Moving cryptocurrency between different currency exchanges can sometimes be a bit tricky. This article will detail exactly what crypto and crypto exchanges are. It will then provide a how-to for moving crypto between two of the most popular exchanges, Crypto.com and Coinbase. Frequently asked questions will then be addressed.
Quick Dive into Cryptocurrencies and Crypto Exchanges
Cryptocurrency, commonly called crypto, is digital currency. Crypto is unlike standard currencies, such as the U.S. dollar, in that it is not centrally managed. Management and maintenance activities are instead performed by internet users around the globe.
You can use crypto to purchase goods and services like regular currency, but it’s more commonly used for investing purposes. While you’ve most likely heard of the most popular cryptocurrencies such as Bitcoin and Ethereum, there are actually over 21,000 cryptocurrencies circulating today.
Crypto can be purchased, sold, and traded through cryptocurrency exchanges. Exchanges allow the user to buy crypto using traditional currency or to withdraw crypto in exchange for traditional currency. Crypto funds can also be moved between different exchanges.
This may occur between two different users, or a single user may transfer their own funds. There are many reasons a user may choose to move crypto funds from one exchange to another.
To name a few, different exchanges offer different levels of security, support different currencies, and have different fee schedules for their services. Two of the most popular exchanges right now are Crypto.com and Coinbase. Let’s briefly run down some of the top features of these exchanges.
Crypto.com
Crypto.com was originally founded in Hong Kong in 2016 and it is now operated out of Singapore. It offers a wide range of services. Some of the most popular are App, for users to buy and sell crypto; Exchange for institutional trading; Wallet for holding crypto and earning interest; and Pay for sending and receiving crypto payments. Crypto.com supports an incredibly large number of different currencies.
Coinbase
Coinbase was founded in the United States in 2012. Like Crypto.com, Coinbase offers a wide array of services for both individual and institutional traders. One of the features that sets it apart is Coinbase Earn. This is a learning platform that allows users to learn about crypto through videos and quizzes, while earning crypto. It is generally recognized as one of the top exchanges for beginners.
Transferring From Crypto.com to Coinbase
To get started transferring crypto from Crypto.com to Coinbase, you will first have to verify your Coinbase account. You will be prompted to do this when clicking on “Send/Receive” on Coinbase. You will then need to upload a picture of your ID. KYC verification usually happens in minutes, but in some cases it may take several business days, so be sure to get started with this step right away.
How to receive through Coinbase will depend on whether you are using the Coinbase website or the Coinbase app. The first step in transferring funds will be to create a unique recipient address through Coinbase and then this address will be plugged into Crypto.com to send the funds. Let’s break down how to accomplish each of these steps through simple how-to instructions for each.
Transferring Through the Coinbase Website
Transferring from Crypto.com to Coinbase using the Coinbase Website is simple if you follow these steps to create your recipient address, according to Coinbase.
- Go to your user Dashboard. From here, you can either click on “Pay” on the left side of the screen or select “Send/Receive” at the top of the screen.
- Select “Receive.”
- Click on “Asset” and then choose the asset you would like to receive.
- Select the network you want to receive your funds on if it is an asset that can be transferred via multiple networks.
- After completing each of these steps, your unique address and an associated QR code will populate. You can then share your address or copy it.
Transferring Through the Coinbase App
- Go to the Home or Pay tab and click on the down arrow.
- Select the asset that you would like to receive.
- Select the network you would like to receive on.
- After completing each of these steps, your unique address and an associated QR code will populate. You can then share your address or copy it.
Receiving Through Crypto.com
This is where you will use the unique recipient address you created through Coinbase to receive currency through Crypto.com. Follow each of these steps to complete the transaction and receive your funds.
- Open Crypto.com and select “Transfer” -> “Withdrawal” -> “Crypto”
- Click on “External Wallet” and select the plus sign (+)
- Tap “Wallet Address” and then select the cryptocurrency that you are transferring to Coinbase
- Paste the recipient address that you created and copied in Coinbase, then tap “Continue”
- Go to your email to confirm the wallet that you just created on Crypto.com in the preceding steps
- Go back to Crypto.com and again select “Transfer” -> “Withdraw”
- Select the new wallet
- Enter in the amount of crypto that you would like to transfer from Crypto.com to Coinbase
- Select “Withdraw” -> “Confirm”
After completing these steps, you will be able to view the transaction on the explorer by tapping [View Status on Explorer]. You can then also refresh your wallet simply by pulling down on the home screen.
Read also: How to Withdraw Money from Crypto.com to a Bank Account
FAQs
How Long Does it Take to Transfer Funds From Crypto.com to Coinbase?
According to Crypto.com, transfers to external sources usually take approximately 2-3 hours. The exact time will depend on the transfer speed you select on the transaction review screen. Faster transfer times will incur higher transfer fees. Longer wait times could be due to network traffic congestion.
What Should Be Done if the Transferred Funds Aren’t Showing Up in Coinbase After the Expected Transfer Time?
Coinbase suggests taking several steps if you are not seeing the transferred crypto in your account. Firstly, try closing and re-opening the Coinbase app or browser. If you are using the app, be sure that it is upgraded to the newest version. Confirm that you used the correct network and recipient address when sending funds from Crypto.com.
Why Are There Fees Associated with Crypto Transfers?
Transferring crypto between exchanges takes some work. Unlike traditional currency, crypto is maintained by many users across the Internet. Fees incentivize users to complete tasks. Higher fees usually correspond to faster transfers, as they are more attractive to the users who will pick up the tasks quickly. Fees vary based on transfer time, type of cryptocurrency being moved, and the network that funds are being moved through.
Final Thoughts
Crypto can be moved between exchanges without too much hassle if the user understands the steps that need to be undertaken. The basic idea is generally the same across different exchanges, but the exact instructions will be dependent on the exchanges that are being utilized. The steps described in this article make it simple to transfer specifically from Crypto.com to Coinbase, although the send and receive instructions for each will be the same regardless of which other exchange platform is being utilized.