The channel and speed of entering and leaving gold can be said to be the key factors in choosing a platform.
Generally speaking, there are four kinds of money in and out on the formal platform.
The first is a bank transfer.
It takes a long time and the procedure is often cumbersome.
The second is the credit card Visa/mastercard/UnionPay.
Many partners with credit cards will choose this method, because it is fast and safe, equivalent to overseas spending.
Of course, they have to use the card when they withdraw money.
However, credit cards are not allowed in China.
The third way is UnionPay transfer, or person-to-person UnionPay transfer.
The platform had no choice but to remove the company’s individual charges and transfer the money between people.
This method seems unreliable.
In fact, this is by far the most practical approach.
So don’t think of money transfers between people as a black platform.
The last one is online electronic wallet transfer such as Skrill, PayPal and so on.
Generally speaking, foreigners use it more, but Chinese don’t use it much, it’s too troublesome.
There are two other types: OTC remittance and telegraphic remittance.
It is troublesome to transfer money by wire transfer.
In addition, China has limits on the amount of money that must be withdrawn, so this is one of the biggest headaches, and domestic use is relatively rare.
At present, OTC gold is the mainstream, basically in the form of trading USDT completed.