Congratulations on earning 1 million! But safely withdrawing money from the cryptocurrency world (cash out) may be harder than making money. Be cautious of card freezes, scams, or even personal safety issues. Remember these methods, especially for beginners:
1. Take a trip to Hong Kong to exchange cash (suitable for those who can go)
How to do it: Bring your USDT to Hong Kong, find local money exchange shops (look for those that have been around for a long time and have a good reputation), and exchange for Hong Kong dollars or RMB.
Key:
Don’t exchange everything at once: Exchange in multiple small batches (for example, a few tens of thousands at a time) to reduce risk.
Don’t bring a large amount of cash across borders: It’s easy to be checked, and the risk is high. Store the exchanged money in your bank account or spend it.
Find reliable shops: Investigate the shop’s reputation thoroughly, 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 requires preparation in advance)
How to do it:
1. Transfer USDT from Binance to a foreign exchange like Kraken.
2. Sell USDT on the exchange for US dollars (USD).
3. Withdraw money to your **pre-prepared overseas bank card (such as ZhongAn Bank in Hong Kong, or banks in Singapore, the USA, etc., that support receiving money from cryptocurrency sales).
Key:
The card must be prepared in advance: This is fundamental! Without an overseas card, this route won't work. Ensure the bank account is functioning properly.
Check exchange rates and fees: Different platforms and banks charge differently, compare prices, and don’t get charged too much.
Overall risk is low: As long as the operation is compliant, this is a relatively stable and 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 USDT. Verified merchants will buy with RMB (or other currencies). Once the money arrives in your bound bank card, the transaction is complete.
Key:
Choose a good merchant:
Check registration time: Choose merchants who have been operating for at least 2 years.
Check transaction volume: High and stable transaction volume, avoid those with fluctuating or very low volumes.
Absolutely do not trade offline!
Don’t meet to take cash: It’s easy to get robbed! The incidents reported in the news are all like this.
Don’t use WeChat/Alipay for private transfers: No platform protection, the other party receives USDT but doesn’t transfer money, or transfers dirty money freezing your card, and you have no one to reason with.
Don’t trust trades in groups like Telegram: A den of scammers!
Lessons learned:
Robbery risk: Trading offline with cash or large amounts of USDT? It’s like telling bad people, 'Come and rob me!' Your personal safety is at risk.
Card freezing/legal risks: Receiving dirty money can turn your bank card into a useless card in an instant, and you might be questioned by the police. Offline trading itself may also be deemed illegal.
Life-saving summary
1. Prioritize overseas cards: The safest, prepare the card in advance.
2. Select merchants carefully for C2C: Only use large platforms (choose established, high transaction volume merchants, never trade offline).
3. Diversify cash exchanges in Hong Kong: If you can go to Hong Kong, exchange multiple small amounts, find reliable stores.
4. Core principle: Safety first! Don’t be greedy for speed, don’t seek convenience. Use a small portion of money you can afford to lose to test the waters and familiarize yourself with the process.
After money arrives, pay attention:
Don’t immediately transfer a large amount out! Keep it in the card for at least 24 hours before using it to reduce the risk of being frozen by bank risk control.
It’s best to use a dedicated bank card that only receives money from selling cryptocurrency, don’t mix it with your salary card or mortgage card! In case it gets frozen, it won’t affect your life.
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