Is there a best way of withdrawing profits from exchanges?

GazetaBitcoin

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Quote from: JamesDaniel90 on July 29, 2023, 06:06:15 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, 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 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, 02:21:51 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.

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Quote from: JamesDaniel90 on July 28, 2023, 02:21:51 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, 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. 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.

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

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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?

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.

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Quote from: JamesDaniel90 on July 28, 2023, 10:11:10 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, 02:21:51 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.

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Quote from: Coin_trader on July 28, 2023, 11:41:30 AM

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.

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.

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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?

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.

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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.

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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 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.

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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?

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, 02:21:51 PM

Quote from: Faisal2202 on July 28, 2023, 12:49:39 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, 02:21:51 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.

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Quote from: JamesDaniel90 on July 28, 2023, 02:21:51 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, 12:49:39 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.

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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.

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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.

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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.

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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.

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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.

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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.

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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

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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? (Read 222 times)