Hello Everyone,
A few months ago, I appointed a company in another country to manage my investments in currency and commodities. However, whenever I want to withdraw earnings from the investment account, they prefer to pay with Bitcoin which I have never used before.
I don't mind keeping some of the Bitcoin as an investment (in the wallet?), but mostly I need to convert the Bitcoin to EUR or USD as quickly and cheaply as possible.
I assume I'll need a wallet and was looking at Electrum (because I like to work from my desktop), but I'm not sure if I can sell/exchange it from there into regular currency. Actually, I'm not even sure how to get it from the trader to my wallet for that matter. (I'm sure it will be easy after the first time.)
Maybe something like BitJar would be better because I've read they allow selling to regular currency directly.
Any suggestions to help me get started would be greatly appreciated.
Thanks,
Rex717
A few months ago, I appointed a company in another country to manage my investments in currency and commodities. However, whenever I want to withdraw earnings from the investment account, they prefer to pay with Bitcoin which I have never used before.
I don't mind keeping some of the Bitcoin as an investment (in the wallet?), but mostly I need to convert the Bitcoin to EUR or USD as quickly and cheaply as possible.
I assume I'll need a wallet and was looking at Electrum (because I like to work from my desktop), but I'm not sure if I can sell/exchange it from there into regular currency. Actually, I'm not even sure how to get it from the trader to my wallet for that matter. (I'm sure it will be easy after the first time.)
Maybe something like BitJar would be better because I've read they allow selling to regular currency directly.
Any suggestions to help me get started would be greatly appreciated.
Thanks,
Rex717
The other answers are useful if you go along with their proposal but my main concern would be, what kind of broker/asset manager would operate their business this way? It sounds suspicious, not to even mention the potential tax implications (tax on assets sold to buy bitcoin, tax on your sale of BTC to fiat). Yes, BTC definitely easier to send than fiat cross-border but doing a wire transfer should be Standard Operating Procedure for their accounts.
Finally, this may cause future trouble for you if you have to prove the source of your fiat assets.