Need a secure place to store your crypto? You’ve come to the right place!
Coinhako doubles up as a crypto wallet where you can house digital assets like Bitcoin, Ethereum, Ripple, Uniswap and more securely. Storing crypto on Coinhako also offers you the option of converting your crypto into SGD when you want or need to.
Thinking about moving your crypto holdings from a personal wallet or another platform? Read on to find out how you can store them on Coinhako in just a few simple steps!
Sending crypto from another wallet
Sending crypto from another wallet to Coinhako is simple. Here’s what you need to get started:
- A verified Coinhako account
- A crypto address
- Sufficient crypto balance in your other wallet to cover gas fees
If you have not created a Coinhako account, click HERE to sign up!
How to create a crypto wallet address on Coinhako
- Go to the Wallet page
- Select the crypto you want to create an address for
- Select the blue “Receive” button on the right
- Select “Create Address”
Your crypto address will be presented in the form of a QR code and as well a string of alphanumerical characters. For convenience, simply copy the alphanumerical address to your clipboard by selecting the blue “Copy” option.
➡️ Create a wallet address now
Depositing USDT and USDC on Coinhako
You can also deposit stablecoins like USDT and USDC on Coinhako. USDT and USDC deposits into Coinhako will be converted to USD at real-time market rates, and will be reflected in your USD wallet.
Your USD balance can then be used to purchase crypto in USD.
🇺🇸 Find out more about USD trading here
Things to take note of when sending crypto from another wallet
Make sure you’re sending tokens to the right network
Before sending any crypto from another exchange or wallet, you should always check the supported network of your receiving wallet, to make sure your tokens end up where you want them to.
Sending tokens to the wrong network could result in the loss of your crypto holdings.
If you were to send BEP20 tokens to a wallet that only supports the ERC20 standard, your tokens may not be accessible by the receiving party, even though the transaction may reflect a successful transfer. While the address format for BEP20 and ERC20 are the same, they operate on completely separate blockchains.
What are token standards?
ERC20 (Ethereum Request For Comment 20) is the token standard for the Ethereum blockchain. The token standard serves as a set of rules which define the way tokens are issued, transferred, approved, and accessed. We support the ERC20 token standard and use it to facilitate exchanges between ERC20 tokens and other cryptocurrencies on our platform.
Check your crypto address
Would you make a bank transfer without double-checking that it’s going to the right account? Probably not.
It always pays to be extra careful — double (or triple) check your recipient’s address before sending any crypto.
Blockchain transactions are irreversible, so once your transaction gets approved, the chances of retrieving funds from an erroneous transaction are extremely slim!
Check network traffic
Much like how a car stuck in a traffic jam will reach its destination later, high network traffic will slow down the speed at which crypto transactions are processed. For Ethereum transactions, gas fees also surge when network traffic peaks.
Crypto transactions, especially for Bitcoin, can be delayed due to a variety of reasons, including network congestion, lack of hash power, fewer miners, or even platform requirements.
You can check network traffic here for Ethereum and here for Bitcoin, before proceeding with your crypto transactions.
We hope this article helps you learn a thing or two about sending crypto to Coinhako!
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.