You've made 1 million, how to safely withdraw the money?

Congratulations on making 1 million! However, safely withdrawing money from the crypto world (cashing out) may be harder than making money. If not careful, your card could be frozen, money could be scammed, or even worse. 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 and find a local shop that exchanges money (look for those that have been open for a long time and have a good reputation) to exchange for HKD or RMB.

Key:

Don't exchange everything at once: split it into multiple smaller exchanges (for example, exchange tens of thousands at a time) to reduce risk.

Don't bring large amounts of cash across borders: high risk of being checked. Exchange well and store it in your card or spend it.

Find reliable shops: Check the shop's reputation thoroughly, don't get scammed by black shops.

2. Use foreign bank cards to receive money (safest, but requires prior preparation)

How to do it:

1. Transfer U from Binance to a foreign exchange like Kraken.

2. Sell U on the exchange for US dollars (USD).

3. Withdraw money to your **pre-applied foreign bank card (such as the ZhongAn Bank in Hong Kong, or banks in Singapore, the US, etc. that support receiving money from selling cryptocurrencies).

Key:

Cards must be applied for in advance: This is essential! Without a foreign card, this route is not feasible. Ensure your bank account is functioning properly.

Look at exchange rates and fees: Different platforms and banks have different charges; compare prices to avoid being overcharged.

Overall risk is low: As long as the 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 currencies). The transaction is completed once the money arrives in your linked bank card.

Key:

Choose good merchants:

Check registration time: Choose merchants who have been in business for at least 2 years.

Check trading volume: Look for stable and high trading volumes, avoid those with erratic or too low volumes.

Absolutely do not trade offline!

Don't meet to take cash: easy to get robbed! Those who have problems in the news are usually like this.

Don't transfer privately via WeChat/Alipay: There's no platform guarantee, and if the other party receives U but doesn't transfer the money, or transfers dirty money that freezes your card, you have no way to resolve it.

Don't trust trades in Telegram or groups: it's a den of scammers!

Painful lessons remind us:

Robbery risk: Trading offline with cash or large amounts of U? You're just telling bad people, 'Come rob me!' Personal safety is at risk.

Frozen card/legal risk: Receiving dirty money can turn your bank card into a useless card in seconds, and you might be questioned by the police. Offline trading itself may also be deemed illegal.

Life-saving summary

1. Prioritize foreign bank cards: The safest option, apply for the card in advance.

2. Be selective with C2C merchants: Only use large platforms (only choose reputable, high-volume merchants, never trade offline).

3. Cash exchange in Hong Kong should be dispersed: If you can go to Hong Kong, exchange in multiple small amounts and find reliable shops.

4. Core principle: Safety first! Don't rush, don't take shortcuts. Use a small amount of money that you can afford to lose to test the waters and familiarize yourself with the process.

Note after the money arrives:

Don't transfer large amounts immediately! At least leave it in the card for 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 coins, don't mix it with your salary card or mortgage card! If it gets frozen, it won't affect your life.

Making money in the crypto world is not easy, and withdrawing funds requires even more caution.