Exchanging large amounts of BTC for FIAT

[Pokapoka124]

Hello everybody.
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.

Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...

I think your friend knows little about bitcoin and looks up to you for advice in this area. He wants to do something as simple as exchanging bitcoins to fiat, since he already has the bitcoins in an exchange he could have used the Binance p2p service, it’s safe and reliable. It’s a cheaper option than withdrawing the bitcoins to a different wallet because Binance charges a withdrawal fee. What’s the point of storing bitcoins in an exchange if you do not use the p2p service?

[Asuspawer09]

Hello everybody.
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.

Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...

I've used Binance for years and didn't really encounter problems I think you're going to be good, Binance is one of the top exchanges that you could use but still just do not put your funds on exchange for a long time, even though its a big exchange there is always the possibility that it might have issues like and possibly something similar to FTX could happen.

Still, I would still recommend Binance, but putting in a big amount of funds will not give you any issues. I think you're going to encounter this problem the time you convert your cryptocurrency or your funds to fiat money. When you put a large amount of money in the bank especially when it comes to something like Binance or a shady address the banks might hold your funds or ask where did you get that funds and then probably ask for some documentation. It already happened to my friend when hi try to cash out a big amount of bitcoin last time when bitcoin drop down a big percentage.

[AirDropMcHunter]

I've heard that there is services around the world, they will fly to your city and exchange your btc to fiat if it's over 300k$.

But for big amounts you can always use OTC services of every CEX. It's right in the footer of exchanges including binance and kraken

[Nwada001]

Sorry for the misunderstanding.

The amount is big enough for him to be afraid to trust any exchange to make the exchange. It is also big enough for me to consider sending him FIAT in exchange for his BTC.

When I say it is not a huge amount, I mean it is not a life-changing amount (for the majority of people living in Europe - where we live).
 friend.

If the Bitcoin is huge enough and he is certain that the Bitcoin is also clean (that is to say, the address at which he is holding the Bitcoin is not among those blacklisted by exchanges for theft), then I will also recommend that he use Binance to make a quick exchange via the P2P option since you said the exchange is already fully verified. I am sure it will be a quick exchange.

And I will also give the advice that, to be on the safe side, he should either divide the coin into 2–5 places before selling on the P2P marketplace, so that when one trade becomes successful, he can move on to the next, and so on until he has traded them all and reached his target. He should also be very careful when doing the trade, for there are also lots of scammers who are waiting for newbies who will fall victim to their scam. Most of them ask sellers to release coins first before they make payment, which is why some send a fake edited receipt and claim they have sent you money, which you might sometimes think is the bank network delaying the deposit.

Tell your friend to always log onto his bank and confirm each deposit from the vendor before proceeding to the release coin option, just to be on the safe side.

[Vaskiy]

There is nothing to fear in doing the trade. Binance is a trusted service provider and it have the much easier interface. In particular one can prefer to do the trade and recieve the funds in the respective bank account through the P2P trading feature. For users who doesn't have a verified binance account can look for alternates like our forum currency exchange section where you need to find a person and make the trade with the help of an escrow.

[loopes]

If his bitcoins are not involved in theft or crime, there should be no problem transferring bitcoins to Binance in exchange for fiat. Another note is that you need to make sure his Binance account is KYC to avoid unnecessary trouble. Binance is still safe for instant transactions, it's just not safe when you use them to store long-term assets. But if the two of you really trust each other, why not do as you think? The two of you can trade with each other since you also have the need to hold bitcoins for the long term.

Yeah Binance is safe enough as long as your bitcoin is not from illegal source like crime or somethings else. One of the reason that binance (based of this source) required Know-Your-Customer Verification is their way to protect users from hackers, money launderers, or maybe market manipulators. Know-Your-Customer Verification is effective to asses if your crypto currency have been obtained illegaly of depositing from a non legitimate sorce because you can not masking identity. So, if you are certain that you have a legal source of your bitcoin and do not any problem to do Know-Your-Customer Verification, i can say that Binance is safe enough for changing your Bitcoin into Fiat. Do not worry if Binance would halt transaction.

[Faisal2202]

is there any other way to go about doing what he needs?

I'm not a big fan of Binance but it's the most used exchange in our country that's why I have to use it primarily and there is not a single time in my 2 years journey, they halt any of my transactions. I convert my BTC to fiat using the p2p trading method of Binance. I do not know on what basis you are saying these exchanges shit maybe due to the nature of centralization if that's the case then you can go for decentralized exchanges. Depending upon your country's regulation and the availability of exchanges CEXs have limitations while DEXs do not see the countries as a selection factor. So I think DEXs are the best option for you.

If you do want not to do p2p on your own with your friend. But I think that will be great if you help him out because from what I can see you have some experience and your friend has not. So helping a newbie to learn the way of blockchain and btc technology will keep them attached to it instead of going away with the frustration of failure and loss of money.

[balotelli]

For me, Binance to be quite safe, and currently I am still buying/selling Bitcoin on Binance. Good luck to you.

[mendace]

I recommend Binance, it's really a reliable exchange for us, I've been using them for the past 5 years and haven't had any problems with small to large amounts. If two people are really close, they can exchange it, but if they are not very close, it is not recommended because there is still a chance that one of them scams because this is a large amount of money.

I would never recommend Binance which is a centralized and sooner or later will go the way of all the cexes like MTgox, FTx, TRT.  Use other means, from private key to private key or use Bisq or similar to buy.
Also when you use a cex you are selling your kyc data and one day all that data could be your doom.

[Rengga Jati]

....
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.

So far, I am using Binance and have no problem with this exchange when converting BTC to fiat as long as we have done KYC verification. Binance is one of the most trusted exchanges to be considered. Although this is not guaranteed 100%safe, at least, it is safer than other exchanges.
Actually there are some P2P processes that your friend can be done, but this is also high risk because of the trust.
Actually if you have the idea of buying the Bitcoin from your friend, and your friend agrees with the idea, it will be ore interesting and also safer, right? Why not?

[Ryu_Ar1]

As long as he has a binance account I don't think it's a problem, it's just possible if he doesn't and still wants to use it then indeed KYC is one thing that will definitely exist. On the other hand there has been some advice from a few people before about using some decentralized exchange and that would also be something to try and with the possibility that if you have fiat and want to trade your friend's btc then that would also be one of the good things as long as the context still right on this.

[jossiel]

As long as the transaction is clean and you don't do anything something illegal, there's nothing to worry about if you're just gonna use these exchanges for buying bitcoin.

Then afterwards, you just cash out the bitcoin that has been purchased on them. Yeah, kyc might be required but if you can't find someone to deal with through P2P or through OTC markets then that's where your friend will still fall.

It's the reality these days that those comfortable exchangers do require KYC and we can't do anything against that unless you can find any of those that has been mentioned.

[Kryptowerk]

It depends on what you call large amounts. For medium amounts 0.01 to maybe 0.25 (something in that range), I'd recommend to check out the decentralized exchange software bisq.
It's been mentioned before, but I also want to endorse it.
You can find all relevant info here: https://bitcointalk.org/index.php?topic=5430964.0

[hatshepsut93]

In the past I sold and withdrawn tens of thousands of dollars from Binance in short time. Some of my coins are even linked to casinos. No problems with Binance at all. But like you said, exchanges are unpredictable. Who knows what can trigger their automatic account freeze.

But you shouldn't disregard banks too. Banks want to know where your money come from, because they don't want to get in trouble by serving dirty clients. If you use p2p trading it will likely raise more questions than withdrawal from exchange. Be ready to answer those questions and find out if your bank is crypto-friendly or not.

[Godday]

You can do that.  You can give him fiat money and you will receive BTC.  It was a good option in my opinion because he doesn't really trust in exchanges.  But you can rest assured that all will be safe if it is a trusted exchange market like Binance or Crypto.com.  That is if you want to trade and immediately start exchanging your BTC and withdrawing fiat money.  But if you just want to hold the BTC I think your friend can hold it where he has stored that BTC.

[Lillominato89]

Hello everybody.
A friend of mine has a problem and unfortunately they need to exchange BTC for FIAT and then withdraw the money to their bank account.
My friend has an account in Binance, but he asked me if I thought it was safe? Binance in my opinion is, like every exchange, a piece of sh... So, is there any other way to go about doing what he needs? I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.

Notes:
1. When I say safe, I mean regarding the fact that exchanges are unpredictable and suddenly they decide to halt transactions. I don't mean anything about taxation etc.
2. He may have to trust an exchange after all, I know and he knows that...

At present binance is one of the most used and secure cex, but I do not recommend its constant use, since the first rule to remember about Bitcoin is known your keys not your Bitcoin, but since he has an account on binance he can request binance if he wants card and withdraw from FIAT from ATMs, but it's just my advice, it doesn't mean it's the best way to go. or use platforms like bisq

[Reatim]

I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.

Was wondering what needs for this thread when you already has this plan and option?
if you are not in trust with exchange then better to act this way so both of you will be safe, and also I am a Binance user and had been using their p2p for years and never that encounter a single issue.

2. He may have to trust an exchange after all, I know and he knows that...

then he must also need to have experience those inconvenience for His own knowledge and learning for the long term use of exchange.

You can do that.  You can give him fiat money and you will receive BTC.  It was a good option in my opinion because he doesn't really trust in exchanges. 

that is the conclusion i find why need to ask this here when he can do it rightfully without any issues .

[armanda90]

Have your friend problem solved with exchange large amount if Bitcoin for fiat? right now not any problem yet for withdrawing huge bitcoin fund to bank account because all countries have their own local exchange market and linked directly to your bank account. Have little problem if using local exchange withdrawing limited in daily day based on my account under $20,000 available and need to submit another document if want to increase above it amount.

For Binance easy withdrawing huge amount after passing basic KYC and uploaded document ID we have limited withdrawing under 200 BTC in daily day, I think enough with your friend once time withdrawing to bank account use P2P or getting third party service in your country and sending money to your bank account.

[mbare]

Maybe he can find a person for a face to face transaction, but he needs to be careful for scammers.

[Bananington]

I even thought of sending him FIAT and letting him send me BTC, because I don't plan to sell my BTC soon.

If they are unwilling to go through the risk involved with using exchanges and do not want to do KYC verification, they can also consider selling to a vendor who accepts btc for fiat not you who may care less about kYC and has a personal relationship with them incase the btc was illegally gotten. There are vendors that can buy any amount of bitcoins you wish to sell, they also do not need have to have any form of personal relation with these people, they just need to find out how credible these vendors are for business. They may be subject to whatever the rate that these vendors give them, there is a cost for everything.

Maybe he can find a person for a face to face transaction, but he needs to be careful for scammers.

Face to Face can also be a terrible decision. If it must be face to face, make sure to meet them in a public place with lots of people.