About Withdrawals

After using the backpack to withdraw USDC twice, I switched back to Hashkey because the withdrawal from BP is sometimes too slow.

Both methods have their pros and cons and complement each other well. Now, let’s detail the differences.

Apart from the slow withdrawal issue, BP also has a not-so-favorable exchange rate for converting US dollars to Hong Kong dollars at the bank. I convert to Hong Kong dollars for IPOs in the Hong Kong stock market and for consumption, and typically convert back to Mainland using Hong Kong dollars.

Ordinary users cannot directly deposit USDT into Hashkey; they can only deposit a few specific cryptocurrencies like BTC/ETH. I usually choose to convert ETH when its price is on the rise (this is important!) and deposit that into HSK, then sell it for USD/HKD, which can be transferred directly to my bank card and arrives in two minutes.

The entire process, apart from spending some gas and transaction fees, takes about ten minutes to deposit ETH. Once you get used to it, it’s relatively smooth.

Professional investors with a PI account (requiring 8 million bank proof) can directly deposit USDT and then convert it to USD/HKD, and the exchange rate is better than the bank!