No understanding

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No understanding
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Hello I’m Wayne look long story short, I’ve money invested in England & I need it here, in Australia my broker told me money has to travel the same way it came from my account via my account card then my account was hacked I canceled my card, so now my funds cant travel back to me, via that route, so he suggested I set up a crypto wallet, then I can just draw my funds via atm,  so here I am, I’m no good with computers, my understanding is limited at best. So please help me

Best answer

1
answered
Coinbase, which allows you to make wire-transfers to it (since your card is not functional) in UK to the coinbase account and thus allowing you to trade/sell/purchase cryptos on the exchange (you will have a crypto wallet on coinbase). Once your funds are in BTC or any other crypto, you can withdraw them into your Australian account. Be wary of the fact that certain banks or online digital solutions like Payoneer DO NOT support crypto-related transactions so be mindful of the track you use. Alternatively, if you experience regional restrictions on Coinbase and are unable to withdraw into your Australian account, you would require P2P platforms such as LocalBitcoin that allows you to send BTC and receive fiat on your preferred channel (bank account, etc). However, it is unregulated and P2P, hence comes with its own risk. You can mitigate the risk by moving a small amount before you move your entire funds. Word of caution, cryptos are volatile. The entire process of moving your funds around will expose you to volatility, so be mindful of that. Wish you all the best.

Expert Answers

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Hi Wayne. That depends on the nature of your investment. A crypto wallet will allow you so far as to send or receive BTC from another address. Assuming no legality issues, your investments in England would need to deposit returns (be liquidated) to an account that allows you to purchase cryptos through an exchange or a P2P platform for buying/selling BTC.

You can for instance, use Coinbase, which allows you to make wire-transfers to it (since your card is not functional) in UK to the coinbase account and thus allowing you to trade/sell/purchase cryptos on the exchange (you will have a crypto wallet on coinbase). Once your funds are in BTC or any other crypto, you can withdraw them into your Australian account. Be wary of the fact that certain banks or online digital solutions like Payoneer DO NOT support crypto-related transactions so be mindful of the track you use.

Alternatively, if you experience regional restrictions on Coinbase and are unable to withdraw into your Australian account, you would require P2P platforms such as LocalBitcoin that allows you to send BTC and receive fiat on your preferred channel (bank account, etc). However, it is unregulated and P2P, hence comes with its own risk. You can mitigate the risk by moving a small amount before you move your entire funds.

Word of caution, cryptos are volatile. The entire process of moving your funds around will expose you to volatility, so be mindful of that.

Wish you all the best.

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