Jerryfan Posted February 5, 2020 Report Share Posted February 5, 2020 I'm American but i been out of the US for a while but do make a few US trips. I assume almost all of you are from the US or Canada right? Previously i have cashed out bitcoin a long time ago by sending btc to circle and doing an ACH transfer to my bank account. I did this only once or twice i believe and it was a tiny amount only. But I know circle no longer allows you to sell btc for bank transfer anymore. For US people, what are the most popular ways to cashout your bitcoin to US bank account or cash? I know there is 1. Coinbase2. Gemini I have a coinbase account years ago but have to do verification again. I was going to use gemini but then apparently, it doesn't allow me to use my google voice number as my phone number for verification. I'm out of the US majority of the year so i want a way to cashout btc to my US bank account, mainly bank of america. But gemini told me because I'm using a voip number... my US google voice number, i cannot use gemini because of it. Now i had zero issues using my google voice number for any other site i use like for sportsbetting or anything etc. Other sites don't even know or care my number is a US google number. Besides coinbase and gemini, what are my other options? I heard of cash app but can you use it while outside the US? I heard of bitstamp and kraken. Can you cash out directly to your US bank account? In terms of fees, which site cost the most to the least? I also can't even use bittrex anymore because I'm registered in a restricted state bittrex no longer serves. I can use binance though... but i mean binance non-us as im out of the US most of the time. I believe all US binance users now have to use the USA binance site right? If so, experiences? Example I want to occasionally cash out $500 or $1000 or say withdraw a bigger amount like $2000+. Which of the current sites cost the most to least? Does any American here use bitstamp? Also does anyone know if bitstamp only offers wire withdraws as oppose to ACH transfers? Someone mentioned a while back in a forum bitstamp does bank wires but they are more expensive as oppose to ACH transfer which i do know. But coinbase/gemini uses ACH right? So if you want to withdraw say $1k to bank account, how much in fees will coinbase, gemini, bitstamp, kraken, cashapp or binance charge? Quote Link to comment Share on other sites More sharing options...
Jerryfan Posted February 5, 2020 Author Report Share Posted February 5, 2020 Also what about that bitpay card? Is that the only card most US people use? So basically you withdraw from ATM right? But i heard you can do ACH transfers and the fee is like $6 for every withdraw up to 2k to a US bank account? But i also heard something about using the bitpay card to buy money orders at post office or walmart or something like this? Anyone can explain how this works? But are the monthly fees and any charges worth it? I heard ppl like the card because you can withdraw cash straight from any ATM up to like 2k? Is that right? Also is it still true best to avoid coinbase? I did hear that with coinbase, they will send you a 1099 if you have like 200 transactions or like 20k in total transactions? Or it has to be both? Now that to me wouldn't be an issue since i file taxes, but i read cases where ppl would get a 1099 for like 50k when they made only 2k or 10k in profit because all they did was move cryptocurrency and those cashouts were not net profit since you don't know at what price a person bought a coin for etc. Is that still how it is with coinbase? Does gemini do this or any of the other sites? Because that is one reason i would not want to use coinbase since i read they would send you a 1099 for an amount that is nothing more than your total transactions but not total profit. Someone mentioned they had to tell coinbase, hey that is not my profit etc. Quote Link to comment Share on other sites More sharing options...
rito Posted February 5, 2020 Report Share Posted February 5, 2020 Go away narc. Quote Link to comment Share on other sites More sharing options...
RealSlimShady Posted February 5, 2020 Report Share Posted February 5, 2020 Hey IRS agent.....I'll explain how you can launder tens of millions like I do Quote Link to comment Share on other sites More sharing options...
MadTiger Posted February 5, 2020 Report Share Posted February 5, 2020 I advise people on things like this if they pay my fee in advance. Quote Link to comment Share on other sites More sharing options...
Jerryfan Posted February 8, 2020 Author Report Share Posted February 8, 2020 Not sure what im getting these responses. The thing is im out of the US most of the time. I was able to use circle to cashout btc to my us bank account a while back ago but they no longer do it anymore... circle that is. Circle was so easy to use. Can someone here summarize how much it would cost if i want to transfer $1000 worth of btc to my us bank account? 1. Coinbase2. Coinbase/gdax3. Gemini4. Bitstamp5. Kraken6. Cashapp - I heard about this recently7. Bitpay Card I recall a long time ago, coinbase charged like 1% but gdax was only 0.25%? So if you sell 1k worth of btc to either coinbase or gdax or gemini, which will get you more money in total? But my issue is i can't use gemini since they require a US sms number which i dont have because I use a google voice US number for that but have a local number from outside the US etc. Someone mentioned bitstamp you can do this but the wire fees were ridiculous expensive. So i want to know which sites are you guys using to turn your btc to cash and best side to do this if you are outside the US majority of the time... which I am. Thanks. Quote Link to comment Share on other sites More sharing options...
MonkeyF0cker Posted February 8, 2020 Report Share Posted February 8, 2020 GDAX used to be free if you were the maker side of the market. GDAX is now Coinbase Pro. They have 0.15% maker fees (meaning you front run the order book with a limit order at the bid/ask spread if it's $0.01 or put it ahead of the lowest ask if the spread is more than $0.01). If you place a market order or a limit order lower than the highest bid and match an order on the order book, you'll be charged a taker fee of 0.25%. Free ACH to your bank account. Regular Coinbase will be a ripoff. Kraken has similar fees to Coinbase Pro of 0.16% and 0.26%. Gemini's fees are outrageous for an exchange. Quote Link to comment Share on other sites More sharing options...
Jerryfan Posted February 8, 2020 Author Report Share Posted February 8, 2020 Hi thanks for that information. So basically gdax/coinbase pro is the cheapest way to get money to your US bank account right? So basically if you want to convert $1000 worth of btc to usd on coinbase and then have it sent to your US bank account, you are paying at most $2.50 so $997.50 total after fees? If so, that is pretty good. Again i heard a long time ago coinbase charged like 1 percent right? And still do now? So it would be $10 fee on 1k so $990 total? Does Kraken do ACH as well and is that free? Is there any benefit to kraken vs coinbase pro? Yea 0.16% and 0.26% fees is like the same as coinbase pro basically. So you could do this outside the US with no issue right? Does kraken issue 1099 and if so, do all these sites do it based on cash outs? Example you could cash out 20k but basically have little to no profit because all you are doing is moving money from sportsbook etc. What are gemini's fees? I always thought they had the lowest fees. Thanks again. Quote Link to comment Share on other sites More sharing options...
rito Posted February 8, 2020 Report Share Posted February 8, 2020 Kys Quote Link to comment Share on other sites More sharing options...
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