Bitcoin Forum

If I want to sell $100K worth of bitcoin -for example- immediately, to secure a price... and then re-buy if the price falls again with that $100K what's the best place to do it?

I have my BTC on coinbase but I never sold before so I'm afraid that if I sell on Coinbase... first of all there may only be a limit of $50K or something, and secondly I'm not sure how selling on Coinbase works.... will I have to wait a week for the sell to process, and is that $ going straight into my checking account? Or does the cash stay in Coinbase until I withdraw? Then I'd have to wait another week to re-buy the BTC if I wanted to buy again.

I want the option to buy and sell immediately, as if I'm on poloneix or BTC-E. If anyone has sold on Coinbase would appreciate it if you let me know how it works, or if you have suggestions on where I should sell the BTC.

I considered GDAX too, but I'm afraid of low liquidity and slippage. Does anyone know if GDAX has a limit on how much I can sell at once?


Thanks

no problem = Kraken.

http://imagizer.imageshack.us/a/img537/4631/T9YQuv.jpg

it has to be an exchange. no way coinbase will process that much for you, nor will they let you buy that much either. throw in how long it takes to move usd and brokers are kind of a no go too.

if you're in america you could look into gemini. i don't think their exchange would avoid slippage but the daily auctions would be a good fit. read everyone's small print carefully. i've head so many dumb stories about bitstamp verification and anality i wouldn't want any significant amounts on there.

@Meuh6879 Thanks for this very resourceful reply because I was also looking for some good exchange now I can use this freely but have just one question this rule apply for all countries or they have different for different countries

all countries.

the old spreadsheet has been replace by this one ...

http://imagizer.imageshack.us/a/img924/9881/r6EbzO.png

kraken is a good choice for selling big amount of bitcoin and from that image, i think we should get at least verification for tier 3 to get maximal withdraw limit in monthly but it would be good again if you complete until the tier 4 so the withdrawing the amount that you can do is much bigger than tier 3.

http://blog.kraken.com/post/121063219162/introducing-the-kraken-dark-pool

don't forget that kraken also operates a dark pool. that's your slippage eliminated right there.

So you use coinbase as a wallet? 100.000 USD? O.O Is it safe?

I have a question here too, if you trade 100k BTC for USD, you will pay a fixed value or it will decrease a little bit?

I have used BTC-E in the past but I dunno how trustworthy it is now, and the amount i sold was >1 Bitcoin.

I have heard that Kraken is pretty good for serious investors, so I would try using that.

you can sell your bitcoin in any how amount in localbitcoins with safe because a lot of people using the localbitcoins for buy and sell bitcoin and i often sell my bitcoin in to localbitcoins without any worry.

Do not trade on one site,spread it out to at least 5 trading sites because this is a big amount and only go for trusted sellers like kracken,

This is a good idea, but if kraken will able to do job for that $100k worth of bitcoin then let it be. So most of the people here kraken is the best choice.

And it is a quite risky that you are able to hold a lot of bitcoins that is worth $100k just keep an eye for those phishing site when you are going to visit kraken.

Because that trade is not a job.

It is not about doubts that Kraken can't process sell/buy order of that magnitude. I am sure they can do it with no problem.
But transaction so huge could attract some attention - for example it might be noted as "VIP transaction" by the exchange,
and used later to track "whale level" users when government potentially introduce some cryptocurrency tax in the future.

[assuming you really want to sell $100K worth of bitcoin]
a word of warning:
you may encounter some problems with your bank because that is a large amount of money and it is clearly going to come from a bitcoin exchange service and depending on your country, your bank may flag your account and you may face some troubles this can be taxes or worse.

You will not get in trouble by doing this, but you will get in trouble when you do get flagged and you want to avoid paying taxes on those bitcoins. Pay your tax, when it is due and you will not have to worry about the IRS. In some countries, Bitcoin is seen as a commodity, so you will only pay Capital Gains.

The banks normally flag transactions at 10k, but if you have a frequent 10k transaction history over a short period, they would flag that too. So there is no way to avoid paying taxes, when you working through regulated exchanges. 

yes i will also prefer local bitcoin as it is one of the most reliable and trusted way of selling or buying bitcoin as millions of transactions are made on daily bases here, therefore i will recommend localbitcoin.

Well if you actually have traded personally before then its a good choice else with recommendation you can try trading for smaller amount and then if you feel comfortable go for bigger else local bitcoin in any day choice where you sell as much as you want to the trusted buyers/sellers.

I'm not sure that any exchanger would sell this large amount in one single transaction. Maybe if you split this amount smaller transactions. Or that you find someone on localbitcoins or to trade in person? Anyway, this is risky,  I wouldn't dare to sell that much.

Are you planning on leaving the cash on the exchange while you wait for the price to drop?

Otherwise you will get into issues with the banks and tax agencies when you get a big incoming transfer (>10k in most countries), which will be investigated. If you didn't pay tax for instance, this may cause problems if you can't explain where and when you got this amount from.

If you plan to trade it within days, you may as well leave it on the exchange, as transfer times between banks will also take days before your funds are withdrawn or deposited.

Gemini Auctions - Large amount of coins without affect a market price of Bitcoin. Its quite new but seems working.

With this amount of money you might have some issues. All exchangers are obliged for their business with different anti fraud and anti money laundering policies and if you are planing to transfer the money to the bank account this may cause another problem, the interese of tax authorities.
Anyway, maybe would be smart to make more smaller transactions.

As above.
It Would be reasonable to split big amounts for smaller parts and transact them for traders.

i could suggest ibn local trader because I had always dealt with local trader even time comes to handle lot of money because I can't trust any website let how trustworthy the site be. I always prefer local trader for buying and selling of bitcoin.

I would suggest you to use yobit but don't invest lot of money at once. Invest huge money in small small pieces that would not attract site owner to take your money. Well the site is trusted till now but I couldn't say about its future policy. Also I recommend to go to local trader for dealing with huge money.

It's absolutely crazy to store amounts that large on Coinbase or any other exchange if you ask me. The risk of hacking or arbitrary account freezing is far too high. I seriously doubt that the possible return of trading activity you seem to have in mind is worth this risk. And even if your trading ideas could be implemented, there's no guarantee that you will generate a positive return of investment.

However I doubt they can be implemented. Even if you manage to get past the highly privacy invasive registration process of an exchange (like Kraken) that allows you trading huge amounts and you succeed in convincing the governmental bootlickers at your bank that you're not a money launderer, you will discover that the exchanges are not offering sufficient liquidity to make trades that large profitable. The slippage is enormous.

You will have a less stressful life if you just start slowly withdrawing your funds from Coinbase to addresses you control. Bitcoin's purchasing power will appreciate more than enough to make you a happy man by simply hodling.

ya.ya.yo!

i think the best place to  sell bitcoins is localbitcoins.com .if u are an indian u can use zebpay ,well its an app  in ur phone where u can sell ur bitcoins an buy them also ad it is not scam till now and it will not be i hope.kudoos :)

If you have a local exchange better to exchange there than exchange to other like zebpay if you are in india or coins.ph if you are in philippines..
Or if you want to make more profit with your bitcoin like other said localbitcoin.com is the best choice..

So how long to sell large amounts in sites like localbitcoins? months? years?

I think he want something fast, convert to fiat money asap and not trying to make profit on this.

I did not think about that... thanks. I have to find out if whatever I sell in Coinbase automatically gets transferred to my bank account... or if the fiat stays in Coinbase until I choose to withdraw.  I'm sure I will be flagged at one point... but who knows, maybe in 2-3 yrs I'll have less reasons to use fiat ;)



Yes, ideally I'd like to leave the fiat in an exchange. Do you know if Coinbase holds the fiat after I sell BTC? Or will they immediately withdraw the fiat to my bank account? I would rather withdraw the fiat to my bank acct in small segments... I can imagine how much of a red flag they'll have if I suddenly deposit a large sum of money



I'm not sure I feel comfortable with localbitcoins, but i'll give it a go. Thanks



This will sound stupid coming from a poster with a "legendary" sticker, but the reason I keep all my BTC in Coinbase is because I'm afraid of losing the BTC if I mess something up on a private wallet. Exchanges get hacked all the time but Coinbase has taken much greater measures to maintain a level of security over an exchange like BFX for example. I heard they keep 98% of their BTC in cold storage. I feel a little bit safer keeping it there than trying to keep up with a paper wallet or trezor

yes i alike to use local bitcoin as to me it is one of the most safest way of buying or selling bitcoin, i think you should also choose a best and safe way buying selling bitcoin. 

localbitcoins is the best place for buy and sell your bitcoin there is a lot people buy and sell their bitcoin with safest way and localbitcoin is very famous exchange than other exchange and localbitcoins exchange is trusted and there is a huge number of people using localbitcoins exchange for buy and selling their bitcoins.

If you already afraid to sell bitcoin user who works with kriptovalyutok probably not the first year, then what to speak of me, whose knowledge base is very small and can lose every penny.

The best place is locally in your country.

A few things to know. Try to setup a meeting with someone very trusted from localbitcoins.
Never do 100k a deal, you can do like 10 times with 10.000 USD and this would be no big deal in big cities in America.
It contains a lot of risks so always choose a place which is full of people like a well known bar or restaurant.

If you cannot find a really trustworthy person then DO NOT MAKE SUCH A DEAL and wait or do it through some exchange with 20k usd a time.

P.S: First of all I would not keep 100k worth of bitcoin in a web wallet in which I don't even own the private keys, that's too dumb and stupid.

Local exchanges or Kraken (exchanges who has this feature) while both of them is more secured and has reputable names in crypto-currency world and  for  the former you can meet someone who wants to sell/buy bitcoin and do some transaction (Localbitcoin or use escrow if necessary).

I am recommending localbitcoins , Ive tried and tested it and my transaction has no hasstle. But I didnt tried converting a large amount of bitcoin. Im just trading small amounts. But for me its good and reliable site.

I don`t trust any cryptocurrency exchange platform enough to put 100K USD worth of bitcoins and trade.

There is a liquidity problem and a risk of being scammed.

Don`t use Coinbase for this.

Yeah right like here i was using our local exchange and never experience any problem to withdraw or sell a large amount of bitcoin.. but i think some countries are asking where does money from. here in my country we have limitation of withdrawing a large amount of bitcoin. but if we give our real location if where we are live we can withdraw and exchange a without limitation..

I hope this a joke, but sounds like terrible for me, i should for say no about that caused yobit are having the special ability in the alt coins, and not having the other ability like for transacting about the large of amount. bitfinex, kraken are can do more better than yobit. about the local trader are not sure if they having a lot of the funds for that, especially if you try for selling some of your amount before.

I don't want to discourage users from yobit but I guess entrusting them that $100,000 for cashout is going to be a hard decision to use yobit. Instead of using that exchange why not try to use those sites who are already in league for a lot of years. Since there are reviews about yobit's support, so if you will let them handle that amount for you, you can have an headache.

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I think Kraken would be one of the best places to sell large amounts of bitcoin, it would be my recommendation  ;D

how much do you expect? do you wish to use www.huobi.com ? IIRC they are not limiting maximum withdrawal, if you trade with CNY, no fees trading with. they are chinese but provide support in English. if you are having questions about that site, then i can try to answer as i am HKer.

There is absolutely no better place to sell BTC than LiviaCoins. I do all my BTC sales in LiviaCoins.com and pay fast.

I'm looking for buyers who are interested to buy large amounts of BTC from 500 to 200,000. Transactions are processed via Escrow (CHASE or Wells Fargo, or bank of your choice, but it has to be approved by the seller). PM me if interested. Also, referral fees are guaranteed. There will be 1-2% discount at the moment of sale, it depends on the amount of BTC.

Hi Alex,
I am interested that there is a large amount of BTC sale?