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How To Move Your Tokens From a Centralised Exchange (CEX) to Best Wallet
How To Move Your Tokens From a Centralised Exchange (CEX) to Best Wallet

Learn how to move tokens from a CEX to your Best Wallet.

Updated over a week ago

Learn how to move your tokens from a centralised exchange (CEX) to your Best Wallet.

A centralised exchange is an online marketplace to buy, sell, and swap cryptocurrencies, often run by a private business or company. Coinbase and Binance are the two largest centralised exchanges and have millions of yearly users.

While centralised exchanges are still very popular ways to buy and hold cryptocurrencies, they come with inherent risks such as security vulnerabilities, lack of user control, exploited custodial control of assets, and regulatory exposure.

You may have decided now is the time to move your crypto funds from a centralised exchange to Best Wallet, so you can take full ownership of your tokens and manage them conveniently within one app.

It is important to note your Best Wallet can only currently receive tokens built on the Ethereum, BNB Smart Chain, and Polygon networks.

That means that you can't currently withdraw tokens like Bitcoin ($BTC) from your centralised exchange account to Best Wallet. It is important to ensure you're only moving supported tokens to Best Wallet, as if not, you might end up with failed transactions or permanently lost crypto.

Guide to safely transferring your tokens

Follow these simple steps to move your crypto from a centralised exchange to your Best Wallet.

Step 1: Finding your Best Wallet address

Open the Best Wallet app and select the wallet you want to receive your tokens. Once you've selected the right wallet, tap on the "Receive" button to display your wallet's address.

Ensure you have selected the right wallet at the top - each wallet in your Best Wallet app will have a different address.

Next, you can find your wallet address via token or chain. "Chain" is just a shortened version of "Blockchain Network", which also means crypto network. Currently, you only have one address per wallet in crypto, because the Ethereum, Polygon, and BNB Smart Chain networks all use the same EVM wallet address. As more crypto blockchains are added to Best Wallet, including Bitcoin, you will have several network addresses.

You can either search for the specific token you are depositing from the centralised exchange or pick which chain your token is on. For example, if you are sending a BNB Smart Chain token (also known as a BEP-20 token), you can find your BNB Smart Chain wallet address by selecting "Chains".

By selecting BNB Smart Chain, you will be brought to your BNB Smart Chain-specific Receive page.

Here, you can either scan or share your Best Wallet's QR grid or copy your alphanumeric wallet address to your device's clipboard. This means you can accurately paste it into the centralised exchange, ensuring a safe and accurate deposit of your crypto funds in Best Wallet.

Step 2: Sending tokens from the centralised exchange

Next, go to the centralised exchange website/app where your tokens currently reside. Once you access your account on the centralised exchange, navigate to the "Withdraw" or "Send" section within the exchange.

If you are struggling to find how to send crypto from that centralised exchange, they should have guides on how to send/withdraw tokens.

Choose the token you wish to transfer to your Best Wallet and then paste your Best Wallet address into the designated field.

Remember: You can only receive tokens from the Ethereum, BNB Smart Chain, and Polygon networks in Best Wallet. Do not try to send any tokens on other networks, as it may result in a failed transaction or loss of funds.

Double-check that your address is correct; sending tokens to the wrong address could also result in the permanent loss of your crypto.

Once this is done, follow the exchange’s procedures to confirm your withdrawal. This may involve email or SMS confirmations for security purposes.

Step 3: Waiting for your tokens to arrive

Blockchain transactions can take time to process. The time it takes can vary based on the network's congestion and the transaction fees.

You can track the transaction using a blockchain explorer specific to the network you used (e.g., Etherscan for Ethereum). The centralised exchange usually provides you with a transaction ID (TxID) to track this.

Step 4: Checking your Best Wallet balance

Once the transaction is confirmed, open Best Wallet and view your balance on the app.

Your new balance should reflect the transferred tokens. If they don’t appear immediately, refresh the wallet or wait a few more minutes.

You will also see your tokens in the "Transactions" tab of your Best Wallet home screen, labelled as a "Deposit".

Note: Crypto transactions can vary in processing times, depending on which network you're depositing on (Ethereum's network can be slower than BNB Smart Chain's), how busy the crypto network is, and how much crypto you've sent.

If it doesn't show up instantly, this is normal and is waiting to be validated and processed on the network. You can track your deposit on the centralised exchange or a blockchain explorer website.

Why move your tokens to Best Wallet?

Best Wallet is a decentralised, non-custodial crypto wallet that offers you full control over your digital assets, aligning with the core principles of blockchain technology.

Unlike centralised exchanges, Best Wallet ensures that you are the sole owner of your private keys, which significantly enhances the security and control of your cryptocurrency holdings.

In Best Wallet, you can also manage your crypto funds in a simple, intuitive way. Buy, swap, send, and receive crypto all in the Best Wallet app, saving money and time when compared to centralised exchanges.

Additional tips for new users

  • Network Selection: Ensure you select the correct network when transferring tokens (e.g., Ethereum, BNB Smart Chain, etc.). Sending tokens through the wrong network can result in a failed transaction or loss of your funds.

  • Small Test Transfer: If you're transferring a large amount, consider sending a small amount first to ensure everything works smoothly.

  • Gas Fees: Remember, transferring tokens requires gas fees, which are paid in the native blockchain currency (e.g., $ETH when using the Ethereum network). Ensure you have enough to cover the transaction.

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