As someone who has personally experienced pitfalls, let me educate you today! (I suggest you follow and save this, you'll need it sooner or later.)
Recently, the entire internet has been hyping 'legally selling USDT in Hong Kong', but no one tells you how many pitfalls are involved! As someone who has personally experienced pitfalls, let me explain this clearly today! (I suggest you save this, you'll need it sooner or later.)
1. Why don't internet celebrities tell you the truth?
They haven't even tried it themselves: many influencers don't even have 10 U in their accounts, they haven't experienced large withdrawals at all, and are purely relying on fabricating stories to fool you into buying courses/joining groups.
Traffic monetization tricks: they mainly earn money by directing traffic (for example, recommending exchanges for commissions), and don’t care how difficult your actual operation is.
Telling the truth doesn't generate traffic: if they honestly tell you the process is complex and losses are high, why would you still follow them? It's better to fabricate a get-rich story to attract fans.
2. Real process of cashing out U (personal tested pitfalls version)
Preparation work
Open an overseas bank account:
First, go to Hong Kong to apply for a virtual bank (such as Zhong An Bank), you need to do facial recognition + check entry and exit records, it takes 3 days to open an account.
Then find an intermediary to spend a few thousand dollars to get a physical card from HSBC/Standard Chartered (almost impossible to apply for it yourself).
Exchange KYC certification:
Forget about using mainland identity! Regular exchanges won't recognize it, and would you dare use a shady exchange? They could run away at any moment!
Selling U in practice (taking 1 million U as an example)
Find an offline store to exchange for Hong Kong dollars:
Exchange rate is terrible: 1 U = 7.09 RMB (12 cents lower than market price), losing directly 120,000 on 1 million U!
Only cash: you struggle to carry several million Hong Kong dollars in cash to deposit in the bank.
Hong Kong dollars exchanged for US dollars:
The bank charges again: exchange rate 7.21, losing another 12 cents, losing another 120,000!
Total loss of 240,000 (24%), feeling painful to the point of suffocation!
Information exposure:
The entire process requires registering real information: name, phone number, address, passport... equivalent to stripping yourself bare for others to see.
Three, how to get money back to the mainland? More headaches!
Method 1: ATM withdrawal
Withdraw a maximum of 20,000 per day, for up to 50 days (the bank will freeze your card before then!)
Method 2: Bank transfer
You need to provide proof of source of funds + tax payment certificate (you know, where's the tax bill from selling U?)
Method 3: Find acquaintances to transfer money
Very high risk! The other party could run away with the money/get investigated, and you won't even have a place to cry.
Method 4: Bitcoin ATM
Internet celebrities hype it up, but in reality, you can only buy, not sell! Even if you find someone to sell it to, the fees take 10% (100,000 U will net you only 90,000).
Summary
Retail investors, don’t mess around: high losses + high risk, a net loss of 240,000 on 1 million U, and still feeling anxious!
If you really want to cash out: find a reliable acquaintance for small exchanges, or hold onto coins until the bull market.
Beware of internet celebrity tutorials: they only care about gaining traffic, not about your survival!
Remember:
Anyone who claims 'zero loss for cashing out U' is a scammer!
Anyone who asks you to pay first should be blocked immediately!
Before getting rich, think about how to safely cash out!
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