Withdrawing USD from various exchanges as US citizen

[ethermunker]

Ok, I'm new to the game here and trying to set up the best ways to fund and withdraw from my various accounts in USD, preferably to a United States bank, though a prepaid card/account I can use in the US (capitalist, etc) would be fine. I'm happy to pay taxes on my withdrawals, so not trying to avoid detection or anything like that. I'm noticing a ton of exchanges who won't work with US customers at all (OKCoin, Bitfinex, Quoine, Yobit), as well as some of the bigger payment processors who won't either (OKPay, Payeer). I'll be day trading, so consistently buying/selling on multiple exchanges, but I need a way to get the USD out of each exchange without losing my earnings by converting everything back to cryptocurrencies.

I have a checking account with Capitalone360 and another with a local credit union, and some exchanges let me me hook them up directly for funding/withdrawal (Coinbase, Gemini, CEX) while others do not (Kraken, Bittrex, Poloniex, Livecoin).

It seems like a crazy tangled web I've been trying to untie for a few days. Hoping anyone else has figured some of this out.

Also, what's up with US banking regulations? Why are we banned from so many exchanges?

[Iranus]

I have a checking account with Capitalone360 and another with a local credit union, and some exchanges let me me hook them up directly for funding/withdrawal (Coinbase, Gemini, CEX) while others do not (Kraken, Bittrex, Poloniex, Livecoin).

Bittrex, Poloniex and Livecoin are all altcoin exchanges.  None of them deal with fiat, just different cryptocurrencies.

Also, what's up with US banking regulations? Why are we banned from so many exchanges?

It mainly depends on your state.  For most states you should be okay trading at GDAX (Coinbase's dedicated exchange) or on Bitstamp, and I would personally trust those exchanges despite all bitcoin exchanges being slow/having terrible customer support.

It isn't all that hard trading in the US if you can provide ID, but if you're really have trouble you can always trade P2P on LocalBitcoins.

I'm noticing a ton of exchanges who won't work with US customers at all (OKCoin, Bitfinex, Quoine, Yobit)

OKCoin is a Chinese exchange, and trust me you do not want to be dealing with YoBit.

[NorrisK]

The issue here is the kyc license that the exchange needs to have in order to deal with us customers.

You could check the winklevoss exchange (is it still around?), that should have things sorted out

[ethermunker]

Bittrex, Poloniex and Livecoin are all altcoin exchanges.  None of them deal with fiat, just different cryptocurrencies.

As a test I sold 1.0 ETH on Livecoin for USD. I'm now sitting on about $363 USD in my Livecoin account. That's fiat I don't know how to remove.

For most states you should be okay trading at GDAX (Coinbase's dedicated exchange) or on Bitstamp

I've got GDAX, but I'm really looking for exchanges with more crypto options for day trading and such, and definitely at least ETH. Bitstamp is lacking in these areas.

You could check the winklevoss exchange (is it still around?), that should have things sorted out

Thanks, I have signed up with Gemini and am awaiting verification

[Taki]

OKCoin is a Chinese exchange, and trust me you do not want to be dealing with YoBit.

And what is the problem with YoBit? I deal with it and I am totally satisfied with their work. They have a lot of ways through which you can enter your money and a lot of ways for withdrawing as well.

[squatz1]

A lot of them aren't keen on dealing with the US laws when it comes to dealing with cryptocurrencies and trading so they're just not going to work with people in the United States when it comes to trading. In some states, like New York, we've even established the 'BitLicense' which forces exchanges to get a License to be able to do Bitcoin exchanging. This kinda killed a lot of the exchanges in the United States cause they didn't want to deal with NY and they didn't want to have to be liable if someone from NY was using their services but lying about it or something.

To keep it short, the US has a lot of banking regulations when it comes to Bitcoin to be able to keep it's usage to a minimum. So, you're kinda stuck on GDAX / Coinbase if you're going to want to day trade in the US, sucks but what can ya do.

[Iranus]

Bittrex, Poloniex and Livecoin are all altcoin exchanges.  None of them deal with fiat, just different cryptocurrencies.

As a test I sold 1.0 ETH on Livecoin for USD. I'm now sitting on about $363 USD in my Livecoin account. That's fiat I don't know how to remove.

Having just looked it up, that appears to be a recent feature.  Last time I was on Livecoin there were no fiat pairs.

I was thinking maybe you were confused with USDT - a centralised token which is supposed to be pegged to the dollar.  You can trade with this on Bittrex and Poloniex, but not directly with fiat and you can't withdraw fiat on them.

For most states you should be okay trading at GDAX (Coinbase's dedicated exchange) or on Bitstamp

I've got GDAX, but I'm really looking for exchanges with more crypto options for day trading and such, and definitely at least ETH. Bitstamp is lacking in these areas.

Coinbase is alright for trading with ETH, but they have a high fee of 1.49% (they don't have a spread though).

[ethermunker]

I was thinking maybe you were confused with USDT - a centralised token which is supposed to be pegged to the dollar.  You can trade with this on Bittrex and Poloniex, but not directly with fiat and you can't withdraw fiat on them.

Yeah, I'm looking into USDT as a possible solution for a lot of these exchanges. Unfortunately tether.io has the most insane verification system of any site yet. I'll probably have to open another bank account just to work with them, and then wait for a bunch of official paperwork from the bank. Could take another month. Ugghhh....