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Deposits/Withdrawals:

Deposit to an Exchange

Most people start by making a fiat currency (US dollars, etc) deposit into an exchange. This means they deposit money into the exchange which either holds it as cash until you buy cryptocurrency with it through them or buys straight into a selected type of cryptocurrency that you can then swap for other types of cryptocurrency. Once the money is deposited and credited to your account you can begin to trade. Keep in mind some exchanges do not allow you to send cryptocurrency to wallets and other individuals. That is the primary function of a wallet. Some exchanges have a hold or wait time on deposits so be careful of this. It is usually like the hold time on checks that banks place for a couple of days to make sure the check is good.

Buying and Receiving Cryptocurrency From Individuals

When buying and receiving cryptocurrency outside the exchange or wallet you typically buy from mostly all exchanges have a “receive” function where a respective cryptocurrency “receive” address is generated for you to move cryptocurrency into that exchange. You would basically follow the same steps in Transfers Between Wallets & Exchanges (below) only with the newly generated “receive” address the exchange has generated for you. It is always safer to first use a wallet and the wallet’s address then move the cryptocurrency from your wallet to the exchange if you can.

Withdrawals From Exchanges

Make sure you convert the cryptocurrency into cash in your exchange before attempting a withdrawal from the exchange.

Remember exchanges are not banks. Most withdrawals of fiat currency can only be conducted by wire transfer which usually takes anywhere from a day to two weeks. My typical withdrawals take about a few days to a week to credit into my bank account. You must provide the following to make your withdrawal via bank wire:

1. Bank name

2. Bank address

3. Branch

4. Bank routing number

5. Account number

Fees vary based on exchanges and banks.

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