Transferring Algos from an Exchange to Algorand Wallet
On the Algorand Blockchain, Algos are the native currency that are needed to send transactions, add assets, and interact with applications. By the end of this tutorial, you’ll have successfully transferred Algos from an exchange to your Algorand Wallet.
While this tutorial describes the process for transferring Algos from Coinbase to the Algorand Wallet, it can serve as a general guide for how the transfer process might look for any exchange that supports Algos. Additionally, Algorand does not control the Coinbase application and these screenshots may change. If you have specific questions, please reach out to the exchange's customer support team.
- You have Algos in an exchange that you would like to transfer to an Algorand Wallet Account.
- You already have an Algorand Wallet Account where you’d like to receive Algos.
If you’re unsure how to set up an Algorand Wallet Account please review this tutorial on setting up your wallet.
Step by Step Guide:
- Copy your Algorand Address.
- Create Transaction in the exchange.
- Complete Transaction!
- Verify Transaction in the Algorand Wallet
1. Copy your Algorand Address - Head to the accounts view and find the account where you'd like to receive Algos. In this case, I'll be sending Algos to the account called 'Demo'.
1a) Tap the QR code next to the account where you'd like to receive Algos.
1b) Tap Copy Address
For more in depth instructions on finding your QR code and copying the address, please see this tutorial.
2. Head to the exchange and create a transaction to send crypto to another account. Make sure to choose Algos (or an Algorand Standard Asset) as the cryptocurrency you'd like to send because other cryptocurrencies aren't supported within your Algorand Wallet accounts.
2a) In the Coinbase app, tap the center bottom blue button.
2b) From the menu of options that pop up, choose “Send Crypto to Another Wallet’
2c) Check that the asset shown is Algos. Enter the amount you want to send, either in terms of Algos or fiat currency.
2d) If the asset shown is not Algos, click on the asset to get a list of available assets in your Coinbase portfolio and choose Algos.
3. Double check transaction details before completing transaction.
3a) Review the summary of your transaction details. Verify that this is accurate before tapping 'Send now'.
3b) When you’re ready to transact, you will likely be prompted with 2FA with Coinbase. Enter the 7 digit verification code and tap 'Submit'.
4. Verify your transaction within the Algorand Wallet. The transaction history will display that the transfer came from another account address rather than literally saying 'Coinbase'.
4a) To verify the transaction within the Algorand Wallet, navigate to your notifications where you will see the Coinbase transfer show up!
We’ve successfully transferred Algos from our Coinbase account to the Algorand Wallet!
You can find an end to end video that walks through the entire process below.
- Transactions take under 5 seconds to complete on the Algorand Blockchain, but depending on the exchange or app you're using, they might be experiencing their own delays, time restrictions, etc
- As with all cryptocurrencies, please double check your address before sending any assets to it. Assets sent to the wrong transaction are considered ‘lost’ and cannot be recovered.
- We’d recommend against saving exchange addresses as a contact within the Algorand wallet. You will not be able to send money back to your exchange account using that same address. Instead please follow the exchange’s dedicated deposit flow each time you are looking to transact with the exchange.