Correct cashing out methods in the cryptocurrency circle
Recently, I've seen hundreds of articles online about cashing out, very few actually get to the point.
Many people face issues with off-exchange cashing out, being frozen, or pressured by unscrupulous currency merchants, being victimized by scams, and having their funds polluted, leading to difficulties in expressing their grievances... These are all caused by ignorance.
The so-called information asymmetry ultimately comes down to not understanding who your trading counterpart is; if possible, request ID verification.
In the whole process of cashing out, you need to remember to consider the worst result you can afford. There is no absolute risk control, and the funds may turn black afterwards.
Specifically, there are a few points
1) To cash out safely, first ensure that the card is functioning properly
In simple terms, the following are all considered problems:
a. Quick in and out
b. High-frequency trading during non-working hours
c. Transaction amounts and balances exceed normal ratios
d. Sudden changes in trading habits
e. Do not leave a balance in the card
f. Multiple large transfers with different trading counterparts
g. Unified transfer in, dispersed transfer out; dispersed transfer in, unified transfer out
2) Avoid using Alipay, WeChat, and major bank cards for cashing out
Alipay and WeChat, as large acquiring companies, have access to big data that is significantly greater than that of various banks. This means their risk control is stricter; once frozen, it greatly impacts your daily life.
Also, do not use your salary, social security, and mortgage cards to cash out for the same reasons.
When cashing out, only use specific cards for transactions with the same U merchant; do not mix funds from different merchants.
3) Some debunked methods for anti-freeze cards
After cashing out, buy bank financial products or stocks
Transfer to an online bank after cashing out
Immediately pay back the credit card after cashing out
Transfer to a brokerage account after cashing out
When cashing out on different trading platforms, choose different U merchants to reduce risk
Above all, it's all nonsense.
The core reason for card freezing is the lack of clear information between you and the trading counterpart. Once you receive dirty money, the entire chain is frozen; as long as it is a card in your name, it is difficult to escape.
4) A few tips for cashing out
a. For cards that are usually idle, confirm the card's status before receiving money; transferring a small amount through the bank's mobile app is sufficient.
b. When selecting currency merchants for cashing out, if there is a price inversion (buy price higher than sell price), it is definitely a black U or a scammer; do not be greedy for cheapness.
c. Ensure that the counterpart is using their own bank card; if a transfer is made with a non-personal bank card, immediately return it through the same route and terminate the transaction. Before trading, the merchant's funds must also be settled for more than 3 days.
d. The rules of bank risk control may change at any time; currently, funds that have been in the account for more than a week are relatively safe.
e. When currency merchants present the source of funds, do not trust static images, as they may be photoshopped; confirm bank card transactions through real-time video (refresh to see dynamic content).
f. Money borrowed through bank lending platforms is relatively clean; think about the specific reasons.
g. If possible, prioritize trading with local acquaintances
Finally, making money is not easy; do not cash out blindly. Choosing a reliable trading counterpart is a wise choice.