Cashing out large amounts of bitcoins?

[rytyr]

What about also opening an account with PAYZA? They are used to handling tons of money because many online peeps use it, especially all those online MLM GURUS and now they have a bitcoin wallet as well. They even have a debit card as well and you can take out also straight t your bank, takes a few days, that might work with some of it.  . Also a bit congratulations on your earnings and I hope you don't get a ton of beggars harassing you in pms and social media..  

payza is rebranded when they were called something else a few years ago.

If so, then they are trusted being around for so long.

Didn't know they offer a debit card , which can be very useful if they have a bitcoin wallet attached to their payza funds allowing seemless transferring exchanges between. But at a fee ofcourse. But even 1% is worth it if doing the maximum limits allowed.

[Vaskiy]

Cashing out large sum of bitcoins is possible with the localbitcoins trading platform. This is possible with the traders who provide the real face to face dealing and exchange of cash. Other than this traders has got limitations in the online bank transfer just because of the taxation and bank limitations.

[pitiflin]

I would rather not suggest for you to withdraw the whole amount in a single go ,that too when your 5 million$ is at stake,make the withdrawal amount in smaller parts and don't worry about the fees ,the fees is not the type of amount you have to worry about ,instead concentrate on the five million $ that you have to cash out.

[countryfree]

I advise against doing anything in your home country if you have one. You don't need to pay tax to anyone. If you're in Europe, or willing to travel to Europe, and unless you're an American citizen (FATCA), I can help you (not for free, though) to move that money into a safe bank account.

But why cashing out that much? What do you plan to do with that money? Whatever you'd like to buy, it's worth trying to buy it with BTC.

[jlong187]

if you cash out millions, such small fee should be a no big deal, isn't it.

[BigBall]

My advice is to look site which have bigger trust and which have lower fee.Look on both thing is smarter because we wlll then not be scammer and also we will save own money,I prefer YoBit.

[Junko]

It seems OP is looking to do things completely legally, is not wanting to hide anything and is not trying to avoid paying taxes. If I were in OP's shoes, I would hire a tax lawyer and a certified accountant. It may well be worth it given the amounts being talked about here. Better to make sure all your i's are dotted and t's crossed as far as legally covering your ass. If all the required documentation and paperwork and whatever other hoops that will be required for you to jump through are cleared and in order, your chances of getting screwed are lessened. A tax lawyer experienced in dealing with moving money out of exchanges and a certified accountant should ensure you're covered.

Among other things, they would be able to discern if the exchange (or bank) is trying to slow-roll/impede your withdrawal and can take appropriate action on your behalf. That's what I would do if I had that amount of money that I wanted to cash out of an exchange.

[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.

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

Yes. Bitstamp is one of the more reliable exchanges out there, and the fiat withdrawals are fast and trustworthy. If I am not wrong, they have never been hacked, and they operate with all the necessary permits and licenses. I don't use Bitstamp that much, due to their ID requirements. Also, where I live the local exchanges usually offer better deals for Bitcoin.

[qiman]

Maybe if you try a variety of exchanges and outlets to remove such a big amount of Bitcoin would be easier for you, than just removing them form one place. You are very very lucky to have made such a huge amount of Bitcoin and congratulations for that. Have you tried all the big exchanges at least?

[stevano]

In my country, we have used local money exchange and bank transfer even free but only show the appropriate documents they want to see for verification and confirmation. Before that you have to follow his guidance also to fit the expected.

[Bernardcrosier]

I recommend Bitstamp, it looks quite secure to me

[Rinder]

Even with amazing reputation over a lot exchanges i would sell with local traders and at exchanges, but into small parts, all months i would exchange some coins to bank, besides those if you moove a big ammount besides the exchange fee you will have to pay the fee from your profit to your country unless you wanna to loose your investment, i dont see being easy to get a deposit of 5 milions without proff where the money camed from.

[Supercrypt]

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.

Yes exactly you have to make a wise decision sometimes irrespective of the fees which is not too much on the trusted exchanges. Also when you are going for such a huge investment it is better to in separate packets instead to all at once.

There is no good if you search for a new exchange which are not much trust worthy. I think in some case people go for a goodwill, like in shopping clothes or shoes when you fo follow a brand it is actually you are going for the goodwill they have in market.

[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.

Yes exactly you have to make a wise decision sometimes irrespective of the fees which is not too much on the trusted exchanges. Also when you are going for such a huge investment it is better to in separate packets instead to all at once.

There is no good if you search for a new exchange which are not much trust worthy. I think in some case people go for a goodwill, like in shopping clothes or shoes when you fo follow a brand it is actually you are going for the goodwill they have in market.

Bitstamp is one of the more reliable exchanges out there. But I would not trust them 100%. After what happened with Mt Gox in 2014, I am in general a bit skeptical about all the crypto-exchanges. But right now, Bitstamp seems to be a good choice. Will be better if he sells his coins in many installments, rather than dumping all of them in one go. That reduces the risk.

[totaleclipseofthebank]

Hm. I am using bittrex with full verification and my account is enhanced account. Therefore, I can withdraw upto 100 bitcoin a day. But it is still a small amount when I compare it with your example. I think that coinbase or some chinese exchanges will allow you to do thatt

[DOGE12321]

0.09% of 1 million would be 900 USD, not 9000.

Personally, I would be more worried about getting my coins transferred safely. If I had 5 million worth of BTC, I would not be worried much about the transaction fee. It is only $900!

[nethead]

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.

[bluefirecorp]

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.

I am not in favour of the p2p transactions when it comes to such a huge amount. I am not a rich person therefore for me five million Dollars is a huge amount that I wish to collect in my whole life. If you are using the local exchange for this much amount I am sure you are more than a generous person. I have no words to use it there was a better word than the generous I must use it for you.

[asdalani]

Cashing out large sum of bitcoins is possible with the localbitcoins trading platform. This is possible with the traders who provide the real face to face dealing and exchange of cash. Other than this traders has got limitations in the online bank transfer just because of the taxation and bank limitations.

Doing a Bitcoin withdrawal in most Bitcoin exchanges require kyc information if the person is a foreigner or something. Bitcoin withdrawals usually need some sort of identification before sending the money through a banking system. Cashing Bitcoin locally is your best bet because you could see who you are doing business with instead of having some website rip you off.

[dony chung]

no reason to do it all at once, i think. and if kita concerned about it at all, kita could do things slowly,  am sure they can handle that well and of course the best thing to do is not to encash it one time and not to use just one service provider. There are so many ways to do it. Goodluck then if kita have that amount.