatever the reason a transfer always seems to take at least a week and in many cases gets aborted. If Bitcoin is going to become mainstream we really need the exchanges to pull their finger out and make this side of things more reliable.
Can anyone recommend an exchange that you can really rely on for drawing out money to fiat with ease?
Thanks
Can anyone recommend an exchange that you can really rely on for drawing out money to fiat with ease?
Thanks
I believe that in some countries, particularly in the US, it's becoming harder for unlicensed exchanges to process fiat deposits/withdrawals. Bitfinex was cut off entirely from the US banking system. Kraken is now having increasing problems, too. And Bittrex's promises of adding fiat markets seem unlikely to ever pan out at this rate.
I've had zero problems with Coinbase/GDAX -- reliable and free ACH deposits/withdrawals within a few days and wires are possible. And I've heard good things about Gemini with regard to fiat processing. I can't trade there personally because they won't accept my ID.
There is even some regulatory uncertainty regarding banks dealing with licensed exchanges, with some banks considered "unfriendly" to crypto in general. So it's not just a matter of exchanges improving things. We need better regulatory guidance for the legacy financial system to feel safe interfacing with crypto.
I am posting this as I would like to know what experiences others have with this. I have been using Bitcoin for years and have used many exchanges. However the one thing that really irritates me is the lack of ease when it come to drawing out Fiat cash to your bank account. There always appears to be an issue. The exchanges always find a reason as to why there is a delay - they say their corresponding bank is holding things up or they say the transfer was rejected because the name of the account was slightly different when in fact my Bank says that this is not the case. Anyway whatever the reason a transfer always seems to take at least a week and in many cases gets aborted. If Bitcoin is going to become mainstream we really need the exchanges to pull their finger out and make this side of things more reliable.
Can anyone recommend an exchange that you can really rely on for drawing out money to fiat with ease?
Thanks
Can anyone recommend an exchange that you can really rely on for drawing out money to fiat with ease?
Thanks
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