As an old-timer in the cryptocurrency world, I need to cash out 200,000 to 500,000 every year to make a living. So I’d like to share some experience on cashing out in the crypto space. Here are some practical tips:

1. The platform is Binance, which is a major exchange with guarantees.

2. Choose merchants who have been engaged in C2C trading for a longer period (at least three months) and have a high number of transactions, ideally several hundred. They know how to avoid being controlled by regulatory authorities as much as possible.

3. It’s not necessary to choose the highest price; a bit less or more doesn’t matter. High prices are often from new merchants who set high bids to sell more at lower profit margins. Some are just starting this business, or they are old merchants with new accounts trying to expand their business, especially since payment needs to be real-name verified, and the payment limit for one card is indeed limited. The key is whether they meet the second point.

4. Cashing out should be done during working hours on weekdays. In 2021, I had a cash out of 100,000 that was done during the evening trading on OKEx, and it was frozen the next day, and it still hasn't been released. I encountered dirty money, and there's nothing I can do but accept the loss.

5. After placing an order, leave a message for the merchant: "Please make a real-name payment, and I will confirm as soon as the funds arrive." After the funds arrive, be sure to log into mobile banking and check the details to see if it matches the payer on the C2C order. If it is not a real-name payment, even if the money arrives, it must be returned, and no excuses will be accepted, such as exceeding card limits or using a family member's bank card.