Best way to cash out?

[semobo]

Hey guys,

I have only been using Kucoin for a few months now and I wanted to know what the best method to cash out my crypto to USD would be? Should I trade it all to Tether then transfer to a USD exchange like Bittrex or something else?


Any help is appreciated.

If your intention is to cash out I mean into fiat then I would avoid ether and USDT due to the high network fee, there are some options like Doge or Litecoin which does have huge liquidity and listed on various exchanges so you can cash out with minimal fee. But make sure that the exchange you are registering supported on US because lot of exchanges don't accept US due to regulations from them.

[CryptopreneurBrainboss]

Tether seems to have a transfer fee of $20-$100,

It does when you interact with the Ethereum blockchain but the case is different with other blockchain like that of tron. You get charged just $1 irrespective of the amount you're sending if you're withdrawing from binance, don't know if other exchanges charges same but I believe it won't be any different.

Many noobs don't know their fav tokens are now multi-chain. They still get stuck paying high fees on the ethereum blockchain meanwhile they can transfer their coins on less costly chains and get their tokens.

[Mpamaegbu]

Tether seems to have a transfer fee of $20-$100,

I guess you referred to USDT ERC here. It's on the ETH chain and it's almost as high as transferring ETH. It's better to use USDT TRC 20. Transfer fee is $1. That's what I normally use when cashing out.

OP, you can do a P2P if the exchange you're on allows it after selling off BTC for TRC tether (because of transfer fee) on the exchange or do a local group P2P with escrow.

[Gozie51]

BSC is also available for such services. You can also tether if volatility is high and wait if you want.

Or you can adjust your transaction fee lower but it takes days to deliver and it will eventually deliver if you are patient. Pending your preference for adjustment, adjusting for a fee of $2 worth in btc can take average of 2/3 days depending the time of transfer. Like usually you stand a chance of lower transfer fee during of peak periods (night times) and you can be lucky to get lesser  transaction time/ or days.

However, the higher adjustment you make, the faster you can get your coins delivered. The thing is you can adjust your fees anyway.

Many noobs don't know their fav tokens are now multi-chain. They still get stuck paying high fees on the ethereum blockchain meanwhile they can transfer their coins on less costly chains and get their tokens.

Yes you are correct , many services now exist for cash out rather to rely on bitcoin or ethereum blockchain with very high fees.

[CryptopreneurBrainboss]

Or you can adjust your transaction fee lower but it takes days to deliver and it will eventually deliver if you are patient.

I believe the OP was referencing exchanges and not wallets and I haven't seen such option on the top exchanges like Binance, probably they could be in other smaller exchange but I doubt the top ones will give the option to reduced fees considering they most have calculated their service and miners fees together in your withdrawal fees.

The best option just has to do with using others blockchain, even bitcoin can be transferred using other blockchain like the wrapped bitcoin and all that. Your only concern should be if your coin destination support this tokens. If it does then you can save yourself alot of fees by transacting with other blockchain that has lesser fees.

[crwth]

I saw that KuCoin has the P2P markets involved. Have you tried this? -> https://www.kucoin.com/otc

Maybe where you are located has applied P2P and trade directly with a trusted person.

[goldade]

Hey guys,

I have only been using Kucoin for a few months now and I wanted to know what the best method to cash out my crypto to USD would be? Should I trade it all to Tether then transfer to a USD exchange like Bittrex or something else?


Any help is appreciated.

Well, one of the major factors in determining how to withdraw from an exchange depends on the withdraw fee of each coins.
Let me cite an example. There was a time I needed to withdraw some funds from an exchange. When I converted it to btc, I had to pay a fee of $19 which is quite high because it wasn't up to a hundred dollars that I wanted to withdraw. I, however, realised before withdrawing that if converted to XRP, the withdrawal fee is just 1XRP, which at that time is just some cents. Not even up to a dollar.
And that was exactly how I withdrew the funds to another exchange that now paid me in my local currency.
I already mentioned the other factor, the coin you'd choose must be one listed on the USD exchange so you'd not get stucked.

[sarmrakib]

Binance P2P is the best if submitting KYC is not your problem. They are the safest CEX to use for withdrawing fiat to bank since its P2P. But some country has some specific app that offering hassle free services for fiat withdrawal. Try to search or ask on your local board.

Yes i also wanna suggest Binance P2P it is the easiest and secured way to exchange your asset on local currency .I am using it for long time without having any issue .So i wanna suggest you top transfer your USDT on binance and make it by cash .
N.B : KYC is needed for P2P trading on Binance .

[lannister2k]

Convert them to any other currency that has a low transaction fee and is supported by Binance, , send them to your  account and cash it out

[tobi4255]

Hey guys,

I have only been using Kucoin for a few months now and I wanted to know what the best method to cash out my crypto to USD would be? Should I trade it all to Tether then transfer to a USD exchange like Bittrex or something else?


Any help is appreciated.

Kucoin now supports p2p. you can cash-out your crypto easily by using p2p trade. I haven't use kucoin p2p yet though.
I used binance p2p and it's more easy for me to cashout

[Yatsan]

It will be needed also to consider the country or place where you reside for there are some instances that there is a tight or strict implementation with regards to conducting transaction of crypto and wanting it to be cashed out through bank account in your country. I haven't been into using KuCoin for I have been using Binance on my trading transactions as well as into other crypto related stuffs which I have not been experiencing any hassle doing selling and cash out through my country's currency.