Made 1.5 million, congratulations! But taking money out of the crypto circle (cash out) might be harder than making money. If not careful, your card might get frozen, your money could be lost, or even worse things could happen. Remember these methods, especially for beginners:
1. Make a trip to HK to exchange cash (suitable for those who can go)
How to do it: Bring your U (USDT) to HK, find a local money exchange store (look for ones that have been open for a long time and have a good reputation), and exchange it for Hong Kong dollars or RMB.
Key:
Do not exchange all at once: exchange in multiple times, each time a small amount (for example, exchange a few tens of thousands), to reduce risk.
Do not bring large amounts of cash across borders: easy to be inspected, high risk. Convert it well into your bank account or spend it.
Find reliable stores: Verify the store's reputation, don’t let a black store scam your coins and run away.
2. Use overseas bank cards to receive money (the most stable, but requires preparation in advance)
How to do it:
1. Transfer U from Binance to foreign exchanges like Kraken.
2. Sell U at the exchange for US dollars (USD).
3. Withdraw money to your *previously arranged overseas bank card (for example, ZhongAn Bank in Hong Kong, or banks in Singapore, the United States, etc., that support receiving money from cryptocurrency sales).
Key:
Cards must be prepared in advance: This is fundamental! Without an overseas card, this path is impassable. Ensure the bank account can be used normally.
Check exchange rates and fees: Different platforms and banks charge differently, compare multiple options, do not let yourself lose too much.
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 with RMB (or other currency). Once the money arrives in your linked bank card, the transaction is completed.
Key:
Choose good merchants:
Check registration time: Choose merchants that have been in business for at least 2 years.
Check transaction volume: Look for stable and large trading volumes, avoid those with erratic or too low trading.
Absolutely do not engage in offline transactions!
Do not meet to take cash: easy to be robbed! Those who get into trouble in the news are all like this.
Do not transfer privately via WeChat/Alipay: No platform guarantee, if the other party receives U and doesn’t transfer the money, or transfers dirty money and freezes your card, you have no place to reason.
Do not trust transactions in groups like Telegram: A den of scammers!
Bloody lessons remind:
Robbery risk: Offline transactions with cash or large amounts of U? It is like telling bad people 'Come rob me!' Personal safety is at risk.
Frozen card/legal risk: If you receive dirty money, your bank card can instantly become useless, and you may even be questioned by the police. Offline transactions themselves may also be considered illegal.
Lifesaving summary
1. Prioritize overseas cards: The most stable, prepare the card in advance.
2. C2C must carefully select merchants: Only use major platforms (only choose well-established, high transaction volume merchants, absolutely no offline transactions.
3. Exchange cash in HK must be dispersed: If you can go to HK, exchange in multiple small amounts, find a reliable store.
4. Core principle: Safety first! Do not be greedy for speed, do not seek convenience. Use a small portion of money that you can afford to lose to test the waters and familiarize yourself with the process.
Pay attention after the money arrives:
Do not immediately transfer large amounts! At least keep it in the card for 24 hours before using, to reduce the risk of bank risk control freezing.
It’s best to use a dedicated bank card that only receives money from selling cryptocurrency, do not mix it with salary cards or mortgage cards! In case it gets frozen, it won’t affect your daily life.
Making money in the crypto circle is not easy, and cashing out requires even more caution!!
