In the past few years, many people have made a fortune by buying cryptocurrency. However, in 2022, when virtual currencies entered a bear market, investors suffered heavy losses. Many people wanted to stop losses or left the market in frustration.

Hong Kong investors may have noticed that the procedure for converting cryptocurrencies back into Hong Kong dollars is quite cumbersome. This is because cryptocurrencies are almost divorced from the traditional financial system, and many major exchanges are also located outside Hong Kong and may not support the transfer of funds. Transfer money back to a bank account in Hong Kong.

Today we introduce the cryptocurrency withdrawal methods applicable to Hong Kong to help you easily withdraw money and exchange the funds in your cryptocurrency account back to Hong Kong dollars.

It is most convenient to deposit and withdraw money with USDT

The stable currency USDT is the mainstream settlement currency in the cryptocurrency market. When investors buy BTC, ETH and other currencies, they often convert Hong Kong dollars into USDT before proceeding with the transaction.

When withdrawing cash, you also need USDT, because this is one of the easiest cryptocurrencies to convert back to Hong Kong dollars, and USDT and Hong Kong dollars are both currencies pegged to the US dollar. The exchange rate is relatively stable, with less risk of exchange rate fluctuations and convenient pricing.

There are platforms on the market that also support Hong Kong dollar trading. You can also use Hong Kong dollars for over-the-counter transactions (CTC/OTC), but they can usually only be used when trading leading currencies such as BTC and ETH. When selling Dogecoin (DOGE) and Shiba Inu Coin, When it comes to "non-mainstream" currencies such as (SHIB) and Akita Inu Coin (AKITA), it is less likely to be traded in Hong Kong dollars. In addition, if the cryptocurrency is sold in Hong Kong dollars, the price difference will also be larger, which may affect profits.

Therefore, no matter which cryptocurrency you hold, when selling and leaving the market, the most appropriate thing to do is to sell the asset first and convert it back to USDT, and then choose a Hong Kong dollar withdrawal method that is convenient for you.

4 ways to cash out USDT in Hong Kong dollars

After selling BTC, ETH, DOGE and other cryptocurrencies, how to remit the USDT in the wallet out of the exchange and cash it out into Hong Kong dollars? The following are 4 methods commonly used by Hong Kong investors:

OTC trading platform

Over-the-counter trading, also known as CTC, OTC or P2P, is the lowest-cost mainstream cryptocurrency trading model and is very popular on the large exchange Binance. This method of cashing out is simple to operate. The seller only needs to place an order to sell USDT on the OTC trading platform. After the platform and the buyer agree on the price, the buyer will transfer the funds to the seller's bank account using FPS or other methods, and then the seller can transfer the funds to the seller's bank account. USDT is transferred to the buyer.

By selling USDT via over-the-counter transactions, the buyer can exchange the funds back to Hong Kong dollars with "zero handling fee", and the price difference is usually favorable to the seller, making it a very convenient withdrawal method. However, the seller bears the risk of mistakenly receiving black money or questionable funds.

In addition to conducting OTC transactions through the online platform, investors can also choose to conduct face-to-face transactions. There are also over-the-counter trading platforms operating under the "change shop" model. Investors can scan the QR Code in physical stores and exchange the cryptocurrency in their wallets with the exchange shop for Hong Kong dollar cash.

Use a platform that supports HKD/USD withdrawals

Large cryptocurrencies such as Binance do not support withdrawals to Hong Kong dollar bank accounts, but there are also trading platforms in Hong Kong such as Tidebit and Kikitrade that allow users to cash out fiat currencies. When withdrawing funds through a cryptocurrency trading platform, the process is similar to withdrawing funds from a securities bank. You only need to select the currency, amount and bank account on the exchange platform, and then confirm the instruction.

Withdraw money with a cryptocurrency debit card

There are cryptocurrency platforms offering debit cards, such as Wirex, which is one of the more popular choices among Hong Kong people. Cryptocurrency debit cards are the same as ordinary Hong Kong dollar debit cards in that you need to make a deposit before spending. The difference is that the account funds are only cryptocurrency. In addition, users can withdraw money at ATMs with their cards. When using a cryptocurrency debit card to make purchases or withdraw money, the user experience is as convenient as a bank card, but the price is that you have to bear the exchange rate difference and handling fees.

Withdraw money via cryptocurrency ATM

Cryptocurrency ATMs are not automatic teller machines in the traditional sense, but self-service machines used to buy and sell cryptocurrencies. They usually only support popular currencies such as BTC and ETH.

Buying coins through a Bitcoin ATM is simple and fast. Generally, you only need to set up an account, deposit funds and scan the QR Code through the cryptocurrency wallet to complete the transaction. However, cryptocurrency ATM fees are generally higher, and there is a certain price difference.

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