Cryptocurrency exchanges differ in functionality and conditions, so we will tell you how to transfer cryptocurrency from sale to exchange. Often the maximum earnings on fluctuations in rates can be obtained from trading on several sites. How to do it quickly, safely, and with minor commission losses – more on that below.
You can compare exchanges by indicators to choose a promising transfer direction on aggregator sites and cryptocurrency portals. There are exchange ratings on resources such as CoinMarketCap, CoinGecko, CoinRanking, and others.
Exchange selection
Before transferring cryptocurrency from one platform to another, ensure that there are enough trades with your token on the target exchange, and you can quickly sell it. It is better to choose extensive services: the more transactions on the site, the faster you can buy or sell the asset of interest.
In addition, pay attention to the interface: not all exchanges have a high-quality translation into Russian, and many have an abundance of tools that a novice trader or investor does not need. Study the rating and reviews, as well as the size of commissions and conditions for withdrawing money.
Transfer directly from the exchange to exchange
Any exchange provides the withdrawal function. Otherwise, you can say this is a phishing site created by intruders. You can transfer cryptocurrency from sale to exchange in a few steps:
Copy the address of the exchange wallet where you plan to transfer the tokens.
Specify the address on the exchange from where the transfer will be made, and enter the transfer amount. On some deals, to withdraw funds, you need to go through verification – take a selfie and upload a scan of your passport (or other document confirming your identity).
In some cases, the operation must be confirmed by email.
The time for transferring cryptocurrencies from exchange to exchange ranges from several minutes to several hours. It depends on the network load and the priority of the application. The latter is determined by the size of the commission for the transfer: the higher the percentage charged by the platform, the higher the priority of the transaction. Decide what is more important: speed or a low transfer fee.
Now let’s move on to the necessary security measures that will allow you to save your funds.
Precautionary measures
For the transfer of tokens to be successful and your money not to fall into the wrong hands, follow these recommendations.
Check that the withdrawal and withdrawal wallets interact with the same cryptocurrency. Cryptocurrency transactions are irreversible, and no one will reimburse you for lost funds in case of an error.
Make sure that the recipient’s wallet address is copied in full. It is always best to enter addresses and details manually.
Some viruses gradually change the receipt address, so check the address when entering data for transfer.
Specify the tag when transferring cryptocurrency from exchange to exchange; otherwise, the funds will go to the new business, not your account. The title is indicated in the exchange wallet, next to its address.
Using stablecoins – tokens whose price is pegged to fiat, you deprive yourself of the risk of losing funds on a sudden fluctuation of the cryptocurrency.
Be attentive to the commissions charged by the exchange when withdrawing funds from it.
Do not save your credentials for cryptocurrency exchanges and online wallets in browsers. This reduces the risk of them falling into the hands of hackers and unauthorized access to your accounts.
Do not fall for phishing sites – pages that copy the design of popular exchanges. Before you enter your payment details, ensure that the address in the browser line matches the business address.
Before a significant cryptocurrency transfer from exchange to exchange, try to conduct a transaction with a small number of funds and ensure everything went well. This will help in case of something not to lose the entire amount.
Summary
Before transferring cryptocurrency from exchange to exchange, study the features of the target platform. Pay attention to the trading volume in the cryptocurrency you are interested in: the more there are, the higher your chances of quickly selling or buying the currency on favorable terms.
Each exchange supports the withdrawal of cryptocurrency to third-party wallets. To do this, go to the withdrawal section in your account, enter the wallet number where you want to transfer funds, and specify the amount. Find out the withdrawal terms in advance: this often requires account verification with confirmation of your identity. The size of the commission and the speed of transfer on different exchanges are different. Usually, orders with a high priority pass quickly – those where the exchange commission is increased.
Take precautions to avoid losing your funds:
cryptocurrency identity for withdrawal and input;
the correctness of the copied and entered address;
the presence of a tag (for some tokens);
withdrawal commission.
Start with small transfers to test the reliability of the service. If the trial operation is successful, you can send the entire amount.
