Best way to move Baht to Stablecoin? (USDT/TUSD)

[Lurgoy]

Hello all,

 

I am looking on the best way (with the less value lost as possible), to move bahts to stablecoins. 

 

Could anyone suggest good methods for this?

Thank you

[fdsa]

As for USDT/TUSD - the peer-to-peer (between private persons) exchange fee is 3-5% plus 20 USD Ethereum transaction fee. Contact people on  https://localbitcoins.com or https://localcryptos.com and ask them to exchange baht to stablecoins.

 

The stock exchange fee is lower but has KYC, AML, <deleted>, LOL and other third letter hurdles. If you are also unlucky enough to possess an US passport than there are much less exchanges available, for other nationals there are plenty however I won't recommend any.

 

There are also other <deleted>coins claiming to be "stablecoins", such as BUSD or HUSD, you might try your luck with these.

 

I would suggest peer-to-peer exchange but as you want to lose as little as possible then you should go with online stock exchange.

Edited February 16, 2021 by fdsa

[dr_lucas]

On 2/16/2021 at 12:27 PM, fdsa said:

As for USDT/TUSD - the peer-to-peer (between private persons) exchange fee is 3-5% plus 20 USD Ethereum transaction fee. Contact people on  https://localbitcoins.com or https://localcryptos.com and ask them to exchange baht to stablecoins.

 

Isn't it risky to contact people you don't know to do such transactions? I mean, can't you be conned?

[fdsa]

12 hours ago, dr_lucas said:

Isn't it risky to contact people you don't know to do such transactions? I mean, can't you be conned?

I had only positive experience with localbitcoins, even traded a relatively large sum after asking one trader on localbitcoins to do a personal meeting (but it was in happy pre-COVID times). Choose a trader that is registered for many years and has high reputation, also make sure to read all feedback about the chosen trader to make sure these reputation points are real and not made up by a million of fake newly registered accounts.

 

Still, everything could happen, especially with personal meetings. So if going this way I would advise meeting in a large mall with many bank branches - this way you are relatively safe from robbery and could deposit cash to your bank account immediately (and check that the cash is not fake too).

[Heng]

To each his/her own but I prefer to avoid any face to face transactions.  Also be aware of your social media exposure (I personally make sure I have virtually none)... as every localbitcoins or localcryptos transaction will inherently reveal your name and bank account number (it goes without saying that you should use a bank account that isn't your main account for this).   You probably don't want to be too easy to look up and find IRL if you're dealing with larger amounts.   That said, I'd also advise 'larger amounts' at one time... instead using a steady stream of smallish transactions for converting to or from crypto.  

 

On a side note, you may find that your bank may periodically call you to question the 'nature of this or that transaction.'   You can say what you want but you're not required to say anything other than a 'personal financial transaction' or 'transferring some funds from savings.'   You probably don't want to mention the word 'crypto/bitcoin/etc.' in the conversation as that's like mumbling 'cigarettes or Patek Phillipe' for no reason when walking through customs.