Cryptocurrency can be valuable and no doubt act as a comfort blanket. You’re able to let it safely collect, knowing how many coins you’ve amassed, especially in tough times.
However, your cryptocurrency can only be safe if you focus on two things: your choice of transfer and how you store it.
While you can store your private keys on the crypto exchange for convenience, you have more control and protection over them by only storing them in your hardware wallet. Today, we will focus on the safest ways to transfer it to your hardware wallet.
Why You Should Transfer Your Crypto to Your Hardware Wallet
Transferring your crypto to hardware instead of a software wallet is non-negotiable, especially if you want to protect your hard-earned assets. But why SHOULD you do it? Well, transferring your assets provides the following benefits:
High Immunity
As hardware wallets are mainly operated offline, they have higher immunity to viruses and malware compared to ones that could affect a computer or smartphone a hot wallet is active on. This means there’s no risk of malicious software accessing your private keys stored on your hardware wallet, serving as an additional layer of protection.
Long-Term Storage
The crypto exchange is not a reliable place to store your crypto because the servers can collapse anytime. This means it’s risky; you could lose your crypto forever!
However, hardware wallets are portable, durable devices, tamper-resistant, and withstand wear and tear, making them a trustworthy solution for crypto storage.
Backup and Recovery
If your wallet is lost, stolen, or malfunctions, you can easily retrieve your crypto due to seed phrases being used. Many of them have recovery and backup options.
Secure Transactions
With a hardware wallet, your private keys are never publicly exposed. They stay in a cold, secure environment, and stay protected from malicious threats.
Step 1: Generating a Receiving Address
First, you’ll want to enter the receiving address of your hardware wallet. You can do this by accessing your hardware wallet with your PIN. Then, on your hardware wallet, select the “Receive funds” option. Once you’ve done this, your hardware wallet will provide a receiving address for your cryptocurrency.
Note: Some hardware wallets provide a QR code for security. If your exchange does this- ALWAYS use this feature to minimize manual errors.
Step 2: Open Up the Coin Exchange
Next, you’ll want to input your receiving address into the exchange. While there are many coin exchanges, today, we will use Coinbase as an example. Simply:
- Open Coinbase on your mobile
- Select the send button at the top of your screen
- Select the supported crypto you want to transfer
- Next, enter the receiving address generated by your hardware wallet
Transferring from Other Exchanges
The process may be slightly different if Coinbase isn’t your preferred exchange.
Kriptomat
If you have a Kriptomat account, do the following:
- Log into your account
- Select the cryptocurrency you want to send
- Choose “Send”
- View the security notices and click the checkboxes to confirm
- Add in your receiving address and enter the amount you want to send
- Next, the total cost will be displayed alongside transaction feeds.
- Click preview transaction
- Then confirm the transaction using 2FA
- Press confirm – once confirmed, the funds can take up to one hour to arrive in your hardware wallet.
Binance
If you have a Binance account, do the following:
- Log into your account
- Go to the top menu bar and select Wallet, Fiat, and Spot.
- Select withdraw
- Select the crypto type you want to withdraw and enter the amount
- If Binance does not do it automatically, select the correct network
- Add in your receiving address
- Once verified, click withdraw
- Undergo the 2-Factor Authentication
- Then, wait for it to arrive in your wallet
Kraken
Do you use Kraken? Then try this:
- Log into your Kraken account
- Go to funding
- Select withdraw
- Select which type of crypto to withdraw
- Enter your receiving address
- Verify the address is correct
- Click confirm withdrawal
Crypto.com
If Crypto.com is your preferred exchange, then:
- Open up the app
- Add your bank account
- Underneath your crypto balance, select transfer
- Click Withdraw from the menu
- Select Fiat for withdrawal
- Choose your preferred currency
- Enter your chosen amount
- Select withdraw
Gemini
Finally, if you use Gemini, then try doing the following:
- Login
- Select your chosen currency
- Select the destination address, input your address
- Add the amount
- Review the transfer details
- Request withdrawal
Step 2: Verifying the Receiving Address
Before confirming the transaction on any of the above exchanges, you’ll want to ensure the receiving address of your hardware wallet is correct. After all, if entered incorrectly, your hard-earned crypto is irreversible, meaning you’ll never see it again.
So always do your due diligence and verify that your hardware wallet’s address is identical on the exchange platform.
Step 3: Initiating the Transfer from Exchange/Wallet
Once you’ve verified all the details, enter the specified amount you want to transfer. If it gives you the option, select preview- this will provide you with a glimpse to show the funds you are transferring are going to the right network.
Review the transaction details, such as any fees, and click send now. If you’ve enabled 2FA, reconfirm the transaction by entering your second authentication method.
Step 4: Confirming the Transaction
Once you’ve confirmed the transaction, the time taken to deposit into your hardware wallet can depend on the exchange you use and the congestion of the network. You might want to regularly check your hardware wallet to see if the transaction has been made through your wallet’s interface.
Note: You can monitor the transaction status through the exchange or blockchain explorer.
Conclusion
If you want to truly maximize the security measures for your hard-earned crypto, then there’s no better option than a proprietary Cryptnox hardware wallet with dual card setup.
With superior authentication measures consisting of PIN and PUK authentication and biometrics — they’re highly complex for hackers to access your private keys.
Plus, with an automatically generated QR, we save you the manual headache of inputting your receiving address and reduce the risk of your precious crypto being sent from the exchange to elsewhere. So, save your time browsing different wallets, stick to what works and one that guarantees you state-of-the-art security — order our Cryptnox Dual Init Wallet today.
Sebastien Armleder
Sebastien Armleder, a figure in the world of cryptocurrency and blockchain technology, brings a wealth of knowledge and insight to cryptnox.com. With a passion for digital currencies and a keen eye for market trends, Sebastien has established himself as a respected voice in the crypto community.
