Transferring cryptocurrency to another wallet is much easier than transferring
fiat currency. While fiat transfers require full bank details of the receiver
of the money, on the other hand, only a small address is needed for
cryptocurrency transfers.
Despite the cryptocurrency transfer process being so simple, most people
make mistakes, but surprisingly, these mistakes are so small that people are
unable to pay attention to them.
It is important for any user, especially new users, to know how to
transfer cryptocurrency or bitcoin because transfer mistakes are second only
to scams, due to which users lose money due to their own mistakes.
According to research, every year 4% of the available bitcoin is lost in
one way or another, which is very difficult to recover.
We will look at these mistakes and see how to transfer cryptocurrency
from one wallet to another without making any mistakes.
So let's start.
How to Transfer Cryptocurrency: A Step-by-Step Guide
The process of making deposits and transfers to any wallet or exchange is the same. which are as follows:
Choose your wallet.
If you are the sender, then no problem, but if you are the receiver, then choose your preferred wallet. If you want to trade, then go for a centralised exchange, but if you want to store, then go for a decentralised wallet.
Find Your Recipient's Address.
Remember, you cannot send any other coin to any other coin address, if you send it, it will go away but will never be deposited. That's why before sending the crypto, verify it two to three times. Ask the address of a coin at the time of which chain it is. Make sure to carefully copy and paste the recipient address, or use a QR code scanner to ensure accuracy.
Initiate the Transfer.
After getting the address of the coin, log in to your wallet or exchange and select the coin you want to send, and paste the copied address. After this, enter the amount you want to send. In this step, you will get a preview of the fee and the amount the receiver will receive.
Confirm the Transaction.
If everything is fine then proceed to the next step. Here you have to enter OTP, 2FA, and Email, after that confirm the transaction.
Wait for Confirmation.
After initiating the transfer, it's important to monitor the transaction until it is confirmed on the blockchain. This can take anywhere from a few minutes to several hours, depending on the specific cryptocurrency and network congestion. You can track the progress of your transfer by entering the transaction ID or recipient address into a blockchain explorer.
In the below example, I am using USDT to transfer crypto from Huobi Global to Gate.io.
Here is how to transfer cryptocurrency to another exchange or wallet.
Step 1: Go to your wallet or exchange and log in to it. Click on the "Withdrawal Assets" button and select the coin you want to transfer. Here, you may be asked for on-chain or off-chain Choose an on-chain or blockchain address.
Step 2: Choose a blockchain network. After that, ask the
receiver for his crypto address, keeping in mind that the address should be of
the same crypto and network that you have already chosen. If the receiver has
already given the address, then select the network accordingly.
Tip: If there is an option to choose the network, then choose the
network with the lowest fees.
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| Different networks with different fees. |
Step 3: Fill in the amount of crypto you want to transfer. But before that, know the minimum limit of the wallet from which you are transferring and receiving; otherwise, the crypto transfer will go through but not reach the destination wallet. Generally, the minimum limit is less than $1.
Step 4: Now check everything one last time and click on the "Withdraw" button. After this, there may be an email OTP and 2FA code according to your security setup. Enter both codes and confirm the transaction.
Step 5: If you want to check your transaction status, go to the website of your chosen network, copy the transaction ID (which can be found in the transaction history) of the transferred cryptocurrency, paste it on the website, and search. You will get all the information.
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| Status on the network. |
Step 6: Tell the receiver to go to their wallet or exchange and check their transaction history. If the transaction is not confirmed, it may show as pending. The receiver may get an email from Exchange when the transaction is completed.
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| Check wallet history. |
Things to know before sending cryptocurrency.
- Keep these things in mind when making cryptocurrency transactions for a safe, secure, and successful deposit.
- Ask for the correct address of the coin, and ask for a QR code or screenshot of the address if possible.
- Make it clear if the receiver's address needs an address tag. Not every coin needs an address tag, but some do, and it is necessary, like XRP and USDT. It generally contains 6 to 8 digit numbers.
- Choose the right network of coins; each coin can have more than one blockchain network, so make sure the receiving and sending networks are the same.
- Examine the fee while sending cryptocurrency. Fees vary depending on the mining difficulty and network you choose.
- Confirm the sending and receiving limits before making a transaction. Most of the platforms have their own sending and receiving limits.
- If you need funds quickly, then check the number of confirmation networks. This defines how quickly your crypto will arrive for use. For example, some platforms need 10 confirmations, while others need 15 confirmations. You can check your confirmation status on the blockchain network.
Conclusion.
While transferring cryptocurrency, you should be very careful and avoid minor
mistakes that can cost you money.
Transferring cryptocurrency is not a big deal. In fact, the
cryptocurrency transfer process is still considered safe for transferring
money. Keep in mind that sometimes your funds will remain in the pending phase
for a few minutes, an hour, or even a day due to blockchain congestion.
If you follow the steps we have outlined earlier in this post, you can
easily transfer your cryptocurrency to another wallet or exchange. The process
for transferring cryptocurrency on almost all exchange platforms is the same.
But keep in mind that if you are using a decentralised wallet, then this guide
will not work on that.