Is there a best way of withdrawing profits from exchanges?

GazetaBitcoin

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Quote from: JamesDaniel90 on July 29, 2023, 07:06:15 AM

I am pretty new to all this so don’t get most of what you are all saying.

If you don't understand some part why don't you specify them, thus they will be explained again? At same time, do you pay any attention to what other users are asking you? Are you actually reading these replies? Or you only read 2-3 from the entire page?

You were asked how you can know there will be a bull run in 2024-2025 -- no answer.

Besides, I see that you received some feedbacks for asking again and again same questions. Is this topic another attempt to spam the forum by asking same questions again and again?

Saint-loup

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Quote from: JamesDaniel90 on July 28, 2023, 11:11:10 AM

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

I wasn't aware a bull run was scheduled for 2024/2025. Where have you found that? You have crystal balls, guy? Nobody is able to say how will be the market in one year, global regulation seems to be more and more demanding on cryptocurrencies.
Anyway the best way to Take Profits from Bitcoin is to convert them into stable coins. It let you avoid taxation on profits usually. For withdrawing your stable coins then, you case use layer 2 networks to get lower withdrawal fees.

Faisal2202

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Quote from: JamesDaniel90 on July 28, 2023, 03:21:51 PM

You assume wrong, I will pay taxes.

Like I said , I have not experienced a bull run yet and just want to have a plan in place for when it comes to cashing out my profits.

Currently I have 25% on exchanges and 75% cold storage wallet.

Oh ok my bad, i thought you are asking about taxes. Even though i was also non serious about it because i am not a tax evader. I also pay taxes. Well, it is good for you that you have placed more amount on Cold wallets and lesser on exchanges. Decodex has already given you some authentic recommendations which i assume you must be following.

Well, i have a topic for you which also contains some information regarding your issue.

Things to keep in mind before accumulation of Bitcoin

My recommendation are: do not be panic because in the hype of getting more and more profits many people mistakenly write wrong address or choses wrong network and end up in losing the amount. If you wanted to sell quick or like wants to book profits quickly then you should transfer your specific funds on exchanges just before the ATH. i know ATH can not be predicted but at least you could guess the right time to transfer funds.

Be patient, be fast, be smart, and do not fall prey to market sentiments.

Hamza2424

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Quote from: JamesDaniel90 on July 28, 2023, 03:21:51 PM

You assume wrong, I will pay taxes.

Like I said , I have not experienced a bull run yet and just want to have a plan in place for when it comes to cashing out my profits.

Currently I have 25% on exchanges and 75% cold storage wallet.

Hmm, well it's very good that you are already working great with the fund's management and their security, There is nothing complicated dear, P2P can offer no-fee withdrawal as I had already said but it's a centralized utility. if you want to play safe you can obviously use Localcoinswap, Bisaq, and Paxful for your transaction the transection fees will cost you around 1%, and on Platforms, it really depends on the type of transaction. I am assuming it will not be higher than 1% anywhere at least I haven't experienced more fees with my transactions.

You can find local dealers as well. if you are good at it.

aysg76

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Quote from: OmegaStarScream on July 28, 2023, 11:19:29 AM

I hope you're not planning to keep your funds on exchanges for a couple of years, that's not wise. Use a hardware wallet instead. As for your question, then P2P is probably the best way to eliminate as much fees are possible.

That is the advice they should take if they are having in mind to hold their coins then exchange is what you should avoid at any cost.He is talking about profits but when time comes he may not to be able to recover his capital invested also leaving apart any profits margins.So just understand the term not your keys not your coins which will help them remind about self custody importance.

Lucius

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Quote from: JamesDaniel90 on July 29, 2023, 07:06:15 AM

I am pretty new to all this so don’t get most of what you are all saying.
~snip~

You have been a member of the forum for more than 1 year and have written more than 400 posts, and let's assume that you have read at least five times as many - I don't understand how you still consider yourself a beginner and don't understand what people are talking about?

As far as I could see, no one wrote you anything technically demanding, but basic things that more or less everyone knows. You remind me of a member who constantly asks the same questions, but never acquires any of the knowledge that others share with him. Do not be @jerry0 Wink

m2017

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Quote from: JamesDaniel90 on July 28, 2023, 11:11:10 AM

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

Hold cryptocurrencies in an exchanger for several years, then withdraw them and exchange them for traditional currencies, in order to keep it in a bank? - you live will be nailed to the pillar of shame on the forum just for thinking about it. Cheesy

I don’t think that the idea of withdrawing profit to the bank is the best, because when money of unknown origin enters your account, it will cause suspicion in the bank, to which they may react by blocking account. Of course, if the income is noticeable (impressive). In this case, it is better to use the exchange for cash (in parts), although there are certain risks here.

JamesDaniel90

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I am pretty new to all this so don’t get most of what you are all saying.

The 25% I currently hold on exchanges is mostly in Kucoin with a bit in Coinbase.

I will research more into it over the next few months as I will not be selling anything until we start seeing the altcoins pump.

Lucius

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Quote from: JamesDaniel90 on July 28, 2023, 11:11:10 AM

~snip~
Is there a best/cheapest way of withdrawing profits to bank?

You don't have too many choices when you sell a cryptocurrency on CEX, because you choose a bank transfer and then you accept all the conditions specified for such a transfer. I don't know why the majority overlooked that you are talking about a bank transfer and not looking for a cheap way to withdraw crypto from an exchange to a non-custodial wallet.

Quote from: JamesDaniel90 on July 28, 2023, 03:21:51 PM

Like I said , I have not experienced a bull run yet and just want to have a plan in place for when it comes to cashing out my profits.

You have already asked similar questions several times, and as far as I remember, you always got adequate answers, so I concluded that you learned something from all that. The matter is actually very simple, you have CEX that you use, you have your own bank through which you make deposits and you know how the tax system works - the moment you want to sell, you will pay all the fees and finally the tax, and what is left over will be your profit.

Dr.Bitcoin_Strange

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OP, even if you have your coins on your Self-costodial wallet, you can still set a target for when and at what price you wish to take profit from your investment. Just like other members have said, keeping your coins in a centralised exchange is very risky. You can create an Ethereum wallet or a Bluewallet and withdraw all your assets from a CEX to the wallet, and during the bull market, you can deposit them back to the exchange where you wish to sell them.

Jawhead999

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I'd most of users are give wrong answer, the best way to cash out your Bitcoin during bull run with the cheapest fee is leaving the coins on centralized exchange. When bull run happen, the Bitcoin's trading volume would be high and it force you to pay higher fee if you hold your Bitcoin on non custodial wallet. In P2P, not everyone willing to trade for premium price or 1:1, most of the offers ask you to sell at least 5% lower than the average price.

Holding Bitcoin in centralized exchange is the answer in this thread, but obviously experienced holder and myself wouldn't take any risk to lose all of the coins in order get small % profit.

jrrsparkles

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Quote from: Coin_trader on July 28, 2023, 12:41:30 PM

Quote from: JamesDaniel90 on July 28, 2023, 11:11:10 AM

Is there a best/cheapest way of withdrawing profits to bank?

P2P trading is your best chance to have the cheapest way to withdraw to your bank. You can create an order with your desired price. Most of the exchange waive their transaction for P2P trading transactions or just find someone here in the forum that willing to purchase your tokens in exchange for fiat.

I hope that you read most of the reply above regthe risk of holding your assets on CEX. Invest on hardware wallet to store your coins safely. Learn from previous disaster like FTX which users funds is not accessible anymore until now.

I will recommend p2p trading only if there is no trading pair in the exchange which doesn't consist the pair of local currency, since OP mentioned that he wanted to do it cheapest way withdrawing it will cost a certain amount which maybe negligible or considerable depends on how much he is withdrawing but whoever wants to skip paying withdrawal fee just sell BTC for fiat pair and move it to bank with less fee as possible.

passwordnow

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Quote from: JamesDaniel90 on July 28, 2023, 11:11:10 AM

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

You'll have to go through with exchanges and you can't abstain from the fees that they earn from trading fees and some from the commission each withdrawal that a user makes. If you want to flee from the fees as you withdraw then you can ask for someone and do a P2P transaction but that's going to cost you uncertainty if you do the actual thing and you won't go through with the exchange's P2P. I'd tell you what, don't be too worried about the fees, they're not that much and just wait until the bull run arrives on town.

noorman0

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Some of the suggestions on keeping in a self-custody wallet above are actually worth considering first for a yearly investment, this will give you the opportunity to choose local exchanges or p2p exchanges with the lowest withdrawal fee calculations during the bullrun season (just hope p2p traders compete with each other to lower their fee levels or local exchanges offer free withdrawals).

As for the trading process itself, there is really no way to avoid high fees, most of the CEXs take fees based on a percentage of the trade amount.

Fuso.hp

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First you need to select a good quality exchange. Because P2P benefits are not possible without good quality exchange. You can easily sell your coins if the crypto exchange you are using has P2P facility. Exchanges that offer P2P facilities include Binance, KuCoin. If you use any of these two exchanges then you will easily get this benefit without any third party intervention. And P2P transactions are very secure compared to third party transactions. But before such transactions account specific verification is required, if you can complete that verification only then you will get this benefit from the exchanges.

Asuspawer09

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Quote from: JamesDaniel90 on July 28, 2023, 11:11:10 AM

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

I mean it depends on the exchange platform that you use, you can't change the set fee on that platform because that's the set amount of the platform already, When I'm doing exchange I think the easiest way and cheapest way to cash out or exchange your cryptocurrency to fiat is through the P2P section, there are a lot of banks that are available just pick the bank with the highest exchange rate. And that's you could do it as well if you're going to cash in fiat into the exchange it was pretty convenient and easy since it's directly on the bank.

I have some experience just be careful if you're going to cash it out at once because it's going to be a huge amount sometimes the banks where you're going to cashout or put your money are going to be suspicious of that and they are going to freeze your money. So be careful with that. Your doing great investing and holding until the Bullrun just be careful as well holding all of your investment in a centralized exchange.

hatshepsut93

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Quote from: JamesDaniel90 on July 28, 2023, 11:11:10 AM

Is there a best/cheapest way of withdrawing profits to bank?

Best and cheapest are not the same. There are methods for reducing fees, like exchanging Bitcoin for cash in-person, but they come with a lot of risks - a risk of getting robbed, a risk of receiving counterfeit currency. Then you'll have to explain to your bank were did you get all that cash when you'll decide to deposit it to your account. Centralized exchanges make things more smooth - you'll get your money directly to your bank account without those risks, but you'll have to pay 1-2% fee. There's also p2p online trading, which will have risks similar to cash - risk of getting scammed and risk of drawing attention from your bank over large private transactions.

It's up to you whether you want to trade those risks for 1-2% fee.

decodx

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Quote from: JamesDaniel90 on July 28, 2023, 03:21:51 PM

Quote from: Faisal2202 on July 28, 2023, 01:49:39 PM

i am assuming, your are trying to find a way to withdraw money without paying taxes and that is not advice-able, Because IRS will find you and the consequences might be more costly.

You assume wrong, I will pay taxes.

First of all, make sure to familiarize yourself with the local laws regarding crypto regulation and taxation in your country. Each country might have different laws and specific provisions. I recommend asking in your local community or seeking advice from a tax expert.

Quote from: JamesDaniel90 on July 28, 2023, 03:21:51 PM

Currently I have 25% on exchanges and 75% cold storage wallet.

There are many risks associated with holding money on custodial wallets such as centralized crypto exchanges. It is better to transfer all funds that you do not use for active trading to your private wallet, especially if you plan to hold them for the long term.

BD Crypto

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Quote from: JamesDaniel90 on July 28, 2023, 03:21:51 PM

You assume wrong, I will pay taxes.

Like I said , I have not experienced a bull run yet and just want to have a plan in place for when it comes to cashing out my profits.

Currently I have 25% on exchanges and 75% cold storage wallet.

Already several users gave you some extraordinary advices and thay all are really helpful. Anyway you didn't mention about which exchange you are using now. If you share this information it will be very easy to give some proper advise.

Anyway I mostly try to use Binance and there have P2P exchange feature which is much beneficial and I don't have to pay any fees for P2P exchange. If you use another exchange which have no P2P feature then you can transfer your assets to Binance using a coin or token which cost you lower fees. Then again convert it to stable coins and sell it though P2P. I hope that will be the best idea for you. And never hold your coins in a Custodial wallet if you can't afford to lose it. Because there is a common sentence " Not Your Keys, Not Your Coins". Always try to have full control on your assets to assure best security.

Anyway if you have gotten your answer or suggestions then you should lock this topic to avoid unnecessary replies or spamming.

JamesDaniel90

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Quote from: Faisal2202 on July 28, 2023, 01:49:39 PM

i am assuming, your are trying to find a way to withdraw money without paying taxes and that is not advice-able, Because IRS will find you and the consequences might be more costly.

You assume wrong, I will pay taxes.

Like I said , I have not experienced a bull run yet and just want to have a plan in place for when it comes to cashing out my profits.

Currently I have 25% on exchanges and 75% cold storage wallet.

Topic: Is there a best way of withdrawing profits from exchanges? (Read 201 times)