Congratulations on your cryptocurrency purchase! In this guide, I will demonstrate the steps to withdrawing your cryptocurrency from Binance SG onto other exchanges or wallets. Although this specific demonstration will be featuring Binance SG, in general the steps to performing cryptocurrency transactions are universal, and will be very similar regardless of platform. In this particular transaction, I will be demonstration a transaction using XRP, because... that's the only crypto I currently have on hand on Binance SG. 😂
After buying your cryptocurrencies, you now have a various options of next steps that you can take, ranging from:
1) Depositing it into a trading exchange to trade altcoins, futures, options etc
2) Moving it to a cold wallet / offline storage for the highest security
3) Moving it to a centralized crypto asset manager to obtain interest yields.
Regardless of your chosen option, the steps for withdrawing or depositing cryptocurrencies are the same. To perform a transaction, you will need:
1) The wallet address of your depositing wallet - Basically, this is your wallet address in the platform you wish to send your cryptocurrencies to, be in it Binance, BlockFi or Celcius etc. To obtain this wallet address, access the destination platform and search for "Deposit". You should be provided with a wallet address like below. NEVER type a crypto wallet address by hand!! Always use the copy and paste function
2) In Binance SG, after buying your crypto, look for the "Send/Receive Crypto" selection, and then navigate to your selected crypto and click "Send"
3) Copy and paste the Recipient address and the XRP memo from Step 1. For Bitcoin and Ethereum transactions, there is no XRP memo, you will only require the recipient address. Indicate your desired amount to send, and submit!
4) You will be asked to confirm the transaction via a confirmation email that will be sent to you. Simply confirm it and the transaction will be underway!