One article explains how to withdraw money from the cryptocurrency market
Risk control, frozen cards, and "drinking tea" are probably what many friends who want to withdraw money have encountered. How to withdraw money safely is a rigid demand in the cryptocurrency circle. Recently, I have communicated with many friends and combined with my own experience to talk about the relevant information of withdrawal, including:
1. Principles of safe deposit and withdrawal
2. Withdrawal methods and precautions
3. Comparison of the advantages and disadvantages of withdrawal methods
4. How to break through the foreign exchange limit of 50,000 US dollars
Principles of safe deposit and withdrawal
When operating funds in the cryptocurrency world, safety is the primary consideration. For OTC withdrawals, please note:
- Avoid greed: Choose the right price to withdraw funds and avoid extreme market prices, especially those higher than the market price.
- Choose experienced merchants: cooperate with merchants who frequently receive and pay US dollars (U), as such merchants are usually more reliable.
- Trial transaction: Before making a large transaction, you can make a small U purchase to test the merchant's reliability.
- Avoid merchants on social media: Merchants with public activities tend to be riskier.
- Risk diversification: Avoid frequent small cash withdrawals or quick withdrawals from ATMs, as these actions may attract regulatory attention
Withdrawal methods and precautions
U card:
Specific operation: Recharge U into the U card, and the U card platform will convert the funds into US dollars, euros, Hong Kong dollars, etc., and deposit them into the U card.
Cost: About 4% loss.
Security Tips: U Card has a legal exchange license, which improves the security of transactions.
Kraken Exchange
Specific operations: Perform KYC certification through the Kraken APP, transfer assets to the Kraken wallet, and choose USDC for fund exchange to reduce exchange losses.
Fees: The exchange rate loss of USDT is about 0.15%, and the exchange rate loss of USDC is about 0.1%.
Transfer time: marked as 1 to 5 days, usually arrives within 12 hours on non-holidays.
Fee: The withdrawal fee is $13, and the minimum withdrawal amount is $100.
OCBC Bank Card
Specific operation: Register and open an account through the OCBC APP. The account opening process takes about 5 minutes, and there is no management fee in the first year.
Fees: If the account balance is less than SGD 20,000 in the following year, a management fee of SGD 2 will be charged per month.
Activation requirements: To activate the account, you need to remit more than 1,000 SGD to the account
Comparison of the advantages and disadvantages of withdrawal methods
U card: The advantages are high security and simple operation; the disadvantage is that there may be a loss of about 4%.
Kraken Exchange: The advantages are flexible operation and support for multiple currencies; the disadvantages are that you need to pay attention to transaction fees and exchange rate losses.
OCBC: The advantage is that the threshold is low and suitable for long-term operations; the disadvantage is that there are annual management fees and initial activation thresholds.
How to break through the foreign exchange limit of 50,000 US dollars
Accumulation of family members: Utilizing the quotas of immediate family members, such as parents, spouses, and children, can significantly increase the total foreign exchange quota of the family.
Panda Express: Cooperating with Tianjin Jincheng Bank, it provides remittance services with lower fees and higher speed. The annual limit for individuals can be increased through negotiation.
Yiwu self-employed method: Registering as a Yiwu self-employed person can achieve unlimited foreign exchange settlement, which is suitable for large-scale capital operations and avoids cumbersome tax issues.
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