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Anonymous

16 Apr 2021

Cryptocurrency

What are the safe and secure methods of transferring my crypto from binance.sg to a separate location?

If I wanted to transfer my crypto from binance.sg to a separate location, what are the safe and secure recommendations? TIA..

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There isnt a so called safe and secure method

There is only 1 way to transfer your crypto which is to use the deposit address in another platform/ wallet, and simple withdraw the crypto in your existing platform/ wallet

Eg you want to transfer BTC from binance.sg to Gemini

Go to Gemini BTC Copy deposit address Go to binance.sg BTC Withdraw Paste the deposit address from Gemini Confirm

The question is not so clear. Do you want to transfer your coins to a wallet that you control or do you want to move it to a different wallet that may be controlled by someone else?

  • If you want to transfer your coins to a secure wallet you control, the safest is to keep it in a hardware wallet such as a Ledger Nano S. Once you transfer your coins to your hardware wallet, no one else can access them as long as they don't have your hardware wallet. So what happens if your hardware wallet is destroyed, lost or gets stolen? Anyone who gets your wallet will need to enter your passcode and if they enter a wrong code 3 times, the wallet will initalize. Do you then lose your coins? No because when you setup your wallet, you are asked to write down a secure pass phrase for recovery. You just need to get a new hardware wallet, restore your Wallet info using the secure pass phrase and you're back in business.

  • If what you actually want is to transfer the contents of the wallet to someone else anywhere in the world, you just need to get that other person's wallet address and transfer the coins using Binance SG's withdrawal facility. If you also want the receiving party to secure the coins they receive (e.g. They will not be spending the coins for a long time Or you just want them to be safe from hackers), then ask the receiving party to get a hardware wallet like Ledger Nano S. Once they have it, ask them to send you the wallet address and withdraw your coins onto that address.

For both scenarios, it is very important to send a small test transaction first before sending large amounts. You will be incurring extra fees, but you will protect yourself from mistakes like typing in the wrong address.

some extra security tips: you must always write down your recovery phrase on a piece of paper using your own handwriting. Never capture a picture or store it electronically.
Hope this helps!​​​

Jie Sheng

09 Apr 2021

Seedly Student Ambassador 2020/21 at Seedly

Hello, it would depend on what coin you are transferring in the first place. Anyway, transferring di...

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