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Whats your exit strategy ?


Vacek_aka_Luschka
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I know this is very forward thinking and very early, however wondering what others are thinking as to have to move money form XRP to your Canadian bank account.

I was thinking Kraken XRP>CAD and withdraw to my back account. But liquidity at Kraken for CAD is hit and miss.

What are others thinking? What might be a decent way to plan for an exit should the day come and some are lucky enough to have this problem.

And I'm not talking about $500 .... I'm talking 6 figures or more.

Thoughts?

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One "earlier" option I may look into is getting a US based account with my branch. It all sounds like a viable and hopefully easy solution if it needs to happen that way.

then your US account is easily accessible and used from any exchange, and easily transferred once deposited.

 

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I have been liquidating the 2theMoon project donations through Kraken. Since this isn't my money I have been keeping it simple and not playing with all the tools, but liquidity seems low. Orders are quickly touched but slowly filled (I am not placing far from mid peak). Seems the bots are quick to buy $2-5 at a time, but the serious $100-10000 chunks will take a while (unless your willing to sacrifice a lot).

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  • 4 months later...
On ‎7‎/‎28‎/‎2017 at 9:52 PM, ZIGXRP said:

One "earlier" option I may look into is getting a US based account with my branch. It all sounds like a viable and hopefully easy solution if it needs to happen that way.

then your US account is easily accessible and used from any exchange, and easily transferred once deposited.

 

So an example for us as Canadians...

- Hold XRPs in Ripple Wallet(s) in Gatehub.net account

- Trade/Sell XRPs for $USD on Bitstamp

- Open $USD account at my bank (One of the major banks: ...RBC, BMO, TD, CIBC)

- Wire transfer (International wire transfer I presume) to my $USD bank account in Canada

 

Questions:

So is this a possible way to do it? Sounds relatively straightforward, but I don't know if this method is actually possible!

If possible, would there be restrictions on Bitstamp side of things (e.g. fees, withdrawal limits...etc.)? 

Would I need to have some kind of account with Bitstamp as a Canadian?

 

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I just came across this thread. Thought you guys might also find it helpful and interesting.

For the record, I'm nowhere and noway considering selling my XRPs. ...expecting for us to see $20 to $50++ XRP! I just want to know that there IS a method for an exit one day way way way in the future. Hopefully things will be even more intuitive and simple by then! 

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2 hours ago, ripplexrpking said:

Withdraw from Bitstamp in USD to your bank account. There's a daily withdrawal amount. 

Have you tried this successfully already? How much are the international wire transfer fees to Canadian bank? And what is the daily Bitstamp withdrawal limits?

Do you need to sign up for an account on Bitstamp? 

Thanks! 

 

Edited by vrippled
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8 hours ago, vrippled said:

Have you tried this successfully already? How much are the international wire transfer fees to Canadian bank? And what is the daily Bitstamp withdrawal limits?

Do you need to sign up for an account on Bitstamp? 

Thanks! 

 

International withdrawals will be charged with 0.09% fee, minimum fee is 15.00 USD/EUR on Bitstamp's end and may incur additional international bank fees. Minimum amount for international withdrawal is 50.00 USD/EUR. Yes you need to sign up for an account on bitstamp and be verified. There are actually no withdrawal limits for verified users, however they can ask you for additional info. I've withdrawn about 50k successfully with no issues and little fees.

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  • 4 weeks later...
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