Move Assets Between Wallets

I recently purchased an entire Wallet with crypto in it. As the wallet previously belonged to another trader, I was not happy knowing that the wallet was not secure because the previous owner could still have the recovery phrase etc. I was also not fond of the wallet provider being used. I decided to move all the Assets to a brand new wallet, where I was in control of the Assets.

I wanted a new wallet address and mnemonic phrase and having the functionality that I am comfortable with. I also wanted to keep all the assets separate for a period so I could monitor the performance of my seperately.

To do this, I needed my iOS or Android device,
Access to the Old Wallet (OW) & app, the blank New Wallet (NW) & app.
I collected the details of all the Networks and Tokens from OW. Also from one of the stats apps ran a report of all the assets and balances from OW. To make the transfer smoother, I converted all the small balance assets to a single Asset (I converted all to USDT but its up to you)
-Download, install & set up the latest version of both apps on your device
-Open the NW app, select Create a new wallet Accept terms & backup the secret phrase (depending on the wallet)
-Add or enable the necessary Networks and Tokens in NW (Backup both wallets)
-In the NW app scroll/search for the asset & select Receive or Deposit
-Use Copy or Share option to Email yourself the address (I added the addresses as contacts in OW to avoid sending each address via email) I prepared a spreadsheet with Addresses & amounts (for reconciliation)
-Open OW & select Send from the menu, search/select the asset to be sent
-From OW paste/select the address for NW in the Recipient address
-Review the details & Confirm

Complete! Your assets are now in your NW. Depending on the asset, transfer times are from a few minutes to much longer. Repeat for each Asset
From NW run reports & match to the OW report. Some assets lost due to fees and slippage, but my crypto is secure in my new wallet

#recovery #AssetProtection #wallet-to-wallet #TokenTransfers #networks

Send Crypto to Another Wallet

1 Use a trusted wallet
First find a trusted wallet provider. Ideally you should investigate, read reviews, ask friends about their experiences. Open multiple wallets (if possible with demo option) see what menu options there are, and process a few small transactions if possible. Once you’ve found the right wallet, select the “Send” option. I found BitPay is a good, trusted self-custody wallet available. Don't take my word for it, test yourself.

2 Choose your wallet and cryptocurrency
Take care when choosing the crypto you are sending & the wallet you are sending from. When sending from a self-custody wallet, ensure that your balance caters for the transaction.

3 Enter the recipients wallet address
Wallet addresses are difficult to remember. I suggest adding the addresses as a contact before starting the process.
- When searching the address, you will be using a friendly name not a string.
- Can't paste the incorrect address
- No chance of the address being replaced
- Scan QR code or copy & paste address from other App
- Save the addresses as contacts.
- Double check the networks & tokens.

4 Input the amount you’d like to send
Enter the amount either in crypto or fiat. I find it easier to use fiat amount, the crypto amount is very small, or very large. It allows the transaction to be put into perspective. (1USD rather than 0.0000001)

5 Review payment details
Before confirming transactions, recheck the value & address.
Is the amount correct
Is the address correct
NB. Crypto transactions can't be reversed, sending to the wrong wallet or network might lose the funds.

6 Send the transaction
Once you are confident & confirmed the transaction details, send the transaction. There are Validators on the blockchain that will still confirm the transaction, It means that the funds may not be immediately available. Time taken for confirmation varies based on congestion, transaction priority & the crypto.
"If it sounds too good to be true, it probably is"

#wallettransfer #receiveaddress #doublecheck #contactadress #toogoodto

Claim

What a night!👍