Contrary to traditional finance, cryptocurrencies put the responsibility of security and safeguarding your assets into your own hands. This power and control over your crypto is a positive aspect for many investors but it also means that storing your crypto safely is crucial.
Using a cold wallet is the most secure way of holding your crypto and they come in two types: electronic and non-electronic.
This post will go over transferring crypto from Crypto.com to an electronic and non-electronic wallet. We will use the SecuX V20 hardware wallet as our electronic wallet option and Material Bitcoin as our non-electronic option.
We hope that this guide will show you how easy it can be to transfer your crypto from an exchange and store it safely in a crypto cold wallet.
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What You Should Consider Beforehand
Before you transfer your crypto from Crypto.com to a cold wallet, you need to consider a few key factors:
Security
➡️ Always use your personal devices and networks. Don’t connect to public Wi-Fi networks.
➡️ Ensure that your personal computer and smartphone have antivirus software that is updated regularly.
Device Requirements
➡️ Before you begin a transfer, make sure that your device is compatible with the cold wallet you are using. For example, many hardware wallets that have electronic components, require a USB connection or Bluetooth accessibility.
➡️ Guarantee that your chosen cold wallet is compatible with the cryptocurrency you wish to transfer. Not all wallets accept all coins or tokens.
Needed Apps and Software
➡️ Install any needed apps or software for your cold wallet onto your device or connect it to Crypto.com.
➡️ Make sure to always download apps and software from the official provider.
➡️ Non-electronic wallets, like Material Bitcoin, do not require this step.
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What’s the Difference Exactly Between an Electronic and Non-Electronic Cold Wallet?
Electronic Cold Wallets: These are physical devices that store your private keys. They usually have additional security measures, like biometric authentification, encrypted storage, and password protection features. They need all these added measures because they rely on external apps and software programs to complete transactions and deliver information to and from the wallet.
Non-electronic Cold Wallets: These are much easier to use and have simpler steps in buying and storing crypto. For example, with Material Bitcoin, the steel card has a printed QR code, your private keys, and a public address printed on the physical card. There is no need for any other features, as your wallet is never connected online.
Having no electronic components means that hacking or viruses are virtually impossible. This provides peace of mind for long-term storage solutions.
About Crypto.com
Before we get into the step-by-step process of transferring your crypto from Crypto.com to a cold wallet, we want to make clear a few important aspects of its Exchange and App.
- There is a difference between Crypto.com App and Crypto.com Exchange.
- The Crypto.com Exchange gives you the ability to buy, sell, and trade over 200 cryptocurrencies.
- The Crypto.com Exchange is recommended for spot and day traders.
- The Crypto.com App requires KYC verification.
- The App only permits you to buy, sell, and store crypto.
- The app is only available for mobile devices.
- Crypto.com Exchange offers a mobile app and web browser access.
Set Up Your Cold Wallet in the Crypto.com App for Transfer
When transferring crypto from the Crypto.com App to a cold wallet, a transaction usually takes between 2-3 hours.
When you are sending to a new address for the first time, Crypto.com implements a 24-hour hold option for extra security measures.
To add your cold wallet to the Crypto.com App for easy and quick transfers, follow these steps:
1. Enter the App, navigate to the Accounts section, and click on “Crypto Wallet”.
2. Tap on the “Transfer” button, then “Withdraw”, then “External Wallet”.
3. Click on the “+ Add Wallet Address”, then “Wallet Address” to add a new withdrawal address.
4. Select the cryptocurrency you want to transfer.
5. Once on the Wallet Address Details page, pick the network and add the wallet address by either typing, pasting, or scanning the QR code on your wallet.
You can tap the blue QR code icon on the right to open the camera to scan your wallet device.
6. Name your wallet and hit “Continue”.
6. Enter your passcode.
7. Provide your 6-digit verification code created by your authenticator app.
Now, you are ready to transfer your crypto to your desired cold wallet.
How to Transfer Crypto From Crypto.com to a Cold Wallet
Now that you have your wallet paired with the Crypto.com App, the process of making a transfer is much easier.
It only requires 3 steps!
Here is your step-by-step guide on how to complete the transfer. We will demonstrate these steps using an electronic and non-electronic wallet.
1️⃣ Go to Your Accounts page and click on the pre-saved cold wallet that you wish to transfer to.
2️⃣ Choose the currency and enter the amount you wish to transfer.
3️⃣ Complete the verification and wait for the transaction to process.
You can follow the transfer by selecting the transaction history from the Crypto.com app and pasting it into blockchain.com.
How to Receive a Transfer from Crypto.com to SecuX Electronic Wallet
1. Connect your device to your phone via Bluetooth.
2. Hit the “Receive” button at the bottom.
3. Pick the account where you want to transfer your funds.
4. Your public address will now appear.
This is needed to transfer assets from Crypto.com to your wallet (as mentioned in Step 5 of Set Up Your Cold Wallet in the Crypto.com App for Transfer)
5. Confirm that the addresses displayed on your phone and your device are the same. Then hit “Done” to confirm.
6. Scan the QR code or copy the address.
Now, you wait for the transfer to take place. This could up to a few hours, depending on the blockchain’s traffic.
How to Receive a Transfer from Crypto.com to Material Bitcoin Non-Electronic Wallet
Material Wallets come in different variations depending on the cryptocurrency that you wish to use. You have Material Bitcoin, Material Ether, and Material USDT available as secure crypto cold wallets.
Receiving any one of these cryptocurrencies from Crypto.com or any other exchange could not be easier.
Simply follow steps 1-4 of the Set Up Your Cold Wallet in the Crypto.com App for Transfer section above.
Once you are prompted to enter the receiving wallet’s address, simply scan the QR code that is on the Material stainless steel card or type in the address manually if you prefer.
There are no separate devices, apps, or third-party platforms that you need to enter, check, or rely on to generate your address.
Material Wallets are secure, safe, and simple to use.
To check your balance and confirm the receipt of the transferred crypto, simply scan the QR code or enter the wallet’s address to confirm.
Security Best Practices
When storing crypto, you want to follow a few ground rules to keep your assets safe and secure.
✔️Use a cold wallet. Never leave your crypto on an exchange!
✔️Have a backup and seed phrase storage.
✔️If you are using an electronic hardware wallet, make sure to update all software and firmware.
✔️Be cautious of phishing scams claiming to be an exchange.
Why a Non-Electronic Cold Wallet is Your Best Bet
Non-electronic cold wallets, like Material Bitcoin, are great options for many different reasons.
Since they don’t have any electronic components, they don’t have any electrical vulnerabilities.
They don’t require maintenance or upkeep, like changing or charging a battery, or have electrical failures.
Non-electronic cold wallets are therefore more durable and last longer. Material wallets for example are made out of AISI 304L stainless steel, which is fireproof, waterproof, and shockproof.
As there is no screen or other electronic parts to it, non-electronic cold wallets are great for beginners and non-tech savvy investors who want to start investing for the first time.
It’s also a great way to give Bitcoin as a gift.
You don’t need other apps or devices to store your crypto, and with Material, you can even buy Bitcoin directly from your wallet, eliminating the need for exchanges.
FAQs
Can I send crypto from Crypto.com to another wallet?
- Yes, you can transfer crypto to any wallet address you own.
Should I move crypto from Crypto.com to a wallet?
- You should always store crypto in a cold wallet and never leave it on an exchange.
Does it cost to transfer crypto from Crypto.com to a cold wallet?
- Yes, transaction fees apply, depending on the cryptocurrency.
Does your crypto still grow in a wallet?
- The value of crypto, whether in an exchange or wallet, will also reflect the market value. However, you must stake your crypto if you want to earn “interest”.
Is it safe to leave crypto on an exchange?
- It is never advisable to leave large amounts of crypto on an exchange, as it isn’t secure for long-term holding.
