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In 2023, over $1 billion worth of cryptocurrencies were stolen from exchanges. This means that cryptocurrencies on any exchange are vulnerable to hacking and phishing scams, which is why Transfer your cryptocurrency to a cold wallet It is vital to the security of your digital assets.
This guide will walk you step-by-step through the process of transferring Bitcoin and other cryptocurrencies from two popular exchanges, Mexico And Binanceto two versions of cold wallets: electronic And Non-electronic.
We’ll go over what to consider before transferring your cryptocurrencies and provide examples so you can manage your accounts with confidence.
Table of contents
What to Consider Before Buying and Transferring Cryptocurrencies
1️⃣Your first step is to decide which digital assets you want to invest in. From there, you can decide which exchange or wallet is best for you and your needs.
Some wallets allow you to buy cryptocurrencies directly from their platforms, which we will discuss later in this post. But for the most part, you will need to choose a platform to conduct your transactions.
There are many popular exchanges, such as Coinbase, KuCoin, eToro, Bybit, Kraken, and others. For the sake of this post, we will be using Mexico And Binance As two prime examples of our exchange.
2️⃣Then you have to choose a cold wallet to store your cryptocurrencies.
Some beginners have difficulty understanding this step and why it is necessary to transfer your cryptocurrencies from the exchange to a secure cold wallet.
❌Many exchanges offer wallets to store cryptocurrencies, but the problem is that these wallets are hot wallets. This means that they Always online Therefore, your private keys and other data are vulnerable to hacking.
✅A cold wallet stores your private keys, and therefore your cryptocurrencies, offline. Never or rarely connected to the internetThis makes it more difficult for your cryptocurrencies to be stolen or manipulated.
We suggest that you take the following factors into consideration in advance:
protection
Using a secure device is important to protect your cryptocurrencies. Exchanges They have historically been easy targets for hackers and billions of dollars have been stolen from exchanges over the years due to Lack of protection Sizes.
By moving your digital assets to a cold crypto wallet, you are now securing your private keys offline, thus reducing the risk of theft.
Device compatibility
Once you’ve narrowed down your selection to a cold wallet that you like, after considering the wallet’s features, of course, you want to ensure that it Supports the cryptocurrency you invested.
Different wallets support different types of cryptocurrencies and tokens, so make sure the wallet you choose will be able to hold the digital assets you want.
Backup Options
You must maintain seed phrases And Private keys Safe. These are the only ways to access and recover your cryptocurrencies, so losing them due to theft or damage is not an option.
research Offline Security Measures which is perfect Flame retardant And waterproof.
A paper wallet, being so delicate, is never a good choice.
Step by step guide
Transfer cryptocurrencies from MEXC to an electronic wallet
Your first step before transferring any cryptocurrency to your cold wallet is to set up your MEXC exchange and prepare it for transfers.
However, there are a few things to consider when using this popular exchange. MEXC is not accessible in certain regions, so it is important to make sure that MEXC is accessible from your country. However, many users around the world rely on VPNs to get around geo-restrictions to use the exchange.
We do not endorse any of these actions, but simply point out common loopholes that many fans of this global cryptocurrency exchange exploit. Check out our MEXC review for more details.
How to make a transfer from MEXC
1. Log in to your MEXC account.
2. Click on the “Wallets” button located on the upper right side.
3. Click on the “Withdraw” tab.
4. Select the cryptocurrency you want to withdraw.
5. Select “Address” and enter the cold wallet address and the network you want to transfer to.
We will show you how to get the correct address for your cold wallet using Elliptical And swordball As examples in the next section.
6. Enter the amount you want to transfer and click “Submit”.
7. Full verification.
8. Track the status of your transfer.
How to transfer to Ellipal wallet
Transferring cryptocurrencies from MEXC exchange to your Ellipal wallet is simple.
Complete steps 1-4 as described above. When prompted to enter your wallet address, here’s how to do it for the Ellipal wallet:
1. Open the Ellipal Wallet app and select the assets you wish to receive.
2. Click on the “Receive” button located in the lower left corner.
3. Create your receiving address.
You can copy and paste this public address into the MEXC exchange (proceed to step 5 in How to make a transfer from MEXC).
How to transfer to SafePal wallet
Transferring cryptocurrencies from MEXC exchange to SafePal e-wallet is very similar to transferring cryptocurrencies from Ellipal. Here’s how:
1. Open the app, go to the cryptocurrency receiving page, and tap on the cryptocurrency you want to receive.
2. Click on the “Receive” button.
3. Copy and paste your SafePal wallet address into MEXC to transfer the desired cryptocurrency to the cold wallet.
(Continue moving from step 5 in How to make a transfer from MEXC to divide).
What to consider when transferring to an e-wallet
When transferring your cryptocurrencies to an e-wallet like Ellipal or SafePal S1, you need to understand that you will be using: Separate app on different deviceLike a smartphone or computer.
This brings some potential. Risks Such as increased connectivity over the Internet. This also means that these applications rely on software programs to send and receive information that appears on the electronic device.
There are potentially higher risks of malware and phishing attacks with cold wallets that can compromise your private keys.
Using a cold wallet is a safer option.
Transfer cryptocurrencies from Binance to a non-crypto wallet
In this section, we will show you how to transfer cryptocurrencies from another popular cryptocurrency exchange, BinanceTo a non-electronic wallet. We will use Bitcoin Material Cool wallet to show off.
How to Make a Transfer from Binance to Material Wallet
1. Log in to your Binance app and tap “Spot” on the top bar, then “Withdraw” in the middle, then “Wallets” on the bottom right side.
2. Select the cryptocurrency you want to transfer and the network.
3. Enter the wallet address of the item you want to transfer the cryptocurrency to.
Your wallet address is located on the metal plate.
4. Enter the amount you wish to send.
5. Scan the QR code on the front side of your Material Wallet to confirm that you have received the transferred cryptocurrencies.
Benefits of using a non-crypto wallet like a Bitcoin wallet
There are many benefits to using a cold wallet to store your cryptocurrencies.
➡️Simple and easy to useThanks to the non-electronic components, you will not need to worry about changing or charging batteries in the wallet device. In addition, there will be no need to download or set up any application or account for the user platform.
➡️True offline cold storageAny physical wallet that has a digital display and electronic components relies on software from another source. This means that these types of wallets are not truly cold wallets. Physical wallets operate offline, ensuring that scammers and hackers do not have access to your private keys online.
E-wallets are vulnerable to malware and other online threats due to their reliance on their electronic counterparts.
➡️Ease of useWith a cold wallet, the process of transferring cryptocurrencies becomes much easier. You don’t need to worry about any software updates, internet connections, or linking devices to platforms and accounts. All you need is a public address printed on the cold wallet and you can easily make the transfer.
Buy cryptocurrencies directly from Material
If you are looking for an easy and very secure way to buy cryptocurrencies, consider buying Bitcoin directly from a Material Bitcoin cold wallet.
Using this method means that you do not need to make an exchange. Simply scan the QR code on the metal plate, enter the amount you wish to purchase and verify your payment method.
What security practices should you use?
🔐Use a cold hardware walletHardware wallets like Ellipal and Safepal S1, as well as Trezor and Ledger, are great options. But for a truly enhanced security, keep your crypto in a cold, non-electronic hardware wallet, like Material.
🙅Never use public Wi-Fi.When transferring cryptocurrencies, always use secure and private networks to protect your transaction details.
🧐 Double check addressesBefore confirming any transaction, make sure the wallet address is accurate. Transferring cryptocurrencies to another wallet is irreversible, so you need to make sure the address is correct.
common questions
Should I transfer cryptocurrencies from exchange to wallet?
- We always suggest you transfer your cryptocurrencies to a wallet from an exchange. Using cold storage is always the best option to store your cryptocurrencies safely.
Is there a cost to transfer cryptocurrencies from exchange to cold wallet?
- Yes, there are withdrawal fees to transfer cryptocurrencies to your wallet from an exchange. Fees vary.
Are your cryptocurrencies still growing in the wallet?
- The value of assets does not stop increasing just because you store them in a safe place.
Is it safe to leave cryptocurrencies on an exchange?
- Leaving cryptocurrencies on an exchange is risky and exposes your cryptocurrencies to hacking. Cold wallets provide more secure storage solutions by keeping your assets offline.
