Topic: How to trade certain coins if you are country restricted? (Read 287 times)
I agree that there really is a certain risk, but this is an activity where you cannot do without it.
Just convert back to the native token or stable coin you are using if you want to cash out your money properly.
You should know that the centralized shitcoins (which are the tokens and stable coins) are extremely risky even though the particular shitcoin you wanted to convert to hand't have any incidents in recent time that still doesn't change that risk. By design these coins are risky simply because there is a single point of failure. You can wake up some day and see that stable coin has disappeared or the owners have disabled your "coins". What happens if you have a coin and you can no longer trade it because the exchanges that offer the option to trade... you cannot use it due to country restriction or some other similar issue? Such as you cannot get an account there for whatever reason it maybe?
For example, soon I will only be able to use only coinbase/gemini because im a US Citizen and because many other exchanges like kraken and binance.us ... i can't use due to the state where im from.
So for example, when i look at a coin like BNB... which is a very popular coin on binance and binance.US, how in the world would i sell this coin if i can't use those exchanges?
I got to assume lot of people have been in this situation?
Of course if you know this situation will happen, best to sell the coin while you can so you don't have the issue.
So what are one's options? Imagine you had BNB or another altcoin and the exchanges that you allow you to trade it... you cannot have an account there. Are you screwed? I assume you could always find someone online who would help you sell it so to speak for a fee? Like imagine you give them BNB and they pay you via btc or stablecoin and you pay them extra to help you sell the coin since you cannot have an account at the exchanges which sell it?
Are there services like this? What would be the fee for something like this?
Obviously there is the use VPN thing but if an exchange requires KYC, then obviously you cannot do this.
For example, soon I will only be able to use only coinbase/gemini because im a US Citizen and because many other exchanges like kraken and binance.us ... i can't use due to the state where im from.
So for example, when i look at a coin like BNB... which is a very popular coin on binance and binance.US, how in the world would i sell this coin if i can't use those exchanges?
I got to assume lot of people have been in this situation?
Of course if you know this situation will happen, best to sell the coin while you can so you don't have the issue.
So what are one's options? Imagine you had BNB or another altcoin and the exchanges that you allow you to trade it... you cannot have an account there. Are you screwed? I assume you could always find someone online who would help you sell it so to speak for a fee? Like imagine you give them BNB and they pay you via btc or stablecoin and you pay them extra to help you sell the coin since you cannot have an account at the exchanges which sell it?
Are there services like this? What would be the fee for something like this?
Obviously there is the use VPN thing but if an exchange requires KYC, then obviously you cannot do this.
Use DEX or P2P exchange that do not requires KYC, Your problem is restricted due to Fiat which you can easily dodge by withdrawing your asset to a non-custodial wallet then just connect on DEX that offers the coin that you want to trade. Just convert back to the native token or stable coin you are using if you want to cash out your money properly.
There are a few solutions for a problem like the one you are having, if the amount of coins you are holding is large and the only restriction you are facing is the state you are living then it is worth to consider relocating to a state in which you are allowed to trade this particular coin, the second option is to find a person which accepts peer-to-peer trading, this is not that difficult especially if the coin is a popular one as there are people here in the forum which offer this service and you can get rid of your coins that way.
You are absolutely right, in fact in my country there are many people who do something similar but in everything, both in money services and in services, food and everything. The good thing about crypto is that it can be traded and brought to FIAT quickly, there are many telegram groups that are dedicated to it. The only thing is that Crypto has not restricted it, only in the mining part, the government does a lot of monitoring the miners so that they register in their body, otherwise they are put in jail.
What are my options if i have powerledger then? I do see kucoin seems to sell it but im us citizen. But as long as I dont do KYC that is okay?
So what are one's options? Imagine you had BNB or another altcoin and the exchanges that you allow you to trade it... you cannot have an account there. Are you screwed? I assume you could always find someone online who would help you sell it so to speak for a fee? Like imagine you give them BNB and they pay you via btc or stablecoin and you pay them extra to help you sell the coin since you cannot have an account at the exchanges which sell it?
The easiest way to figure it out through their official website or announcement to get information where to trade your coin . if all the information they provide is still not able to solve it, you can't help it through the Services Sub forum and trade with other bitcointalk members by providing their fee services. Don't forget to use escrow if you're not sure.
So for example, when i look at a coin like BNB... which is a very popular coin on binance and binance.US, how in the world would i sell this coin if i can't use those exchanges?
I got to assume lot of people have been in this situation?
Of course if you know this situation will happen, best to sell the coin while you can so you don't have the issue.
So what are one's options? Imagine you had BNB or another altcoin and the exchanges that you allow you to trade it... you cannot have an account there. Are you screwed? I assume you could always find someone online who would help you sell it so to speak for a fee? Like imagine you give them BNB and they pay you via btc or stablecoin and you pay them extra to help you sell the coin since you cannot have an account at the exchanges which sell it?
Are there services like this? What would be the fee for something like this?
Obviously there is the use VPN thing but if an exchange requires KYC, then obviously you cannot do this.
There are a few solutions for a problem like the one you are having, if the amount of coins you are holding is large and the only restriction you are facing is the state you are living then it is worth to consider relocating to a state in which you are allowed to trade this particular coin, the second option is to find a person which accepts peer-to-peer trading, this is not that difficult especially if the coin is a popular one as there are people here in the forum which offer this service and you can get rid of your coins that way. I got to assume lot of people have been in this situation?
Of course if you know this situation will happen, best to sell the coin while you can so you don't have the issue.
So what are one's options? Imagine you had BNB or another altcoin and the exchanges that you allow you to trade it... you cannot have an account there. Are you screwed? I assume you could always find someone online who would help you sell it so to speak for a fee? Like imagine you give them BNB and they pay you via btc or stablecoin and you pay them extra to help you sell the coin since you cannot have an account at the exchanges which sell it?
Are there services like this? What would be the fee for something like this?
Obviously there is the use VPN thing but if an exchange requires KYC, then obviously you cannot do this.
P2P will always be the next option. This had been the way before when there is no exchanges yet. But, you just need to be careful on who you will deal with.
What will make this easier is if you learn about the old school way on how people buy and sell their Bitcoin. VPN is not the real answer and it might even jeopardize your assets by changing IP's for many times.
I guess that Binance mandatory KYC did really hit a lot of small investors in this industry but it's never too late to learn the curves on how to exit and enter the market. There will always be a way.
What will make this easier is if you learn about the old school way on how people buy and sell their Bitcoin. VPN is not the real answer and it might even jeopardize your assets by changing IP's for many times.
I guess that Binance mandatory KYC did really hit a lot of small investors in this industry but it's never too late to learn the curves on how to exit and enter the market. There will always be a way.
Im a us citizen but the thing is im abroad pretty much all year. I never logged into my binance.com account once while i was in the US. I only logged in it while outside the US which is why i could always log into binance etc.
...For example, soon I will only be able to use only coinbase/gemini because im a US Citizen and because many other exchanges like kraken and binance.us ... i can't use due to the state where im from.
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You, as a US citizen, really cannot trade on binance.com and when you try to log in to this domain, you will be asked to register your account on binance.us. I don't understand what your problem is, register on binance.us and you will be able to trade the BNB exchange token. Or do you not want to undergo verification?
Trading certain restricted coins is always possible. Most likely though you will have to choose a decentralised platform that the government cannot interfere in. My first thought would go to Bisq. Although there are others mentioned in this thread as well. I wouldn't trust a centralised exchange with my money or kyc documents anyway. They are all corrupt and will definitely sell your data.
Avoid the currencies listed on one or two platforms or those that do not have high liquidity, as you waste a lot of money in this way.
Some platforms do not require identity verification so you can use it without using VPN *for small amounts.* Kucoin AS example/
Finally, some decentralized platforms or currency trading board of this forum will be appropriate, but it is better to avoid platforms that have small trading volumes or are listed on few platforms.
Some platforms do not require identity verification so you can use it without using VPN *for small amounts.* Kucoin AS example/
Finally, some decentralized platforms or currency trading board of this forum will be appropriate, but it is better to avoid platforms that have small trading volumes or are listed on few platforms.
Are you telling me those peer to peer networks... you could find someone to trade bnb or busd for btc or usdt/usdc etc?
What are the sites that does this... so i could take a look at it?
Also... how much more will you be paying for it? Example in those places..are you playing like a few percentages more?
What are the sites that does this... so i could take a look at it?
Also... how much more will you be paying for it? Example in those places..are you playing like a few percentages more?
Yes, assuming that you could find buyers/sellers with the trading pairs you're wanting to exchange. Think like eBay, but for cryptocurrencies. So prices can be a bit more expensive/cheaper compared to actual market prices. You can set your own offers though, so there's that.
Okay so to make it simple.
Let say the altcoin you have... let say its an altcoin that only binance and binance.US has and no other exchange has this. Thus imagine coinbase/gemini and every other exchange doesn't trade it.
Example let say the coin is BNB or BUSD.
Are you telling me those peer to peer networks... you could find someone to trade bnb or busd for btc or usdt/usdc etc?
What are the sites that does this... so i could take a look at it?
Also... how much more will you be paying for it? Example in those places..are you playing like a few percentages more?
You can check by yourself at https://coinmarketcap.com/currencies/binance-coin/markets/.Let say the altcoin you have... let say its an altcoin that only binance and binance.US has and no other exchange has this. Thus imagine coinbase/gemini and every other exchange doesn't trade it.
Example let say the coin is BNB or BUSD.
Are you telling me those peer to peer networks... you could find someone to trade bnb or busd for btc or usdt/usdc etc?
What are the sites that does this... so i could take a look at it?
Also... how much more will you be paying for it? Example in those places..are you playing like a few percentages more?
You can find which exchanges that have BNB pair and what other coins that trade with BNB. I do not get what you mean about "find someone to trade BNB or BUSD," but to be clear, I think you want to say the exchanges.
If that is related to the money that we will use to trade BNB pair stable coin or BTC or ALT, that will depend on how much money you will use to trade because I can use $50-$100 in one exchange and trade it and try to make money. But to use more than $1,000, I will think twice, especially if the market situation is still like today.
Okay so to make it simple.
Let say the altcoin you have... let say its an altcoin that only binance and binance.US has and no other exchange has this. Thus imagine coinbase/gemini and every other exchange doesn't trade it.
Example let say the coin is BNB or BUSD.
Are you telling me those peer to peer networks... you could find someone to trade bnb or busd for btc or usdt/usdc etc?
What are the sites that does this... so i could take a look at it?
Also... how much more will you be paying for it? Example in those places..are you playing like a few percentages more?
Let say the altcoin you have... let say its an altcoin that only binance and binance.US has and no other exchange has this. Thus imagine coinbase/gemini and every other exchange doesn't trade it.
Example let say the coin is BNB or BUSD.
Are you telling me those peer to peer networks... you could find someone to trade bnb or busd for btc or usdt/usdc etc?
What are the sites that does this... so i could take a look at it?
Also... how much more will you be paying for it? Example in those places..are you playing like a few percentages more?
Forgot centralized exchanges firms if you're in a restricted country and follow the suggestion above, p2p and decentralized exchange are your best choice.
And also on this forum, you can offer trade with someone else but of course, those only who are reputable or else, use trusted escrow for each trade so that you will always have a safe transaction.
Unfortunately, Binance was now implying KYC verification and you couldn't trade your altcoin there if you're not KYCed level one at least.
And also on this forum, you can offer trade with someone else but of course, those only who are reputable or else, use trusted escrow for each trade so that you will always have a safe transaction.
Unfortunately, Binance was now implying KYC verification and you couldn't trade your altcoin there if you're not KYCed level one at least.
P2P and DEX are the only option for you, look for an exchange that is available to you and use it to cash out your token or even trade it, there’s a lot of ways to do so and the only problem here is that, if your token is not listed on any DEX but only to a centralized exchange where you are restricted from using it. You can also hold into it until that token made a good progress about exchange listing.
P2P is one of the best option or I think the only option however I the price in P2P services is much higher than the market but you don't have to choice but to accept those prices. Trading is allowed on where I live so I'm not really sure about for the people who wants to trade if their country is restricted.
If p2p is one of the options i accepted, okay, what of a situation or a process whereby their is no room for p2p what's going going to the next or second option, because if a country restrict cryptocurrency transactions they most be a possible measure or an alternative were crypto most be exchange, its a hope of bitcoin users. 
I would say either you use p2p or you do not? I mean VPN is another option but usually there is a KYC involved as well. Plus, if it is only trading the coins, then you could swap them on pancakeswap or uniswap and you would be fine, there is no kyc, you will give one token and get another and all the big coins have a wrapped version in them as well so you could do like some wbtc-weth swap there as well. It is only the fact that you can't take it into your bank account that is the problem and that could be dealt with in p2p as well.
I do not see any problems at all when it is illegal in a nation or restricted, as long as it is not a huge crime, like not a jail but a 100$ ticket type of thing? Then I do not see too much of a problem.
I do not see any problems at all when it is illegal in a nation or restricted, as long as it is not a huge crime, like not a jail but a 100$ ticket type of thing? Then I do not see too much of a problem.
Maybe you can use a DEX and then find a coin that would be available to your country. From there choose from the ones that you can trade into cash so that you wouldn't have to worry about depositing/withdrawing the funds from the exchange. How do you normally do it, OP? With those valid coins in your country.
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