When you own digital assets it’s important to know how to send your crypto, whether it’s to a person, to one of your other wallets, or to a crypto platform or exchange. The sending process can vary depending on the type of coin, the platform, and the type of wallet. Let’s learn all the basics for sending cryptocurrency.
Tips for Sending Crypto Safely
- Double check for correct blockchain network
- Check platforms for external wallet function and fees
- Make sure coin is compatible with wallet
- Double check all transaction details
- Send a test transaction
Why is sending crypto so different from sending fiat money?
You are likely very adept at using direct transfers and ACH transactions through your bank. The difference with crypto transactions is that you can send hundreds of different crypto coins to someone without a 3rd party in between (i.e. your bank or Visa).
How long does it take to send Bitcoin?
Crypto transactions can go from seconds to minutes or longer, depending on the transfer method you choose:
- It usually takes a few minutes on Bitcoin and Ethereum blockchains, but you can send instant transfers on BCH & DASH.
- Withdrawals from exchanges usually take the longest, but it depends on the exchange you choose.
How to Send Cryptocurrencies
The type of wallet you are sending from will determine how the transaction will go, so let’s take a look at how to send crypto from Hard Wallets, Hot Wallets, and Custodial platforms.
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Sending Crypto from a Hard Wallet
When using a hard wallet like Ledger or Trezor, you’ll need to plug in the hardware device so it is online and the assets are available to transfer. Once you’re done, make sure you have the correct app installed in your hard wallet for the cryptocurrency you are sending. Then simply follow the “ Send” instructions:
- Copy the recipient’s receiving address. Then paste it in the transaction details and add the desired amount.
- Choose the network fees (the higher the fee, the quicker the transaction).
- Send a small test amount, especially if it's a large amount.
- Send the cryptocurrency to the recipient.
- Verify that the transaction goes through. The transaction will have its own hash (transaction i.d. on the blockchain) that can be viewed anytime on the blockchain explorer.
Sending from a Hot Wallet
Desktop or mobile software wallets (aka “hot wallets”) like MetaMask and Exodus make it very easy to send crypto to other wallets:
- Navigate to the “Transfer” or “Withdraw” or “Send” page of the application.
- Copy and paste the receiving address from the recipient.
- Determine which coin and make sure the web wallet offers functionality for that coin.
- Make sure you have the correct blockchain network selected.
- Follow the “Send” instructions, sending a small test amount first.
- Double check all the transaction details before hitting “Send”.
Sending from a Custodial Exchange or Platform
To send from your exchange to an external wallet, you’ll first need to find out if your exchange allows external transfers.
- Some exchanges allow transfers to external wallets but charge an extra fee and have withdrawal restrictions, like Coinbase and BlockFi.
- Other exchanges like Kraken and Gemini give investors a certain number of free transfers per day or month.
- Some don’t allow external transfers at all, like PayPal and Robinhood.
If you are transferring to an external wallet from an exchange, navigate to the “Withdrawal” menu and choose the asset, amount, and recipient wallet address. Check your details, and hit “send”.
Adopt a security-first mindset: Read Quadency’s Guide to Storing Crypto Safely
Top safety tips for sending crypto
Practice these leading safety tips as part of your crypto risk management:
- Send a small test amount first.
- Never type the crypto address - copy and past or scan the QR.
- Double check everything before sending; blockchain transactions are generally irreversible.
- If using a hard wallet, be sure to disconnect after the transaction to bring the digital assets back offline.
- Be sure you are working with the correct blockchain, i.e. Ethereum, Binance Smart Chain, etc.
When you send crypto to another wallet, whether it belongs to you, to a friend, or to a platform or exchange, treat the transaction with a risk management mindset. Follow the guidelines in this article to make sure your Bitcoin or other altcoins make it safely to their destination.
- Enjoy a 360 view of all your crypto assets at Quadency
- Learn these 5 Common Trading Mistakes
- Discover QUAD tokens and start staking!
Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.
Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.