In the cryptocurrency world, making money doesn't guarantee safe withdrawals; mistakes can lead to losses or even legal issues. In 2020, I personally experienced: withdrawals from the exchange went to my bank card, and as a result, both my bank card and Alipay were frozen! The police said my account was involved in dirty money, and I had to lose money to unfreeze it. A painful lesson: Withdrawal safety is the top priority!
Reliable withdrawal methods now (safety decreasing):
Open a Hong Kong bank card (most stable, preferred for large sums):
Benefits: Money goes directly to a Hong Kong card, bypassing mainland bank monitoring, and cards are unlikely to be frozen.
How to do it: Go to Hong Kong in person (any mainstream bank is fine), or find a reliable intermediary remotely (but it's getting harder). It's best to withdraw more than $2000 each time, with fees ranging from 100 to several hundred Hong Kong dollars. There are conditions for getting a card (proof of assets, etc.), suitable for those with significant funds.
Find reliable merchants on the exchange for withdrawals (need to be very discerning):
Key:
Only work with merchants who have blue shield certification (platform vetted).
Check if the other party's money has been in the bank card for more than 3 days (not just incoming hot money).
Real names must match! The name of the person transferring money must be consistent with the exchange or merchant name.
Keep evidence: Save all chat records and transfer records.
For large amounts, be cautious: Don't exceed 50,000 in a single transaction; split it into several. It's best to confirm via video that the other person is indeed who they say they are to avoid scams.
Cash transactions with acquaintances (high risk, beginners should avoid):
Only do transactions with acquaintances you have known for over 3 years, and keep amounts under 20,000. Strangers can easily be traps: fake money, transfer scams, or even get you involved in illegal matters.
If you really want to do it: Make in-person transactions in public places, record audio and video throughout! Risk is self-borne.
No matter which method you use, the lifesaving rule:
Backup records: All transaction screenshots and chat logs, keep for more than 5 years! Mobile phone cleaning of sensitive words.
Don't put all your money in one basket: Diversify across several bank cards, keep enough living expenses untouched.
Look at money with a regulatory perspective: Can you clearly explain the source of this money?
Finally, the hard truth:
Choosing the wrong withdrawal method can lead to trouble. I learned the hard way when my card was frozen and I lost money: Cryptocurrency trading isn't illegal, but when money comes out, if it’s tainted with dirty money or monitored, no one will protect you. Safe withdrawals are the real way to make money! Stay calm, and cash out safely. For those without much resource, being cautious is better than anything.
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