I will give you the safest solution for withdrawing funds. No other solution. Listen carefully.
Stablecoin ——> Find a way to exchange for USD (there are a lot of solutions, don’t ask, just search on Twitter) ——> Brokerage ——> Wise ——> Return to China
This is the safest, most compliant, and most tested channel, and it does not occupy foreign exchange quotas. The annual quota for an account is about 500,000 RMB.
If you are just a small investor and want to find a more convenient withdrawal solution, let me share my experience.
I have used the withdrawal service of the three major exchanges, and have made more than 50 deposits and withdrawals. My card was frozen three times. In the past year, I have made more than 10 deposits and withdrawals without any freeze.
So I have also stepped on many pitfalls, and I think the current withdrawal method is relatively stable, so I will share my bumpy experience of depositing and withdrawing funds. It is purely personal experience and no in-depth analysis is done;
Since there are almost no problems with deposits, the main issue is withdrawals, so I will only discuss the experience of withdrawals below;
First of all, Huobi: I used Huobi when I entered the cryptocurrency circle in early 2021. At that time, I naturally chose Huobi for deposits and withdrawals. At that time, I didn’t know much about the risks of deposits and withdrawals. To sell coins, I directly chose the highest-priced U-merchant transaction without looking at any information. I made seven or eight withdrawals from Huobi, and my card was frozen once [by China Everbright Bank]. It was automatically unfrozen three days after the freeze, but it was frozen again after a while. Now the card can be used normally, but I no longer use it;
The second is OKX: After the 519 incident, Huobi announced the withdrawal of Chinese users at the end of 2021. I switched to OKX for trading, so my subsequent withdrawals were also completed on OKX. I traded and deposited and withdrew funds on OKX for almost the entire year of 2022.
I made about 20 withdrawals. At this time, I was aware of the risks when making withdrawals, so I did not directly choose the U merchant with the highest price every time I made a withdrawal on OKX. Instead, I would click in to check the transaction time and number of transactions of this U merchant. I would choose merchants with [transaction time of more than one year] and [number of transactions at least over a thousand]. My card was not frozen for a long time, but in the second half of 2022, two of my cards were frozen in succession, one was from Nanjing Bank and the other was from China Merchants Bank. China Merchants Bank was also my salary card, and Nanjing Bank automatically unfrozen it in about 3 days. The unfreezing of China Merchants Bank was more troublesome, and I needed to go to the police station to sign an agreement, promising not to participate in money laundering transactions. Because this was my salary card, I finally went to the police station to sign the agreement before it was unfrozen.
Finally, Binance: After two cards were frozen for withdrawing funds on OKX, I started to get a little scared. After all, three cards have been frozen. If it continues, there will be no clean cards left...
So I started to withdraw funds from Binance, but a large number of transactions were still on OKX. Why did I still trade on OKX? In fact, after Huobi’s withdrawal, I registered on both OKX and Binance. However, because Binance’s trading interface did not suit my aesthetic taste, I preferred OKX’s UI style, so I still used OKX as my main trading account at that time.
The order placing experience of OKX is actually very poor, with frequent freezes, and this situation has not improved until now. I once thought it was a problem with my phone, but later I changed my phone and it still frequently freezes. In comparison, Binance's order placing is really smooth. Except for the waterfall market when exchanges collectively unplugged their network cables, I have not experienced any freezes.
Because the order-placing problem of OKX has always existed, although I like the UI style of OK, the order-placing experience of Binance is really too smooth, so my main trading account in the past year is on Binance, and all withdrawals are made on Binance;
My withdrawal on Binance went through two stages:
Phase 1: Just like withdrawing funds on OKX, I would select merchants with higher U prices who have [transaction time of more than one year] and [number of transactions exceeding 1,000]. After withdrawing funds 5-6 times, although my card has not been frozen, I still have the shadow of having my card frozen in my mind.......
The second stage: This is my current withdrawal method. I am worried that my card will be frozen again, so I made a trade-off between U price and security and chose to use Binance Shield to withdraw funds.
Binance Shield generally has a price difference of about 0.5 points, which is why I did not use Binance Shield to withdraw funds at the beginning. Each time I withdraw tens of thousands, 0.5 points means hundreds of dollars, which is really a bit painful;
Summarize:
At present, the exchanges that people use to withdraw funds are generally OKX or Binance. My experience is as follows:
OKX: There is a lot of dirty money on OKX, and the chance of your card being frozen is very high. I’ve been frozen twice.
Binance: The security of Binance’s general U-traders is relatively high. My withdrawals through general U-traders have never been frozen. I think Binance Shield is the safest way to withdraw funds. I have withdrawn funds through Binance Shield more than 10 times and have not been frozen so far.
So my suggestion for withdrawal is to try not to use OKX and choose Binance for withdrawal. If you want a safer method, use Binance Shield directly.
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I like spot goods and have more than 1000u to lay out
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