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.
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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