How to transfer cryptocurrency

How to transfer cryptocurrency

This post will guide you on transferring cryptocurrency from one wallet to another

Transfers are generally similar whether its from an exchange to a user controlled wallet vice versa.

Important
Things to note:

  • Double check the network when transferring
  • Double check if the the exchange accepts the coin when you’re transferring from a user wallet to an exchange

Transfer from Binance to Metamask (Exchange to wallet) Link

Transfer from Coin Hako to Binance (Exchange to Exchange) Link

Transfer from Binance SG to Binance (Exchange to Exchange) Link

2. Introduction to wallets

Click Here to skip the introduction and go directly on how to transfer

In general, cryptocurrencies are stored in addresses. Different chains will have different address formats.
Examples:

  • Bitcoin addresses start with either 1, 3, bc1 depending on the version
  • Ethereum addresses start with 0x
  • Tron addresses would begin with T

When you sign up for an account at a Centralized Exchange (CEX), the exchange generates addresses unique to your user.
This can be thought of like your bank generating a bank account number for your people to send money to.

However, in cryptocurrency, there is also an option to generate your own address that you will use to govern your funds. Tools such as Metamask and Trust Wallet allow you to do this.

Always remember that having full control of your funds also means that you have full control on the safety & security of them. Unsafe practises might lead to possible loss of funds. If you’re unsure, a CEX like Binance or FTX and let the experts take care of the security.

You must have seen this a thousand times but here’s another reminder
Never give out your seed words or private keys to anyone or any website
Doing so will put you at risk of losing all your funds and you will not be able to recover them.

3. Transferring cryptocurrencies

3.1 Example 1 withdrawing tokens from Binance to Metamask

Here is an example of filling in the transfer form in Binance to transfer BUSD to my metamask wallet

Always try and make sure the network is the same.
Test with a small amount if in doubt
Examples:

Ethereum Mainnet -> Ethereum Mainnet
Binance Smart Chain -> Binance smart Chain

I copy the address from my metamask wallet

I then paste the address in the Binance withdrawal form

Go through the respective 2fa procedures you have set on Binance and wait for the transfer to complete

3.2 Example 2 transferring tokens from Coin Hako to Binance

Here is an example of filling in the transfer form in Coin Hako for transfer to Binance

I head to the deposit page Link in Binance and copy the transfer address of the coin

In this case, I’m transferring XRP which is probably the cheapest transfer option from Coin Hako to Binance

You can also access the page manually by going to Wallet -> Spot -> Deposit -> XRP

I then copy the transfer info into my Coin Hako transfer form. XRP requires a tag for transfer, so I copy the tag too.

My completed transfer form would look like the above picture

Notes:

  • Your address and destination tag would be different from me
  • The Recipient Full name field is only required by Coin Hako for their record keeping purposes

3.3 Example 3 transferring cryptocurrencies from Binance SG to Binance.com

Here is an example of filling in the transfer form in Binance SG for transfer to Binance.com

I head to the deposit page Link in Binance and copy the transfer address of the coin

In this case, I’m transferring XRP which is probably the cheapest transfer option from Coin Hako to Binance

You can also access the page manually by going to Wallet -> Spot -> Deposit -> XRP

I then head to my Binance SG Wallet Link and click Send to access the transfer form

I then copy the transfer info into my Binance SG transfer form. XRP requires a tag for transfer, so I copy the tag too.

My completed transfer form will look like the above picture.

Notes:

  • Your address and destination tag would be different from me

Do consider using one of my referral links or leaving me a tip if you find this useful.
Any contribution is greatly appreciated and motivates me to continue this project.

BTC: 3BTskuSQzF3PZfqFj4sUdp9tSiLMdDGLXj
ETH or ERC20: 0x65a20cDbA50b81E5fA600f4F0655907E5A87C2F5

Share