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.
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 centralized 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 do, 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, 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, and then 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, we are using USDT to transfer crypto from Huobi Global to Gate.io.
Here is how to transfer cryptocurrency to another exchange or wallet.
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.
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.
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.
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.
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.
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.
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 the 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.
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.