Transferring cryptocurrency securely and efficiently is a fundamental part of managing digital assets. Whether you're sending Bitcoin to an external wallet or receiving crypto from another exchange, understanding the process, requirements, and best practices is essential. This comprehensive guide walks you through everything you need to know about receiving and sending Bitcoin and other supported cryptocurrencies, including key steps, network rules, security protocols, and frequently asked questions.
How to Withdraw Cryptocurrency to an External Address
Withdrawing crypto from your account to an external address involves a few crucial steps to ensure security and accuracy.
- Register an External Address
Begin by adding the destination address under the Settings menu by selecting External Address. Alternatively, you can register an address directly on the Withdraw tab in the Account Funding section. - Initiate the Withdrawal
After registration, go to the Account Funding menu, select the desired cryptocurrency, and click Withdraw. Choose the previously registered address and enter the amount you'd like to send. - Confirm and Finalize
Carefully review all details—especially the recipient address—and click Withdraw.
⚠️ Important: This action is irreversible. Once confirmed, the transaction cannot be canceled.
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Special Requirements for Certain Cryptocurrencies
Some tokens require additional identifiers to ensure correct delivery:
- XRP: Enter the correct Destination Tag
- XEM / XYM (NEM / Symbol): Include the proper Message
- XLM (Stellar Lumens): Provide the correct Memo
Failure to include these identifiers may result in lost funds that cannot be recovered.
How to Deposit Cryptocurrency from an External Wallet
To receive crypto into your account:
- Navigate to the Account Funding menu.
- Select the cryptocurrency you’re depositing.
- Click on the Deposit tab to view your unique deposit address.
Send your crypto to this address, and it will be credited once blockchain confirmations are complete.
Important Deposit Notes
- Processing time depends on network confirmations—do not assume a transaction is complete until it appears in your account.
- Only supported cryptocurrencies will be credited. Unsupported assets sent to your address will not be returned.
- Always use the correct network (e.g., ERC-20) when sending compatible tokens.
Understanding Deposit Confirmations and Processing Times
For security, deposits require a minimum number of blockchain confirmations before being reflected in your account. Below are standard requirements:
- Bitcoin (BTC): 3 confirmations (~30 minutes)
- Ethereum (ETH): 80 confirmations (~16 minutes)
- Litecoin (LTC): 12 confirmations (~30 minutes)
- XRP: 10 confirmations (near-instant)
- Stellar Lumens (XLM): 10 confirmations (near-instant)
- Polkadot (DOT): Approval upon validator consent (no fixed count)
Network congestion can delay processing. Always allow sufficient time, especially during peak usage.
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What Is a Cryptocurrency Address?
A crypto address functions like a bank account number. For Bitcoin, it’s a 27–34 character alphanumeric string starting with “1” or “3,” derived from your public key. This address is used to receive funds and must be accurate to avoid irreversible loss.
The Travel Rule and Cross-Border Transfers
The Travel Rule, mandated by financial regulators, requires exchanges to collect and share sender and recipient information for anti-money laundering (AML) compliance.
Supported Transfer Scenarios
You can send crypto to:
- Exchanges supporting TRUST (Travel Rule Universal Solution Technology), such as Coincheck (Japan) and select global platforms.
- International exchanges registered in compliant jurisdictions.
- Private wallets like MetaMask or hardware wallets—currently unrestricted.
Unsupported Transfers
Transfers are blocked to:
- Exchanges in regulated regions that do not support TRUST.
- Addresses involved in prohibited activities under economic sanctions.
You may be contacted for verification if recipient information is missing or unclear.
Withdrawal Fees for Cryptocurrencies
Withdrawal fees vary by asset. Here are key examples:
- Bitcoin (BTC): 0.0004 BTC
- Ethereum (ETH): 0.005 ETH
- Litecoin (LTC): 0.001 LTC
- XRP, XLM, Monacoin: Free
- Chainlink (LINK): 1 LINK
- Shiba Inu (SHIB): 320,000 SHIB
Additional miner fees can be added voluntarily to prioritize transaction speed on congested networks like Bitcoin and Bitcoin Cash.
Common Issues and Troubleshooting
Transaction Not Reflected?
Delays can occur due to:
- Insufficient blockchain confirmations
- Network congestion
- Security reviews
- Incorrect network selection (e.g., sending MATIC via Polygon instead of ERC-20)
Always verify:
- The correct deposit address
- Proper use of tags/memos/messages
- Accurate network selection (especially for ERC-20 tokens)
Use your transaction ID (found in Funding History > TX ID) to track status on blockchain explorers.
Security Best Practices
- Double-check addresses before confirming any transfer.
- Enable two-factor authentication (2FA)—it’s mandatory for withdrawals and cannot be disabled.
- Use labels to organize external addresses for easier identification.
- Never share private keys or recovery phrases.
Frequently Asked Questions (FAQ)
Can I cancel a cryptocurrency withdrawal?
Withdrawals can only be canceled if they appear under In-Process Withdrawals with a Cancel option. Once processed, transactions are irreversible. Always verify the address before submission.
What happens if I send crypto to the wrong address?
Funds sent to an incorrect or invalid address cannot be recovered. Ensure accuracy before confirming any transaction.
Do Ethereum addresses distinguish between uppercase and lowercase letters?
No—Ethereum addresses are case-insensitive. However, the checksum format helps prevent errors by highlighting potential typos.
Why isn’t my deposit showing up?
Deposits require blockchain confirmations. Check the required number for your coin and verify that you used the correct network and identifiers (e.g., memo, tag). Unsupported assets won’t be credited or returned.
Can I send crypto to private wallets like MetaMask?
Yes—sending to private wallets is currently allowed. Future restrictions may apply based on regulatory updates.
What is the purpose of the Travel Rule?
The Travel Rule enhances transparency by requiring exchanges to share sender and recipient data, helping prevent illicit activities like money laundering and terrorism financing.
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