First of all if I had millions in crypto I wouldn't sell everything. This can be a real fortune one day and you should never burn bridges behind you and forget about an investment that brought you these millions.
If I had to sell I wouldn't do it in one go so that I don't fall through supports and crash the price. Why sell first million for 9,5k and the next for for 8k when you can sell it all for 9,5, right? You just have to go slow.
The best way to sell large quantities is OTC trading. Get someone to buy this in private and you'll do it the safest way possible.
Topic: How do you sell a million dollars bag of crypto? Would you trust exchanges? - page 6. (Read 799 times)
November 06, 2019, 10:29:03 AM
November 06, 2019, 10:27:27 AM
if you don't believe in crypto exchange it will be hard to start your trade. You must find an exchange with your analysis to find the best and you can trust. some people will see large trades that run on trades and don't forget the exchanges that have a good security system. it can provide a little peace of mind to store and trade your assets. but if you have difficulty then ask for opinions from your friends that they trust exchange for a large trade.
November 06, 2019, 10:26:16 AM
In such a case, the best thing to do would be to withdraw the funds from a trusted exchange little by little.
It's not wise to dump a huge amount all together instantly at one place.
The amount should be split and used at continuous intervals whether it be exchanging from one coin to another or withdrawing it to fiat.
It's not wise to dump a huge amount all together instantly at one place.
The amount should be split and used at continuous intervals whether it be exchanging from one coin to another or withdrawing it to fiat.
November 06, 2019, 10:21:24 AM
That is a pretty big amount in my opinion. Selling tokens/ coins in large quantities at one exchange in my opinion is not prohibited, maybe. But at least we must understand the rules first. If the demand for coins in the market in large quantities then you can immediately sell it in one click, but if the amount of each request is different, it is feared the price will go down quickly and even you will no longer get a target of $250,000, IMO.
You may be able to entrust your large assets to a large exchange such as binance, but know that you may not be able to withdraw all your money there if you reach the daily withdrawal limit.
You may be able to entrust your large assets to a large exchange such as binance, but know that you may not be able to withdraw all your money there if you reach the daily withdrawal limit.
November 06, 2019, 10:12:00 AM
This eas actually somethig i was thinking about today. How will you sell that much money worth when i start earning big bucks? I woukd sorrsd it among many different exchanges and if i wanted to go to fiat ill use the local exchange.
I think a really big exchange is best. They have less reason to steal. A scammer that runs an exchange might see a massive deposite and decide to just shut down shop and run.
any problem as not we want can happen, we shouldn't 100% trust to exchange also dont spend your money in one place even you want to sell your big money. a lot of thing happened in the past when the exchange hacked or exit scam, we lose our money.
I think a really big exchange is best. They have less reason to steal. A scammer that runs an exchange might see a massive deposite and decide to just shut down shop and run.
November 06, 2019, 10:07:07 AM
Usually top exchanges with huge money flows have no problem dealing with that much crypto if you are KYC verified users although that doesn't guarantee that the exchange might put a suspicion to your account and probably lock that down for investigation.
The anti money laundering things is quite the thing these days and we are forced to do some additional steps to prevent such a thing from happening while that might make everything complicated I do support the anti money laundering just to prevent crime. Maybe you should contact the exchange support first just to be sure. Handling big money is not as easy as people would think usually.
The anti money laundering things is quite the thing these days and we are forced to do some additional steps to prevent such a thing from happening while that might make everything complicated I do support the anti money laundering just to prevent crime. Maybe you should contact the exchange support first just to be sure. Handling big money is not as easy as people would think usually.
November 06, 2019, 10:02:07 AM
any problem as not we want can happen, we shouldn't 100% trust to exchange also dont spend your money in one place even you want to sell your big money. a lot of thing happened in the past when the exchange hacked or exit scam, we lose our money.
November 06, 2019, 09:53:40 AM
Of course, for this I will entrust a large exchange. On the other hand, it's a different story if I want to make it fiat. Of course I will sell on the local exchange in my country. To be more safe and reliable. Apart from that, I will not sell it as a whole, certainly gradually. Due to limitations on withdrawals to banks from exchange in my country. Or I could just sell the rest gradually to crypto collectors who was verified. I think there are many ways to exchange it other than to large exchangers such as binance, kucoin, okex etc.
November 06, 2019, 09:41:17 AM
I haven't dumped that much too but i will expect the exchange will ask a lot from me besides the documents i have sent long time ago. Maybe they want it updated. They would be surprise by the amount since the previous transactions I'm doing is even just less than $1K. Trading altcoins just require few bucks so I can understand if they are going to recheck again my status and probably ask where my funds are coming from which I can't produce. SO they may just .old it until I can prove it. So bit by bit on different exchanges would work,
Yes, there were some exchanges who just have maximum USD to withdraw and if you are withdrawing a lot of your fund, they will begin to question it, or make our fund frozen, checking and investigating if there is legal activity from your part, so better to be very careful and to do KYC always, so next time they will question you, you have proof. And, don't always withdraw a lot, I have a friend who has been questioned from his income from trading up to now, they don't believe and his account still frozen, this is a local exchange.
November 06, 2019, 09:37:06 AM
I haven't dumped that much too but i will expect the exchange will ask a lot from me besides the documents i have sent long time ago. Maybe they want it updated. They would be surprise by the amount since the previous transactions I'm doing is even just less than $1K. Trading altcoins just require few bucks so I can understand if they are going to recheck again my status and probably ask where my funds are coming from which I can't produce. SO they may just .old it until I can prove it. So bit by bit on different exchanges would work,
November 06, 2019, 09:33:59 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?
Wow! that's huge bag of cryptocurrency holdings, Imagine it was amounting $250K+ dollars plus, I think you can trust Binance in terms of exchanging that amount but be sure that you already submit your KYC requirements because that amount was already huge and if you are not submit any KYC its in danger to get complication while withdrawing it. November 06, 2019, 09:21:58 AM
Selling a million dollars of crypto? I don't want to sell them all, it's risky. I trust the big exchanges like binance, but we never know in just 1 second the exchange will close, it can happen anytime. Bad timing for you if the hackers attack the exchange while you are processing to sell all your cryptos. Better to sell 20% of your cryptos in exchange and next 20% again until you sell it all.
He just said 250k+ and i think those amounts is nothing for big exchange like binance, i'm sure big exchange like binance earning more than a million each month so i think taking away 250k+ to close their exchange is sounds stupid. Many people are having more than a million worth of crypto on top exchanges so i think it's safe to sell or buy hundred thousand worth of cryptocurrency on big exchanges like binance
November 06, 2019, 09:19:34 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?
That is way too big. I will feel uncomfortable every single minute whenever I am exchanging such amount though I won't be trying to exchange something like that in full amount. I will be cutting it little by little or in by certain amount. Though hassle but at least I feel more safer. That is way too good in the eyes of criminals man. I won't trust nobody when it comes to that.
November 06, 2019, 09:13:33 AM
Selling a million dollars of crypto? I don't want to sell them all, it's risky. I trust the big exchanges like binance, but we never know in just 1 second the exchange will close, it can happen anytime. Bad timing for you if the hackers attack the exchange while you are processing to sell all your cryptos. Better to sell 20% of your cryptos in exchange and next 20% again until you sell it all.
November 06, 2019, 09:06:05 AM
$ 250,000 + Crypto is a big amount in my opinion. Binance has a pretty good security and can do that many transactions even more. You must verify your account and activate 2FA dual security. But it's good you look at the market situation first, don't dump.
November 06, 2019, 08:59:43 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 would suggest doing it in person. Use a trusted established localbitcoins trader and meet them for cash in hand
Of course even with a trusted trader on that site i would still be careful. Meet at a police station or somewhere really public
never know what a person will pull for $$$. You can cash out 250k that way tho
I wouldnt trust exchanges, they will lock your account and ask for KYC above a certain value, 50k or something
November 06, 2019, 08:52:46 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?
That's a huge amount mate and it's to risky by trusting just one exchange but I don't think it will be easy to exchange that kind of huge amount. Also, aside from being too risky much better you will able to invest some of it from a business which can have a good return as we all know crypto community is so risky that might suddenly down the market. In other hand, well if you try to risk it as a win or nothing situation and you are lucky enough and I think it's possible as long as you will accept whatever outcome may be.
November 06, 2019, 08:41:03 AM
i'd sell it little by little.
That's exactly what I was thinking, and I wouldn't send all of it at once to a single exchange. I would probably use a few exchanges and only send about $2500 to each of them at one time. This is a valid concern by the way, and if op really has that much crypto he wants to sell he ought to be very careful. I would trust binance primarily, and I'm not sure what other exchanges he might use because I don't know how many of them deal easily with fiat. Coinbase might be good for another exchange, as they're pretty trustworthy.
That's a lot of money, op. Good luck trying to unload all that crypto.
November 06, 2019, 08:35:06 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?
Is it a must to sell it once in a day? moreover you can only sell coins that are worth over 5k with KYC on few exchanges so if you are not ready for KYC its better to divide the coins and sell few parts daily or spread on other exchanges if you can't wait November 06, 2019, 08:34:31 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?
Bitmex, Houbi Global, Bit-Z and Binance exchange is my top favorite. Any law can't protect you if visit phishing site and all of your cryptocurrency. Don't worry to exchange hacked because you don't hold you token in exchange. You have a problem to withdraw for big amount, so first complete KYC. After verified your account, you can withdraw all at a time. Jump to: