Transfers Between Wallets & Exchanges

Transfers between wallets and exchanges are basically the same as transfers between two individual people except there may be some fees incurred and minimum and maximum restrictions. Typically you start by sending cryptocurrency from your exchange to your wallet:

1. Get your wallet’s “receive” address in the respective cryptocurrency you want to be received.

2. Copy and paste into the exchange’s “send to” field.

3. Verify that you have entered the correct cryptocurrency’s “receive” address.

4. Click “Send”.

5. Verify the amounts and address.

6. Click “Confirm”.

7. Check your wallet for confirmation that it was received no later than 24-48 hours. The transaction typically only takes minutes if not seconds.

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To send from wallet to exchange you would do the exact same thing only use the “receive” address from the respective exchange (not wallet) in the right respective cryptocurrency. 

Why Have A Wallet?

For the same purpose as you would have a physical wallet. You can exchange, swap, send and receive readily without taking all of your assets with you. Some wallets also function as exchanges but having a separate wallet can be safer to protect what you have as you are not “carrying” it all with you on one device. Usually the wallet is kept on your mobile while the exchange is on your computer though some have access to both by mobile. Most exchanges do not allow you to send your cryptocurrency directly to others though they do allow receiving. Keep this in mind when you move money from a wallet to an exchange. It is difficult to move it back to the wallet.

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