When it comes to cryptocurrencies, I think cold wallets are the most efficient, thus I own a Trezor. As you can see on the screenshot below, it's easy to use and you have the private bank in your hands.
Up until now I've been accumulating crypto on my Trezor, have never transferred out any of it, but today I thought I should try to transfer some to an exchange, to see how it works, to be ready when the time comes and I thought I'd do a tutorial for those interested.
I'm going to transfer some crypto to Binance because that's the exchange I'm using mostly these days.
The first step is to go to https://wallet.trezor.io/ and click Wallet.
When you click Wallet, it asks you to connect your Trezor to continue.
After login, you have to select the cryptocurrency you'd like to transfer. On the upper left corner you can select the type os cryptocurrency you want.
I chose Litecoin (LTC) for this tutorial because I hold a tiny amount and if something goes wrong, I don't regret losing it. As you can see I only hold 0.0011963, which even in Dollar value is not even pocket change.
Click Send and you get the LTC sending form.
You'll need your sending address that you can find on your exchange account, in my case Binance.
Log in to Binance, click Wallet, select Fiat and Spot, then select your preferred cryptocurrency, LTC in my case and then click Deposit.
A warning will pop up in case you choose LTC, letting you know that there's a minimum amount of 0.001 LTC and any amount below this level will not be credited or refunded. My amount is just above the minimum, so I am safe.
Copy and paste your address from Binance to Trezor and wait for the green check mark. Next to the amount there's that arrow, if you click it, it fills in your balance. If you want to transfer less, you need to type it manually. In the next box there's the value of your LTC in USD.
Next, you need to select the Fee you'd like to be charged with. It's an unusual feature as other platforms are setting the fee without asking the user.
Here you have quite a few options but the fees are all the same as the amount is so tiny.
Here's a screenshot of BTC fees to be more clear. The lowest is 8 sat/B, economy would cost you 23 sat/B and the highest would be 88 sat/B. The difference between the fees means the speed your crypto is transferred with. Low means a few of minutes, while high means instantly.
In my case, as all the fees were the same, I clicked low and I was not in a hurry anyway. When transferring BTC, fees can be 10x more than the lowest though.
You can watch the signing process on your Trezor.
It's very easy to transfer crypto from Trezor to exchanges, you just have to be careful to get the address right as there's no refund, your transfer can be lost forever.
Posted Using LeoFinance Beta