Season 1Episode 82:22
I sold. Why isn't the money in my bank?
Your next step
Fees, minimum orders and withdrawal routes differ between exchanges. Compare them side by side before you choose.
Key takeaways
Selling for USDT gives you a USDT balance, not money in your bank.
Selling and withdrawing to your bank are two separate steps.
A higher price is not your net gain: subtract every fee first.
Quick check
You sold your bitcoin for USDT. Where is the money now?
Try it yourself
Complete a practice sell, then mark on the money-flow diagram which step is the bank withdrawal.
Show the answer
Selling to USDT is not a bank withdrawal. Net trading result in this example: 9.79.
Transcript
- Sam
I definitely sold. So why hasn't my bank got the money?
- Nexubo
Check which pair you sold into. If you sold for USDT, you got a USDT balance, not money in the bank. Selling and withdrawing to your bank are two separate steps.
- Narrator
Same teaching example. You sell 0.002 bitcoin at 55,000. That's 110. Take off an assumed fee of 0.11, and 109.89 lands in your account.
- Sam
So I made ten?
- Nexubo
Take off the costs. Here it's 9.79, before any currency conversion or withdrawal fees. A price going up isn't the same as your final net gain.
- Narrator
If you need the money back in your bank, first check that your region supports it. Then convert or withdraw through the official route to an account in your own name. Check the name, the amount received, the fees and the processing conditions.
- Sam
No.
- Nexubo
Keep your trade and withdrawal records. If you're not sure what kind of balance it is, don't decide based on one 'success' message.
- Narrator
One cheaper network. One wrong click. Your coins may never arrive. Next: the checks you never guess.
- Narrator
Understand first, then act.