How to exchange virtual currency into Taiwan dollars? A complete guide to withdrawing money from cryptocurrency, 6 methods will be taught to you!

A lazy guide to exchanging virtual currency back to Taiwan dollars

When we hold Bitcoin, Ethereum, stablecoins or even some unpopular currencies that you are optimistic about, when we want to take profits or admit losses, how do we convert them into our daily life? What about the cash used?

The above action is also known as withdrawing money .

This article will introduce the two most popular ways to exchange virtual currency for cash: withdrawing funds in Taiwan dollars and transferring US dollars to a foreign currency account in Taiwan .

Biyan takes everyone step by step and compares the advantages and disadvantages.

For readers who still don’t know how to buy virtual currency, you can refer to the following article: How to play with cryptocurrency? 3 ways to buy coins! Step-by-step instructions for buying coins for beginners

*Note: If you are not familiar with the withdrawal process, please make a small transfer first to confirm whether you can receive the money!

How to exchange virtual currency into Taiwan dollars? Use an exchange in Taiwan

The first method is to exchange virtual currency into Taiwan dollars for daily use.

The advantage of using this method is that you can quickly exchange virtual assets into Taiwan dollars using Taiwan’s exchanges instead of converting them to US dollars first.

The disadvantage is that the exchange rate is poor, and the TWD trading pair depth of the Taiwan Exchange is insufficient, which can easily cause price slippage. It is not friendly to large-scale currency exchange users, and it is uncertain whether new regulations will be implemented in the future. The laws may be retroactive and carry out lessons. tax.

This article will introduce two Taiwan exchanges, MAX and ACE, and guide you step by step to withdraw funds with confidence.

MAX Exchange Taiwan Dollar Withdrawal

There are two situations for withdrawing money:

• Transfer assets stored in other exchanges/wallets to MAX Exchange and then withdraw funds.

• Assets on the MAX exchange are directly converted into Taiwan dollars. (You can jump to step 4)

let's get started

1. First of all, we need to register an account on MAX Exchange and perform KYC (identity verification) before we can withdraw money in Taiwan dollars. Readers who are not familiar with MAX Exchange can refer to this article , which has a comprehensive introduction to MAX Exchange. introduction.

1. Log in to the MAX exchange, click "Wallet" in the upper right corner, click "Deposit" in USDT (this article uses this currency as an example), then select the blockchain network (this article uses TRC20 as an example), and finally click "Copy" to copy the Address, this long series of seemingly confusing English and numbers is your MAX account payment address.

1. Transfer cryptocurrencies from other exchanges/wallets to MAX exchange. This article uses Bybit as an example. Log in to your Bybit account, click "Assets" -> "Fund Account" -> select USDT in the upper right corner, click "Withdraw", paste the MAX exchange payment address you just copied in the address field, and select "TRC20" for the chain name. The next step is to submit and send the funds to the MAX exchange.

1. We return to the MAX exchange, click "Trade" in the upper left corner of the homepage, and find the " USD-TWD " trading pair, choose to sell USDT , enter the amount to exchange USDT for Taiwan dollars (note: the price of USDT will be slightly higher than the US dollar) )

1. After completing the transaction, click "Wallet" in the upper right corner. In the "TWD" field, you will see the amount just converted. Then select "Withdraw", enter the amount, and finally click "Submit" to complete!

ACE Exchange Taiwan Dollar Withdrawal

There are two situations for withdrawing money:

• Transfer assets stored in other exchanges/wallets to ACE Exchange and then withdraw funds.

• Assets on the ACE exchange are directly converted into Taiwan dollars. (You can jump to step 4)

Let’s get started!

1. First of all, we need to register an account on ACE Exchange and perform KYC (identity verification) before we can withdraw funds in Taiwan dollars. Readers who are not familiar with ACE Exchange can refer to this article , which has a comprehensive introduction to ACE Exchange. introduction.

1. Log in to ACE Exchange, click "Personal Center" -> "Asset Management" -> find USDT in the upper right corner, click USDT "Deposit" (this article uses this currency as an example), and then select the public chain (this article uses TRC20 as an example) , and finally click "Copy" to copy the address. This long, seemingly confusing string of English and numbers is your ACE account payment address.

1. Transfer cryptocurrencies from other exchanges/wallets to MAX exchange. This article uses Bybit as an example. Log in to your Bybit account, click "Assets" -> "Fund Account" -> select USDT in the upper right corner, click "Withdraw", paste the ACE exchange payment address you just copied in the address field, and select "TRC20" for the chain name. The next step is to submit the funds to the ACE exchange.

1. We return to ACE Exchange, click "Trade" in the upper left corner of the homepage, and find the " USDT-TWD " trading pair, choose to sell USDT , enter the amount to convert USDT to Taiwan dollars (Note: the price of USDT will be slightly higher than the US dollar )

1. After the transaction is completed, click "Personal Center" -> "Asset Management" in the upper right corner. You can see the amount of Taiwan dollars just exchanged on the page. Click "Withdraw", enter the amount and send it out. The Taiwan dollars will be transferred to the bound bank account.

Xrex Exchange Taiwan Dollar Withdrawal

1. First of all, we need to register an account on the Xrex exchange and perform KYC (identity verification) before we can withdraw funds in Taiwan dollars. Readers who are not familiar with the Xrex exchange can refer to this article , which has a comprehensive introduction to the Xrex exchange. introduction.

1. Log in to XREX and click "Wallet" in the upper right corner of the homepage

2. Click to withdraw funds and select TWD.

3. If you don't have a Taiwan dollar bank account yet, please click Add bank account and follow the instructions to fill in your account information. Please note that XREX only accepts bank accounts held in your name. For detailed information, please refer to the following article: How to add a new Taiwan dollar bank account?

4. Select the withdrawal channel. The current bank that XREX cooperates with is Far East Commercial Bank.

5. Enter the withdrawal amount and press OK.

6. After confirming the withdrawal application, XREX will review it within 24 hours. It usually takes 1 to 3 working days from the completion of the review to the withdrawal of funds into your bank account. The time depends on the bank's security operation procedures. If there is a holiday, the time will be postponed.
   
   

How to exchange virtual currency into Taiwan dollars? US dollar wire transfer to Taiwan foreign currency account

The second method is to use a foreign cryptocurrency exchange to exchange the virtual currency into U.S. dollars, and then transfer the U.S. dollars to your foreign currency account in Taiwan through bank wire transfer.

The advantage is that the exchange rate loss is smaller than the first method, and the overseas income is declared when remitting. There is a tax-free limit of NT$6.7 million a year, so there is no need to worry too much about whether you will be overtaxed.

The disadvantage is that the working days for wire transfer processing are usually longer than that of Taiwan dollar withdrawals, and the handling fees are relatively high, so it is more suitable for users who withdraw large amounts of money.

Bybit exchange USD wire transfer withdrawal: use Advcash

1. First of all, we need to register a Bybit exchange account and perform KYC (identity verification) before we can withdraw Taiwan dollars. For readers who are not familiar with Bybit exchange, you can refer to
   Bybit Exchange | 2023 Taiwan’s latest discount codes, security & deposit and withdrawal tutorials , which contains a comprehensive introduction to Bybit Exchange.

1. To convert cryptocurrency to USDT, this article uses Bitcoin as an example. Click "Currency Transactions" -> " BTC/USDT " on the Bybit homepage, sell BTC and obtain USDT. At this time, the USDT will be in the "Spot Account".
   

2. Enter the "Spot Account" and click "Transfer" to transfer the funds to the "Capital Account"

1. In "Capital Account", find USDT, click "Sell" on the right, and convert USDT to USD (U.S. dollars)

1. Return to "Capital Account", select "Withdrawal" in the upper right corner, and then click "Withdrawal of Fiat Currency" in the window

1. At this time, the payment method will appear on the page as "Advcash Wallet". You must first register for Advcash Wallet.

1. When registering, try to use the same email address as Bybit to avoid forgetting it.

1. After registration is completed, return to the Bybit fiat currency withdrawal page and enter the registration address of "Advcash wallet"

1. Go back to the Advcash USD account to check whether it has been credited. You can withdraw USD to the bank or Visa or Mastercard card.

Xrex Exchange USD wire transfer withdrawal: an exchange with professional information security and strict identity authentication review

1. First of all, we need to register an account on the Xrex exchange and perform KYC (identity verification) before we can withdraw funds in Taiwan dollars. Readers who are not familiar with the Xrex exchange can refer to this article , which has a comprehensive introduction to the Xrex exchange. introduction.

1. Log in to Xrex, enter the USDT-USD trading pair , and exchange your USDT for USD.

2. Before withdrawing money, you must first set up the receiving bank. Click the link to refer to the Xrex official tutorial.

1. After the transaction is completed, click "Wallet" in the upper right corner of the screen, then click "Withdraw", select "USD", select the bank you just set, fill in the USD amount, confirm and then send it.
   
   

Bitfinex exchange US dollar wire transfer withdrawal: a long-established exchange in the crypto

1. Enter the Bitfinex exchange website , register an account and complete identity verification to become an advanced identity verification level.

1. Click "Wallet" in the upper right corner, then click "Withdrawal", then you will see the "Bank Transfer" block. (Minimum withdrawal amount is US$10,000)

1. Then enter the information, select USD as the currency, and which wallet to withdraw funds from as well as the withdrawal amount. After sending, complete.

*Bitfinex fiat currency withdrawals are divided into general wire transfers and fast wire transfers:

• General wire transfer: The number of processing days is 5 to 10 working days. After processing by the receiving bank, the funds will be credited to your bank account. The handling fee is 0.1%.

• Fast wire transfer: the number of processing days is 1 working day. The processing fee is 1% (minimum amount $60) ‌

Summary: Each withdrawal method has advantages and disadvantages, just choose the one that suits you.

This article introduces six ways to withdraw money. If users have large withdrawal needs, it is recommended to choose US dollar wire transfer to withdraw money. The exchange rate is better, and Taiwan has a tax-free quota of NT$6.7 million per year, but the processing days are usually longer.

If you want to withdraw a small amount, you can use Taiwan Exchange, which has fast processing speed and is more convenient to exchange directly into Taiwan dollars. Unlike wire transfer from US dollars to a foreign currency account, you have to exchange back into Taiwan dollars. However, the disadvantage is that the premium is large.

Readers can choose different withdrawal methods according to their fund size.

Further reading:

Hong Kong Virtual Currency Exchange HashKey: Account Opening Tutorial & Security Analysis｜Free 20HSK for a limited time

Metamask Metamask Wallet Beginner’s Tutorial: How to Apply/Create a Seed Phrase