Best Way to Convert My Crypto to AUD on Binance

plop123 on 05/12/2024 - 19:57
Last edited 05/12/2024 - 20:53 by 1 other user

Hi guys, I have a small allocation of bitcoin on Binance that I would like to sell

When looking at selling my BTC to AUD I'm provided with four options.

1.Paymonade (Visa/Mastercard) - which appears to be the recommended by Binance and retains the most cash.
2.P2P Trading - Bank Transfer
3.P2P Trading- PAYID
4.P2P Trading -Osko

By using option 1. It appears I will be losing ~5.10% this seems excessively high.

The other options are just straight up trash.

Any suggestions would be grateful.

Thanks

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Comments

  • cashless on 05/12/2024 - 20:01

    Am interested in the answer because I too have a small balance with Binance and trying to withdraw it in any way seems so difficult. Deliberately I assume.
    Ever since they neutered my Monero I no longer want to have an account with them

  • SBOB on 05/12/2024 - 20:19

    You're going to lose some % regardless

    Long ago I would transfer to fiat from binance by getting it out of binance with lowest transfer fees (and stable) to an au based exchange, eg some stable coin

    sell btc to X on binance, transfer X to au exchange (eg btcmarket), sell to Aud on au exchange and withdraw to bank.

    • KangaDrew on 05/12/2024 - 22:22

      And the fees for all those sell orders and transfers would be less than 5%??

      • SBOB on 05/12/2024 - 22:28

        Absolutely
        (Assuming the op isn't talking about a crypto value of a couple hundred $)

  • Jetyy on 05/12/2024 - 20:27

    honestly i'd probably just start using a different exchange, something like coinspot might charge slightly higher fees but the ease of on/off ramping makes that extra 1% in fees worth if you ask me. As for your current holdings, i'd again transfer to different exchange that has an easy off ramp. again youll cop some fees but not sure if there is a way to do it safer then that

    • KangaDrew on 05/12/2024 - 22:24
      +1

      Avoid CoinSpot like the plague. Unless you want to lose a tonne in excessively price-gouged spreads.

      • Jetyy on 05/12/2024 - 22:41

        tbh i just buy btc and eth using their market feature, its really not much even with spread

    • GnarlyKnuckles on 06/12/2024 - 02:01

      'CoinBase' charges 1.49% to cash out. You may wish to have a look at that option.

      • EightImmortals on 06/12/2024 - 07:59

        To be concise they charge to convert a coin to fiat, withdrawing your fiat to a bank account is free. I had to go through the process a couple of weeks back.

  • localhost on 05/12/2024 - 20:38

    Find other exchange with lower fees and transfer out bitcoins there. Just check transfer fees, but usually are less than $1.

  • Bruceflix on 05/12/2024 - 20:39
    +2

    HODL

  • brendanm on 05/12/2024 - 21:26

    Transfer to another exchange and then withdraw. It's relatively annoying.

    • EightImmortals on 06/12/2024 - 08:01

      This, dealing with Binance was like pulling teeth but I got my stuff off there eventually and sent it to coinspot, converted some of it to fiat and withdrew a bit. Happy to pay the fees just to avoid the hassle of dealing with Binance.

      And what about Ripple and Tron this week?! Nice.

  • Fredfloresjr on 05/12/2024 - 21:46

    Hold your balls. Why sell

  • Jimothy Wongingtons on 05/12/2024 - 21:47

    5.1

    excessively high.

    Compared to what? Sounds like a convenient solution for those that don’t want to muck around. Ps I thought Binance was barred from making any transactions to Aus accounts?

  • BoltThrower on 05/12/2024 - 22:43
    +2

    Consider https://swyftx.com/au/fees/

    • kooljp on 06/12/2024 - 13:03
      +1

      I opened a Swyftx account for this very reason.

  • mskeggs on 05/12/2024 - 22:57
    +1

    HODL.
    If you have a minimal exposure you might as well let it ride.
    Tulips sold for $40,000.
    You might as well see where it goes.

    • EightImmortals on 06/12/2024 - 08:02

      I mostly do but wanted to buy some LTP (Spontan) shares while they were on a down cycle.

  • Overclocked91 on 06/12/2024 - 08:18

    Leave it as USDT and transfer out to a different platform like bitget or bybit. I use Independent reserve as its Australian but may cost a bit more with fees.

    • Shadowsfury on 06/12/2024 - 08:41
      +1

      I did similar when I sold a small amount of something that of the main exchanges I have accounts at, only Binance actually supported it. Ever since being neutered its been annoying to use.

      I sold the crypto for USDC and then transferred the USDC to Kraken, where I sold it for AUD.

      Then withdrew AUD to my bank account.

  • May4th on 06/12/2024 - 10:00
    +1

    its probably not a bad time to keep it in USDC or an USD stablecoin given the exchange rate trajectory if you want to time the market . if you want to offramp, a local exchange like swyftx is a bit easier

    • plmko on 06/12/2024 - 11:47

      What's the logic?

      Holding USDT/C means you expose your money for a potential 5% FX gain at the risk of 10+% FX loss.

      Not to mention the second you sell crypto to USDC/T you are taxed at AUD on paper but you have zero cash to pay the tax. Then there will be a secondary tax event when you finally convert the USDT/C to AUD or a loss that's trapped if done in an off financial year.

      • May4th on 06/12/2024 - 16:11

        I wouldn't, but if OP wants to cash out, holding in USD is likely to give you more than 4-5% upside than holding it in a term deposit in AUD, which is also taxable without an offset account. also more flexible if they are trying to take profit and buy back in later

  • dust on 06/12/2024 - 12:04

    Don't forget the CGT implications.

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