Topic: How do you sell a million dollars bag of crypto? Would you trust exchanges? (Read 788 times)
November 14, 2019, 11:23:51 PM
If you don't trust exchange enough to sell then where else would want to sell such amount of crypto that would be secure? I think it will be better to deal with exchange, instead of selling all at once, sell bit by bit not to draw too much attention, this what I would do if I have such amount of crypto, I can't trust any other source than exchange (well known)
November 14, 2019, 11:08:34 PM
You can trust the exchanges you mentioned on that but looking at the amount, I think you will have to pass a high level of verification to be able to transact such amount of money on this exchanges.
Many are opposed to this because they have the firm opinion that you should not have to go through KYC when cashing out your coins, but if you want to exchange your coins for fiat you have no option but to play by their rules, but in the future once cryptocurrencies are accepted by everyone you could begin to cash out indirectly by buying all what you want with bitcoin directly instead of using fiat, once you can do that most people will not have any reason to exchange their bitcoins for fiat. 
November 14, 2019, 11:49:04 AM
to be honest, I would trust binance to exchange that kind of money. if you doubt, you can sell it little by little. Until now, I think binance is the best exchanger, so if you exchange large assets, there is the right place. Well, I see so many transactions going on there, I think that $ 250k is not so much money for them.
I honestly don't really understand the applicable law, but it doesn't look like the law will protect you in this case, especially if your country is neutral about cryptocurrency.
I honestly don't really understand the applicable law, but it doesn't look like the law will protect you in this case, especially if your country is neutral about cryptocurrency.
November 14, 2019, 11:42:07 AM
If I was day trading at that time and I suddenly realized I am now earning that amount in Binance, which is delusional but just an assumption, I would probably send bits and bits to my desktop wallet probably. I don't think that Binance would block me into making that transaction. Maybe only the limitation could stop me from making that transaction is the KYC requirements depending on the level of confirmation I had done.
In reality, I wouldn't be able to make that much of an amount and it wouldn't end up in any exchanges. It will just be here stored in my wallet.(hardware wallet or desktop wallet, depends)
sending bit by bit in such scheduled time might raise some of suspicion and your account might be under review. that maybe sounds so ridiculous since that is all your own money that you earned with sweat and blood but it's not rare for an exchange to lock down an unverified account that withdraw a huge amount of money gradually maybe because of the AML therefore they will forcefully require you to verify your ID thus KYC. It is always better to do KYC if you are dealing with that much of money only if you can trust that exchange enough also recklessly using unreliable exchange might result losing your money and data, there are some of the rumour I heard that small and unreliable will lock down your account if you have quite the amount of money just to steal it. In reality, I wouldn't be able to make that much of an amount and it wouldn't end up in any exchanges. It will just be here stored in my wallet.(hardware wallet or desktop wallet, depends)
November 14, 2019, 09:00:51 AM
It is difficult to entrust your savings, especially to crypto exchanges that give doubtful guarantees. But if you are still going to do it through exchanges then you probably should divide the amount into many parts. Although if we are talking about such a large sum then you can probably directly talk with the owners of exchanges.
November 13, 2019, 12:33:36 PM
With that too much amount of crypto, it will be a big risk for you to sell all of that and big exchanges might hold your funds. It will be better if you'll divide it into different wallets before selling it. However, trusting reputable exchanges will still be an advantage. Choose top exchanges like Binance so you'll have an assurance of safer transactions in the future.
November 13, 2019, 11:53:57 AM
Binance / Okek / Kucoin and other reputable exchanges are trustworthy, The question is whether they can trust you because of the huge amount of crypto you hold today. I'm sure you will undergo through the extreme Kyc (know-your-costumer) so they know where your funding comes from and whether it's legal or illegal.
November 13, 2019, 11:34:52 AM
Wanting a million-dollar budget is hard for everyone. Trust the exchange because it is a great opportunity that can help you achieve your dreams quickly. Do you believe in communication?
November 13, 2019, 11:25:22 AM
I trust Binance / Okex / Huobi will pay them back. and there will be no scams here. Please trust and exchange. 
November 13, 2019, 10:27:36 AM
Some of the exchanges are actually trustworthy, but the question is what you want to exchange it for.
If you want to flip it for fiat, most exchanges are ruled out because of the missing fiat on-/off-ramp. Also, you'll have to do KYC.
It also depends on which country you're in, but in general I would advise you to exchange such a large sum in batches, and spread it via multiple exchanges to reduce risk.
If you want to flip it for fiat, most exchanges are ruled out because of the missing fiat on-/off-ramp. Also, you'll have to do KYC.
It also depends on which country you're in, but in general I would advise you to exchange such a large sum in batches, and spread it via multiple exchanges to reduce risk.
November 13, 2019, 10:21:41 AM
I believe in exchangers who have big names, because they are used to handling large amounts of money every day. I once sold cryptocurrency (bitcoin) which was worth $30000 at a local exchanger and it was safe. the problem is you have to find an exchange that makes you sure to give up your money.
Speaking of exchanges, I think Binance is a safe exchange, even though it was hacked but binance is still very much needed and trusted by its users to transact. if you want to exchange big money, you can do it at Binance.
November 13, 2019, 07:46:01 AM
If you are going to cash out a huge amount of crypto just stick to the best exchange and make sure you have complied with their rules and any requirements just in case there are requirements for huge withdrawal to avoid having your account frozen. Also do not sell in just one exchange and in big chunks as much as possible sell your crypto in small chunks in different exchange.
November 13, 2019, 07:39:50 AM
Just wondering if I want to sell significant amount of crypto, where can I do it ? By significant I mean $250,000+ of crypto.Would you trust Binance / okex / huobi to return their money to you , and how law can protect us from being scammed?
These 3 exchanger is good.but binance is best.Don't try to exchange huge money in one exchanger or one time. Try to trade different exchanger. I mean if you have 1btc worth of crypto then try to exchange in different exchanger. Like in binance 0.4btc worth of crypto,okex 0.3 and houbi 0.3. If you do in this method you are safe. Because amount is low.if any exchangers hold your balance then you will not loss all of your money. I saw that few exchangers hold money because of huge amount. So don’t take risks.And exchanger is always risky because you can not control them. You are going to spend a lot for the withdrawal fee for that. One exchange is good already at least just 0.001BTC will be asked for the withdrawal, you wouldn't have to worry if its just a BTC. You'd be worrying if you get to withdraw more than 50-100BTC as they would be checking the big amount and where the funds are from. Just don't chose the unknown exchange you are good already.
November 13, 2019, 07:25:46 AM
Just wondering if I want to sell significant amount of crypto, where can I do it ? By significant I mean $250,000+ of crypto.Would you trust Binance / okex / huobi to return their money to you , and how law can protect us from being scammed?
These 3 exchanger is good.but binance is best.Don't try to exchange huge money in one exchanger or one time. Try to trade different exchanger. I mean if you have 1btc worth of crypto then try to exchange in different exchanger. Like in binance 0.4btc worth of crypto,okex 0.3 and houbi 0.3. If you do in this method you are safe. Because amount is low.if any exchangers hold your balance then you will not loss all of your money. I saw that few exchangers hold money because of huge amount. So don’t take risks.And exchanger is always risky because you can not control them. November 13, 2019, 07:15:44 AM
I believe in exchangers who have big names, because they are used to handling large amounts of money every day. I once sold cryptocurrency (bitcoin) which was worth $30000 at a local exchanger and it was safe. the problem is you have to find an exchange that makes you sure to give up your money.
Speaking of exchanges, I think Binance is a safe exchange, even though it was hacked but binance is still very much needed and trusted by its users to transact. if you want to exchange big money, you can do it at Binance.
November 13, 2019, 07:06:43 AM
You can trust the exchanges you mentioned on that but looking at the amount, I think you will have to pass a high level of verification to be able to transact such amount of money on this exchanges.
I don't think if it's relying on the amount since it will depends on the exchange but as I remember the amount you wish to withdraw and for deposit is unlimited base on my own experience. Trading site is very clever as they want to deposit you as much as you want but in withdrawal process it makes so disappointed in which needs to verification first and takes time to process.
November 13, 2019, 07:00:16 AM
Considering the fact that the whole volume of the Cryptocurrency market is done in exchanges, I don't see a reason why I shouldn't trust them but with a very large sum, I would definitely be staying far away from the new exchanges and stick to the exchange's where my funds are SAFU if you know what I mean. 
Especially now that fiat currencies are being integrated in the exchanges, it would reduce the stress if you want to convert such a large sum because you would just sent it directly to the exchange, convert and send directly to your bank account.
Especially now that fiat currencies are being integrated in the exchanges, it would reduce the stress if you want to convert such a large sum because you would just sent it directly to the exchange, convert and send directly to your bank account.
November 13, 2019, 06:15:09 AM
Just wondering if I want to sell significant amount of crypto, where can I do it ? By significant I mean $250,000+ of crypto.Would you trust Binance / okex / huobi to return their money to you , and how law can protect us from being scammed?
Currently Binance is known to have one of the topest security measures. And so far, I can not recall any history of a stolen fund in Binance. So if I have significant crypto assets worth thousands to millions of dollars, I can trust reputable exchanges such as Binance.
November 13, 2019, 05:48:13 AM
If I were you I wouldn't put all my eggs In a single basket, I'd split it into different exchanges and mostly decentralized exchange, using a swap exchange like #ChangeNow is highly recommended too.
November 13, 2019, 05:20:18 AM
I believe in exchangers who have big names, because they are used to handling large amounts of money every day. I once sold cryptocurrency (bitcoin) which was worth $30000 at a local exchanger and it was safe. the problem is you have to find an exchange that makes you sure to give up your money.
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