Is there a best way of withdrawing profits from exchanges?

[JamesDaniel90]

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

[OmegaStarScream]

I hope you're not planning to keep your funds on exchanges for a couple of years, that's not wise. Use a hardware wallet instead. As for your question, then  P2P is probably the best way to eliminate as much fees are possible.

[hd49728]

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

Choose a blockchain with lowest transaction fee, cheapest withdrawal fee because exchanges don't care about what are happening in Bitcoin mempools or altcoin networks if no security risk on their exchange fund. They charge expensive withdrawal fee even transaction fee on network is cheap.

With altcoin blockchains, they are less secured, more easily to be compromised so you will have to move (withdraw) your fund gradually. Avoid to withdraw all fund in one transaction to minimize risk and value of loss when something is wrong from you or from the altcoin blockchain.

Reminder: Do not keep your money in online accounts

[Poker Player]

I hope you're not planning to keep your funds on exchanges for a couple of years, that's not wise. Use a hardware wallet instead.

Reminder: Do not keep your money in online accounts

This. Get a HW wallet ASAP, withdraw your funds to it and when you want to sell in a couple of years, then deposit the coins and sell them but don't keep them for so long on exchanges. Well, assuming you have a certain amount, if you have like $170 it's not worth the hassle.

[paid2]

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

"Don't count your chickens before they're hatched."

I know that halving is approaching and that historically the following year after each halving is positive for BTC's rate, but you should never take a bull run as a foregone conclusion before it is actually there.

Is there a best/cheapest way of withdrawing profits to bank?

As OmegaStarScream wrote, some P2P could be a nice solution. You can take a look on Bisq, Peachbitcoin, Agoradesk, or find someone who wants to buy some BTC with cash for example. But in all cases, these solutions also contain fees.
Some CEXs offer withdrawals with limited fees, so you need to do your own market research when it comes to exchanging your funds for FIAT. Depending on the fiat currency you wish to obtain, the fees are not the same.

Like the others, I'd like to add that you should never store your funds with a CEX. If you don't want to buy a hardware wallet, Electrum is an excellent free & open source wallet for BTC. You need to own your private keys, that's all that really matters.

[BitMaxz]

What exchange do you currently buying Bitcoin(Crypto) if you are using Binance then their existing P2P ads don't ask for a fee only makers who do shoulder the fees.

However, it is still not a good decision to hold your funds on the exchange because we don't know what will happen in the future if the exchange is hacked just like what happened to well-known exchanges before like Mt.Gox and Poloniex. It would still be safe if you hold your Crypto in a wallet where you have full control of your seeds or private key or a much better hardware wallet.

[pawanjain]

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

There are 2 things that you will have to do if you want to cashout at the right time while holding your funds safely.

1. Hold your funds in a self-custodial wallet. Hardware wallet would be the best choice.
2. When you want to cash out, you can transfer the funds to a reputed exchange which supports your fiat currency or go for a P2P trade. In both case, be extra cautious of whom you are dealing with.

It's a long term journey and keep exploring more ways to cashout but always review with people by posting on this forum if you are not sure of how to proceed.

[Coin_trader]

Is there a best/cheapest way of withdrawing profits to bank?

P2P trading is your best chance to have the cheapest way to withdraw to your bank. You can create an order with your desired price. Most of the exchange waive their transaction for P2P trading transactions or just find someone here in the forum that willing to purchase your tokens in exchange for fiat.

I hope that you read most of the reply above regthe risk of holding your assets on CEX. Invest on hardware wallet to store your coins safely. Learn from previous disaster like FTX which users funds is not accessible anymore until now.

[Faisal2202]

i am assuming, your are trying to find a way to withdraw money without paying taxes and that is not advice-able, Because IRS will find you and the consequences might be more costly. So, pay the taxes and live a happy life. Or, contact someone where taxes are not applied like my country and then ask them to send them your holdings so they could withdraw them.

And then could send you via finance app or any other way from which you will be tax less. If you could mention your country then i might give you some advice to at least lower your taxes ( i am not an expert but i am good at research).

But still, i advice you to pay taxes.

[GazetaBitcoin]

Is there a best way of withdrawing profits from exchanges?

There is no such thing as "profit on an exchange", since you are not the owner of the money. While someone else (in this case the exchange) is in the possession of your private keys, you are not the owner of the money. As a consequence, you are also not the owner of any profits. My advice is to move the funds from any centralized exchange as fast as you can no matter how you do it. As long as you keep funds in someone else's pocket, that person (or company) may always cut your access to the pocket.

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

Perhaps what I wrote above will make you reconsider this.

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

How do you know for sure there will be a bull run in 2024-2025? Do you have the power of seeing the future? Have you traveled in time and you already know it will happen? You seem very certain about this.

Is there a best/cheapest way of withdrawing profits to bank?

And next thing you say is another ridiculous idea: to associate crypto incomes with banks. Such movement would only expose you even more in front of the government. You already exposed yourself by offering for free to a centralized exchange, one of the most important thing from your life: your personal information. And, since you gave already your personal information to an exchange, that in formation is, obviously, not personal anymore. If it were personal only you would know it. Now third parties know it as well.

And you are also trying to jump from the frying pan into the fire. Meaning to become a complete sitting duck in front of the government, abandoning any last idea about anonymity and privacy, and associating your crypto exchanges with a bank. That would be a really bad idea.

Perhaps reading this thread will help you understand better how to use Bitcoin: 12 years later and people still don't know to use Bitcoin nor what it's good for. And, if you read that topic, perhaps you can also read Why KYC is extremely dangerous – and useless.

Be careful about what you'll do, OP... Your funds and privacy are at high risks right now...

[Ultegra134]

Exchanges in general charge minor fees when it comes to depositing or withdrawing coins, and there are also ways to avoid or limit them if they apply. Usually, you can convert to some other coin that has a lesser fee, such as Stellar, Litecoin, or even stablecoins, and withdraw through them; however, I'm understanding that you most likely mean how to withdraw after converting your coins to fiat, in which case, your options are pretty limited to bank withdrawals, something that I wouldn't recommend doing because, depending on the amount, you may be susceptible to taxation.

In general, if you're holding, it's advisable to move your funds to a hardware wallet, or at least a desktop wallet like Electrum, and avoid centralized platforms. Then, when the time comes, you can sell through P2P marketplaces or decentralized exchanges.

[Nheer]

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

I sincerely hope you didn't put your funds on a cryptocurrency exchange, as that is the worst location to do so, especially for an extended period of time. Have you not heard that certain exchanges have been hacked, while others have defrauded their consumers and fled with all their money? We never know the exchange that will be targeted next, so we shouldn't put our reliance in exchanges. Although we don't pray for such to happen but we should always exercise caution when using exchanges.

It is safer to keep your bitcoins in a wallet where you have control over the private key, preferably an offline wallet since you will hold onto it for a long period to fend against hacker attempts.

When you need to withdraw, you can deposit the desired amount into a trustworthy exchange, use their p2p, and then use your bank account to receive the money in exchange for your bitcoin. You must exercise caution when conducting transactions in these exchanges because scams can still happen there.

[Hamza2424]

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

Hmm, As far I understood from your post, You actually want to withdraw your funds after booking profits from the centralized exchange by the cheapest way buddy you can do it, Bank transfers never cost transaction fees from crypto to Bank as far as I Know at least in Binance P2P there are no fees. But if you want to use other ways so there are different options rather than a bank transfer. As you can use the TRX for the minimum transaction fees, If your funds are on the Binance than Bep2 BNB or even BUSD will be a good option.

If you want to export your funds I mean withdraw your funds to a private wallet you can use the BTC Bech-32 for that purpose. It may cost you a few more cents but recommended.

[Woodie]

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

Knowing very well that withdrawing your profits using BTC attracts an above average in fees with most of these exchanges,  you are better off exchanging your BTC for an altcoin such as Litecoin, Tron, binance coin etc as these attract very minimal transaction fees.

Btw, with all these exchange hacks that have happened over the years, I hope you aren't leaving your coins in the exchanges hands...

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

Cheapest way to convert crypto to fiat I think p2p trading saves you on a lot of unnecessary charges and this I will recommend, unlike wire transfers that take long and sometimes cheaper  but you know what they say..time is money!

[JamesDaniel90]

i am assuming, your are trying to find a way to withdraw money without paying taxes and that is not advice-able, Because IRS will find you and the consequences might be more costly.

You assume wrong, I will pay taxes.

Like I said , I have not experienced a bull run yet and just want to have a plan in place for when it comes to cashing out my profits.

Currently I have 25% on exchanges and 75% cold storage wallet.

[BD Crypto]

You assume wrong, I will pay taxes.

Like I said , I have not experienced a bull run yet and just want to have a plan in place for when it comes to cashing out my profits.

Currently I have 25% on exchanges and 75% cold storage wallet.

Already several users gave you some extraordinary advices and thay all are really helpful. Anyway you didn't mention about which exchange you are using now. If you share this information it will be very easy to give some proper advise.

Anyway I mostly try to use Binance and there have P2P exchange feature which is much beneficial and I don't have to pay any fees for P2P exchange. If you use another exchange which have no P2P feature then you can transfer your assets to Binance using a coin or token which cost you lower fees. Then again convert it to stable coins and sell it though P2P. I hope that will be the best idea for you. And never hold your coins in a Custodial wallet if you can't afford to lose it. Because there is a common sentence " Not Your Keys, Not Your Coins". Always try to have full control on your assets to assure best security.

Anyway if you have gotten your answer or suggestions then you should lock this topic to avoid unnecessary replies or spamming.

[decodx]

i am assuming, your are trying to find a way to withdraw money without paying taxes and that is not advice-able, Because IRS will find you and the consequences might be more costly.

You assume wrong, I will pay taxes.

First of all, make sure to familiarize yourself with the local laws regarding crypto regulation and taxation in your country. Each country might have different laws and specific provisions. I recommend asking in your local community or seeking advice from a tax expert.

Currently I have 25% on exchanges and 75% cold storage wallet.

There are many risks associated with holding money on custodial wallets such as centralized crypto exchanges. It is better to transfer all funds that you do not use for active trading to your private wallet, especially if you plan to hold them for the long term.

[hatshepsut93]

Is there a best/cheapest way of withdrawing profits to bank?

Best and cheapest are not the same. There are methods for reducing fees, like exchanging Bitcoin for cash in-person, but they come with a lot of risks - a risk of getting robbed, a risk of receiving counterfeit currency. Then you'll have to explain to your bank were did you get all that cash when you'll decide to deposit it to your account. Centralized exchanges make things more smooth - you'll get your money directly to your bank account without those risks, but you'll have to pay 1-2% fee. There's also p2p online trading, which will have risks similar to cash - risk of getting scammed and risk of drawing attention from your bank over large private transactions.

It's up to you whether you want to trade those risks for 1-2% fee.

[Asuspawer09]

I don't plan on withdrawing any profits for a long time at least until 2024 but just wondering if there is a best/ cheapest way of doing so when the time comes?

2024/25 will be my first bull run and up till now all I have been doing is buying have yet to sell anything for cash.

Is there a best/cheapest way of withdrawing profits to bank?

I mean it depends on the exchange platform that you use, you can't change the set fee on that platform because that's the set amount of the platform already, When I'm doing exchange I think the easiest way and cheapest way to cash out or exchange your cryptocurrency to fiat is through the P2P section, there are a lot of banks that are available just pick the bank with the highest exchange rate. And that's you could do it as well if you're going to cash in fiat into the exchange it was pretty convenient and easy since it's directly on the bank.

I have some experience just be careful if you're going to cash it out at once because it's going to be a huge amount sometimes the banks where you're going to cashout or put your money are going to be suspicious of that and they are going to freeze your money. So be careful with that. Your doing great investing and holding until the Bullrun just be careful as well holding all of your investment in a centralized exchange.

[Fuso.hp]

First you need to select a good quality exchange. Because P2P benefits are not possible without good quality exchange. You can easily sell your coins if the crypto exchange you are using has P2P facility. Exchanges that offer P2P facilities include Binance, KuCoin. If you use any of these two exchanges then you will easily get this benefit without any third party intervention. And P2P transactions are very secure compared to third party transactions. But before such transactions account specific verification is required, if you can complete that verification only then you will get this benefit from the exchanges.