Is there a best way of withdrawing profits from exchanges? - page 2.

Woodie

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

Knowing very well that withdrawing your profits using BTC attracts an above average in fees with most of these exchanges, you are better off exchanging your BTC for an altcoin such as Litecoin, Tron, binance coin etc as these attract very minimal transaction fees.

Btw, with all these exchange hacks that have happened over the years, I hope you aren't leaving your coins in the exchanges hands...

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

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?

Cheapest way to convert crypto to fiat I think p2p trading saves you on a lot of unnecessary charges and this I will recommend, unlike wire transfers that take long and sometimes cheaper Roll Eyes

but you know what they say..time is money!

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

Hmm, As far I understood from your post, You actually want to withdraw your funds after booking profits from the centralized exchange by the cheapest way buddy you can do it, Bank transfers never cost transaction fees from crypto to Bank as far as I Know at least in Binance P2P there are no fees. But if you want to use other ways so there are different options rather than a bank transfer. As you can use the TRX for the minimum transaction fees, If your funds are on the Binance than Bep2 BNB or even BUSD will be a good option.

If you want to export your funds I mean withdraw your funds to a private wallet you can use the BTC Bech-32 for that purpose. It may cost you a few more cents but recommended.

Nheer

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Quote from: JamesDaniel90 on July 28, 2023, 10:11:10 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 sincerely hope you didn't put your funds on a cryptocurrency exchange, as that is the worst location to do so, especially for an extended period of time. Have you not heard that certain exchanges have been hacked, while others have defrauded their consumers and fled with all their money? We never know the exchange that will be targeted next, so we shouldn't put our reliance in exchanges. Although we don't pray for such to happen but we should always exercise caution when using exchanges.

It is safer to keep your bitcoins in a wallet where you have control over the private key, preferably an offline wallet since you will hold onto it for a long period to fend against hacker attempts.

When you need to withdraw, you can deposit the desired amount into a trustworthy exchange, use their p2p, and then use your bank account to receive the money in exchange for your bitcoin. You must exercise caution when conducting transactions in these exchanges because scams can still happen there.

Ultegra134

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Exchanges in general charge minor fees when it comes to depositing or withdrawing coins, and there are also ways to avoid or limit them if they apply. Usually, you can convert to some other coin that has a lesser fee, such as Stellar, Litecoin, or even stablecoins, and withdraw through them; however, I'm understanding that you most likely mean how to withdraw after converting your coins to fiat, in which case, your options are pretty limited to bank withdrawals, something that I wouldn't recommend doing because, depending on the amount, you may be susceptible to taxation.

In general, if you're holding, it's advisable to move your funds to a hardware wallet, or at least a desktop wallet like Electrum, and avoid centralized platforms. Then, when the time comes, you can sell through P2P marketplaces or decentralized exchanges.

GazetaBitcoin

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

Perhaps what I wrote above will make you reconsider this.

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

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.

How do you know for sure there will be a bull run in 2024-2025? Do you have the power of seeing the future? Have you traveled in time and you already know it will happen? You seem very certain about this.

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

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

And next thing you say is another ridiculous idea: to associate crypto incomes with banks. Such movement would only expose you even more in front of the government. You already exposed yourself by offering for free to a centralized exchange, one of the most important thing from your life: your personal information. And, since you gave already your personal information to an exchange, that in formation is, obviously, not personal anymore. If it were personal only you would know it. Now third parties know it as well.

And you are also trying to jump from the frying pan into the fire. Meaning to become a complete sitting duck in front of the government, abandoning any last idea about anonymity and privacy, and associating your crypto exchanges with a bank. That would be a really bad idea.

Perhaps reading this thread will help you understand better how to use Bitcoin: 12 years later and people still don't know to use Bitcoin nor what it's good for. And, if you read that topic, perhaps you can also read Why KYC is extremely dangerous – and useless.

Be careful about what you'll do, OP... Your funds and privacy are at high risks right now...

Faisal2202

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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. So, pay the taxes and live a happy life. Or, contact someone where taxes are not applied like my country and then ask them to send them your holdings so they could withdraw them.

And then could send you via finance app or any other way from which you will be tax less. If you could mention your country then i might give you some advice to at least lower your taxes ( i am not an expert but i am good at research).

But still, i advice you to pay taxes.

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

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

There are 2 things that you will have to do if you want to cashout at the right time while holding your funds safely.

1. Hold your funds in a self-custodial wallet. Hardware wallet would be the best choice.
2. When you want to cash out, you can transfer the funds to a reputed exchange which supports your fiat currency or go for a P2P trade. In both case, be extra cautious of whom you are dealing with.

It's a long term journey and keep exploring more ways to cashout but always review with people by posting on this forum if you are not sure of how to proceed.

BitMaxz

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What exchange do you currently buying Bitcoin(Crypto) if you are using Binance then their existing P2P ads don't ask for a fee only makers who do shoulder the fees.

However, it is still not a good decision to hold your funds on the exchange because we don't know what will happen in the future if the exchange is hacked just like what happened to well-known exchanges before like Mt.Gox and Poloniex. It would still be safe if you hold your Crypto in a wallet where you have full control of your seeds or private key or a much better hardware wallet.

paid2

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

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.

"Don't count your chickens before they're hatched."

I know that halving is approaching and that historically the following year after each halving is positive for BTC's rate, but you should never take a bull run as a foregone conclusion before it is actually there.

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

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

As OmegaStarScream wrote, some P2P could be a nice solution. You can take a look on Bisq, Peachbitcoin, Agoradesk, or find someone who wants to buy some BTC with cash for example. But in all cases, these solutions also contain fees.
Some CEXs offer withdrawals with limited fees, so you need to do your own market research when it comes to exchanging your funds for FIAT. Depending on the fiat currency you wish to obtain, the fees are not the same.

Like the others, I'd like to add that you should never store your funds with a CEX. If you don't want to buy a hardware wallet, Electrum is an excellent free & open source wallet for BTC. You need to own your private keys, that's all that really matters.

Poker Player

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Quote from: OmegaStarScream on July 28, 2023, 10:19:29 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.

Quote from: hd49728 on July 28, 2023, 10:20:12 AM

Reminder: Do not keep your money in online accounts

This. Get a HW wallet ASAP, withdraw your funds to it and when you want to sell in a couple of years, then deposit the coins and sell them but don't keep them for so long on exchanges. Well, assuming you have a certain amount, if you have like $170 it's not worth the hassle.

hd49728

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

Choose a blockchain with lowest transaction fee, cheapest withdrawal fee because exchanges don't care about what are happening in Bitcoin mempools or altcoin networks if no security risk on their exchange fund. They charge expensive withdrawal fee even transaction fee on network is cheap.

With altcoin blockchains, they are less secured, more easily to be compromised so you will have to move (withdraw) your fund gradually. Avoid to withdraw all fund in one transaction to minimize risk and value of loss when something is wrong from you or from the altcoin blockchain.

Reminder: Do not keep your money in online accounts

OmegaStarScream

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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.

JamesDaniel90

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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?

Topic: Is there a best way of withdrawing profits from exchanges? - page 2. (Read 222 times)