Cashing out tips & strategies

[serveria.com]

I guess all (most) HODLers are considering to cash out at some point after new highs are reached. So here in this thread we can share experience and ideas on how to do it safely, swiftly and efficiently. Best rates, opsec issues, crypto-friendly banks etc... any hints will be appreciated!

P.S. I lost nearly all my stash in an unfortunate boating accident so my interest is purely theoretical.  

P.P.S. If this topic doesn't belong here please feel free to move it to the appropriate section.

[GreatArkansas]

Also if you are planning to cash out your Bitcoins, you should plan it ahead. Just like what I am doing when I want to cash out, I am transferring my Bitcoins to my exchange account and use only 1 - 5 satoshi per byte, like maybe 3-5 days before I want to sell it since sometimes the traffic of network is too high, so 1 - 5satoshi per byte fee is kinda too long but I also saved some bucks there.

[serveria.com]

Also if you are planning to cash out your Bitcoins, you should plan it ahead. Just like what I am doing when I want to cash out, I am transferring my Bitcoins to my exchange account and use only 1 - 5 satoshi per byte, like maybe 3-5 days before I want to sell it since sometimes the traffic of network is too high, so 1 - 5satoshi per byte fee is kinda too long but I also saved some bucks there.

Great tip, in fact it's clever to keep a small fraction of your stash on an exchange(s) so you can cash out faster? It's a win-win as you get lower fees and save lots of time if compared to transferring last minute? I'd like to add that you should only keep the amount you can afford to lose on an exchange!

[Oasisman]

I did set a specific profit percentage from my capital realistically. I always consider 70%-100% profit on my capital holdings, and of course I always try to find the most possible bottom to have a higher chances of hitting my target.
But, during this period where Bitcoin is expected to enter a bull market soon, then I might be considering a higher profit percentage. Like for example I bought Bitcoin at $5,000, and $15,000 is a realistic range during the bullrun, so that's exactly a 200% gain.
You just need to understand the importance of setting a target to avoid regrets selling your Bitcoin inconveniently.

[serveria.com]

Here are some links for OTC trade provided by one fellow WOer:

https://genesistrading.com
https://www.b2c2.com
https://cumberland.io
https://www.circle.com/en-gb/trade

Haven't tried myself I'm curious if somebody here tried one of these? Minimum amount could be something like 50-75k?

[GreatArkansas]

Also if you are planning to cash out your Bitcoins, you should plan it ahead. (...)

Great tip, in fact it's clever to keep a small fraction of your stash on an exchange(s) so you can cash out faster? It's a win-win as you get lower fees and save lots of time if compared to transferring last minute? I'd like to add that you should only keep the amount you can afford to lose on an exchange!

That's not my habit. I don't really store some Bitcoins on such exchanges unless I do trading.
These recent weeks/months I use the only exchange to cash out some Bitcoins, so all Bitcoins I transferred to the exchange I will convert them to fiat. I think we have the same reason why I don't want to store such Bitcoins on an exchange which is kinda risky.

[serveria.com]

Also if you are planning to cash out your Bitcoins, you should plan it ahead. (...)

Great tip, in fact it's clever to keep a small fraction of your stash on an exchange(s) so you can cash out faster? It's a win-win as you get lower fees and save lots of time if compared to transferring last minute? I'd like to add that you should only keep the amount you can afford to lose on an exchange!

That's not my habit. I don't really store some Bitcoins on such exchanges unless I do trading.
These recent weeks/months I use the only exchange to cash out some Bitcoins, so all Bitcoins I transferred to the exchange I will convert them to fiat. I think we have the same reason why I don't want to store such Bitcoins on an exchange which is kinda risky.

What I'm worried about if that if we'll see a huge spike say from $20k to $150 (all numbers SOMA) and back down into $20k-50k area you can expect miner fees go up (hundreds even thousands per transaction in FIAT equivalent) and you won't be able to catch the top?

[gentlemand]

Haven't tried myself I'm curious if somebody here tried one of these? Minimum amount could be something like 50-75k?

One of the few threads ever about it here - https://www.reddit.com/r/BitcoinMarkets/comments/8ecm6h/otc_what_are_your_experiences/  And not as informative as it could've been.

In an ideal world I'll never cash out, but I can't take sitting through another cycle without having enough pulled out to not have to pay close attention constantly so it's going to be done. It's too goddamn boring and I've served my time now. I will probably go with Kraken's OTC operation as I've never had any ball ache with their normal exchange operations.

My top tips -

Get yourself verified on the places you plan to use now while things are relatively dead still. The seizure in customer responsiveness if things heat up will be painful.

Set the price you're willing to sell at now and the proportion you're going to sell, and I'd never go let go of more than half, and stick to it no matter what the market is looking like. When the moment comes and you can't bring yourself to do it then you clearly did not set the right price. I would vastly prefer to get rid when things were quiet rather than fight my way on to some exchange or beg for the attention of an OTC trader who is swamped.

[serveria.com]

I will probably go with Kraken's OTC operation as I've never had any ball ache with their normal exchange operations.

I have a Kraken account but I've never used it. It's verified and all but for me the main issue was that they don't work with the so-called 'cloud' banks like Revolut etc.   

[serveria.com]

Any more exchanges like CB where Paypal and online (cloud) bank withdrawals are allowed? 

[DdmrDdmr]

Actually, there’s not only the how, where and how much to ponder, but also the ramifications in may have in terms of taxation/deanonymization (from an IRS or equivalent point of view).

The second part of the story I have added will depend on stuff like the country of residence, applicable law, will to come clear or remain opaque, and so forth, but adds an interesting, and potentially nerve-wracking post-sell set of variables to consider beforehand.

[Lucius]

I personally do not intend to sell everything at once, but I do it only in small quantities when I need it. Luckily I have the option to sell one decent amount (on a daily basis) without any KYC completely legally, or to buy gold directly with BTC and then sell gold for cash (also no KYC).

My strategy though is to keep most of the BTC and use it as a means of payment and as a store of value, but I realize that most still have some sort of exit strategy when the price reaches a certain levels. It will be hard to resist $50k, and certainly even harder when one day that figure become $100k. I don’t think it’s a smart idea to sell 100% of everything you have in crypto, I would leave at least 10% -15% in case I decide to sell most of it.

[Nalbo]

I plan to change my crypto to stablecoins on it's peak and sell it on batches. Withdrawing stablecoins or converting them to digital payment gateway like paypal and skrill is easier which can easily be deposited to banks without questions raised. I'm even thinking about NEXO mastercard. If it works as advertised, it's the easiest way to change your crypto to cash.

[gentlemand]

I have a Kraken account but I've never used it. It's verified and all but for me the main issue was that they don't work with the so-called 'cloud' banks like Revolut etc.  

When it comes to significant amounts I would regard the lack of cloud bankiness as fucking superb news. I would never trust Revolut with anything above amounts needed to pay for hand jobs in airport toilets in far off lands.  

They shut people down for the most piddling reasons and amounts. I wouldn't do a large sale without being confident it would go through smoothly from start to finish and there's zero guarantee of that with some faceless entity hiding behind an app. With a real bank you have a fighting chance of reasoning with a real person somewhere.

[ChiBitCTy]

I've stated may times here I'm an investment advisor by trade, so this subject is something I'm quite versed on.  The same goes for cryptocurrency as it does for equities in the stock market.  Unless you know how to trade, you can read technical analysis and know how to do fundamental analysis, and have the extra money to prepare to lose...then you shouldn't be trading coins.  

That said when it is time to cash out, try always going OTC ( Over The Counter)first. There's a section right here on bitcointalk to facilitate this.  Then compare exchanges.  Coinbase and Gemini are big ones in the U.S.  I know Kraken is big over in the EU and the UK in particular.

[serveria.com]

I've stated may times here I'm an investment advisor by trade, so this subject is something I'm quite versed on.  The same goes for cryptocurrency as it does for equities in the stock market.  Unless you know how to trade, you can read technical analysis and know how to do fundamental analysis, and have the extra money to prepare to lose...then you shouldn't be trading coins.  

That said when it is time to cash out, try always going OTC ( Over The Counter)first. There's a section right here on bitcointalk to facilitate this.  Then compare exchanges.  Coinbase and Gemini are big ones in the U.S.  I know Kraken is big over in the EU and the UK in particular.

Cool, welcome to this thread. It would be nice if you could share some website links or at least company names? I will then create a list and try to insert it into the first post of this thread like sort of a sticky. Also, you could describe for us noobs how does a regular OTC trade look like? Is it similar to LocalBitcoins (RIP) where you meet in person and do the exchange? Or like in gangster movies where peeps swap suitcases full of cash etc?  Just curious...     

[serveria.com]

I have a Kraken account but I've never used it. It's verified and all but for me the main issue was that they don't work with the so-called 'cloud' banks like Revolut etc.  

When it comes to significant amounts I would regard the lack of cloud bankiness as fucking superb news. I would never trust Revolut with anything above amounts needed to pay for hand jobs in airport toilets in far off lands.  

They shut people down for the most piddling reasons and amounts. I wouldn't do a large sale without being confident it would go through smoothly from start to finish and there's zero guarantee of that with some faceless entity hiding behind an app. With a real bank you have a fighting chance of reasoning with a real person somewhere.

I can confirm Revolut works for sums like $2-3k perfectly well (a bit more than an airport handjob I guess). Haven't tried bigger sums but it seems it should work up to something like 5-10 grand. If we speak about at least $50-100k or more I wouldn't do it via Revolut. Perhaps someone here has more experience with bigger amounts?

[serveria.com]

I plan to change my crypto to stablecoins on it's peak and sell it on batches. Withdrawing stablecoins or converting them to digital payment gateway like paypal and skrill is easier which can easily be deposited to banks without questions raised. I'm even thinking about NEXO mastercard. If it works as advertised, it's the easiest way to change your crypto to cash.

Interesting but... what about limits on an exchange? If the amount in stablecoins is big enough can they freeze your account? Perhaps also request some additional proof of ownership? In any case, you need to study their terms and conditions before you do it. What is the exchange you'd recommend for this? What are the exchanges with less restrictions/higher limits?

[gentlemand]

Interesting but... what about limits on an exchange? If the amount in stablecoins is big enough can they freeze your account? Perhaps also request some additional proof of ownership? In any case, you need to study their terms and conditions before you do it. What is the exchange you'd recommend for this? What are the exchanges with less restrictions/higher limits?

That's another area I wouldn't touch. It's either Tether, which is terrifying in its own way, or it's something like USDC or Paxos where you're at the mercy of one entity's good will to make good on the redemption, then you have normal banking to worry about too. Both Gemini and Paxos have refused stablecoin redemptions in the past because too much redeeming made them look bad on CMC.

All of these systems will be under intense pressure if you're offloading near a peak.

I don't get what's wrong with good old real dollars.

[Sanugarid]

Any more exchanges like CB where Paypal and online (cloud) bank withdrawals are allowed? 

As far as I know paypal withdrawals are just supported for US citizens and there is no other top exchange that is offering a fiat deposit like coinbase even the binane hasn't doing it yet.
As for my cashing out strategy, I always sell by batch so the fee is more in control especially when it is from a stablecoin when you converted bitcoin or any coin.