Moving coins off an exchange

Withdrawing from an exchange to your own wallet is the moment you take custody. It brings together everything in this module. This lesson walks through a first withdrawal.

Before you start

Your wallet is set up and you have tested its backup (Lessons 27 and 29).
You know which coin you are moving and which networks your wallet supports.
You have time. Do not do this in a hurry.

Step 1: Get your receiving address

Open your wallet, tap "receive" and choose the coin. Note the network it shows. On a hardware wallet, confirm the address on the device's screen.

Step 2: Start the withdrawal

Step 3: Paste the address and check it

Paste your address. Compare it with the one in your wallet: the start, the middle and the end.

Step 4: Choose the network

The exchange will list one or more networks. Pick the one your wallet showed in Step 1. If your wallet's network is not on the list, stop. Do not pick the cheapest option and hope.

Step 5: Send a small test

Enter a small amount, above the exchange's minimum. Note the withdrawal fee, which is often a flat charge.

Step 6: Confirm

Approve with your two-factor code. Many exchanges also send a confirmation email. Some hold the first withdrawal to a new address for a day or more as a safety measure. That delay is normal.

Step 7: Follow it

The exchange will show a transaction ID once it sends. Look it up on a block explorer, as in Lesson 34. When the status is successful, open your wallet and check the balance.

Step 8: Send the rest

Only after the test has arrived, repeat the process for the larger amount. Use the same address and network. Check the address again, because clipboard malware does not care that the first one worked.

For large sums, consider sending in two or three parts.

Step 9: Save the address

Add the address to the exchange's allowlist if it has one. With an allowlist on, withdrawals can only go to addresses you have approved, which blocks a thief who gets into your account.

What it costs

You pay the exchange's withdrawal fee each time, including for the test. Compare it across the supported networks, and count it as part of the cost of safety.

If something looks wrong

No transaction ID after a long wait. The exchange has not sent it yet. Check its status page and contact official support.
Successful on the explorer but missing in your wallet. Check that the wallet is set to the right network.
Sent on the wrong network. See Lesson 33. Contact the receiving side's official support with the transaction ID.

Never accept help from someone who messages you first.

Do you have to move everything?

No. Lesson 24 described keeping a small trading balance on an exchange and holding savings yourself. What matters is that you know how to withdraw and have done it once, so the choice is yours.