Everyone tells you that if you want to legally trade digital assets, go to Hong Kong, but they won’t tell you what the process is?

Because many so-called Internet bloggers and big Vs may not have many bitcoins in their pockets, and they have not experienced the experience of frozen cards because they have nothing. They mainly serve as a companion to deceive you into paying consulting fees or to attract orders and make a killing.

If those who are involved in self-media do not use the traffic to conversion, they may not earn as much as you working in a factory to screw screws in a month. Don’t be fooled by the fact that they call themselves teachers, they may not have much money in their pockets.

They have never experienced the problems and difficulties of large-scale withdrawals, but they don't mind guiding the buying and selling of tens of millions or even hundreds of millions of digital currencies on the Internet.

If you don’t believe me, just search it. What is the process of safely issuing USDT in Hong Kong? There is no tutorial on the entire Internet. Why?

Because they are all fooling you.

I have personally tested it for you: it is impossible for retail investors in Hong Kong to exit U safely without any loss.

If you want to study abroad, you need to prepare the following things:

KYC certification of overseas exchanges

Overseas bank cards

Channel resources, etc.

Some overseas banks claim to support the buying and selling of digital assets, such as ZhongAn Bank, which made a high-profile announcement in the middle of the year. However, this is also a gimmick, just like my cousin claiming in the homeowners group that he supports the wife of Mr. Wang next door to visit my house at any time.

You need to open a virtual account at ZhongAn Bank, go to Hong Kong in person to connect to the Hong Kong network, obtain entry and exit records from the Immigration Administration, and undergo facial recognition verification. It usually takes three days to activate the account.

Then go to a physical bank such as HSBC or Standard Chartered to open an overseas account. Generally, an intermediary will help you make an appointment and charge a fee of several thousand yuan.

As for KYC of overseas exchanges, forget it. You can’t put your large assets in a fake exchange, and your mainland identity cannot be authenticated.

Okay, the preparations have begun. If you want to sell U, you can go to an offline store in Hong Kong to exchange it for Hong Kong dollar cash. The non-member price for recycling U is 7.73 Hong Kong dollars (about RMB 7.09), which is equivalent to a discount of 0.12 cents, or about 2%.

They only give you Hong Kong dollar cash, and you need to deposit the Hong Kong dollar cash into your Hong Kong bank account and exchange it into US dollars for convenience, which is equivalent to another exchange fee.

Going to the bank to exchange dollars is about 7.21 RMB. You lose 0.12 cents on the cost of U7.21, and then you exchange it for HKD7.09, and then you lose another 0.12 cents when the HKD is converted into dollars and deposited into your account. You lose 0.24 cents, which is about 4%.

Do you think this is the end?

If a retail investor withdraws a large amount of money, let’s say 1 million, you would think a loss of 40,000 is acceptable, right? However, you need to register your KYC information with the authorized agency, including all real information such as name, phone number (Hong Kong), home address, passport information, etc.

Do you want to leave this information?

OK, it’s okay. You have successfully passed KYC and provided the information to the authorized agency. You have successfully deposited the Hong Kong dollars into a Hong Kong account and converted them into US dollars. How do you bring them back to the mainland?

You can withdraw 20,000 cash a day from mainland ATMs with a Hong Kong card (if you withdraw cash from overseas for 50 consecutive days, see if your card will be blocked).

To exchange currency and bring it back to China, it costs 50,000 dollars a year, and you need to go to the bank to submit legal documents and proof of tax payment.

When transferring large amounts of money to overseas accounts, overseas banks will require you to provide proof of the source of funds and tax payment.

The second method is to find a familiar and trusted currency dealer to transfer Hong Kong dollars, US dollars or other foreign currencies to your overseas bank card account. This is the most effective way. If you want to transfer funds out, this is indeed the easiest way.

The problems you encounter are still the same, familiarity and trust, and the bank requires you to provide proof of source of funds and tax payment. ​

The third type is from offline Bitcoin ATM machines. This is what those big Vs are trying to trick you with. They have never seen or used this machine.

Currently, ATMs can only buy coins, not sell them. You may have a hard time finding a machine that has the coin-selling function, but the experience will be negative.

There are various ways to use that QR code, and it takes 30 minutes to withdraw cash.

Do you think you can handle a 10% loss?

Don't believe, verify.