Bitcoin Forum

Hi,
Are there any best practices for sending btc to an exchange? For example if I wanted to send a large (to me) amount should I send in multiple transactions or all at once? I'm technically competent but paranoid about sending especially from legacy addresses.

Thanks

I normally send a small amount and then the full one to the same address's (of the address they give you changes then you could do 2 small transactions instead before a large one).

If it's a trusted exchange then it just mitigates a few errors that could be problematic with your machine eg a clipboard virus or something. To protect against other attacks you could also check the first 5, last 5 and 5 in the middle characters for the address you're sending to. Also I'd check the permissions the website has (near the padlock icon on most browsers) as it may be possible to see if an add on/script is running that could be malicious.

I do the same, especially with larger amounts I don't care about the fee in this case. The tension until the BTC finally appear in the account, I would otherwise not endure ;)

I don't know how you store your bitcoin, but some exchanges offer direct ledger integration. This makes sending and receiving valuable BTC even easier:

https://i.postimg.cc/RCXPPhWS/screenshot-158.png (https://postimages.org/)

Here you can see the integration at Bitstamp, but I am sure that such an integration is also offered by other larger exchanges.

The exchange you are sending the funds to also matters a lot especially for huge amounts. I think you are well aware that most centralized exchanges now request for KYC especially for huge amounts. You don't want to get shocked after learning that your account has been blocked, and they require you to first go through KYC verification in order to access your funds.

- Use reputable exchanges like Binance for large amounts especially if you are planning to use centralized exchanges, in fact make sure KYC is already verified to avoid inconvenience.

- There's nothing wrong with legacy addresses if it's generated from an exchange. But always triple check the address you copied and pasted, character by character. The practice of first sending a small amount to just check if it will reflect in the account  is awesome

- Sending multiple transactions doesn't really matter if you're sending to a centralized exchange that has your details

Thanks for the replies. I sent a small test transaction which took about 8 hours to get the first confirmation. Today I sent the main transaction as a single send with a bumped fee. Got the first confirmation within 15 minutes. Lots of paranoia plus crossing of t's and dotting of i's.

Thanks again for the reassuring advice.

I usually triple check the receiving address after copy pasting it to ensure that there will be no clipboard hijacking incident, checking each and every letters and numbers in an address may be a tedious work but it could save from losing you money most of the time.

Alternatively, you can also generate a receiving address in a form of QR code and I think most of the exchange has that function but still even if you are using QR code, you should always double or triple check the recipient address before broadcasting a transaction.

What is your paranoia ?

People gave you some advice and below is a guide from LoyceV, that you should read

• How to lose your Bitcoins with CTRL-C CTRL-V (https://bitcointalk.org/index.php?topic=5190776.0)

Transaction fee

• There are weekend and hourly effects so please make sure to have plans for your transactions
• Check details with Guide to check fees: Taker, maker, deposit, withdrawal, transaction fees (https://bitcointalk.org/index.php?topic=5309545.0) (Read the bottom part and hyperlinks). Weekends have effects on transaction fees with both Bitcoin and Ethereum. Sundays have lowest transaction fee and lower than Saturday, in average/ median. Hours from 0 to 12 UTC usually the best time to get cheaper transaction fees.

I do not want to send bitcoin to exchange in a big amount, especially if I am new in trading. I will send a small amount to that exchange, and I will trying to trading, whether I do not have many skills in trading or have skills in trading. Maybe you can manage how much money you will send to the exchange, so you do not feel difficult to manage the coin or confuse managing all of your coins.

Your account has been inactive for sometime. ::) But I see you have registered 10years ago.

What are you so paranoid about? This is one thing that I hate very much in the traders of this sector. Have some logic behind your fears. If you feel someone is tracking you all the time, seriously you need to stop trading crypto, because it is becoming a source of mental distress and that can ruin your life.

Honestly just send it all at once or in smaller transactions - either way if someone is watching they will found out sooner or late. So what is the point anyway? Just point your middle finger at your "imaginary trackers" and keep doing what you do, you are stifling the fun out of it. :D

I recommend completing the KYC first, before depositing a large amount of Bitcoin is a certain exchange like Binance to avoid problems in the future. I'm not promoting or anything but Binance is the only exchange I find so easy to use and has a great customer service. They are not strict to new users, like you have a limit of 2 BTC per day, but you could withdraw more if you are a verified user.

Unlike in other exchangers, which requires KYC on the spot even though their services are so poor.

There's no reason to be paranoid if the exchange is reputable and what I think you should do instead of being paranoid is to check if the wallet wants to send the BTC to exactly the same wallet provided by the exchange site due to the issue of copy board hijackers and use always make use of Bitcoin tx fee estimator (https://btc.network/estimate) so the transaction will be confirmed in time and wont be stuck like the small transaction you first sent.

I have only tried couple of times to withdraw from exchange with High amount and what i am doing usually is sending the amount per batch , As i am also using Legacy wallet sometimes.

From 20% on the first sending , then will go 30% and the last 50% would be the final sending , i don't care about the fees will take but what i care is my funds safeties.

But if you are using a Legit exchange and a Good Wallet provider , then Try sending smallest amount first and if it succeed without hassle then send the remaining All in.

Another best practice: always send from a wallet you control solely. Or rather, don't send from another online service to the exchange. In fact, probably best to always deposit to any service from your own wallet.

Some exchanges actually have services like casinos on their blacklist, you're liable to have your funds frozen the minute they detect where you deposit from OR when you're asked to do Proof of Funds (increasingly common now).

only a thing I do when sending funds to exchanges is to send in bulk, I always thinking about fees to save some than sending in multiple transactions and I know that I was sending to reputable exchanges so probably no worries that it falls to the other hands.

This not really practice and don't even check the middle character but I'll go directly to the first 3 digits and the last 3 digits.

Wow, I truly appreciate this strategy, could be the safest thing to do. I accept that I was not fully knowledgeable when it comes to malicious script attachment. And I have to apply this when I do the deposit for more safety.

How I do it.
Local exchange - wallet - exchange and vice versa when I want to cash out.
Same thing I do with gambling sites just to prevent bad things to happen or traces.
Local exchange - wallet - gambling site deposit address. Vice versa again for withdrawal.
But it will cost you additional fees.

The matter varies according to the different platforms and how they deal with your coins, but when you send money to a central platform, you send the money to them and they give you a number in their database.
Sending money in one or several payments will not differ in the Bitcoin network except in fees, which will seem higher than sending it as a single payment.

if you trust them send it in a single payment else dont send it to them.

It all depends on exchange you want to send your funds to as long as you don't want to risk your funds, some certain new exchange comes out with new features which may probably attracts new traders, such exchange should be checked properly before sending out your funds, or send a little amount of Bitcoin for confirmation then in full at the later time. Unlike Binance exchange which you wouldn't have a second thought of frauding your funds.
Another factor to consider before sending out your funds to exchange is to crosscheck the address you are sending to, especially the characters in the middle too.

Thanks for all of your thoughts. To those bemoaning my paranoia I say that my paranoia is of the healthy sort. I trust my local process and I trust the exchange I am using, but these processes have risk. I'm not worried about copy/paste issues or exchange fraud. I am worried about program crashes, errors stemming from my own ignorance, and especially things out of one's control after sending, etc. If you read the t's & c's of any exchange they acknowledge this risk and disavow responsibility. Of course the probability is low, but something could happen despite one's best preparation. For anyone working with transactions an individual feels is "high value" some paranoia is warranted IMHO.

In the crypto world, every mistake is expensive and therefore I don't see any problem with someone asking for advice publicly, no matter how simple the question may seem. Even the much more experienced users check everything a few times before clicking the send button, especially if you are using some exchanges for the first time or sending a larger amount.

In a specific situation where you want to transfer funds as soon as possible and dispose of them on the exchange, it would be logical to send everything in one transaction to avoid paying multiple fees, which is especially evident when these fees are quite high. What you should always pay special attention to is checking the deposit address, a simple clipboard malware can very easily replace that address and your funds will go in a completely different direction.

It is very easy to send out bitcoin to an exchange (this is a mindset you must always have). The first thing you have to do is go to the exchange bitcoin deposit address, read the instructions guiding the exchange as regards bitcoin deposit, understand the instructions, then copy your bitcoin deposit address from the exchange and move to your bitcoin wallet. Where you send out your bitcoin token  using slow, medium or fast gwei. Either legacy or default or compatibility, its the same process. Understand the deposit instructions from the exchange

I understand your sentiment and you're not alone here, I feel the same as yours when every time I have a transaction from exchange to my main Bitcoin wallet, I'm always careful and it should always have have double or even triple check on the Bitcoin address destination.  So far, I didn't have any problem because I carefully doing this to ensure my funds are safe and not to have errors which we know that the crypto transactions are irreversible or we can't undo what we have done.

Good to see people like you asking even this basic question rather than those people asking for help because they'd stuck their transaction due to ignorance.  IMO, knowledge has a great advantage to avoid possible errors and mistakes that can't revoke.

First of all, I will ask you which exchange have you been using? Are you sure that is a reputed exchange and it will not scam you after sent the funds? Sending the whole amount at a time doesn't matter, but the matter is where are you sending funds. If you know the exchange is reputed and you aren't visiting phishing link or your devices isn't affected then test with a small amount and that's what I have been doing. When everything is fine then I make a large deposit there. Make sure you are copy-pasting the right way and everything is fine. BTC is an irreversible cryptocurrency, so it wouldn't be recovered once a transaction is broadcasted in the blockchain.

Just keep in mind, transferring your bitcoin to a centralized exchange means you are losing access to your funds although it's your own account. Because it's just an account, not your custody.