Time to take some profits from FTM ecosystem and put them back into fiat. Just did a test run with $100 and used the following route: SpookySwap>USDC>BNB>Bridge to BSC>Send to Binance>”Sell Crypto”>ACH to my fiat bank account. All in all, $6 or 6% in total fees.
Looking to make that 6% number smaller and explore other options that might be more under the radar. There is a BTC ATM in my neighborhood but looks like withdrawal fees are insane.
What’s your strategy for moving profits back into fiat world?
Looking to do this in batches of $500 so as not to trigger any red flags for the tax man down the road. Also not a fan of emails from Binance saying “Congrats on your recent selling of crypto!”
Thanks for reading, have a lovely day and WAGMI!
4 thoughts on “Exit Strategy – FTM to fiat”
Most of my crypto is via Osmosis so I just swap to Atom and send to Coinbase and cash out there. In the UK I can take out up to £12,500 tax free
As they say, no one ever went broke taking profits.
Thanks for the insight and have a great day! ☀
You can use crypto related debit cards and vouchers from Bitrefill as well. Best case, you move to a country where you don’t need to pay taxes on crypto gains. Whatever, I never had problems with cash out of up to 10k to a bank account in Europe.
Fair play for taking profits but don’t sell your entire FTM stack, the road ahead for FTM looks insane and when this Geo political nonsense settles it will fly.