Unveiling the pitfalls of the crypto world! Off-exchange cash transactions? Be careful not to lose money before breaking the law!
If you know nothing about the crypto world, and you don't even understand what you're doing, let alone the risks of withdrawing funds, I sincerely advise you to think it through before entering. This place won't go easy on you just because you're a student or a beginner; the risks are significant. Experienced traders all know that I keep harping on about risks, risks, and more risks.
Today, let's talk about how to safely withdraw funds. There are a ton of tutorials online, but many don't hit the nail on the head. Some people just follow those so-called "big names" and end up getting badly scammed, paying service fees as high as 20%. To avoid this situation, I have to give you some practical advice.
First, do not be fooled by low-priced U. Some people offer prices 20% lower than the market; you think you got a bargain? Wrong! That money might be dirty. Conversely, if the price is higher than the exchange, it’s even more shady.
Off-exchange cash transactions are a minefield in China. Not only are they illegal, but you also can't guarantee that the other party isn't a scammer. The safest money should come from legitimate channels, such as credit cards or online loans, and it should sit for a few days to let the money "settle"; only then is it safe.
Those online claims that you can immediately repay after withdrawing funds or invest to avoid risks are all nonsense. What needs to be frozen will still be frozen.
So how can you safely withdraw funds? To put it simply, it’s about streamlining operations and finding a reliable trading partner.
Two relatively stable methods:
One is C2C trading on exchanges. Although it's slower, the transaction success rate is higher. You need to find a reputable merchant, ask in advance if they compensate for frozen cards.
The other is to get a foreign currency card. Go to a bank in Hong Kong or somewhere to get a card that supports US dollars, convert USDT to dollars, and then find a way to exchange it for Chinese yuan.
In the crypto world, opportunities and risks coexist. I hope my advice helps you avoid detours and navigate the crypto space more steadily.
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