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
Topic: How do you sell a million dollars bag of crypto? Would you trust exchanges? - page 3. (Read 799 times)
November 09, 2019, 01:24:57 AM
November 08, 2019, 08:31:50 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?
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 08, 2019, 06:45:34 PM
I would trust exchanges but I would never sell it all at once. I would never sell 1 million if I had that much crypto but that's not the answer to this question.
I'd try to divide my money into maybe 10 parts per 100 thousand and keep sending them to exchanges one by one.
I'd choose exchanges that allow me to withdraw some money with no KYC and be careful to always sell into walls, to make sure it's all sold at the same price.
I'd try to divide my money into maybe 10 parts per 100 thousand and keep sending them to exchanges one by one.
I'd choose exchanges that allow me to withdraw some money with no KYC and be careful to always sell into walls, to make sure it's all sold at the same price.
November 08, 2019, 11:53:38 AM
I would suggest using big exchanges with good volumes. Such exchanges will barely try to scam you they don't need this. Don't take the risks and try playing with low volume noname exchanges, and everything will be ok 
Not best exchange market although like binance have thousand billion volume transaction with their exchange, you only available for selling your billion coin on exchange market by giving all exchange market first to sell your coin, you have sent to Binance, bittrex, hotbit, gate io and many other exchange market else for investing. 
November 08, 2019, 11:48:54 AM
I would suggest using big exchanges with good volumes. Such exchanges will barely try to scam you they don't need this. Don't take the risks and try playing with low volume noname exchanges, and everything will be ok
November 08, 2019, 08:53:45 AM
I would definitely not trust any exchanges, instead I would go on a place where there is escrow like P2P Localbitcoins or something.
I don't mind selling bit by bit to different people. At least I know my crypto is in escrow and if the exchange cheats me, I only lose a small portion. (Because yes, if I use Localbitcoins escrow I still have to trust them I know!).
250k? I would sell 100 portions of 2.5k:)
I don't mind selling bit by bit to different people. At least I know my crypto is in escrow and if the exchange cheats me, I only lose a small portion. (Because yes, if I use Localbitcoins escrow I still have to trust them I know!).
250k? I would sell 100 portions of 2.5k:)
November 08, 2019, 02:49:58 AM
There is no law that will protect you from fraud in the cryptocurrency world, all at your own risk. Andahaus is more careful. Large Exchange like Okex, Huobi Binance is able to make large transactions, if only $ 250,000 is still a small amount. To secure your assets, enable all security features in the exchange that you use. First check the address that you want to use for WD to prevent errors.
November 08, 2019, 02:28:39 AM
I think that there is no problem with security of exchanges but big whales do not want to sell their Bitcoins transparently because they would be pushed to pay taxes. You know, rich people are not paying taxes. 
November 08, 2019, 01:06:44 AM
big exchange like okex binance huobi?
November 07, 2019, 02:42:02 PM
I don't think there's going to be a problem with even a million-dollar sales on strong exchanges like Binance, Huobi etc. However, as a precaution, I sell that much money piece by piece. And I use various top exchanges for these sales.
i'm also confident they are not going to hold your funds. but probably will ask once again for documents.
im my country there is a 3rd party wallet which we are able to convert our BTC to fiat and withdraw these fiat from our ATMs or remittance outlets. i personally were asked to provide details and where my funds come from. sort of questions are asked after that and i gotta receive video calls. if i have to do it this time, i'll do it little by little. that they won't be surprise. you should also be doing this if you have to withdraw huge amount.
November 07, 2019, 02:30:23 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?
First, you should understand that almost all the exchange platforms have limits in terms of the total amount you can withdraw within 24 hours after you sell your crypto coin. Secondly, your security settings will determine how safe your amount is to avoid any third party from having access. In order to sell $250k worth of tokens on Binance and withdraw everything the same day, you need to complete a KYC. Without KYC, you can only withdraw 2 BTC worth of funds.
November 07, 2019, 02:04:47 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?
I would trust the Binance to send it to my account, but ironically i wouldn't trust my bank not to confiscate the whole amount and freeze my bank account for dealing with cryptos. Our banks suck and i would change my bank in a heartbeat if i would find a crypto friendly bank from Finland. I think i might have to move to some smaller private sector bank.
November 07, 2019, 01:40:57 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?
$250,000 is not a big amount in Binance, Okex and Huobi. Those big exchanges have hundreds of million dollars trade volume daily. $250,000 is only worth 27 bitcoins. I can trust these exchanges because they are big which also means they are catering many whales. But I prefer Binance because of their SAFU and due to the fact that CZ paid all the lost funds when there was a hacking incident. November 07, 2019, 01:02:35 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?
$250,000 is not a big amount in Binance, Okex and Huobi. Those big exchanges have hundreds of million dollars trade volume daily. $250,000 is only worth 27 bitcoins. I can trust these exchanges because they are big which also means they are catering many whales. But I prefer Binance because of their SAFU and due to the fact that CZ paid all the lost funds when there was a hacking incident. 
November 07, 2019, 12:56:04 PM
Big whales are trading on the OTC market, but I really do not understand why. It is because they do not want to make big moves when they buy or sell a big amount all at once? Because current exchange platforms offers, especially Binance or Coinbase PRO the highest level of security for very low fees. Or if you are super paranoid you can use new solution from Bakkt.
November 07, 2019, 12:51:30 PM
Yeah, I would trust, why not? Binance is earning around 1 million USD in a profit, why would they risk their reputation for such small amount of money?
November 07, 2019, 11:49:53 AM
I don't think there's going to be a problem with even a million-dollar sales on strong exchanges like Binance, Huobi etc. However, as a precaution, I sell that much money piece by piece. And I use various top exchanges for these sales.
If looking for securities best to split your assets and not to go all in and sell it inside the exchange, huge amount of money most of the time causes delays and a lots of possible legality questions. If you can afford to pay for the transaction fees then sell your assets by splitting try and check if you will not experience any issue with your selling and withdrawing your money. November 07, 2019, 11:45:20 AM
in my opinion this is a very large number, but I think binance can be trusted but should look at maximum withdrawals first. whether that amount can be immediately withdrawn or what the maximum conditions are
November 07, 2019, 11:45:04 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?
It would be better if you start searching for an exchange that is tested and proven to be worth the trust. In my opinion, binance can be a good one since I was able to witness lots of transactions within it and everything's going fine and smooth in there. You still have your freedom to choose and also you should consider the fee, if it is too high for you, then find a new one that's more cheap. The money you are exchanging might be too high but transactions within those exchanges are way higher than you could think of. 
November 07, 2019, 11:40:13 AM
I would start with a partial amount and then proceed gradually rather than doing it once and there is no doubt I would prefer Binance over any other exchange in this world as it has managed similar transactions in the past and a reputed exchange. I had a disputed transaction and Binance support really helped me in retrieving it so based on my experience I would go for Binance.
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