akda Posted March 15 Share Posted March 15 (edited) My work permit and visa expires in next couple of months. I will be leaving Thailand. Does bitkub ask you to reverify once your visa is expired. In case my BitKub account gets suspended. Will I be able to withdrawal money in Thai Bank account. Can I still withdrawal my crypto. What happens when your account is suspended. Just trying to safeguard. Edited March 15 by akda 1 Link to comment Share on other sites More sharing options...
Conno Posted March 15 Share Posted March 15 (edited) Why wait? I never keep a single Satang or a single Sat on an exchange. Get it all off now. Are you new to crypto? Unless you are trading crypto on a regular basis there is zero reason to leave it on a centralised exchange. Not your keys not your coins right? The whole point why crypto came about was to remove the dangers of counterparty risk, self custody in other words. This is the reason I ask if you are new to crypto, as someone who has a deeper understanding of the asset class would never really ask these questions. Not knocking you but you are asking questions related to counterparty risk. Get your crypto off and into a cold storage wallet, after which you don't even need to ask the questions you have asked. Same goes for your currency better in the bank than on the exchange. If you are nervous about self custody don't be, it's super easy. If you have already taken the leap into crypto then learning how to use a Trezor or Ledger will be a doddle. Don't wait for Bitkub to give you a headache. Edited March 15 by Conno 1 Link to comment Share on other sites More sharing options...
arithai12 Posted March 16 Share Posted March 16 3 hours ago, Conno said: Why wait? I never keep a single Satang or a single Sat on an exchange. Get it all off now. Are you new to crypto? Unless you are trading crypto on a regular basis there is zero reason to leave it on a centralised exchange. Not your keys not your coins right? The whole point why crypto came about was to remove the dangers of counterparty risk, self custody in other words. This is the reason I ask if you are new to crypto, as someone who has a deeper understanding of the asset class would never really ask these questions. Not knocking you but you are asking questions related to counterparty risk. Get your crypto off and into a cold storage wallet, after which you don't even need to ask the questions you have asked. Same goes for your currency better in the bank than on the exchange. If you are nervous about self custody don't be, it's super easy. If you have already taken the leap into crypto then learning how to use a Trezor or Ledger will be a doddle. Don't wait for Bitkub to give you a headache. I don't disagree with you, I have myself a Ledger. However, the point is what will the OP eventually wants to do after he had moved elsewhere. Sure having your coins on a cold wallet is the safest (provided you don't forget how to access it, from what I read it has happened 🙂 ) but then what? Unless he intends to pay for goods directly in crypto, not so common an option, he will still need an exchange to convert what he needs to some FIAT currency and transfer that. So I suggest that, in addition to procuring a cold wallet if he wishes, he starts looking at opening an account in some other crypto exchange that will work for him in the future. He can transfer his coins there from bitkub now or from the wallet later. About his specific question, will he be able to access his coins if the account gets suspended, I don't know sorry. Perhaps bitkub has a support desk? All this, while his bitkub accounts still works of course! Link to comment Share on other sites More sharing options...
Conno Posted March 16 Share Posted March 16 Maybe we are lacking some details from the OP. He did say 'I will be leaving Thailand'. Will that be for a month, for 5 years, forever? I got the impression not for a short break. He needs to way up the risk reward of the counterparty risk compared with mismanaging his keys. Personally speaking it is a no brainer, but I get it that not everyone is the same. Crypto for many still isn't seen as super user friendly but self custody is the holy grail for me. Yes you are correct, you are well and truly stuffed if you forget how to access a cold storage wallet.......so don't. The way I look at that is you can also kill yourself if you drink and drive, so don't. There are ways to safeguard your seed phrases such as a cryptosteel and/or storing the seed in several different secure places etc. Like everything in life there are pros and cons but getting his coins off Bitkub and under his own control is the solution and priority in my view. I'm also not sure if they would still allow you to withdraw your cash and crypto well past a KYC expiry. Knowing how they operate they are a difficult enough company to deal with at the best of times and your account is approved, let alone with expired visas and no longer living here. Same with regards his Thai bank, I hear so many reports that operating them from overseas can also result in access suspension. Why take the risk would be the best safeguards he is looking for. Link to comment Share on other sites More sharing options...
n00dle Posted March 16 Share Posted March 16 (edited) 6 hours ago, Conno said: Why wait? I never keep a single Satang or a single Sat on an exchange. Get it all off now. Are you new to crypto? Unless you are trading crypto on a regular basis there is zero reason to leave it on a centralised exchange. Not your keys not your coins right? The whole point why crypto came about was to remove the dangers of counterparty risk, self custody in other words. This is the reason I ask if you are new to crypto, as someone who has a deeper understanding of the asset class would never really ask these questions. Not knocking you but you are asking questions related to counterparty risk. Get your crypto off and into a cold storage wallet, after which you don't even need to ask the questions you have asked. Same goes for your currency better in the bank than on the exchange. If you are nervous about self custody don't be, it's super easy. If you have already taken the leap into crypto then learning how to use a Trezor or Ledger will be a doddle. Don't wait for Bitkub to give you a headache. why wait? because bitcoin dropped and the halving is upon us. of course as you point out the coins can be moved to a cold wallet or even another exchange. Edited March 16 by n00dle Link to comment Share on other sites More sharing options...
Hellfire Posted March 16 Share Posted March 16 7 hours ago, akda said: In case my BitKub account gets suspended. Will I be able to withdrawal money in Thai Bank account. Can I still withdrawal my crypto. What happens when your account is suspended. If your account gets suspended - it will be up to Bitcub management to decide what to do with your funds. They may confiscate it for some reason or they may decide to send it to your bank account. Nobody can know this for sure. Link to comment Share on other sites More sharing options...
Hellfire Posted March 16 Share Posted March 16 23 minutes ago, Conno said: Maybe we are lacking some details from the OP. He did say 'I will be leaving Thailand'. Will that be for a month, for 5 years, forever? I got the impression not for a short break. He needs to way up the risk reward of the counterparty risk compared with mismanaging his keys. Personally speaking it is a no brainer, but I get it that not everyone is the same. Crypto for many still isn't seen as super user friendly but self custody is the holy grail for me. Yes you are correct, you are well and truly stuffed if you forget how to access a cold storage wallet.......so don't. The way I look at that is you can also kill yourself if you drink and drive, so don't. There are ways to safeguard your seed phrases such as a cryptosteel and/or storing the seed in several different secure places etc. Like everything in life there are pros and cons but getting his coins off Bitkub and under his own control is the solution and priority in my view. I'm also not sure if they would still allow you to withdraw your cash and crypto well past a KYC expiry. Knowing how they operate they are a difficult enough company to deal with at the best of times and your account is approved, let alone with expired visas and no longer living here. Same with regards his Thai bank, I hear so many reports that operating them from overseas can also result in access suspension. Why take the risk would be the best safeguards he is looking for. What Crypto currency do you keep in your cold storage? Are you a crypto-gambler who is ok with 20-30% monthly swings in value? Link to comment Share on other sites More sharing options...
Conno Posted March 16 Share Posted March 16 (edited) I'm a HODLer, I'm happy with 70%/80% cycle swings as have been into crypto since 2018. Gambler? Depends on if you consider crypto an overall gamble or not. It is speculative for sure but It's becoming less so as institutional investors become more and more interested and involved. I don't trade it as I said I'm a buy and forget HODLer. What coins do I hold in cold storage? Bitcoin naturally, other coins well that's personal, but I like several. Why do you ask that specifically? Edited March 16 by Conno Link to comment Share on other sites More sharing options...
akda Posted March 16 Author Share Posted March 16 (edited) OP here. I do swing trade. I have lot of liimit order for buy/sell. Why bitkub? because I can directly withdrawal/deposit using THB. No need to go through hassle of buying USDT by P2P. P2P seems scammers paradise. To be specific my visa will expire in Aug 2024. I do have equal holding with Bitkub, binance and kucoin. 1/3 of my holding is in Bitkub. Edited March 16 by akda Link to comment Share on other sites More sharing options...
Dario Posted March 16 Share Posted March 16 (edited) I just withdrew my balance from Bitkub. The money was on my BBL account within a minute. Bitkub suspended my account yesterday, although I had sent them all documents. They never answered my messages. Edited March 16 by Dario Link to comment Share on other sites More sharing options...
akda Posted March 16 Author Share Posted March 16 2 hours ago, Dario said: I just withdrew my balance from Bitkub. The money was on my BBL account within a minute. Bitkub suspended my account yesterday, although I had sent them all documents. They never answered my messages. you mean your account got suspended first and later you were able to withdraw all of your crypto and THB? Now you are awaiting for reactivation of account? Link to comment Share on other sites More sharing options...
akda Posted March 16 Author Share Posted March 16 2 hours ago, Dario said: I just withdrew my balance from Bitkub. The money was on my BBL account within a minute. Bitkub suspended my account yesterday, although I had sent them all documents. They never answered my messages. could you share screenshot of your suspension email please. Link to comment Share on other sites More sharing options...
Dario Posted March 16 Share Posted March 16 (edited) 3 minutes ago, akda said: you mean your account got suspended first and later you were able to withdraw all of your crypto and THB? Now you are awaiting for reactivation of account? Yes, to your first question, no to your second. I'm sick and tired of Bitkub! Edited March 16 by Dario Link to comment Share on other sites More sharing options...
akda Posted March 19 Author Share Posted March 19 (edited) On 3/16/2024 at 3:46 AM, Conno said: Why wait? I never keep a single Satang or a single Sat on an exchange. Get it all off now. Are you new to crypto? Unless you are trading crypto on a regular basis there is zero reason to leave it on a centralised exchange. Not your keys not your coins right? The whole point why crypto came about was to remove the dangers of counterparty risk, self custody in other words. This is the reason I ask if you are new to crypto, as someone who has a deeper understanding of the asset class would never really ask these questions. Not knocking you but you are asking questions related to counterparty risk. Get your crypto off and into a cold storage wallet, after which you don't even need to ask the questions you have asked. Same goes for your currency better in the bank than on the exchange. If you are nervous about self custody don't be, it's super easy. If you have already taken the leap into crypto then learning how to use a Trezor or Ledger will be a doddle. Don't wait for Bitkub to give you a headache. not a newbie, but I do swing trade, keeping crypto in ledger or cold wallet isn't suitable for my case. Edited March 19 by akda Link to comment Share on other sites More sharing options...
Conno Posted March 19 Share Posted March 19 Roger that 👍 Link to comment Share on other sites More sharing options...
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