Navigating the process of converting cryptocurrency investments back to fiat currency like New Taiwan Dollars (TWD) can seem daunting. Whether you're cashing out profits or minimizing losses, this guide simplifies the withdrawal process from major exchanges while prioritizing security and efficiency.
Three Methods to Convert Crypto to TWD
Method 1: MAX Exchange (Taiwan)
👉 Start trading on MAX Exchange
- Process: Transfer assets from Binance to MAX → Complete identity verification → Sell crypto for TWD → Withdraw to linked bank account
Advantages:
- Regulated by Taiwan's Far Eastern International Bank
- Supports BTC, ETH, USDT, and metaverse coins like MANA/SAND
- Faster deposits for Far Eastern Bank account holders (saves NT$15 transfer fees)
Discontinued Methods
- Binance C2C (Inactive since 2024)
- ACE Exchange (Service terminated)
Step-by-Step Withdrawal via MAX Exchange
Account Setup
- Register and complete KYC verification
- Link your Taiwanese bank account
Asset Transfer
- Send crypto from Binance to your MAX wallet address
Sell & Withdraw
- Execute sell orders on MAX's trading platform
- Initiate TWD withdrawal to your verified bank account
Maximizing Cost Efficiency
Fee Savings:
- Use Binance with referral code W4WH22WF for 10% spot trading fee discount
- Hold BNB for additional 25% fee reduction (until July 2022)
Frequently Asked Questions
Q1: How long do MAX withdrawals take?
A: Most TWD withdrawals process within 1-2 business days.
Q2: Is identity verification mandatory?
A: Yes, all Taiwanese exchanges require KYC for fiat transactions.
Q3: What's the minimum withdrawal amount?
A: Typically NT$100-500 depending on the exchange.
Q4: Are there tax implications?
A: Taiwan currently doesn't tax crypto-to-crypto trades but may apply income tax on fiat conversions.
Q5: Can I use credit cards to withdraw?
A: Only ACE Exchange offered this (now discontinued); bank transfers are standard.
👉 Explore secure crypto trading
Note: Always verify current exchange policies as regulations evolve. For ongoing updates, follow reputable financial sources.
Key features:
1. Removed dated references (2021/2024) and discontinued methods