How to safely withdraw your ada from exchanges

How to safely withdraw your ada from exchanges


Want to withdraw your ada from an exchange to Daedalus or Yoroi? Discover how to do so safely in this article.

The Cardano community is growing at an exponential rate. We have welcomed many new users in recent weeks, and if you are one of them, then we are delighted to have you in our community!

Cardano is its own blockchain protocol. This means that we have unique addresses for our user wallets and transactions. These addresses cannot be used interchangeably with any other protocol. Nor can they receive any other asset than ada or native tokens that are deployed on our blockchain.

Cardano addresses are completely distinct from Ethereum or Bitcoin addresses, and vice versa. You cannot send ada to another blockchain address. Despite this, when it comes time for you to move your ada from an exchange, you may be given the option to withdraw to a non-Cardano address.

Here, we will discover how you can ensure you are using the correct transfer network when withdrawing your ada from exchanges.

How do I know I am using the Cardano transfer network?

There are multiple exchanges that offer trading pairs on ada. When you are trading at spot prices, this ada is physically settled and belongs to you. This means you are free to withdraw it to a wallet of your choice.

The Daedalus wallet is the official Cardano wallet from IOHK, and Yoroi is another lite wallet offered by our ecosystem partners EMURGO. Both of these wallets only support the Cardano blockchain.

In the screenshot above, from Binance, we can see that there are a few ‘Transfer Network’ options available. To successfully transfer your ada to a Cardano-supported wallet, you must use the ‘Cardano’ network. This applies to other exchanges and services as well.

Using a different transfer network may result in the loss of your ada or its conversion into a different asset. Sometimes, the fees associated with transferring via a different network may appear favorable, but it will not be compatible with a Cardano-based address. For example, attempting to withdraw or transfer ada to Daedalus or Yoroi using a non-Cardano transfer address will fail.

Neither the Cardano Foundation, EMURGO, nor IOHK can assist with any ada that has been lost or converted by transferring on the wrong network. Therefore, please remain extra vigilant when choosing a transfer network and always ensure you have selected the Cardano network.

How can you verify you are withdrawing to the right address?

Once you have selected a Cardano wallet and identified your personal wallet address, you can begin the withdrawal process.

While this process is different on each exchange, most will either prompt you to scan a QR code to initiate the transfer or have you manually enter the address. Either way, it is essential that you double-check the address before you transfer. To do this, ensure that the address you wish to withdraw your ada to exactly matches the withdrawal address on your chosen exchange.

Some exchanges may prompt you to select a transfer network at this point. Always select the Cardano network if you are withdrawing to a Cardano wallet. Once you have verified that you are using the correct address and transfer network, you can safely withdraw your ada.

Do not panic if your withdrawal does not appear in your wallet immediately. The time it takes to withdraw depends on both the exchange and block times on the Cardano network. Your transaction will need to achieve the minimum required number of confirmations before it appears in your Cardano wallet.

If your withdrawal still does not appear in your wallet after a significant amount of time has elapsed, please contact your exchange provider first. It may be that a delay on their side is preventing the withdrawal from reaching your wallet.

Remember: Always verify you are using the Cardano network to withdraw funds from exchanges. The use of a different transfer network could result in the total loss or conversion of your funds.

Thank you and stay safe!


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Below there is the link for the translation in Portuguese.
P.S. Not sure if this is the correct way to translate a post. But I just wanted to be useful towards the Community.

Como fazer levantamentos com segurança do teu ADA dos Exchanges - Português / Educação - Cardano Forum

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Muito obrigado Joao! :slightly_smiling_face:

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Ok, but how can I know that the exchange company I have taken (for example Coinmerce, LiteBit, or others…) use the only Cardano Blockchain.
Is there a list of approved exchangers?

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So I bought some ADA on the Uphold exchange. Then, when I tried to withdraw it I discovered that the Cardano network was not an option. When I contacted Uphold support they informed me that ADA is not a “tier one” asset so I cannot transfer it directly to my Daedalus wallet. My only access option now is to trade it, which I do not want to do. Word of caution: Do not assume that you can transfer your ADA from an exchange on the Cardano network just because you can buy it on that exchange! Also, can we please get the Cardano community to lobby Uphold to elevate ADA to a tier one asset? Until that happens my ADA is trapped in Uphold.

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Hey Stan! I recommend registering on a different exchange that allows withdrawals, selling your ADA on Uphold, withdrawing the money, buying the ADA back on the better exchange, then sending it to your Daedalus wallet.

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Hi guys!

Binance has disabled the Cardano network. Is there another way to transfer from Binance to Daedalus?

Thanks!

Binance regularly disables the Cardano network for maintenance. They usually fix it within a day or two in my experience.

I wanted to swap a little bit of Cardano out of my wallet for another coin but found I could not use Changelly today as I did last week to do so. Don’t know how to exchange it.

I agree, I transferred some ADA to Yoroi Wallet from Anchor USD. but Anchor USD does NOT prompt you to use a Cardano Blockchain. So we don’t know this beforehand and now I think I may have lost it. We would benefit from a LIST of exchanges that prompt you to use the correct blockchain. It would prevent so much anxiety.

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I’m after some advice please. I have ADA in a Yoroi wallet. I also have bitcoin in a bitcoin wallet. I want to transfer my ADA to bitcoin. Am I right in assuming I need to sell my ADA then repurchase Bitcoin, or is there a way to simply exchange it, if so how? Thanks in advance :blush:

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Hello,

You will need to transfer ur ada to an exchange/wallet which support ADA and convert them in btc

Cheers,

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I made a quick demonstration video showing how one might do this by trading ADA directly for BTC on Binance. If you have any more questions please don’t hesitate to ask.

i want to move my ADA from kucoin to binance for staking. When I. go to binance deposit it shows 3 options for address: Cardano, BEP2, BEP20 (BSC).

Which one should I use to transfer ADA from my KuCoin to Binance?

Hello! I’m Canadian. I use the Canadian exchange ndax.io to buy and transfer ada to my yoroi wallet. It has been very easy. It’s a very user friendly exchange but a bit limited in the crypto options you can buy there. I can interac e transfer from my bank account directly to ndax and it takes just a few minutes for the transaction. Transferring from the exchange to the yoroi wallet sometimes takes a bit of time but never more than 15 minutes or so. It currently costs 3 ada to transfer to the wallet. It has been very user friendly with excellent customer service and I really haven’t had any issues at all. I only buy ada so ndax works well for me. I use the yoroi lite wallet on my smartphone.
Here is a link if you would like to check it out.

Always cardano network

Same issue, I like Uphold, reliable and safe. But a royal pain in the arse that i cant withdraw to my fav wallet… Lobby sounds good.