Liquidate large sums of XRP

[teddybear]

Hi all

Say someone got in early and real cheap in XRP and is sitting now on XRP with a total USD value of say 6 million.

1.How would you liquidate that? (What exchange or gateway?)

2. Wire transfer to bank: How to?

NB: not talking about me here obv. I have raised this question on another blog post, but I was basically talking to myself.

 

Any thoughts? Thank you for your inputs.

[Robert4x]

Are you from San Francisco?

[Guest]

look at exchanges with the best volume / market thickness, compare volumes and other fees, rates, quality of service, reputation etc

consider splitting the withdrawals over multiple exchanges 

[Global]

Bitstamp could be one of them. Sell XRP for USD and withdraw to your bank account. Expect to be asked a loooot of questions.

Another way would be to convert XRP to BTC and send them to one of the big exchanges and cash out there.

As @zerpdigger suggested, split it over multiple exchanges.

Or wait for SBI VC

 

[teddybear]

14 minutes ago, Global said:

Bitstamp could be one of them. Sell XRP for USD and withdraw to your bank account. Expect to be asked a loooot of questions.

Another way would be to convert XRP to BTC and send them to one of the big exchanges and cash out there.

As @zerpdigger suggested, split it over multiple exchanges.

Or wait for SBI VC

 

Exactly. Besides I've heard terrible things about Bitstamp withdrawls

What are one of the big BTC exchanges, where I could cash out with less questions?

[teddybear]

Just now, teddybear said:

Exactly. Besides I've heard terrible things about Bitstamp withdrawls

What are one of the big BTC exchanges, where I could cash out with less questions?

What about gatehub? Exchange it there?

Any thoughts?

[kanaas]

27 minutes ago, teddybear said:

Hi all

Say someone got in early and real cheap in XRP and is sitting now on XRP with a total USD value of say 6 million.

1.How would you liquidate that? (What exchange or gateway?)

2. Wire transfer to bank: How to?

NB: not talking about me here obv. I have raised this question on another blog post, but I was basically talking to myself.

 

Any thoughts? Thank you for your inputs.

Seems like your problem is rather how to withdraw USD  ?
I would say, the same way as you did the deposits, but now with larger amounts... I've done already a some important withdrawals of EUR/USD on Bitstamp and Gatehub and they all went flawless. One must understand that for every USD/EUR one trades (and hold) another one has made a deposit and those EUR/USD must be somewhere on the accounts of the exchange. A trustful exchange should hold 100% of the IOU's (while banks usually do only 15%). So an exchange "run for fiat" shouldn't be a bit of a problem....

[kanaas]

2 minutes ago, teddybear said:

Exactly. Besides I've heard terrible things about Bitstamp withdrawls

What are one of the big BTC exchanges, where I could cash out with less questions?

Where did you hear that? I've pleasant experiences with both Bitstamp and Gatehub. Besides that they once in a while may ask you for some additional KYC registration or information (can be annoying, but they have to follow the rules), there shouldn't be a bit of a problem as they acted always very professional and fast, both of them!

[teddybear]

2 minutes ago, kanaas said:

. One must understand that for every USD/EUR one trades (and hold) another one has made a deposit and those EUR/USD must be somewhere on the accounts of the exchange.

Obv. I can't ask you how much, but you think above mentioned figure should be OK? Any problems with your bank?

 

Re the quote: what if people have been buying crypto against fiat a long time ago and now are just "funding" the exchange accounts to trade it back against fiat. Woukdn't that be a problem?

[teddybear]

3 minutes ago, kanaas said:

Where did you hear that? I've pleasant experiences with both Bitstamp and Gatehub. Besides that they once in a while may ask you for some additional KYC registration or information (can be annoying, but they have to follow the rules), there shouldn't be a bit of a problem as they acted always very professional and fast, both of them!

Reddit. But a thread from 2015, admittedly. Withdrawls stuck for weeks and so on.

[teddybear]

38 minutes ago, Robert4x said:

Are you from San Francisco?

No. Why?

[wiredless1]

41 minutes ago, teddybear said:

How would you liquidate that?

What are the time constraints?
Is it intended for other transactions that don't accept crypto? Or for personal / corporate liquidity?
Is the assumption that this is a taxable asset?

[teddybear]

Just now, wiredless1 said:

What are the time constraints?
Is it intended for other transactions that don't accept crypto? Or for personal / corporate liquidity?
Is the assumption that this is a taxable asset?

Non taxable. Just want to get my money out. Delays up to 72h acceptable

[kanaas]

Just now, teddybear said:

Obv. I can't ask you how much, but you think above mentioned figure should be OK? Any problems with your bank?

 

Re the quote: what if people have been buying crypto against fiat a long time ago and now are just "funding" the exchange accounts to trade it back against fiat. Woukdn't that be a problem?

You mentioned 6M .... I doubt it will be a problem as both Gatehub and Bitstamp don't have a limit on withdrawals for FULL registered KYC registration. When you talk about serious amounts, they of course have to follow more tight rulings about not sending capitals to "dark individuals". For that reason they may ask you some additional details about "who you are and where you live" before sending the (big) amount

[teddybear]

4 minutes ago, kanaas said:

You mentioned 6M .... I doubt it will be a problem as both Gatehub and Bitstamp don't have a limit on withdrawals for FULL registered KYC registration. When you talk about serious amounts, they of course have to follow more tight rulings about not sending capitals to "dark individuals". For that reason they may ask you some additional details about "who you are and where you live" before sending the (big) amount

Fair enough. Only dark thing about me is my hair