Crypto goes round in cycles. It has its bull markets (where it goes up) and it has its bear markets (where it goes down) since crypto has been going it's had a few of these cycles and you can pretty much point when the cycle is about to begin or end. At the moment crypto is in a bear market, everything is pretty much rock bottom which is the perfect time to buy,I have personally been adding to my portfolio throughout this time before the bull market starts again. The prediction is that 2024/2025 crypto will be at its peak again and the peak or each coin will surpass their previous all time highs. Nothing is a given when investing and you should never invest more than you can afford to lose but I personally think crypto is going to be the future.
Bitcoin and Russian bank
- Thread starter Smoggle
- Start date
100% agree. Unless you know what you're doing you will lose money in crypto.
For anyone wanting to invest - Vanguard FTSE Global All Cap Accumulation Fund is the place to start in my opinion.
Emmersons_BrazillianDong
Well-known member
Smoggle is simply looking for a method of removing his own money from a country who started a war and made it almost impossible for people living there to do so.
What would be brilliant would be if this thread didn't revert to every other EV or Crypto type thread and instead tried to offer the advice the OP is requesting rather than go into arguments.
There's no need at all for people to be advocating for nor against. (edit* though I appreciate that people are trying to be helpful in offering their viewpoint)
@Smoggle I hope you get sorted mate. The theory is absolutely sound. You can Purchase crypto and transfer that into a coinbase account which can then be converted to GBP and Coinbase are regulated. There's going to be fees attached.
The issue is that Coinbase almost certainly won't allow you to purchase via them with Russian money. I don't know which exchanges would allow you but I am aware that Kraken is a huge exchange so if they do allow then you should be OK.
I think for the work you're looking at here, you should join a crypto forum and ask people who deal with the subject much more regularly about the practice of doing this and any possible pitfalls.
Good luck pal
What would be brilliant would be if this thread didn't revert to every other EV or Crypto type thread and instead tried to offer the advice the OP is requesting rather than go into arguments.
There's no need at all for people to be advocating for nor against. (edit* though I appreciate that people are trying to be helpful in offering their viewpoint)
@Smoggle I hope you get sorted mate. The theory is absolutely sound. You can Purchase crypto and transfer that into a coinbase account which can then be converted to GBP and Coinbase are regulated. There's going to be fees attached.
The issue is that Coinbase almost certainly won't allow you to purchase via them with Russian money. I don't know which exchanges would allow you but I am aware that Kraken is a huge exchange so if they do allow then you should be OK.
I think for the work you're looking at here, you should join a crypto forum and ask people who deal with the subject much more regularly about the practice of doing this and any possible pitfalls.
Good luck pal
Very good advice - much appreciated, I’ll be checking out kraken but I’ll certainly look at some forums too. Part of the issue for a novice is all the jargon, it takes a lot to begin to understand so it’s a big help when people like yourself and others on this thread can give pointers - thanks again
I think the two main hurdles will be whether the exchange works with Russian banks and whether the Russian bank allows the money to leave the account. I’ll do some more research and go over it all with my wife as, whilst we share our money, it is her account with money she worked for so she gets the final say
If I had the choice of leaving the money in Russia or having it invested in bitcoin, I’d definitely choose the investing. My ideal solution would be to have it nicely sitting in the UK though
Centralscrutinizer
Well-known member
If you get your money into bitcoin remember to keep it safe. Looks like keeping it underground is the way to go 
Borothruandthru
Well-known member
We are heading into a recession like not seen since the last war imo.
Put money into tangible things .
Crypto is the least tangible thing out there nobody seems to be able to put a value on it. Buy dividend blue chip shares like gsk and shell, or the vanguard fund which spreads your risk.
R
rbmfc1985
Guest
In terms of using crypto to get the money out of Russia, despite the fees Bitcoin is probably your safest bet as it's available to trade on pretty much all exchanges and many people see it as a valuable asset. The only other ones I'd trust for this would be Etherium which is just as safe but gas fees are huge or possibly Polygon if you can buy it on any Russian exchanges, fees are much better on Polygon.
Most centralised exchanges have banned the use of rubles and Russian bank accounts so you will need an exchange in Russia. I don't know which Russian exchanges are trustworthy so you'll maybe need to speak to people in Russia to find out. The crypto space is full of scams so be careful.
I hope you manage to get it sorted out.
Most centralised exchanges have banned the use of rubles and Russian bank accounts so you will need an exchange in Russia. I don't know which Russian exchanges are trustworthy so you'll maybe need to speak to people in Russia to find out. The crypto space is full of scams so be careful.
I hope you manage to get it sorted out.
Borothruandthru
Well-known member
Another option might be to buy with your rubles shares in polymetal International a Russian plc .
Handily is listed on the London stock exchange, so would be easy to sell.
Handily is listed on the London stock exchange, so would be easy to sell.
StanleyStreet
New member
Best of luck getting your money out Smog. I know very little when it comes to crypto and suspect it’ll stay that way. I start reading about, think I’m starting to understand but within another couple of sentences or so find myself bamboozled!!I hadn’t thought of that, I’ll look into it, cheers
Your reasoning is perfectly logical…I just hope the bank manager (or Putin) doesn’t read the FMTTM Message Board
!!Anyhow, good luck mate and UTB.
Best of luck getting your money out Smog. I know very little when it comes to crypto and suspect it’ll stay that way. I start reading about, think I’m starting to understand but within another couple of sentences or so find myself bamboozled!!
Your reasoning is perfectly logical…I just hope the bank manager (or Putin) doesn’t read the FMTTM Message Board
Anyhow, good luck mate and UTB.
Haha cheers mate, yes hopefully the FSB don’t read boro message boards or I might be funding a few vodkas for them!
I’d just like to say thanks to everyone who offered help on this thread. It was a long old process trying to sort everything out - we had a friend in Moscow unsuccessfully try to help before we seriously started exploring the various crypto options and advice discussed here - the main issue was the difficulty of finding an exchange that was trustworthy and would also deal with a Russian bank. Exchanges mentioned in this thread changed their policies so that this was no longer possible, but we had a tip that an exchange that we thought was out was accepting some Russian transfers, so we were in the process of doing this last week (not so easy as logging on the Russian internet banking was very hit and miss, sometimes it would just refuse to log on with or without vpn). Everything was dragging along quite slowly.
Out of the blue late last week, another option opened up to us from a British guy on an expats Facebook group, he could take rubles from people to his Russian bank and transfer pounds from his account in the UK, I’d seen him posting for years and did some due diligence but anything like this is risky. However, we took the chance and had pounds in our UK account with 5 minutes of transferring rubles, with a fair exchange rate.
This was a big relief as I was always very wary of crypto currency and P2P exchanges, whilst it wasn’t a massive amount it is still money that could have been confiscated (as is continually threatened) and used to fund people or a cause I am completely against. So thanks again, whilst my wife and I didn’t go down the crypto route we very nearly needed to, so all the help here was greatly appreciated.
Out of the blue late last week, another option opened up to us from a British guy on an expats Facebook group, he could take rubles from people to his Russian bank and transfer pounds from his account in the UK, I’d seen him posting for years and did some due diligence but anything like this is risky. However, we took the chance and had pounds in our UK account with 5 minutes of transferring rubles, with a fair exchange rate.
This was a big relief as I was always very wary of crypto currency and P2P exchanges, whilst it wasn’t a massive amount it is still money that could have been confiscated (as is continually threatened) and used to fund people or a cause I am completely against. So thanks again, whilst my wife and I didn’t go down the crypto route we very nearly needed to, so all the help here was greatly appreciated.
dooderooni
Well-known member
Kraken user here.
I'd suggest joining, seeing if you can transfer a small amount out of the Russian bank into crypto then try cashing out the crypto into your non-Russian bank account.
I'd suggest joining, seeing if you can transfer a small amount out of the Russian bank into crypto then try cashing out the crypto into your non-Russian bank account.
It’s ok, cheers - it was all sorted out at the weekend - however Kraken was one of the exchanges I tried that had stopped accepting Russian banks after previously allowing them, unless their policy has changed again!