Cashing out large amounts of bitcoins?

[overnightmillionaire]

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.


Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks

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[Hatcher]

.09% of 1 million is $900 not $9000.

[RedNovember]

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.


Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks

I think .9 % fee is not a lot, are you kidding me? You take that 1 million and put it in any low risk fund and you can get 5% return easily. You are worried about 1% basically lol

If ur a millionaire why worry. You got dis bruh, do it big

Just make sure you pay your taxes tho. Don't try to hide the money if ur in any western country

They will find it

[overnightmillionaire]

I plan to pay my taxes.

[Netnox]

My advice would be to ignore the fee. Just use a reliable exchange such as Bitstamp or Btc-e. While trying to save 0.1% or 0.2% of the total amount, you may be putting the entire capital in risk. 5 million USD worth of BTC is quite a huge amount. If I were in your place, I would be willing to pay even 1% fee, provided my coins are traded safely.

[overnightmillionaire]

My advice would be to ignore the fee. Just use a reliable exchange such as Bitstamp or Btc-e. While trying to save 0.1% or 0.2% of the total amount, you may be putting the entire capital in risk. 5 million USD worth of BTC is quite a huge amount. If I were in your place, I would be willing to pay even 1% fee, provided my coins are traded safely.

Thanks for that, bitstamp is looking like the winner then.

[avikz]

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.


Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks

0.09% of 1 million would be 900 USD and not 9k USD. So the amount is not high to that person who is cashing out such a huge amount. 900 USd fees is simply nothing compared to a million dollar. Even though I have never accumulated such a high amount, I believe it will be wise not to cash out in a single go. It would attract a lot of heat if the person is cashing out to any bank account.

IT is always advisable to cash out in bits and parts or a fixed monthly amount. It would not raise a security alarm to the regulators and the person must include that earning to the tax statement to be safe. Because what's the use of a million dollar if he spend the rest of his life in jail?

[MingLee]

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.


Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks

No idea how you would be able to do that best and my only potential idea for doing something like this is use multiple exchanges and move small amounts to each exchange and work on cashing out that way. Beyond that, I don't really know who you'd be able to sell to.
I'd just take the time and the fees. It's $5M, even if you lose $20,000 in fees (or more) you're not going to be hurting. You can retire at that point and have a good life, unless you're trying to pinch every penny.

[FasTroy]

Really, i don't have that experience of Cashing out a large amounts of bitcoins. My limit is 1k$ which it's too easy by using some exchanging site or by sell it to someone who trust and who know very well. But with a high amount of bitcoin, you should search for big campaign to do that. I don't have any idea who can do that.

[Raja_MBZ]

I'd not withdraw that lot of money at once if I were you.

Distribute the money into like four phases, and simply use an exchange like localbitcoins.com.

[overnightmillionaire]

Surely people receive millions into their bank accounts daily.. and if your paying your taxes whats the problem?

 

[Mbokani]

I thought someone will pop up and confirm that they had send million into their bank account by selling bitcoin,as it looks like no one has done that yet or is the millionaire club waiting for more price rallies to sell their coins. I did use local exchanges and the maximum withdrawal i made is six bitcoins.

[xFiber]

I'd not withdraw that lot of money at once if I were you.

Distribute the money into like four phases, and simply use an exchange like localbitcoins.com.

Yea I wouldn't cash it all out at once. I'd rather do it in batches (x amount of bitcoin per week). You might even catch another spike in the bitcoin price.

[criptix]

Surely people receive millions into their bank accounts daily.. and if your paying your taxes whats the problem?

 

No problem. Just need the bitcoins to sell.

Good luck 

[Kyraishi]

Don't use bitstamp because they are known to have pretty stringent AML regulations. So unless you can be sure that your funds are 100% clean try to really avoid any type of centralised exchange.

I personally prefer trading p2p on platforms such as localbitcoins and paxful. There are traders out there that have the sort of volume to handle large requests like yours. You get a lot more anonymity this way and don't need to worry about your funds being frozen on an exchange.

Don't use btc-e because their exchange rates are generally lower and to get the actual funds you need to pay a lot more fees. Kraken or bitstamp or p2p. Up to you.

[olushakes]

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.


Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks

I don't eben know what would made me cash out that amount at once considering the various financial regulations here and there. Over here, I cannot even try because I cannot even access it without giving several details and stressful explanation that amount is too large not to attract attention even in the banking system that  will just automatically block the account until convincing explanations are obtained. Just do it gradually to avoid the stress.

[Bezobraznike]

   I`m far from cashing out large amounts of bitcoin, I plan to have some in the future, and this is a good question, most trustful exchange for
cashing out big amounts is probably the best for cashing out small one`s. I`m not sure am I right but the best exchange for cashing out must
be the best exchange for trading with other types of coins? Or I`m wrong?

  

[batang_bitcoin]

If you want to cash out millions of bucks you should check the rules of that exchange so that you will be guided accordingly. Here in my country we've been using a local exchange and transfer to bank is even free but just show them proper documents that they wish to see for verification.

[pawel7777]

You can expect that any exchange will freeze your withdrawal to do a due diligence, as such large withdrawal from newly created account will trigger all kind of red flags.

So apart from fees, it's a matter of how smooth is the verification process and how fast/experienced is the staff in dealing with such issues.

It's best to simply get in touch with the exchange support, tell them what do you intend to do and ask what should you expect. You should do the same with your bank.

I'd also consider splitting the amount into smaller tranches and possibly between 2-3 exchanges.

Ps. Stay away from btc-e. They're shady as fuck. See their trust rating: https://bitcointalk.org/index.php?action=trust;u=33012

[shinratensei_]

How does some one go about cashing out 5 million dollars worth of bitcoin?

IS there a trust worthy exchange that doesn't have low limits.. and high fees?

Bitstamp allows any amount it seems at .09% fee so for 1 million dollars it would be $9,000 fee.


Does anyone have any experience cashing out large amounts that does not take a year to do?

thanks

The problem is you will not be able to withdraw your amount trough an exchange site. Better to split your money into some parts and try various exchange site to withdraw your money. But it may take more time to go.
In another case, if that makes less on your own risk. I think every exchange site has a tier or daily limit.