How to safely transfer cryptocurrency between exchanges: a step-by-step guide
The correct order for transferring coins between exchanges is to first obtain the recharge address and network at the receiving exchange, and then fill in the withdrawal information at the sending exchange. The currency, network, address, and Memo must match exactly. When using the new address for the first time, a small amount test should be conducted to confirm the transfer of remaining assets.
What do I need to prepare before transferring coins?
Before starting the operation, make sure that both exchanges support the same currency and the same blockchain network. Don’t just look at the currency name, because the same stablecoin may support Ethereum, TRON, Solana, and other networks at the same time.
It is recommended to confirm the following information in advance:
- Whether the receiving exchange supports this currency.
- Which networks are jointly supported by the two platforms?
- Does the receiving address require Memo or Tag?
- What is the minimum recharge amount?
- How much withdrawal fee does the sending exchange charge?
- How many block confirmations are required to receive the exchange?
- Are the recharge and withdrawal functions in normal condition?
- Has the account completed authentication and two-factor authentication?
If the receiving exchange suspends the recharge of a certain network, even if the on-chain transfer is successful, the funds may not be credited to the account in a timely manner.
Step 1: Select the currency to be transferred
The simplest way is to directly transfer the currency currently held, so there is no need to sell and buy first, and it can also avoid additional transaction fees, price slippage, and potential tax records.
For example, to transfer Bitcoin from Exchange A to Exchange B, you should first confirm that Exchange B supports Bitcoin deposits, and then check whether Exchange A can withdraw through the same Bitcoin network.
If the withdrawal fee of a certain currency is too high, you can compare other transfer methods, but you cannot choose a network that the receiving exchange does not support in order to save transaction fees.
Step 2: Obtain the recharge address at the receiving exchange
Log in to the receiving exchange, enter the “Recharge”, “Deposit” or “Receive cryptocurrency” pages, and then select the currency you are ready to receive.
Next, you need to select the recharge network. The system will generate:
- Recharge address;
- QR code;
- Network name;
- Minimum recharge amount;
- Number of required block confirmations.
- Memo, Tag, or payment number will only be displayed for some currencies.
When copying the address, you should use the copy button provided by the exchange and try not to enter it manually. After copying, check whether the characters at the beginning and end of the address are the same.
Step 3: Ensure that both exchanges choose the same network
Network matching is the most important step in transferring money between exchanges.
Assuming the receiving exchange generates a TRC20 address for USDT, the sending exchange must also select TRC20. If the sending end chooses ERC20, BEP20, or other networks, even if the currency is also USDT, it may not be credited normally.
The correct operation should satisfy:
Sending currency = Receiving currency
Sending network = receiving network
Withdrawal address = recharge address
Memo or Tag = Receive information displayed on the page
Binance’s official recharge tutorial also reminds that you should not only choose the network with the lowest cost, but also choose the network that the receiving platform actually supports. Network mismatch may cause assets to not be automatically credited, or even unable to be recovered.
Step 4: Check if Memo or Tag is needed
Some currencies such as XRP, XLM, ATOM, EOS, TON, etc. may require filling in Memo, Tag, or payment number in addition to the recharge address.
The recharge address usually corresponds to the public wallet of the exchange, and Memo is responsible for identifying specific users. If only the address is filled in and Memo is omitted, the assets may have arrived in the exchange wallet, but the system cannot determine which account should be credited.
Please note when filling out:
- Address and Memo need to be copied separately.
- Do not fill Memo into the address bar.
- Do not fill in the address in the Memo column.
- When Memo is a number, do not add spaces or other characters.
- When Memo is not displayed on the receiving page, do not fill it out yourself.
- Review the latest recharge page before each transfer.
After omission or incorrect filling, it is necessary to contact the receiving exchange to apply for manual retrieval. The platform may charge processing fees and cannot guarantee that it will be restored.
Step 5: Send a small test first
When using a new exchange, address, or network for the first time, do not directly transfer all assets. It is recommended to send a small test amount higher than the minimum recharge amount first.
The test amount needs to meet the following requirements at the same time:
Test amount > Minimum recharge amount received from the exchange
Test amount > Send exchange withdrawal fee
The test amount is sufficient to be recorded normally after deducting fees
After submitting the test transfer, wait for the receiving exchange to display the arrival. After confirming that the currency, network, address, and Memo are all correct, use the same information to transfer the remaining assets.
Please note that some exchanges will regularly update the recharge address. Even if you have successfully used it before, you should re-enter the recharge page to check before each transfer.
Step 6: Submit withdrawal at the sending exchange
Return to the sending exchange, enter the “Withdrawal” or “Send cryptocurrency” page, select the same currency, and then fill in in order.
- Receive the recharge address of the exchange.
- A blockchain network consistent with the receiving end.
- Memo or Tag, such as receiving page requests.
- Withdrawal amount;
- Fund accounts, such as spot accounts or fund accounts.
Before submission, check the network fees and expected arrival quantity displayed on the page. Some exchanges charge fixed withdrawal fees, and the actual arrival amount may be less than the entered withdrawal amount.
After confirming the information, the exchange usually requires a password, email verification code, mobile verification code, access key, or two-factor authentication.
Step 7: Check transaction hash and arrival status
After the withdrawal is approved, the exchange will generate a transaction hash, also known as TxID or TxHash.
Users can copy the transaction hash to the corresponding network’s blockchain browser to view the transaction status.
| Status | What does it usually represent? |
| Processing | The exchange has not yet broadcast transactions to the blockchain |
| To be confirmed | The transaction has been put on the chain, but the confirmed quantity is insufficient |
| Confirmed | Blockchain transaction has been completed |
| Completed but not recorded | The receiving exchange may still be awaiting further confirmation or undergoing internal audits |
| Fail or cancel | The transaction was not successfully sent, and the funds are usually still being sent to the account |
The number of confirmations required by different networks and exchanges varies. The success of blockchain does not necessarily mean that the receiving exchange will immediately record the account.
What is the cheapest way to transfer currency?
There is no fixed answer that applies to all exchanges and currencies. The cheapest way to transfer coins should compare the total cost, rather than just looking at blockchain fees.
The total cost usually includes:
Total cost = selling fee + buying fee + price slippage + withdrawal fee + network fee + potential tax cost
| Transfer method | Cost characteristics | Suitable for the situation |
| Direct transfer of original currency | Usually only withdrawal fees and network fees are required | Both platforms support the same currency and network |
| Transfer stablecoins using a low-cost network | Network costs may be lower | Both platforms support the same stablecoin and network |
| Transfer to low-cost currencies | On-chain fees may be lower, but two transactions are required | The transfer amount is large, and the conversion cost is lower than the original currency withdrawal fee |
| Use internal exchange transfers | May be free or low cost | The sender and receiver belong to the same exchange system |
| Withdrawal and recharge via fiat currency | Including bank and transaction fees, processing time is relatively long | The two platforms do not have a common cryptocurrency network |
XRP, XLM, LTC, SOL and other assets sometimes have lower on-chain transfer costs, but may involve transaction fees, price fluctuations, Memo requirements, and tax records, and cannot be directly converted just because of low network fees.
For small transfers, the impact of fixed withdrawal fees is more pronounced; for large transfers, security and network compatibility are usually more important than saving small fees.
How to compare the transaction fees of different networks?
The same stablecoin may support multiple networks. For example, USDT may support ERC20, TRC20, BEP20, Solana, or other networks.
When comparing, the following order should be followed:
- Confirm which networks are supported by the receiving exchange.
- Check the withdrawal fee corresponding to the network of the sending exchange.
- Check the minimum withdrawal and minimum recharge amount.
- Confirm that the network recharge function has not been suspended.
- Compare the estimated arrival time.
- Choose a network that supports both ends and is cost-effective.
Never choose the cheapest network first and then assume that the receiving exchange can handle it.
Common Conversion Errors
Wrong network selected
One of the most common transfer errors is when the currency is the same but the network is different. Assets in the wrong network may not be automatically credited, and whether they can be recovered depends on whether the receiving platform controls the private key of the corresponding address.
Filled in the wrong address
Blockchain transfer confirmation usually cannot be revoked. After copying the address, check the first and last six characters and confirm that they have not been replaced by malicious software on the clipboard.
Missing Memo or Tag
Assets may have entered the exchange’s public wallet, but cannot be allocated to specific user accounts and require manual processing by the exchange.
Lower than the minimum recharge amount
On-chain transactions may be successful, but the receiving exchange will not automatically record the transaction. Some platforms will record the transaction after the minimum accumulated recharge is reached, while others require manual processing.
Network suspension during recharge period
If the receiving exchange is maintaining the wallet or suspending deposits, the assets may need to wait for the function to be restored before they can be credited.
Transfer tokens not supported by the exchange
Same name does not mean the same token. It is necessary to check the full name of the currency, network and token contract address, especially paying attention to packaged assets, cross-chain assets and tokens with similar names.
Identity or source verification not completed
Some exchanges may require users to fill in the sending platform, recipient name, or source of funds based on local travel rules or compliance requirements. Incomplete information may result in manual review of recharge.
What should I do if the transfer is delayed?
Firstly, do not send a second large transfer repeatedly. Check in the following order:
- Check the withdrawal status at the sending exchange.
- Find transaction hash.
- Query transactions in the corresponding blockchain browser.
- Confirm if the currency and network are correct.
- Check if Memo or Tag has been filled in.
- Check the number of confirmations required by the receiving exchange.
- Check if the recharge amount has reached the minimum limit.
- Confirm whether the receiving exchange has suspended the network deposit.
If the blockchain has not yet generated a transaction record, contact the sending exchange; if the blockchain has been confirmed but the receiving platform has not recorded it, contact the receiving exchange.
Prepare when submitting tickets:
- Transaction hash;
- Currency and quantity;
- Send network;
- Sending and receiving addresses;
- Memo or Tag;
- Submission time;
- Screenshot of withdrawal and recharge pages.
Safe Transfer Checklist
Confirm item by item before submitting withdrawal.
- The currency is completely consistent.
- The network is completely consistent.
- The address is obtained by copying or scanning the code.
- The characters before and after the address have been checked.
- Memo or Tag has been filled in.
- The amount is higher than the minimum recharge requirement.
- Withdrawal and recharge functions are normal.
- The handling fee and expected arrival quantity are acceptable.
- Enabled two-factor authentication.
- The first time using this address, a small amount of testing has been conducted.
- No access to the exchange through private messages or search ads;
- No one asked for a password, verification code, or private key.
FAQs
How long does it take to transfer money between exchanges?
It depends on the speed of the sending exchange’s review, the congestion of the blockchain, and the number of confirmations required by the receiving exchange. Some networks may arrive in a few minutes, and it may take longer when there is congestion or manual review.
Is there a handling fee for transferring coins between exchanges?
Usually required. Sending exchanges may charge withdrawal fees, and blockchain also incurs network fees. Receiving exchanges generally do not charge regular cryptocurrency recharge fees, but specific rules should be checked.
Which network is the cheapest to transfer to USDT?
The withdrawal fees and support networks of different exchanges are different, and there is no fixed answer. You should first check the USDT network supported by the receiving exchange, and then compare the fees of the corresponding network of the sending exchange.
Can Bitcoin addresses be directly used to send USDT?
No. The currency, network, and address format must match. Sending USDT to a regular Bitcoin address may result in assets not being recovered.
Do I still need to manually check after copying the recharge address?
Yes. The characters at the beginning and end of the address should be checked to prevent copying errors or malicious software from replacing the address on the clipboard.
How much money should be sent for the test transfer?
The test amount should be higher than the minimum recharge amount of the receiving exchange, and ensure that it can still be credited normally after deducting withdrawal fees.
Blockchain shows success, why hasn’t the exchange received the payment?
It may be due to insufficient confirmation times, missing Memo, amount below the minimum recharge requirement, exchange wallet maintenance or compliance review. The transaction hash should be saved and the receiving exchange should be contacted.
