What can I do with a $17k GoDaddy balance?

Ulfosien

Ulfosien

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Hi everyone,

I recently sold a domain through GoDaddy and received around ~$17k in proceeds as GoDaddy account balance / Good as Gold credit instead of withdrawing it directly.

I’m trying to understand what practical options I have now to make the best use of this balance.

Are there any legitimate ways to convert this balance into value?
Has anyone dealt with a similar situation before?

I initially thought about selling the account; besides, they didn't even ask for verification or any personal details - the broker simply credited the funds to me. This means the buyer could fully customize the account for themselves, but I’m not sure if that’s a good idea.

Any advice or personal experience would be appreciated.
 
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I hope you are missing something about it, paying you with credits and not allow you to withdraw would be bizarre
 
Venusaur said:
I hope you are missing something about it, paying you with credits and not allow you to withdraw would be bizarre
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The problem was that I couldn't use bank transfers because I'm located in a country where international transfers aren't supported. We agreed with the broker that they would simply transfer the funds to my account balance, which could be used for any services, domain purchases, etc. But the problem was, I didn't need that.
Unfortunately, I had no other options for receiving the funds in my accounts, but I didn't want to refuse the domain purchase offer because there was a buyer willing to buy.

GermanCPA said:
Sell domains for a bit cheaper than godaddy.
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I thought about it, but it would take a lot of time and communication, and I don’t have time for that :)

VapeVendy said:
Honestly, we should chat. I feel like I could help you make the best decision.

17k GoDaddy Balance, if it were me, I would more then likely use 10k or less for another domain and pocket the rest to send traffic to it

Are you wanting to actually build a new brand or website?
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I've never encountered this before, and I'm unlikely to be able to make money from it with zero knowledge in this area. I just bought a domain a year ago and they contacted me to buy it out. It wasn't intended as an investment for the future, etc.
 
Ulfosien said:
I've never encountered this before, and I'm unlikely to be able to make money from it with zero knowledge in this area. I just bought a domain a year ago and they contacted me to buy it out. It wasn't intended as an investment for the future, etc.
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Then what is the purpose of this post exactly? Just transfer the funds to your bank
 
VapeVendy said:
Then what is the purpose of this post exactly? Just transfer the funds to your bank
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No, I didn't deposit these funds to be able to withdraw them. I sold the domain and refused to transfer them to a bank because I don't have that option in my country. They then suggested that I deposit them into my account balance, but they can't be withdrawn; they can only be used to purchase any services.
 
Ulfosien said:
No, I didn't deposit these funds to be able to withdraw them. I sold the domain and refused to transfer them to a bank because I don't have that option in my country. They then suggested that I deposit them into my account balance, but they can't be withdrawn; they can only be used to purchase any services.
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If your payout method isn't available then here is your option:

Buy domains they believe will appreciate, then sell them later through marketplaces like Afternic, Sedo, or Dan.com. Future sales can often be paid out through whatever payout methods are available to them.
 
Ulfosien said:
No, I didn't deposit these funds to be able to withdraw them. I sold the domain and refused to transfer them to a bank because I don't have that option in my country. They then suggested that I deposit them into my account balance, but they can't be withdrawn; they can only be used to purchase any services.
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They systematically trapped you on their platform so you could make money for them. There are no better ways to than buy more domains or help people buy domain and transfer to their preferred registrars. But that'll be a long work and take long time to exhaust your money.

Hopefully, they don't introduce an expiry period for which you have to use up your credits.
 
Why can't you convert the proceeds from selling the domain into cash and withdraw it to your bank account? I find that quite confusing.
 
Converting that $17k credit into cash is tough since GoDaddy restricts transfers, so your cleanest bet is to either use the balance to buy premium liquid domains that you can instantly flip for direct cash payouts, or act as a middleman to buy domains and hosting at a discount for other local agencies who can pay you directly
 
You made a huge mistake taking this as godaddy credit
There where several other options to.use
But then
The deed is done
 
You could have asked your broker for crypto payment services ughh.

Or maybe accept crypto in exchange for buying domain for others aftermarket and offer 50% subsidiary. Other than I don't see any legit options
 
Never heard about this, been selling domain names for decades, how on earth would you accept that much in credits?

Ask for a wire, simple as that.

This doesn't even happen, you either making this up or you on some -50 level IQ
 
i would not sell the account itself, that can get messy fast if ownership or verification gets questioned later. safer path is to check expiry/transfer rules first, then use it slowly on liquid domain purchases or discounted orders for people you already trust.
 
Ulfosien said:
I thought about it, but it would take a lot of time and communication, and I don’t have time for that :)


I've never encountered this before, and I'm unlikely to be able to make money from it with zero knowledge in this area. I just bought a domain a year ago and they contacted me to buy it out. It wasn't intended as an investment for the future, etc.
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Well, no harm in learning that if you wanna learn the trade as you've already converted it into credit. Read about it a bit for a week, buy some $10 ones for now and once you learn enough for like a month and think you can make a good investment, buy one or two high quality domain and register them for a long period.
 
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