Made a million? Congratulations! But safely withdrawing money from the crypto world (cash out) may be harder than making money. If not done right, your card might get frozen, you could be scammed, or worse, something could happen to you. Remember these methods, especially for beginners:
1. Make a trip to Hong Kong to exchange cash (suitable for those who can go)
How to do it: Take your U (USDT) to Hong Kong, find a local currency exchange shop (one that has been open for a long time and has a good reputation), and exchange it for Hong Kong dollars or Renminbi.
Key:
Don't exchange everything at once: Split it into multiple transactions, exchanging a little each time (for example, exchanging tens of thousands at once), to reduce risk.
Don't bring large amounts of cash across the border: It's easy to be checked, and the risk is high. Exchange it well and keep it in your card or spend it.
Find reliable shops: Check the shop's reputation carefully, don't let black shops scam you and run away with your money.
2. Use an overseas bank card to receive money (the safest, but needs to be prepared in advance)
How to do it:
1. Transfer U from Binance to overseas exchanges like Kraken.
2. Sell U in the exchange to convert it into US dollars (USD).
3. Withdraw the money to your **pre-prepared overseas bank card (for example, a bank in Hong Kong, or a bank in Singapore, the US, etc., that supports receiving money from selling cryptocurrency).
Key:
Cards need to be prepared in advance: This is fundamental! Without an overseas card, this path won't work. Ensure your bank account is functioning properly.
Check exchange rates and fees: Different platforms and banks charge differently, compare several options, and don't let yourself be overcharged.
Overall low risk: As long as operations are compliant, this is a relatively safe method.
3. Find someone to buy on Binance C2C (commonly used, but be very careful)
How to do it: In the C2C trading area of the Binance APP, place an order to sell your U. Verified merchants will buy using Renminbi (or other currencies). Once the money arrives in your linked bank card, the transaction is complete.
Key:
Choose good merchants:
Check registration time: Choose established merchants that have been in business for at least 2 years.
Check transaction volume: Look for high and stable trading volumes, avoid those with erratic or very low trading volumes.
Absolutely do not trade offline!
Don't meet in person to take cash: It's easy to get robbed! News reports always feature such incidents.
Don't use WeChat/Alipay for private transfers: There’s no platform guarantee; if the other party receives U but doesn't transfer money, or if they transfer dirty money that freezes your card, you have no way to argue.
Don't trust trades in Telegram groups and other forums: They're dens of scammers!
Bloody lesson reminder:
Robbery risk: Carrying cash or large amounts of U for offline transactions? It's like telling bad people, 'Come rob me!' Personal safety is at risk.
Card freezing/legal risk: Receiving dirty money can turn your bank card into a useless card instantly, and you might be questioned by the police. Offline transactions can also be deemed illegal.
Lifesaving summary:
1. Prioritize overseas cards: The safest; make sure to prepare the card in advance.
2. Be selective with C2C merchants: Only use large platforms (like Binance), choose established merchants with high transaction volumes, absolutely no offline transactions.
3. When exchanging cash in Hong Kong, make it diversified: If you can go to Hong Kong, exchange in multiple small transactions, and find reliable shops.
4. Core principle: Safety first! Don't be greedy for speed or take shortcuts. Use a small amount of money that you can afford to lose to test the waters, and familiarize yourself with the process.
Be aware after the money arrives:
Don't transfer large amounts immediately! At least keep it in the card for 24 hours before using it, to reduce the risk of being frozen by bank control.
Best to use a dedicated bank card: This card should only receive money from selling coins, don't mix it with salary cards or mortgage cards! If it gets frozen, it won't affect your daily life.
Making money in the crypto world is not easy, and withdrawing funds requires even more caution. Follow the rules, and preserving profits is the real victory!
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Now every day a bunch of people ask me about recovery strategies, but I only bring along those who can execute discipline.
Those who can't control their gambling instincts truly can't be saved.
