How to move crypto between exchanges
- Author
- CRYPTO PORT Editorial
- Published
- Updated
- Reading time
- 6 min
In short
Moving crypto between exchanges runs: get a deposit address from the receiving side, enter that address and an amount on the sending side, approve with two-factor authentication, then wait for it to arrive. A transaction sent on a blockchain cannot be recalled. Confirm both sides are using the same network, and always send a small test amount first.
Key points
- Always copy the receiving address from the receiving service's own app or site
- Select the same network (chain) on both the sending and the receiving side
- Coins such as XRP and XLM need a destination tag or memo; without it the funds will not be credited
- Send a small test amount first, confirm it arrives, then send the rest
Definition
Sending crypto held at one exchange to an account at another over the blockchain. It is treated as an external withdrawal, not an internal balance transfer.
Start on the receiving side. Open the deposit screen for that coin at the receiving exchange and display the deposit address. You may be asked to choose a network (chain): some assets exist on more than one, and the network you choose here has to match the one you choose when sending. Copy the address with the copy control rather than retyping it.
Then open the withdrawal screen on the sending side, paste the address, set the network to match, and enter the amount. Many operators require you to register a withdrawal address in advance, sometimes with a waiting period before it becomes usable. That exists to prevent both mistakes and unauthorised withdrawals, so it cannot be skipped however urgent it feels.
Some assets — XRP, XLM, ATOM and EOS among them — need an extra piece of information called a destination tag or memo. Exchanges often pool many customers' holdings behind a single address, and the tag is what identifies which customer a payment belongs to. Send without it and, even with a correct address, the funds will not appear in your balance; recovering them means contacting support, and sometimes they cannot be recovered at all. 'Using destination tags and memos' covers this.
Executing the withdrawal normally requires two-factor authentication or an email approval. After that the transaction goes to the blockchain and is credited once the receiving side sees enough confirmations. How long that takes depends on network congestion and on how many confirmations the recipient requires — minutes sometimes, well over half an hour at others. Not seeing the balance immediately is usually just waiting.
The single most effective safeguard is a test transfer. Send something close to the minimum, confirm it lands, then send the rest. You pay the fee twice, which is trivial next to what a wrong address or wrong network costs. Do this every time you add a new destination, and every time you send after a long gap.
Watch out for
- · A transaction broadcast to a blockchain cannot be recalled. Funds sent to the wrong address, network or tag are, as a rule, gone
- · If you send over a network the recipient does not support, the funds may never appear and may not be recoverable
- · Malware exists that rewrites an address after you copy it. Compare the first and last characters of what you pasted against what the receiving side displays
Frequently asked questions
I sent it but it has not appeared at the other exchange.
First check on a block explorer whether the transaction has confirmed. If it has confirmed but still has not credited, a network mismatch or a missing tag is likely — contact the receiving exchange's support with the transaction ID. 'What to do when a deposit does not arrive' walks through it.