How to Cash out Large Amounts of Bitcoins?

If you are wondering how to cash out large amounts of Bitcoins from your Bitcoin wallet, you have come to the right place. You don’t actually cash out Bitcoins but take out their paper currency equivalent.

In this article, we will be talking about the two kinds of exchange platforms you can choose from, to cash out your money. We will also talk about the steps you need to take to ensure the easy and fast transfer of Bitcoins into paper currency.

Two Medium of Cashing out Large Amounts of Bitcoin

You can transfer your Bitcoin into its money equivalent via two methods. You can either reach out to an OTC trading desk or an online Bitcoin exchange platform. If you opt for an online website to cash out your Bitcoins, you need to do the trading and placing of orders which is not the case in OTC cryptocurrency. Remember that not all Bitcoin exchange platforms offer Bitcoin to money conversion.

There are limits set by each exchange platform to ensure smooth transfers while at the same time abiding to the rules and regulation of the linked banks. So, check out the list given below to get yourself an ethical and secure platform to cash out your Bitcoins.

• Websites that allow large amount cash outs:

1. Kraken – In Kraken, all the daily, monthly and yearly limits are displayed in USD even if USD isn’t the currency you trade in. Make sure you convert all your numbers into USD using the current conversion method. The cryptocurrency limit is the same for all Kraken users.

• Source: https://support.kraken.com/

Hope on to this website to know more about the rules and regulation of Kraken

2. Coinbase – Coinbase offers its clients various account levels within which limits are introduced. The higher the account levels, the more is the withdrawal limit. But gaining new levels will require you to go through some verification processes. We will talk about the verification process a little later in the article. For Coinbase Pro clients, there is no deposit limit. For the same, the withdrawal limit is $50,000 per day that means you can withdraw $50,000 worth of Bitcoin per day. For an even higher limit, refer to this website.
3. Binance – Binance ensures the highest level of security by allowing clients to enter their personalized IP addresses. This exchange platform has integrated Google Authentication as well. It offers a low withdrawal fee and fast transfer. Check out this website for a step to step guide on how to cash out Bitcoins.
4. Gemini – For US clients, via ACH Bank transfer, the daily limit is around $5000 and the monthly limit is $30000. For verified personnel, the daily withdrawal limit is $100k. When it comes to debit cards, there is a daily limit of $1000. Gemini only allows the usage of debit cards for trade purposes and not for only deposit or withdrawal purposes. With regards to wire transfers, the withdrawal limit is $100.

• OTC trading desk:

The basic difference between OTC and other online Bitcoin exchange platforms is that the decision making in the process of Bitcoin transfer is not your job anymore. OTC takes care of all the trading that needs to be done to provide you with Bitcoin equivalent cash. Since this method has many layers of authentication and verification, they charge you around two to four percent of the amount involved in the transaction.

This method is the most trustable and legal way to get your money back into your bank account. Of course, when we say legal, there are tons of documents to be submitted, verifications to go through but it is all worth it. You need to fill the KYC (know your customer) or KYB (know your business) forms.

Along with usual documents, you also need to show your proof of funds or source of funds documents. By doing so, you clear yourself from illegal or suspicious storing/ buying/ trading of Bitcoins. Proof of funds is a document that answers questions like, how you bought the Bitcoin? Who gave it to you? Where did you store them? How much did you pay for them? You can download these proofs by visiting the website you used to perform the transactions. Checkout Quantum AI and start investing in Bitcoins.

Essential Steps to Follow to Cash out Your Bitcoins

Though steps may differ from website to website, we have provided below some common steps that will ultimately help you get accustomed to the platforms you will be using in the future.

1. Select a platform of exchange
2. Create an account
3. Increase your tier level or account level for widening your withdrawal limits. Do so by submitting the required documents and payment details.
4. Select the amount at which you wish to sell your Bitcoins. Some websites, like WunderBit, offer an automatic sell when the market price reaches your selling price.
5. Keep handy, the PDFs or printouts of the source of funds.
6. Make sure the bank you are linking the website to, is crypto-friendly. Here are some of the names of crypto-friendly banks around the world.

• Wirex (UK)
• National Bank of Canada
• Goldman Sachs (USA)
• SEBA (Switzerland)
• Solarisbank (Germany)
• Simple Bank (USA)

Some Key Points to Keep in Mind

• Traders:

If you decide to cash out your Bitcoins yourself, you must be aware of the current prices of Bitcoins. Set a reasonable selling price or a selling price a bit lesser than the original price to increase the probability of selling it.

If you sell millions of dollars in one go, it might affect the market price. A heavy trade has the ability to lower the market price of Bitcoin which will ultimately make it difficult for you to get hold of a buyer. To avoid such mistakes, always keep an eye on the order book.

• Shady websites:

Stay away from shady websites. Always take the legit path for any kind of money transaction. There are many websites that offer you zero tax payment. Do not get fooled by those websites. Pay your taxes and get your money out the ethical way.

• Maybe waiting it out is the best option:

Before selling away your Bitcoins, pause and think. Cryptocurrency will give you mind-blowing profits if held on to them for long periods of time. In the future, you might even be able to pay for your daily expenses via Bitcoin. So, instead of wasting money paying transaction or withdrawal fees, wait it out.

Remember that anything and everything in this article is not financial advice. We suggest the best of ways to go about cashing out your Bitcoins and we hope we have fulfilled our purpose.