In the current severe situation of card freezing in the country, every time there is a profit to cash out, each cash out may be a risky action! Many of my friends have made money, but when cashing out, they didn’t pay attention and got caught!
You casually receive funds from strangers, which is no different from opening your front door and letting others come and go. The risk of being frozen is too high. If you don't know about frozen cards, you can search for keywords like 'bank card frozen' on any platform; there are many cases of being frozen or caught every day!
One, C2C platform trading.
Advantages: The platform serves as a guarantor, prices are transparent, and there are protections for both buyers and sellers. Moreover, the platform has transaction records, so even if there is a card freeze, it can be used as evidence of a good faith acquisition.
Disadvantages: Everything has its pros and cons! Because the audience range of exchanges is too wide, it is easy to be targeted by criminals, and there are a lot of illegal funds in exchanges. If you cash out at a maximized profit price and randomly change trading partners, you are very likely to receive illicit funds, leading to your bank card being frozen!
On-market C2C is more suitable for friends with small cash outs, and it is best to trade with familiar merchants, always prioritizing fund security.
Two, OTC trading.
Advantages: Funds are flexible and almost have fixed trading partners, making fund security higher than that of exchanges. If it’s a long-term partnership with coin traders, there will be almost no risk of card freezing.
Disadvantages: In terms of price, it definitely cannot compare with the optimal prices of exchanges, and it requires familiar and mutual coin trader options.
Over-the-counter trading is more suitable for friends who have a deep understanding of cryptocurrency. Whether it’s a large or small amount of cash out, it can be done through over-the-counter trading. Overall, the price may not be optimal, but the safety is relatively higher.
Three, use the foreign exchange channel.
Generally speaking, foreign trade merchants and friends with a deep understanding of the foreign exchange market often use this method. Its basic operation chain is: stablecoin → deposit into fiat exchange → withdraw from fiat exchange to your foreign currency account → bank foreign exchange back to the country.
Advantages: First of all, funds are secure because you are using a legitimate foreign exchange channel. Therefore, the funds received are absolutely safe and will not have any risk of card freezing. Secondly, it is relatively free; you can operate it yourself without connecting to merchant services, with no excessive communication costs.
Disadvantages: Because it requires fiat exchanges and foreign currency accounts, you need to have a thorough understanding of various foreign exchange market knowledge. Moreover, the circulation cost of fiat exchanges is also not low, and there isn't much advantage in terms of price compared to the above two methods.
Four, use U cards to cash out U.
This is a good choice; if you can accept its fees, then it is a perfect product. 99% of the U cards on the market are not bank cards, but consumption cards, gift cards, or payroll cards issued in cooperation with payment companies and foreign banking institutions. Common card issuers include Mastercard, VISA, UnionPay, etc. It supports cash withdrawals from ATMs worldwide, card swiping, and binding to platforms for consumption.
In the flow of funds, all transactions go through bank channels, and the funds are received through China UnionPay, which is absolutely safe.
U card applicable groups include those punished for card cutting, retail investors in the coin circle who are afraid of card freezing, public officials trading coins, and those cashing out U from online gambling.
Finally, always ensure to choose a legitimate and safe platform to avoid issues like fraud or transaction delays.
Understand the withdrawal limits, fees, and time of the platform to avoid fund loss due to improper operations.
Laws and regulations vary by country and region; when cashing out, local laws should be followed to avoid risks from illegal transactions.
Follow me, and you won't have worries when cashing out!