How to Send Crypto in 4 Ways (Crypto for Beginners Ep.2)

This is part of the Crypto for Beginners series. Ep.2.

Sending crypto is not complicated but there are a few things that can go wrong. Getting them wrong can cost you. This page covers four different sending scenarios, how networks work, and what to check every time.

How networks work

Every crypto transaction travels through a network. Bitcoin goes through the Bitcoin network. Ethereum goes through the Ethereum network. XRP goes through the XRP network.

Many cryptos can be sent on multiple networks. Ethereum can be sent through the Ethereum (ERC-20) network, the Smart Chain (BEP-20) network, the Arbitrum network, and others. The network is separate from the coin itself.

The rule that matters most: both wallets must use the same network. If you send Ethereum on the Smart Chain network to an address set to the Ethereum network, there is a real risk the funds are lost. The networks must match on both ends, every time.

1. Exchange to exchange

Example: sending XRP from Binance to KuCoin.

Start at KuCoin. Find XRP, click deposit, and check which networks it accepts. In this example: the XRP network and the Smart Chain (BEP-20) network. Now go to Binance, find XRP, click withdraw, and check which networks are available. Both XRP and BEP-20 are listed. Either works here.

Go back to KuCoin, select the XRP network, and copy the deposit address. Go to Binance, paste the address, select the XRP network, enter the amount.

XRP and the memo code: When sending XRP to an exchange account (a custodial wallet), you usually need to copy both the wallet address and a memo code. KuCoin shows the memo alongside the deposit address. Copy both and paste both into Binance's withdrawal form. Skipping the memo can mean the exchange cannot credit your account.

Exchange-to-exchange transfers can take anywhere from a minute to a full day depending on the platforms and the coin. Send a small test amount first when trying a new route.

2. Exchange to cold wallet

Example: sending XRP from Binance to a Tangem wallet.

Open the Tangem app. Add the XRP coin and set it to the XRP Ledger network. Tap receive and copy the address.

On Binance: find XRP, click withdraw, paste in the Tangem address, confirm the network is set to XRP, and send.

Memo note: When sending XRP to a non-custodial wallet you own yourself, you usually do not need a memo. The memo is typically only needed when depositing to exchange accounts. Check the wallet's receive screen to confirm.

3. Cold wallet to exchange

Example: sending XRP from a Tangem wallet back to Binance.

Go to Binance first. Find XRP, click deposit, select the XRP network, and copy both the deposit address and the memo code.

Open the Tangem app. Go to XRP, tap send, paste in the Binance address, paste in the memo code, enter the amount, and send. XRP usually arrives within seconds.

Always copy the memo when depositing to an exchange. It is needed here.

4. Cold wallet to hot wallet

Example: sending BNB from an Ellipal X Card to MetaMask.

Open MetaMask. Tap receive, find BNB on the Smart Chain network, and copy the address.

Open the Ellipal app. Go to BNB on the Smart Chain network, tap send, paste in the MetaMask address, enter the amount, and submit. You will be prompted for your PIN, then scan the physical card against your phone to approve.

That card scan is the approval step that cold wallets require. The app cannot send without it. This is the same protection described in Ep.1, visible in practice.

Mistakes to avoid

• Sending Bitcoin to an Ethereum address. The coins are sent somewhere random and are likely unrecoverable.
• Wrong network. Sending Ethereum on Smart Chain to an address set to the Ethereum network. Real risk of losing funds. The networks must match.
• Skipping the memo. When sending XRP or certain other coins to an exchange that requires one, missing the memo means the exchange may not be able to locate your deposit.
• Not checking fees. Most platforms show the fee before you confirm. Worth checking, especially on the Ethereum network where fees can spike.

Sending takes focus. Double-check the address, the network, and the memo if one is required. Send a small test amount when using a route for the first time.

Next steps

The next video in this series covers which cold wallet works best as a first device. Coming soon.

If you want to start comparing wallets now:

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