Recently, I have decided to move my cryptos from one exchange to another. In the process, I have realized that certain cryptocurrencies cannot be transferred to other exchanges. If you want to transfer your cryptocurrencies then read this before you do.
Why do you want to know about this?
Well, sometimes we can transfer your cryptocurrency using BTC, ETH, or XRP for transferring purposes. Like converting everything into common crypto for withdrawal and depositing at our destination address to be converted again into our desired Crypto. Now, in case I have a need to move some of my coins to their native wallet to experience further. For example, If I want to transfer my VET to my VechainThor wallet, I need my VET to be transferred there directly. That’s where the problem starts. My exchange did not support the withdrawal of VET.
Reasons for Cryptocurrencies have difficulty to transfer
- Some exchanges limit the deposit or withdrawal of specific Crypto in order to provide liquidity in their exchanges. This is highly likely to be suited for the new coins.
- Technical Issues:
- There were times where the exchange could stop deposit or withdrawal of any crypto due to server issues, bugs. We happened to see this news occasionally.
Things to remember before withdrawal:
- Withdrawal Fee: Withdrawal fees are based on the network ability and usage and also some part of the exchange. Some exchanges will charge you some will not, it just depends on the exchange. These fees are at times subject to change from time to time depending on the network improvements and usage.
- Minimum Withdrawal amount: The minimum withdrawal amount depends on the exchange. There can be a marginal difference In between the exchanges. Sometimes you might invest a little money into a coin and if you decide to withdraw it, you might check before buying about the withdrawal amount of the coin you are going to buy. Since there are a lot of coins that you really like to go for.
- Maximum Withdrawal amount: There is also a maximum withdrawal amount. You might see this for the coins which have a value less than a dollar since an individual is able to buy in huge amounts. If you are about to buy something like that check about the maximum withdrawal amount for that coin.
Here, I have provided links to some of the exchanges to view the fee structure. In case you have a different exchange then kindly search for a list like these.
However, the charges are likely to change from time to time so keep an eye on it occasionally.