Regardless of the purpose for which you need cryptocurrency, it sometimes has to be transferred. And it is extremely difficult to do without it if you urgently need to swap USDT to TRX at a favorable rate.
For active traders, this is a common thing, investors transfer coins less often. And yet, each user once had the first transfer in his life and the risk of losing coins is common to everyone without exception.
There are many reasons for losing money. Coins forever go to the unknown distances of the blockchain due to annoying mistakes made due to inattention, due to fatigue or haste.
How To Transfer Coins And Not Lose Them During The Transfer
Cryptocurrency transfer is not more difficult than banking, and perhaps even easier. The algorithm of actions is standard:
- You choose the coin you need to send.
- Open the recipient’s address in the wallet, on the exchange or in the LetsExchange widget and copy it.
- You return to the selected coin on the site where the funds will be sent from and insert the recipient’s address in the corresponding field.
- Enter the amount.
- Confirm the conclusion.
When sending coins from an exchange wallet, the system, just in case, will ask you to confirm the exchange at least by e-mail and through 2FA. This is necessary to make sure that you are the one who is withdrawing, and not some unknown person who has taken possession of your password.
Technically and generally not difficult. Difficulties arise due to the need to check many data. If something does not match in them, the result will be unfortunate.
First of all, the coins and the wallet must belong to the same network. If you mistakenly send Bitcoin to an Ethereum address, the coins will not be credited and there will be no automatic conversion. You will simply lose them forever.
Since errors of this type are quite common, many exchanges have a function to prevent them. The system reminds of these nuances and warns of errors in the address.
It is very important that the address be copied in its entirety if you are copying it using a cursor. Sometimes not all characters are captured during selection, and the address is copied without the first or last character. The result of an attempt to transfer to such an address is quite predictable.
It is much more reliable to use the built-in copy function. You just need to press the button and the entire line will be copied to the buffer in the correct form.
Of course, attentiveness does not hurt here either, since sometimes there is a short-term freeze of the system, your device, or a deterioration in the quality of communication.
Due to such generally insignificant interference, copying may not occur and instead of the recipient’s address in the address bar, there will be something completely unrelated to cryptocurrencies.
Check all addresses again before confirming the shipment. At a minimum, make sure that the first few characters and the last few characters of the recipient address you enter and the provided address match.
It’s quick, easy, and certainly better than no verification at all. But it’s still better to spend more time and check the address character by character from beginning to end.
Unfortunately, a lot of malware circulates on the network and some programs are designed to change addresses in the clipboard. So let’s remind you about the need to use an antivirus.
Another very common problem is phishing. Malice creates fake pages disguised as exchangers, exchanges and other services.
These guys work very diligently and it is really difficult to distinguish a fake from a real site. Agree, it is extremely unpleasant to personally and voluntarily give your money to unknown types.
Use tags if required. When transferring some cryptocurrencies from an exchange wallet, the system requests a tag. This is a relatively short code for user identification.
The tag is indicated next to your wallet address. If the tag is neglected or forgotten to indicate, the coins will go to the exchange, but will not be credited to your account.
Sometimes this problem can be solved by contacting technical support, but the chances are frankly low. Yes, and why initially complicate your life, if it is easier to spend a little more time and double-check all transaction data before confirming it.
The tag is usually requested when sending the following assets:
- Binance Coin (BNB)
- Cosmos (ATOM)
- Ripple (XRP)
- EOS (EOS)
- Stellar Lumens (XLM)
- Monero (XMR)
- NEM (XEM)
Use stablecoins. Cryptocurrencies are very volatile and in the process of processing a transaction, losses are possible due to rate fluctuations.
Therefore, it is safer to transfer money in USDT, USDC, BUSD or other stablecoins. The price of such coins is pegged to the dollar at a ratio of 1:1 and cannot change by tens of percent in a matter of minutes.
Pay attention to commissions. Everyone knows about the existence of trading commissions when converting BTC to ETH on the exchange. Some sites provide commissions for all operations, including deposits and withdrawals.
These are relatively small costs, but savings are still possible. Usually, each coin has its own tariff. For example, a BTC withdrawal costs $3-5, while a TRX or XRP withdrawal costs a few cents.
Start with small amounts. Until you are a very confident user, it is better not to risk large sums. This applies both to the first transfer in life, and to the first interactions with services and coins (think about tags).
A trial transfer of a small amount will give you an opportunity to make sure that you are doing everything right, that the platform is not fake and that your wallet is compatible with it.
