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How to make a Cryptocurrency Deposit or Withdrawal

Most expert crypto traders understand how digital assets like Bitcoin, Ethereum, Litecoin, Dash, etc., work. They know what must be considered before trading or investing in any cryptocurrency – for instance, the market price movement. These factors influence traders’ actions on their assets stored in a digital wallet. That means they know when to make a cryptocurrency deposit or withdrawal. However, these things may appear complicated to beginners in the crypto space.

If you’re just catching up with the world of crypto or you’re still unfamiliar with making crypto transactions, this article will explain everything you need to know about how to make cryptocurrency deposits and withdrawals.

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How to Deposit Cryptocurrencies – A Step-by-Step Guide

Here is a 5-step guide to depositing supported crypto into a wallet address.

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Step 1: Open Your Digital Wallet

When you buy a cryptocurrency, you must store it in a secure digital wallet to trade or hold. However, if you find yourself where you have to deposit another cryptocurrency to another wallet address, you have to open this digital wallet to do so.

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Step 2: Click on the Withdraw Button

The next step is to click on the transfer button that offers you an option to withdraw cryptocurrencies into another account or wallet address. This button’s location may differ from one digital wallet to another.

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Step 3: Choose the Crypto to Deposit

Select the crypto from the list of digital assets supported by the digital wallet. For instance, if you want to deposit a BNB ERC20 token into this wallet, you must tap on the crypto. A pop-up will appear on your mobile screen showing your deposit address and a QR code (sometimes).

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Step 4: Copy and Paste the Deposit Address to an External Wallet

Once you have the deposit address, you can copy and paste it into an external wallet with an amount of BNB ERC20 token. You will have to choose the amount of tokens you want to be deposited from the external wallet to your digital wallet. Alternatively, you can scan the QR code to send tokens.

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Step 5: Approval

Wait for a few minutes for an approved transaction. Check your digital wallet to see if BNB has been deposited into your account.

You must know that transaction fees will be charged depending on the crypto network you are using while depositing money from an external wallet. In this case, this will be ETH.

How to Withdraw Cryptocurrencies – A Step-by-Step Guide

Alternatively, if you want to withdraw your chosen cryptocurrency from your digital wallet, follow the steps below.

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Step 1: Open Your Digital Wallet

The first step is to open the digital wallet where you have the cryptocurrency stored.

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Step 2: Transfer Cryptocurrency to Wallet Address

The next step is to click on the “Withdraw” button and select the crypto you want to transfer from your digital wallet to another. A page will be displayed where you have to enter an amount of crypto to transfer and a box to enter the receiving (external) wallet address. Complete the process by clicking the “Withdraw” button.

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Step 3: Confirm the Transaction

Once you’ve clicked the withdraw button, you will be requested to confirm the transaction by providing a code or means of identification. Verify if the receiving address has seen crypto as soon as the id confirmation is over.

You will be charged gas fees for this transaction.

Whatever you do, ensure to enter the correct digital address for deposit and withdrawal because funds are irrecoverable if they are sent to the wrong wallet. 

Maryam Jinadu
Maryam Jinadu - Fintech and Crypto Writer
42 Articles

Maryam is a crypto and igaming content writer. Since she started writing crypto content in 2018, she has written more than 500 web articles. 

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Reviewed and Fact Checked by Will Wood , Crypto Gambling Expert