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Author Topic: Selling BTC, ETH @ Spot + 2 % in Canada. Bank Trasnfer or Cash Deposit in Bank  (Read 146 times)
cryptotrade78u
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March 16, 2019, 09:05:08 AM
 #1

We Start the trade

We lock the rate

I Deposit Crypto in an Escrow or send it to a reputed member along with banking information

you provide the deposit slip

I verify that i have the money

Escrow or member holding crypto send them to you.
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Zerbis
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March 16, 2019, 09:11:52 AM
 #2

Just a suggestion, from my experence..... Pay close attention to bank payments: many could come from hacked accounts. If possible, try to accept only transfers made by arrangement at the bank counter, and never from home banking.

Also consider the high risk you have with customers you don't know: if they are involved in illegal activities, and you sell them crypto, you risk being accused of laundering.



We Start the trade

We lock the rate

I Deposit Crypto in an Escrow or send it to a reputed member along with banking information

you provide the deposit slip

I verify that i have the money

Escrow or member holding crypto send them to you.

Don't look back in anger
cryptotrade78u
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March 16, 2019, 09:22:07 AM
 #3

Just a suggestion, from my experence..... Pay close attention to bank payments: many could come from hacked accounts. If possible, try to accept only transfers made by arrangement at the bank counter, and never from home banking.

Also consider the high risk you have with customers you don't know: if they are involved in illegal activities, and you sell them crypto, you risk being accused of laundering.


Thank you thank you

I do a lot of business face to face with cash and new to Banking, so this is exactly the type of advice i was hoping to get.

What do you recommend is the best way? The person who is buying, perhaps i can ask for their ID, do a video call and have them send transfer only from their own account?

Also, some banks allow ATM deposits cash. Isn't that pretty much risk free. It doesn't matter where the money came from as long as they physically deposit the cash into an account?
Zerbis
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March 16, 2019, 09:50:34 AM
 #4

All electonic payement are under risk of laundering, simply because there are no Kyc/ identification.

If your bitcoin cames from  legal activity (as i think  Smiley ) best way is to use a well known exchange (so NO localbitcoin, NO paxful) . I used kraken and i cashed out about 100k eur in 2 years, without any issue. But i know other trader that chashed out over million € and all went fine trought exchage.

At the end the only one subjected to KYC , if you receive a bank transfer is you: so is better that this payement cames from an exchenge and not fron some unkown person.



Just a suggestion, from my experence..... Pay close attention to bank payments: many could come from hacked accounts. If possible, try to accept only transfers made by arrangement at the bank counter, and never from home banking.

Also consider the high risk you have with customers you don't know: if they are involved in illegal activities, and you sell them crypto, you risk being accused of laundering.


Thank you thank you

I do a lot of business face to face with cash and new to Banking, so this is exactly the type of advice i was hoping to get.

What do you recommend is the best way? The person who is buying, perhaps i can ask for their ID, do a video call and have them send transfer only from their own account?

Also, some banks allow ATM deposits cash. Isn't that pretty much risk free. It doesn't matter where the money came from as long as they physically deposit the cash into an account?

Don't look back in anger
cryptotrade78u
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March 16, 2019, 10:36:13 AM
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The problem is, i have a lot of bitcoins that was purchased at such a low rate in cash (physical cash). I am trying to not take money in my bank to avoid pay taxes
Zerbis
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March 16, 2019, 10:41:30 AM
 #6

Better to pay taxes than go to jail for money laundering.  Embarrassed

Yours is a common problem with many bitcoiners who have bought and kept their coins since the "birth" of bitcoin.

The best way to avoid this problem is to get paid in cash, but this too has its risks. Take a look here, just for understand: https://cointelegraph.com/news/netherlands-bitcoin-trader-attacked-in-his-home

The problem is, i have a lot of bitcoins that was purchased at such a low rate in cash (physical cash). I am trying to not take money in my bank to avoid pay taxes

Don't look back in anger
Zerbis
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March 16, 2019, 10:48:39 AM
 #7

The fact that you have bought so many bitcoins in cash, in case of checks for money laundering from illegal activities would put you in serious difficulty, as you wouldn't be able to show the origin of the bitcoins and therefore you could even be accused of being part of some criminal organization.

Pay close attention to the people you trade with.

Don't look back in anger
cryptotrade78u
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March 16, 2019, 10:56:46 AM
 #8

Thank you again for Guiding me to the Correct direction. I Understand the risk involved with cash but those risks can be mitigated by careful organizing trades. For example - meeting some one inside best buy or banks usually for a small trade first ($2000 or so), give you chance to get to know the person with little risk.

I will keep the thread posted
Zerbis
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March 16, 2019, 11:14:10 AM
Last edit: March 16, 2019, 11:50:45 AM by Zerbis
 #9

It also considers that every traceable payment (even a bank transfer) is potentially subject to the control of the tax authorities, so for tax purposes if you sell to a private person or to an exchange it is the same thing. So if you really have to sell, sell at least for cash

Thank you again for Guiding me to the Correct direction. I Understand the risk involved with cash but those risks can be mitigated by careful organizing trades. For example - meeting some one inside best buy or banks usually for a small trade first ($2000 or so), give you chance to get to know the person with little risk.

I will keep the thread posted

Don't look back in anger
cryptotrade78u
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March 16, 2019, 12:38:23 PM
 #10

To me bank transfer is equal to cash. I am not really taking any money in my name or my business bank accounts. These are accounts of people that are traveling and need some cash deposited in their bank account back home. I settle with them in cash. So, that part is covered. But i can see it can be  problem if i have money deposited into someone's account and the source of funds is illegal activity. The person receiving in their bank can be in trouble.
OldSamurai
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March 16, 2019, 07:55:05 PM
 #11

Pm me your telegram.
Thanks
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March 18, 2019, 11:18:16 PM
 #12

You'll find a lot of people confused about the EMT, as it's surprisingly unavailable in a lot of countries. I'm not looking for any right now, but will keep you in mind in the future, as I'm generally short BTC when I need to buy some hardware.

I couldn't find any takers when I went to sell this way. In the end I've traded with someone steadily for PP F&F with a rate that gets me close to Preev, and a service to sell or pay bills in Canada. Let me know if your interested. I know it sucks to come in a little under Spot, at times but that's generally the cost of off the books sales.

cryptotrade78u
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March 21, 2019, 03:20:10 PM
 #13

2% above spot and i am your always available. Nothing below that. Volume isn't a problem, 10-20 BTC a day is fine and more with some sort of notice can be managed.
OldSamurai
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March 21, 2019, 03:52:21 PM
 #14

User 'cryptotrade78u' has not chosen to allow messages from newbies.
Allow messages from newbies and also leave me PM with your telegram.
Cheers
Steamtyme
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March 25, 2019, 03:16:58 PM
 #15

Hey told you I'd check back.

I'm looking for .11 BTC. At 1:1 preev.

I would do this through an EMT. I will be running around today let me know if you are interested.


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