Moving Funds Off an Exchange, Step by Step
Seven steps from an exchange balance to a wallet you control, with the two irreversible moments marked.
Gabriel Mas ·
Moving a balance from an exchange to your own wallet is routine and permanent. Two of these steps cannot be undone.
Step 1: have the wallet ready first
Set up and back up the destination wallet before you start. A wallet created in a hurry to receive a transfer is a wallet whose backup was done in a hurry.
Step 2: choose the network
Open the wallet, find the receive screen, and note which network it is offering. Then check your exchange supports withdrawing on that network.
Where both support several, choose the cheapest one both sides list.
Step 3: copy the address
Copy it from the wallet rather than typing it. Then look at the first four and last four characters and remember them.
Step 4: paste and verify
Paste into the exchange withdrawal field, then compare the first four and last four characters against what you noted.
This is the first irreversible moment. Clipboard malware that swaps addresses exists and this check defeats it. A venue that confirms the address before sending will show the address again on a confirmation screen, which is your second chance to catch it.
Step 5: send a test
The minimum amount. Wait for it to appear in the wallet, not for the exchange to say it was sent.
If it does not arrive within the expected window, stop and find out why before sending more.
Step 6: send the remainder
The second irreversible moment. Same address, same network, no changes.
Expect to pay the withdrawal fee again. Two fees for one transfer is the cost of doing it safely.
Step 7: confirm and record
Note the date, amount, fee, destination and transaction reference somewhere you will find it. You will need this for tax and for your own reconstruction later.
What to do if something goes wrong
Wrong address on a network you control: funds are gone. Wrong network to an exchange address: contact that exchange, as recovery is sometimes possible and never guaranteed.
Nothing arrives and the exchange shows sent: check the transaction reference on a block explorer before contacting anyone. An exchange with a withdrawal flow you can follow without guessing gives you that reference at the moment of sending, and exchanges that let you practise with a small amount first make step five cost almost nothing.