Topic: How do you sell a million dollars bag of crypto? Would you trust exchanges? - page 2. (Read 799 times)
November 13, 2019, 03:48:16 AM
In the Cryptocurrency space, trust is overrated, I wouldn't trust any centralised exchange with that kind of funds so if I want to exchange a large sum of money, I would just do it in one of the big exchanges but I wouldn't do it all it once, I would be doing it gradually until I convert all the funds, I would do it within the limit where the withdrawals wouldn't warrant extra scrutiny by the exchange, eventually I would convert all the funds but I wouldn't try to convert such a large sum all at once, it might give them ideas, I have heard too many sob stories about exchanges locking people's funds and demanding for extra funds to unlock and this includes Binance but I have to admit that I haven't confirmed the story though, but I think it warrants being more careful the way we transact with centralised exchanges, the power lies ultimately with the owners of the exchange and not you.
November 13, 2019, 03:43:09 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?
Yes I would trust them but I would pick only those who are trusted and maybe I would create a multiple account so it would be diveded into small transaction.I wouldn't just dump all of it in just a single transaction,
I think it is better to spread it so if something went wrong you could just pull out all of the other crypto.
November 13, 2019, 03:16:16 AM
Use a decent size exchange that is at least somewhat regulated, as others have mentioned, and you should be fine -- Binance, Coinbase, Gemini etc. Plenty of folks sold huge amounts at the end of 2017/18, and when liquidity is there, even a million is just a drop in the bucket.
It's probably not the best idea to use yobit, or some exchange in a country you never heard of, but that's just common sense.
It's probably not the best idea to use yobit, or some exchange in a country you never heard of, but that's just common sense.
November 13, 2019, 02:44:57 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.
November 13, 2019, 02:31:16 AM
Many options for that, but exchange is not a good one. I will trade face to face, I know many people willing to buy Bitcoin face to face in big amounts.
November 13, 2019, 02:09:59 AM
depends on the exchange , if they are regulated and have an agreement with the law , i think you can get a refund and be protected by the law but dont worry because most big exchanges ( cex ones ) are always have that feature but may i know if what crypto did you own ? 250k usd worth amount of crypto is a serious amounts so i assume that most of them are bitcoin because bitcoin is the coin that holds alot of value the most .
November 13, 2019, 02:01:57 AM
Believe in big markets like Binance because their CEO is exposed, have their country offices and branches in other countries.
If committing fraud is very easy to report to the authorities. And usually, if the nominal is large we must fill the KYC or anything for their security.
If committing fraud is very easy to report to the authorities. And usually, if the nominal is large we must fill the KYC or anything for their security.
November 13, 2019, 01:45:39 AM
if you don't believe it, then it's okay to use your country's local exchange, they will be more responsible if something unexpected happens. for example, there is a large exchange in my country that has a legal entity with a clear office, even though the state does not interfere in nominal transactions (for taxes, etc.), but they guarantee the exchange's reputation with legal responsibility.
November 13, 2019, 12:58:34 AM
There are exchanges with atleast 80-90% trust, yes I can trust and sell my million crypto bags without hesitation.
November 13, 2019, 12:34:59 AM
OP not mention if he want to reveal his identity in exchange and pass the KYC . But with that big amount you should always prepare your self that you need to make it just to make transaction smoothly. Way back 2018 i see many people buying large amount via P2P and you are the one who will decide where the meetup will be around 10 btc and up , but i dont see any offer like this right now.
With using the biggest or top exchanges and trusted one, I think it will be okay. People don't use any P2P nowadays might be because it's more easy buying it directly on exchanges now. With more security and all, and have a good history. More over if they have a good reputation about handling hackers and responsible about every other things.But I wouldn't just sell $250k at once, I might split them to a few transactions. and keep doing it bit by bit. As the OP mentioned, he did not talked about investing them. So withdrawing step by step would be better, in case you're scared of getting scammed if you ever take it out entirely.
Yes, that is the best of the best choice, splitting it rather than selling it one at a time. There is no need to rush selling such a huge amount, splitting it would be better to avoid risks.
November 12, 2019, 11:59:07 PM
OP not mention if he want to reveal his identity in exchange and pass the KYC . But with that big amount you should always prepare your self that you need to make it just to make transaction smoothly. Way back 2018 i see many people buying large amount via P2P and you are the one who will decide where the meetup will be around 10 btc and up , but i dont see any offer like this right now.
With using the biggest or top exchanges and trusted one, I think it will be okay. People don't use any P2P nowadays might be because it's more easy buying it directly on exchanges now. With more security and all, and have a good history. More over if they have a good reputation about handling hackers and responsible about every other things.But I wouldn't just sell $250k at once, I might split them to a few transactions. and keep doing it bit by bit. As the OP mentioned, he did not talked about investing them. So withdrawing step by step would be better, in case you're scared of getting scammed if you ever take it out entirely.
November 12, 2019, 11:35:03 PM
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?
You have to use some of these top exchanges that you have mentioned which I think binance has even handled far more than this type of transaction, and if you look at the financial strength of binance, they make this money within a month, so why would they scam you on the coin. The only exchanges that I don’t trust to handle such amount of money are projects that are below the list of 10 exchanges in the market, they might not have handled such amount of money before, so any slight opportunity they have to do so could result to scamming. To be on a safe side then, you can be taking the transaction through the exchange little by little, maybe you do $5000 each for five time, and could also swap exchanges among the ones you list too.
November 12, 2019, 01:12:56 AM
the three exchanges that you have mentioned are large exchanges in the crypto industry so I don't think it will be a problem if you want to make large exchanges there. because I think big companies certainly have insurance for their users. but my advice if you want to exchange large quantities is better to do with some 3-5x parts or not at once 1x for $ 250k.
right, as was the case with yesterday's binance when hackers attacked, where a lot of the customer's assets were lost, but in the end the binance was responsible and returned the customer's assets. of course things like this have a positive impact on the exchange itself. the big investors don't hesitate to choose it 
November 12, 2019, 01:11:40 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?
I trust them specially binance. They have a good reputation out there. But the problem is I don't have any huge amount of money to sell at lol. Anyway, I am pretty sure that they would return their money to you, 'cause lots of transaction have come into their hands that they already have handle and all of them have come in return into the designated users, and there were no issues so far that have been found I supposed.
November 12, 2019, 12:56:40 AM
the three exchanges that you have mentioned are large exchanges in the crypto industry so I don't think it will be a problem if you want to make large exchanges there. because I think big companies certainly have insurance for their users. but my advice if you want to exchange large quantities is better to do with some 3-5x parts or not at once 1x for $ 250k.
November 12, 2019, 12:47:37 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?
I don't think a big exchange would like to destroy their reputation because of $250,000 which I'm sure they make more than that in a month. But if such an amount of money doesn't go in and out of your account regularly or the equivalent of it, I think your bank might question you of how you got that amount of money. As for exchanges like Binance, Okex, and Huobi, they are going to pay the money to you for sure, you're only going to worry about your bank. But like I said, that's only if that's the first time you're getting that kind of amount.I have only used an exchange once to withdraw an amount that is close to that, and I didn't get any problem with the exchange and my bank, I used Luno exchange and my identity is verified on their platform. Other times, I have used a local exchanger, I send the amount from my Blockchain wallet, alongside with my account number and he will pay the money straight from his bank account.
November 09, 2019, 09:00:38 AM
When handling large amounts of cryptocurrencies, it is best to be quite careful and try to sell the quantities progressively, because if you block a considerable amount, you will be in trouble, some Exchanges such as Coinbase, Okex, Bitfinex, and so on. They allow strong movements, but you must have the corresponding verifications. For that reason, projects such as Blondcoin (BLO) are committed to using P2P and decentralized exchanges, where there are no restrictions, although people must take appropriate protection measures. Learn more about this great project, visit:
https://www.blondcoin.com
https://www.blondcoin.com
November 09, 2019, 08:41:52 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?
Large exchangers like Binance have daily transactions of more than $ 1 billion and if you want to trade $ 1 million, they will still look small compared to the liquidity held by Binance. I don't think there is any need to worry as long as the exchangers in which we transact have great liquidity and have a reputation that can be trusted
November 09, 2019, 06:56:20 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?
Binance, okex, bitforex, forkdhelta are also good, you just choose and don't need to hesitate. but if your doubt is a legal problem, that's right. unfortunately this crypto industry has not received legal protection officially. I mean there is no official or written rule that states the protection or guarantee if the loss of assets that have already been entered into the exchanger that has been mentioned. my advice if you are still in doubt, just enter in small numbers first, for example $ 1000 down and see how the progress. if it's good, you can enter all of them or keep the value. November 09, 2019, 01:31:10 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?
I think Binance can be the safest place right now to sell your $ 250000, that is indeed a big amount, seeing from the incident when Binance was hit by a hacker attack, the Binance users lost some money, but the Binance party gave a guarantee that their money remained safe, and that was a positive side in my opinion Jump to: