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> There's no way to transfer USDT into USD. The few exchanges that say they offer withdraws actually don't if you go and try. It's perfectly possible to exchan
by quentinadam 6y ago
> There's no way to transfer USDT into USD. The few exchanges that say they offer withdraws actually don't if you go and try.
It's perfectly possible to exchange USDT for USD and withdraw USD to your bank account; it does not involve complicated steps nor outrageous fees. Kraken, for example, has a very liquid USDT/USD market, is a well respected exchange, and processes USD withdrawals that arrive within minutes to US bank accounts. I'am speaking as an industry insider and hedge fund manager that trades ~$1B/month on the crypto markets.
- boring_twenties 6y agoHow do you get withdrawals arriving within minutes? Mine take about 2 days, I'm on the highest verification level that they list publicly ("Pro").
- quentinadam 6y agoIt may help that we bank at all of the same banks as Kraken, so most transfers are internal transfers. But even to outside banks, normally US wires should be pretty fast (usually within the day). It may also be the case that we literally wire millions every day on a regular basis, so our wires probably don't get held up at any compliance checks.
- boring_twenties 6y ago> It may help that we bank at all of the same banks as Kraken Sounds like a good idea. Do you happen to know if a list of such banks is public?
- quentinadam 6y agoAs a start, you can check out Signature Bank and Silvergate Bank. They are known for being crypto-friendly banks, and they bank literally every exchange that trades crypto versus USD.
- boring_twenties 6y agoThank you, I will!
- Tepix 6y agoIn Europe, one bank is Fidor.
- orthecreedence 6y agoThat's a trade, not a withdrawl. You cannot withdraw 1USD for 1USDT.