It is a common demand for many Taiwan users to withdraw USDT to RMB. In this article, we will explain in detail how to withdraw USDT to RMB on the CoinArt platform. Whether you are a newbie or an experienced trader, this article will provide you with a clear step-by-step guide to help you complete the USDT to RMB withdrawal process easily.
Preparations before withdrawing USDT to RMB.
Before you can start withdrawing funds, you first need to make sure that your Coin account has completed KYC (Knowledge Based Certification). This is a necessary step that most cryptocurrency exchanges, including Coin, must take in order to comply with regulations and protect the safety of their users. Without KYC verification, you will not be able to make any kind of withdrawals.
Before withdrawing your USDT, you will need to transfer your USDT to your CoinArt cash account. This can be done through the transfer function within the CoinOn platform. If your USDT is currently in a futures or other account, you will need to transfer it to a spot account before you can proceed with the withdrawal.
Tip: Make sure you have enough funds in your Coin account to pay the handling fee. There are different fees for different withdrawal methods, you can check the detailed fees on the official website or app of Coin.
How to convert USDT to Renminbi (CNY)?
The first step in withdrawing USDT to RMB is to convert USDT to fiat currency. This can be done through Coin's P2P trading platform. CoinArt's P2P platform allows users to trade in fiat currencies directly with other users. You can sell USDT to a buyer and choose to transfer Renminbi (CNY) to your bank account or Alipay or WeChat payment methods.
Step 1: Go to the main page of Coinsafe and select the "P2P Trading" option.
Step 2: On the P2P trading page, select "Sell" and choose the amount of USDT you want to sell.
Step 3: In Payment Method, select "RMB" and the payment method you wish to receive (e.g. bank transfer, Alipay, etc.).
Step 4: Choose the right buyer, check their reputation and payment method.
Step 5: Make the transaction, confirm it and send the USDT to the buyer.
Step 6: After the buyer confirms the payment, your RMB will be transferred to the designated account.
During this process, the CoinSafe platform will carry out certain monitoring to ensure the security of the transaction, so the overall process is relatively safe.
How can I transfer RMB to my bank account by using the Renminbi Withdrawal function?
Once your USDT has been successfully converted to RMB, you can choose to withdraw it to your bank account. This process can also be done on Coin's P2P trading platform, but the exact steps will vary depending on the payment method.
Step 1: Complete a P2P transaction to successfully sell USDT and exchange it for RMB.
Step 2: Select the "Withdrawal" option in the P2P trading screen.
Step 3: Select "Bank Transfer" and fill in your card information, including bank name, card number, cardholder and other information.
Step 4: Enter the amount you want to withdraw and confirm all information is correct, then submit the withdrawal request.
Step 5: Wait for the withdrawal request to be processed. Generally, the transfer will be completed within 1-2 business days, but the exact time depends on the bank and payment channel.
Some users may choose a third party payment method, such as Alipay or WeChat Pay, which speeds up the withdrawal process, usually within minutes.
How to choose the right P2P buyer?
Choosing the right P2P buyer is very crucial when doing USDT to RMB conversion. This is because if you do not choose the right buyer, you may face some risks, such as fraud or payment delay. RMB P2P platforms provide a buyer reputation system to help you assess the reliability of your buyers.
Step 1: Check the buyer's rating and transaction history. Usually, buyers with higher ratings are more reliable.
Step 2: Check if the buyer's payment method meets your needs. If the buyer only offers bank transfer and you prefer Alipay, then it is better to choose a buyer with other payment method.
Step 3: Pay attention to the number of transactions and the success rate of the buyer. Usually, buyers with a high volume of transactions have a high success rate and lower transaction risk.
Step 4: Make sure the processing time of your buyer's payment method meets your needs. Some buyers may delay payments, so it's important to confirm payment times.
After choosing a buyer, remember to always follow the security tips of CoinSafe and avoid making private contacts during online transactions.
Handling fee and notes when withdrawing USDT
Withdrawing USDT to RMB involves some handling fees, which vary according to your transaction method, the size of the amount and the payment channel you choose. The handling fee of RMB P2P platform is relatively low, and the main fee charged is the service fee for transaction aggregation.
Handling fee overview:
- USDT to RMB: There is usually no handling fee, but when you choose a buyer, some buyers will offer different prices depending on market conditions.
- Withdrawal to bankIf you choose a bank transfer, the handling fee is usually 0.1% to 0.5%, depending on the bank and the transfer method.
- Withdrawal to Alipay or WeChat: If you choose a third-party payment instrument, the handling fee may be slightly higher, ranging from about 1% to 2%.
Attention:
- Always verify the accuracy of your bank account or third party payment information during the withdrawal process.
- If you encounter any problems during the withdrawal process, you should contact Coin's customer service at the first time.
- Some payment methods may require additional identity verification, so please prepare the relevant documents in advance.
Risks and How to Avoid Them in Currency Security P2P Trading
Although CoinSafe's P2P trading platform provides users with a convenient way to trade fiat currencies, there are still some risks involved when conducting transactions, especially for inexperienced users. Common risks include fraud, payment problems, etc. Therefore, you must be careful when operating the platform.
Risk 1: Risk of fraud.
Some unscrupulous individuals may disguise themselves as highly reputable buyers and lure sellers into selling USDT at a low price and then proceed to withdraw payments or provide invalid payment certificates.
Ways to avoid it: Always check buyers' reviews, avoid dealing with unfamiliar or low-rated buyers, and insist on using the chat tool on the Coin Platform for communication.
Risk 2: Payment Delays.
Some buyers may delay payment, which may result in your funds not being available in time.
Avoidance: Choose the buyer who has short payment time and confirm the payment time with the buyer.
Risk 3: Transaction Disputes.
If a dispute arises in the course of a transaction, it may take a longer time to deal with it.
Avoidance: Know the arbitration rules of CoinSafe in advance and try to choose a buyer with high trading volume and high reputation.
In conclusion, the process of withdrawing USDT to RMB is relatively simple and safe, as long as you follow the above steps and pay attention to choosing a reputable counterparty, you will be able to complete the withdrawal operation smoothly.
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