Crypto Assets Transfer Newbie Pitfall Guide | Learn to Transfer Coins from 0 to 1

What are newcomers in the crypto world most afraid of? One word: transfer.

I originally thought transferring coins was as simple as transferring to a bank card, but I accidentally got the address wrong, and several thousand yuan just disappeared permanently. This type of operation is called “permanent loss” in the crypto world.

Why learn to transfer coins?

To be honest, most people buy coins for investment, but the original design of cryptocurrency was to enable peer-to-peer transactions—bypassing banks and transferring directly to another person.

More and more people are using it now:

• International remittance: Arrives in seconds, 99% cheaper than SWIFT
• Withdraw coins to self-custody wallet: Truly control your assets and diversify risks.
• Participate in DeFi projects on-chain: A wallet address is needed to play.

Three Core Steps

① Preparation Stage: Choose a Reliable Exchange

First, you need to have an exchange account. The registration process is standard: email → password → identity verification (KYC).

⚠️ The most problematic area is here: bank account binding. Many exchanges stipulate that the bound bank card must be the same one. If you bind an account with Card A and later transfer with Card B, the system will directly refuse the transaction, and you will have to wait several days for a refund.

② Prepare before withdrawing after purchasing coins

After purchasing USDT/BTC, the next and most critical step is: obtain the other party's wallet address.

This is like a bank transfer requiring the other party's card number, but much more complex than a bank card number. A wallet address is a long string composed of letters and numbers, for example:

0x742d35Cc6634C0532925a3b844Bc9e7595f42e

It looks simple, but in reality, if one letter is wrong, the money will be gone.

The key point is: the same coin can be transferred on multiple chains. For example, USDT can be transferred on Ethereum ( ERC20 ), and it can also be transferred on Tron ( TRC20 ), with completely different fees and speeds on the two chains.

Ethereum is cheap but slow, Tron is fast but requires confirmation. Which chain to choose? You need to ask which one the other party's exchange supports.

③ Final Sprint: Execute Transfer

1. Open your exchange and select 'Withdraw' or 'Withdraw Funds'.
2. Paste the other party's wallet address (do not type it manually, copying and pasting reduces the error rate)
3. Choose the Right Chain
4. Enter amount
5. Pay Gas fee (network fee)
6. Click Confirm

Generally, it takes 3-5 minutes to arrive. If it hasn't arrived, don't worry, check the transaction hash on the block explorer.

Why are so many people switching to crypto transfers?

International Remittance: Banks take 3-5 days and charge high fees. USDT arrives in real-time with a fee of a few dollars.

Available 24/7: Banks are only open Monday to Friday, while the crypto world never closes 365 days a year.

Borderless: As long as the other party has a wallet address, it can be transferred globally in seconds.

Transparent and Traceable: Every transaction is recorded on the chain, and no one can change it.

During the 2022 Russia-Ukraine war, the most typical example was the Ukrainian government directly announcing BTC and ETH wallet addresses for donations on social media, with millions of dollars pouring in from the global community in support, something traditional banks simply cannot compare to.

But there are also pitfalls

Wrong address = permanent failure: The blockchain is irreversible. If you enter a single character incorrectly, that money will disappear into the void.

The price of coins is highly volatile: There may be significant price changes during the transfer. You can use stablecoins (USDT/USDC) to mitigate this.

Gas fees are uncertain: During network congestion, transaction fees can spike drastically. During peak times on Ethereum, it can be dozens of dollars, which is not cost-effective.

Security Risk: Private key leakage = all assets stolen. Must be properly secured.

Must-Read Pitfalls for Beginners

✅ For the first transfer, let's transfer a small amount for testing. ✅ Copy the address 3 times and verify it with comparison software ✅ Choose the right chain, don't choose blindly ✅ Confirm that the Gas fee is within an acceptable range before clicking send.

Actually, transferring coins is not that difficult; you just need to be careful. In the crypto world, it can be summarized in one sentence: “First send a small amount to test the waters, confirm it's OK before transferring a large amount of money,” this method can avoid tragedy 99% of the time.