You’ve signed up to a crypto exchange and bought cryptocurrency. You don’t care about trading it. You’re invested for the long term. So, what do you do with the cryptocurrency? You have two options:
- Keep it on the exchange and hope you can withdraw it later on.
- Get it off the exchange by sending it to your own crypto hardware wallet.
As convenient as option one appears, it’d be irresponsible of us to recommend it. Here’s why: Exchange users who buy cryptocurrency don’t actually own it. The companies operating the exchanges do. Your exchange account balance is essentially an IOU.
The good news: It’s quite easy to claim control of the cryptocurrency you bought on the exchange. (That’s what option two is.) Of course, you need to have purchased and set up a hardware wallet before you can send the cryptocurrency from an exchange. Assuming you’ve done that, below are the next steps.
1. Get Address From Crypto Hardware Wallet
Before you can send cryptocurrency, you need to know where it’s going. In this case, you’re sending it to an address. This address is generated by your hardware wallet. The companies that make hardware wallets put a lot of effort into making this step as user-friendly as possible.
Regardless of the device you own, the process required to get your hardware wallet to generate a recipient address is basically the same. Please understand this: You can only receive cryptocurrencies that are supported by your hardware wallet.
You must also ensure that you’ve installed the app that corresponds to the cryptocurrency you want to send. E.g., to send bitcoin to an address generated by your Ledger Nano S, you’ll need to have installed the Bitcoin app.
2. Send Cryptocurrency to Address
Load the website or app of the exchange that you wish to send cryptocurrency from. Head to the withdrawal page. Enter the name and amount of the cryptocurrency that you’re wanting to send to your hardware wallet.
Copy the recipient address from your hardware wallet and paste it in the appropriate section on the exchange’s withdrawal page. Now, all you have left to do is confirm all the details are correct.
NUGGET OF WISDOM
Send a small amount of cryptocurrency first. Then verify that the transaction went according to plan before going on to send a larger amount.
All good crypto exchanges and hardware wallets have guides for sending cryptocurrencies. They can normally be found in the help section. If you need further help, reach out to the support team of the exchange or wallet provider.
Need a Crypto Hardware Wallet?
In the Crypto Storage & Wallets section of the Resource Hub, you’ll find a resource that highlights the most trusted and reputable crypto hardware wallets. Find it at Store Cryptocurrency in Crypto Hardware Wallets.