What are the steps to withdrawing from a MtGox account to a bank account in USD?

Mt Gox's Dwolla account is currently (Aug 2013) frozen or shut down.

Are there international transfer, money order, wire transfers that can occur be used?

Can the steps be better defined?

  • This is related, but specifically involves Dwolla and is semi-outdated or historical (bitcoin.stackexchange.com/questions/5719/…) Commented Aug 5, 2013 at 17:28
  • The fastest way is withdraw in bitcoin. And the easiest one.
    – user6203
    Commented Aug 5, 2013 at 18:08
  • @ramjet "withdraw dollars"
    – Nick ODell
    Commented Aug 5, 2013 at 19:35
  • Well if you have a workaround to define steps from Mt Gox -> ??? -> Dollars in Bank account, could you please define the steps? (i.e. Converting to BTC, transfer to another exchange (which), and then ??? Commented Aug 5, 2013 at 22:19

1 Answer 1


One Method

1.0) Using Coinbase, (coinbase dot com) is currently my preferred way. Create an account there and do your homework. They have made the process rather straight forward once you are verified.

1.1) The fastest way to get verified is to link your US based bank account to their service. I would suggest buying a small fraction of one BTC to get verified more quickly, rather than having Coinbase send a couple transactions to your US bank account for you to verify.

1.2) Answer the Coinbase security verification questionnaire quickly. They are following the Know Your Client (KYC) rules. If you take long to answer the questions your verification will fail and you will need to wait 24 hours to try again. In this context KYC refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them in the USA.

2) Convert your USD at MtGox to BTC and send it to your account at Coinbase.

3) After you have been verified you can convert your BTC to USD and transfer the USD into your US bank account rather quickly.

Note that the price you are selling the BTC at Coinbase is less then what you paid for them at MtGox which can be $ignificant if you have many BTC to sell for USD. There are other ways but this is one that has been working well for me. . .

  • 1
    This is reverse arbitration. You are losing ~$15 by transferring mtgox coins to coinbase and selling there. This is not a good idea.
    – Eli
    Commented Oct 18, 2013 at 22:47
  • @Eli if there isn't a better idea, then this is the best idea available. Please suggest a better alternative.
    – BlueMonkMN
    Commented Nov 6, 2013 at 14:34
  • 1
    @BlueMonkMN At post time, doing this on just about any exchange other than Coinbase would have been a better idea. Now, coinbase's price is actually very close to MtGox's so this makes sense now. Point is: transfer your BTC to whatever exchange you can cash out on that has the highest sell price at transfer time. Don't just blindly go with Coinbase.
    – Eli
    Commented Nov 7, 2013 at 20:11
  • I used bitcoin-brokers.org and it worked out pretty well.
    – BlueMonkMN
    Commented Nov 11, 2013 at 13:59

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge you have read our privacy policy.

Not the answer you're looking for? Browse other questions tagged or ask your own question.