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 Best way to cash out 5 ETH

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TSjibpek
post Oct 23 2021, 10:49 AM, updated 3y ago

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Mapren want to cash out 5 ETH to buy his PuAS Macili

May I know what is the best platform, and what do we need to beware of?

Previously we cash out not more than 1 ETH at a time.

TIA
Ninjaman007
post Oct 23 2021, 11:17 AM

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send to Luno and convert to RM send to ur bank acc
baby_4ever
post Oct 23 2021, 11:19 AM

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QUOTE(jibpek @ Oct 23 2021, 10:49 AM)
Mapren want to cash out 5 ETH to buy his PuAS Macili

May I know what is the best platform, and what do we need to beware of?

Previously we cash out not more than 1 ETH at a time.

TIA
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I take 5% fee, the rest go to your account.
TSjibpek
post Oct 23 2021, 12:29 PM

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QUOTE(Ninjaman007 @ Oct 23 2021, 11:17 AM)
send to Luno and convert to RM send to ur bank acc
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5 ETH no question asked?
penanghomes
post Oct 23 2021, 08:04 PM

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How much gas fee to Luno ?
alwaysohwei
post Nov 2 2021, 12:05 AM

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QUOTE(jibpek @ Oct 23 2021, 12:29 PM)
5 ETH no question asked?
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I want to know about this too? Need to cash out some eth
penanghomes
post Nov 2 2021, 01:19 AM

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QUOTE(jibpek @ Oct 23 2021, 11:49 AM)
Mapren want to cash out 5 ETH to buy his PuAS Macili

May I know what is the best platform, and what do we need to beware of?

Previously we cash out not more than 1 ETH at a time.

TIA
*
swap to xrp and then send to Luno. Cash out directly to local bank account.


cameradude
post Nov 8 2021, 12:15 AM

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QUOTE(penanghomes @ Nov 2 2021, 01:19 AM)
swap to xrp and then send to Luno. Cash out directly to local bank account.
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Is there any limit we can cash out? If cashing out like say 100k at one time will there be any issue? Not daily trading but it's due to long term HODL ...
penanghomes
post Nov 8 2021, 12:18 AM

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QUOTE(cameradude @ Nov 8 2021, 01:15 AM)
Is there any limit we can cash out? If cashing out like say 100k at one time will there be any issue? Not daily trading but it's due to long term HODL ...
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I am not sure, but if more than rm10k, the bank may submit to Bank Negara, this is protocol and normal.


You should talk to your accountant or get an accountant to advise.
JohnsonLoi
post Nov 8 2021, 12:27 PM

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QUOTE(jibpek @ Oct 23 2021, 12:29 PM)
5 ETH no question asked?
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Yes.

The most I have cashed out at one shot from Luno is Rm90,000.

No issue
Mikeshashimi
post Nov 8 2021, 12:33 PM

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QUOTE(JohnsonLoi @ Nov 8 2021, 12:27 PM)
Yes.

The most I have cashed out at one shot from Luno is Rm90,000.

No issue
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Crypto profits is deemed capital profit right?

We dont have capital gains tax liao, so should be no tax.

PS: I am not a taxation specialist.
JohnsonLoi
post Nov 8 2021, 12:46 PM

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QUOTE(Mikeshashimi @ Nov 8 2021, 12:33 PM)
Crypto profits is deemed capital profit right?

We dont have capital gains tax liao, so should be no tax.

PS: I am not a taxation specialist.
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Yes. I am not trader.
kaiwen1210
post Nov 8 2021, 10:54 PM

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QUOTE(JohnsonLoi @ Nov 8 2021, 12:46 PM)
Yes. I am not trader.
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When is that? Recently? By the way when LHDN knock ur door u need to prove it is long term hodl. is that correct?
JohnsonLoi
post Nov 9 2021, 08:02 AM

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QUOTE(kaiwen1210 @ Nov 8 2021, 10:54 PM)
When is that? Recently? By the way when LHDN knock ur door u need to prove it is long term hodl. is that correct?
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That was Sept 2020.

Already more than a year, LHDN didn't contact me or anything.

But I can prove that since I always buy crypto from Luno
penanghomes
post Nov 9 2021, 10:41 AM

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From what i gathered, LHDN will tax if you are a trader.

But if you state that you are just investor and holding, LHDN cant tax.
SUSDennisMay
post Nov 19 2021, 02:53 AM

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I think the safest way is to use a BTC atm. Ethereum is now available to buy and sell at Bitcoin of America ATM locations. General current worldwide average bitcoin ATM fee is 5.4% for selling crypto for cash. So if you will visit any country that has an atm you can withdrawal your money safely. You can check where the BTC ATMs are on paydepot. I am sure you have at least one close to your location.
Amaru
post Nov 19 2021, 05:34 AM

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QUOTE(DennisMay @ Nov 19 2021, 02:53 AM)
I think the safest way is to use a BTC atm. Ethereum is now available to buy and sell at Bitcoin of America ATM locations. General current worldwide average bitcoin ATM fee is 5.4% for selling crypto for cash. So if you will visit any country that has an atm you can withdrawal your money safely. You can check where the BTC ATMs are on paydepot. I am sure you have at least one close to your location.
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Don't think there exists in Malaysia.
Also 5 ETH is around RM80,000 here - I don't think any ATM lets you withdraw so much.

 

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