In recent years, the environment in the crypto space has been frequently overshadowed by frozen card incidents, bringing endless troubles to investors. This article will analyze the current situation, safe withdrawal strategies, and practical case studies to deeply explain how to safely withdraw in the crypto space.

Follow me for more knowledge and to share more good stuff.


1. Current Situation: The Frozen Card Dilemma and Withdrawal Difficulties

In the field of cryptocurrency trading, convenient withdrawal methods have always been the focus of investors' attention. Currently, most users prefer to use peer-to-peer payments in the C2C trading area of exchanges, utilizing channels such as bank cards, WeChat, and Alipay. However, this method poses significant risks, as most OTC merchants and retail investors lack the professional capability to verify the source of funds, making the phenomenon of frozen cards common in the crypto space, thus becoming a nightmare for investors.

Take client Xiao A as an example; he helplessly stated: 'Both WeChat and Alipay have been frozen, over three hundred thousand funds trapped intermittently, unable to be retrieved.' Receiving dirty money is the most feared situation for investors in virtual currency trading. Once faced with a frozen card, the difficulty of unfreezing can only be understood by those who have experienced it personally. Investors often find themselves in a dilemma of buying coins but being afraid to sell, making it difficult to cash out even if they are in profit, merely watching the numbers in their accounts but unable to convert them into actual wealth.

2. Strategy: 6 Means for Safe Withdrawals

For those in the crypto space, especially investors troubled by frozen cards, safe withdrawals are the most concerning issue. Here are several feasible methods:

(1) Find a true acquaintance for withdrawals
Transactions between acquaintances are relatively reliable, as both parties have some understanding of the source of funds, which can reduce the risk of frozen cards to some extent.

(2) Choose compliant B2C platforms
Platforms like Klickl, Victory Securities, Baisen Bank, Karken, Hashkey, etc., are regulated by financial institutions in multiple countries. This means that transactions on these platforms, whether receiving or sending funds, have a higher guarantee of security and compliance.

(3) Utilize the payment or gift card functions of exchanges
Some exchanges have introduced payment or gift card functions that provide investors with an indirect way to withdraw funds. However, the use scenarios for these gift cards are limited and are more suitable for small retail investors.

(4) Withdraw funds in Hong Kong or other compliant regions
You can choose to find stores in Hong Kong or other compliant regions to exchange coins or apply for foreign currency cards that support USD, withdrawing funds through USDT - USD - CNY. However, this method has high transit costs, and if the withdrawal amount is large, carrying funds into the country may face many challenges.

(5) Open a globally named account
By finding the appropriate platform to open a globally named account, funds can be converted into fiat currency in real-time. However, this method has high account opening costs, and many platforms do not support CNY, making it more suitable for high-net-worth users who have bank accounts overseas, with a relatively high threshold.

(6) Obtain a crypto prepaid card
Obtaining a crypto prepaid card is a relatively simple withdrawal method that only requires basic authentication to apply, and the wear and tear on funds is relatively low. The use of crypto prepaid cards is simple and convenient; virtual currencies (such as USDT) can be sent from wallet addresses to the card's on-chain address and converted to USD in real-time. Cardholders can directly swipe their cards for purchases globally and even withdraw fiat currency at ATMs. Additionally, cardholders can bind apps like Alipay, WeChat Pay, and Meituan, using the prepaid card as a payment tool for smooth consumption worldwide without needing to exchange fiat currency through OTC methods. Currently, the field of crypto prepaid cards is developing rapidly, with centralized exchanges like Binance, Coinbase, Bitget, and crypto infrastructure like Onekey Wallet actively participating. Applications like Bybit, AlchemyPay, CoinBase Card, and Klickl Card have already matured.

3. Case Study: Introduction to Klickl Card and Safe Withdrawal Practice

(1) Overview of Klickl Card
The Klickl Card is issued by the Klickl Group and currently supports Visa and Mastercard with USDT top-up.

(2) Consumption Scenarios
1. Full platform support: Covers various platforms such as Meituan, Pinduoduo, Amazon, Shopify, Lazada, etc.
2. Multiple payment binding methods: Including Alipay, WeChat Pay, PayPal, Apple Store, Google Pay, etc.
3. International service subscriptions: Can be used for subscriptions to services like OpenAI, MIDJOURNEY, ChatGPT, Telegram, Canva, LinkedIn, Notion Premium, etc.
4. Other consumption platforms: Can also be used on platforms like Steam, Uber, etc.

In addition, Klickl Card also offers customization services and can create co-branded cards. According to the announcement, the physical card has entered the internal testing phase, and in the future, the physical card will support ATM deposits and withdrawals and POS machine consumption.

(3) Fee Structure
Currently, Klickl Card supports the opening of Visa and Mastercard, with two basic types: elite card and premium card, with transparent fees.

- Top-up fee: A fee is charged based on the corresponding percentage for topping up USDT into the Klickl Card.
- Exchange wear and tear: During the conversion from USDT to USD, the settlement is automatically based on real-time exchange rates, plus the top-up fee, not a 1:1 exchange, with a wear and tear of about 1%+. For example, transferring 100 USDT will result in approximately 97+ USD actually credited to the card.
- Other fees: Relevant fees will apply in cases of refunds, chargebacks, etc.

However, currently, Klickl Card has 0 monthly fees, 0 annual fees, 0 management fees, and is fee-free, with a low card opening threshold and convenient operation.

(4) Advantages
1. High compliance: Holds multiple licenses, including a full series of ADGM licenses, EU VASP, Canadian MSB, etc., ensuring the legality and compliance of user transactions.
2. Competitive rates: The overall rates are advantageous in the market.
3. Smooth usage: The Klickl wallet encompasses functions such as Klickl Card, global accounts, quick coin purchase, coin-to-coin swaps, and wealth management, allowing for smooth transfers between various account systems and facilitating seamless capital flow.
4. Friendly service: Provides 24-hour online customer service in Chinese and English, as well as dedicated business managers for one-on-one service.

(5) Klickl Withdrawal and Deposit Process
1. Registration and verification: Click on the Klickl wallet homepage (website: search for it yourself) to register, supporting mobile phone and email registration. Completing basic verification is also quite simple; just provide basic information such as mobile phone, email, and ID proof to get instant approval. Specific registration and verification methods can refer to the Klickl official website help center.
2. Opening a card: Log into the Klickl wallet homepage and follow the steps to complete the card opening. Detailed card opening methods can be found in the Klickl official website help center under Klickl Card content.
3. Top-up: Unlike ordinary cards, the Klickl Card can be topped up with one click through the Klickl wallet digital account. Specific top-up methods can be checked in the Klickl official website help center under Klickl Card content.
4. Payment and consumption: After binding the corresponding consumption scenarios, payment can be made. For example, in Alipay and WeChat, after adding the Klickl Card Visa bank account, payment can be made by presenting the payment code.

The entire withdrawal process for the Klickl Card, from opening the card to topping up and then using it, is very smooth and convenient.

(6) Withdrawal Suggestions
1. Be sure to choose legitimate and compliant large platforms, such as Binance, Coinbase, Klickl, etc.
2. When using crypto prepaid cards, follow the principle of charging only what you need; do not leave idle funds on the card. Although virtual cards are convenient to activate and flexible to use, they still lag behind regular bank cards in terms of stability and security.
3. Do not bind subscription platforms for automatic deductions; if the balance on the crypto prepaid card is insufficient, leading to failed deductions, it can easily trigger risk control, such as the GPT subscription being a typical case.

Platform Recommendations
Currently, there are many compliant platforms, and for Chinese users, the following platforms are very convenient to use:
1. Baisen Bank
2. Victory Securities
3. Hashkey
4. OSL
5. Asia Digital Bank

I hope the content of this article can help crypto investors avoid detours during the withdrawal process, reduce the risk of frozen cards, and achieve safe withdrawals.