What are the things to know before sending/receiving cryptos?

To successfully send/receive cryptocurrencies, there are SIX parts you need to be extra careful of. They are "Coin Type", "Address", "Amount", "Mainnet", "Fee", and "Memo/Tag".
  1. Coin Type
  2. Address
  3. Amount
  4. Mainnet
  5. Fees
  6. Memo/Tag

1. Coin Type:

Select the right coin/token you would like to transfer/receive. Please note that coins and tokens are different, even if they share the same name. For example, ETH (Coin) and ETH (BEP-20) are different. Please see the "4. Mainnet" section below.

2. Address

Make sure you use the "Copy & Paste" or "QR Code scanning" method whenever you try to input/share a blockchain address. Also note that the case format (uppercase & lowercase) of the address matters! It has to be completely the same as the receiving address. You may have noticed that the addresses of different blockchains are different. This is true in most cases, but there are many times for the coins/tokens share the same address format (EVM compatible chains).

3. Amount:

Check the correctness of your sending amount. Note that some blockchains may have several special limitations. (e.g. XRP, DOT, TRON) If your keep encountering transaction failures, contact support for assistance.

4. Mainnet:

Always make sure the blockchain network (mainnet) you're using, as the cross-chain deposit is dangerous and can lead to a permanent loss of funds.

  • ERC-20, ERC-721 (NFT), and ERC-1155 (NFT) tokens are natively issued on the Ethereum blockchain, but some are issued on Polygon and Arbitrum networks. Pay extra attention when it comes to transferring these tokens.
  • BEP-2 tokens are issued on the  BNB Beacon Chain.
  • BEP-20 tokens are issued on the BNB Chain (BSC). (different from the BNB Beacon Chain)
  • TRC-20 tokens are issued on the Tron blockchain.

Here are some common examples of cross-chain deposits (which you should avoid doing):

  • Sending ETC to ETH address
  • Sending BTC to BCH, LTC address
  • Sending ETH to Polygon address
  • Sending Theta to Theta (ERC-20) address
  • Sending ETH (ERC-20) to ETH (BEP-2), (BEP-20), or (TRC-20) address

      (And Vice versa)

5. Fees:

Make sure you have enough native coins to pay the gas fee. Different from most exchanges, where the transaction fee is deducted using the original asset, in the private wallet, transferring ERC-20 tokens requires ETH(Coin), transferring BEP-20 tokens requires BNB(BSC), and transferring TRC-20 tokens requires TRX as gas fees. It's always recommended to use default fee settings unless you know what you're doing or are under instructions by CoolBiX support.

6. Memo/Tag:

To receive cryptocurrencies in CoolWallet, a Memo/Tag is not required. However, when transferring assets to an exchange, sometimes you'll be asked to fill in a Memo. Please confirm this with the receiver.

Lastly, it's always beneficial to send a small amount first, prior to a larger amount transaction. 

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