A number of people have asked me to help them move crypto from the exchange that they use to a mobile wallet that allows an additional layer of control and security, or the ability to receive staking rewards. This is a quick guide to help you if you are stuck. I'm using Coinspot and the Algorand wallet, however, the process is the same for other exchanges and mobile wallets. Let's begin.
Find and Download Algorand Wallet
Open Algorand Wallet
Copy Public Address
Your PUBLIC address is able to be freely shared with people at no risk of security. Never share your PRIVATE key or your 24-word key phrase. They function as your password and with those details your crypto can be stolen. Your public address is able to be given out freely without any risk.
Okay so you've prepared the receiving wallet. This is the location the crypto will be stored in. The benefit of having it stored here is that you control the crypto whereas on the exchange they technically control it, but give you the ability to withdraw at any time. Okay, so next we need to open the sending wallet - the exchange. I personally love CoinSpot, they have been so good to me over the years, and I have only good things to say about them.
Open CoinSpot Click HERE
Log in to your account
Find Algorand Wallet
Paste Public Key (AKA Payment Address)
You may be asked to enter 2 Factor Authentication, but only if you have set it up previously.
Then click Send.
You should receive an email asking you to confirm your transfer, this is one of the many reasons why CoinSpot is the best exchange for security.
Then it's all done! The transfer may take anywhere from 30 seconds to 5 minutes, depending on a few factors. Keep refreshing the Algorand wallet and you should receive a notification saying the transfer has arrived.
If you need any help feel free to message me, I've helped a number of people understand the transfer process.
One fun exercise is to send crypto to a friend overseas and see how long it takes, this truly shows the power of blockchain.
Good luck and remember investing in knowledge pays the best interest. Until next time, Mitch Hamilton