There are many withdrawal scams, everyone should pay attention.
1. C2C withdrawals can be completed on some trading platforms, such as Binance, OKX, Bybit, Bitget..... These exchanges allow you to buy and sell USDT, and it is recommended to withdraw at major exchanges.
On Binance and OKX, C2C has a strict selection area, and if you receive dirty money, it is 100% compensated.
You need to prepare a dedicated withdrawal bank card, preferably from a small bank, where the risk control is relatively loose.
Why use a dedicated card? Because the transaction flow is clear. If a freeze occurs, you can apply for card compensation with the exchange, and the proof of your payment flow will be very clear.
One card is enough. If you have USDT on Binance and OKX, you can transfer it directly on-chain to Binance for withdrawal.
This saves you from having too many bank cards, which can complicate your funds.
The platform has made specific announcements about this strict selection area for compensation, and everyone can consider withdrawing here, but the withdrawal price will definitely be lower.
(Compared to the deposit price) C2C disadvantages: it is easy to receive dirty money, and Uncle Hat may freeze your bank card and Alipay. This disadvantage is currently being addressed by the strict selection area.
2. OTC withdrawals OTC withdrawals, also known as over-the-counter withdrawals, are conducted privately without going through trading platforms.
Disadvantages: Similar to C2C, it may also involve receiving dirty money. However, if you trust your friend and believe their money is clean, you can sell them USDT, and they can transfer RMB to you.
3. U Card withdrawals You can compare it to your bank card; it can be directly linked to Alipay and WeChat for shopping, which is very convenient. You can swipe the card directly, although some cards have really high fees, but I believe U Cards are the trend, and fees will decrease over time. Even if the fees are high, having a U Card is still necessary, especially if you subscribe to foreign websites that require payment, as Alipay in China cannot be used. At this time, U Cards are very convenient.
Exchanges like Kraken are suitable for users with larger amounts (like hundreds of thousands of pounds). For smaller users, those who only want to withdraw a few thousand, it is unnecessary to use exchange withdrawals, mainly because it is troublesome.
This year is the year of the U Card, as major exchanges, financial service providers, and wallet companies are launching their own U Cards, and they are becoming increasingly competitive, making us the unsuspecting bystanders in this game.
