Helpdesk

How to move your cryptocurrency to a different wallet

By March 18, 2018 No Comments

Before we get started – please make sure you are very careful about every wallet you use; use only trusted wallets and ensure you fully understand the process before you attempt moving your coins.

How do wallets work?

If you’re new to wallets, you can read more about the different types and how they work here.

How do I move my coins from my Easy Crypto Portfolio?

Your Easy Crypto Portfolio is a “cold storage” wallet. This is an intentional decision because it is the most secure way that you can store a cryptocurrency. By its design, a cold storage wallet can’t be used to transfer funds – it does just one thing, which is securely store your currencies.

You cannot move your coins directly from an Easy Crypto Portfolio. You need to first import your coins to a “hot wallet”. Once they are in a hot wallet, you can then transfer them onto an Exchange, use them for making purchases, or send them to a new cold storage wallet that you have created. See below for instructions on how to do this.

Importing your coins in to a hot wallet

To move your coins into a wallet you will need two things:

  1. Your cryptocurrency private key, which you can find inside your Portfolio.
  2. A wallet to import the currency into. We have a list of recommended wallets here.

Remember, your private key is the code that lets people gain access to your money, so be very careful about what you do with it!

To find your private key, first open your Portfolio, and then click the button to “Show private key”:

When it comes to importing your cryptocurrency in to a new wallet, all wallets are different, so you will need to use the instructions provided by the wallet you are using. We have a list of recommended wallets here.

Please note that Easy Crypto does not provide helpdesk support for using other wallets.

Will it cost me anything to move my coins?

Well it depends what you’re doing with your coins.

If you import them to a hot wallet, there is no charge. However if you send them to a new address, a network transaction fee may apply. This is often called a “mining fee”.

Import – free of charge

Importing means that you are taking your current address (which you have the public and private key for) and pulling that address in to a wallet. The wallet can now send funds from that address, and any new funds sent to that address will appear in the wallet.*

When you import to a wallet, there is no network fee as you aren’t moving the coins across the network, you’re simply giving the wallet access to the address that the coins are already at.

Every wallet will have different instructions for importing a private key, so you will need to search Google for help on the wallet you wish to use. Note that you usually don’t need to tell the wallet what your public address is, the wallet can figure that out based on your private key.

Send – network fee applies

If you send coins to a new address, for example to an exchange, there will be a fee charged as you are sending your coins across the network. This fee differs depending on what cryptocurrency you are using, and will also change over time. Jump on Google to find the current network fees for difference cryptocurrencies.

As noted above, you cannot send from your Easy Crypto portfolio. You first need to import to a wallet (free of charge) and then send to a new address (mining fee may apply).

 

*Note: Some addresses become invalid after a transaction has been sent from them. Make sure that you know that your address is valid before you send cryptocurrencies to an existing address that you hold.