Not your keys, not your crypto: A step by step guide to taking your crypto off the exchange
With the looming bankruptcy of Celsius and FTX; both centralised crypto exchanges, more people are seeking to self custody their assets and reclaim financial independence.
When you trade with Elbaite, you buy and sell crypto straight from your own personal crypto wallet, giving you complete control over your assets.
Are you ready to take full control of your digital assets? Making the move to self custody is easy, with these simple steps!
1. Create a wallet
Decide whether you want a hardware wallet or online software/hot wallet. For some more information on the types of crypto wallet available, check out our previous blog.
This is where the term “not your keys, not your crypto” comes from. Because when you create your own personal crypto wallet, only you should have access to the “private keys” of the wallet.
2. Evaluate your assets
What do you want to do with the crypto? do you want to keep it? sell it? convert it?
A) I want to keep my crypto
Every exchange is a bit different but there should be an area where you can select to “withdraw” the crypto. Click withdraw.
B) I want to sell my crypto to $AUD
Work with your crypto exchange to sell the crypto back to $AUD. Pay attention to the price you are selling your crypto and evaluate if you are comfortable with the price. Follow the exchange’s procedure to then withdraw your $AUD to your personal bank account.
3. Enter wallet address
After you choose to withdraw from the exchange, you will be asked for the receiving wallet address. Simply COPY and PASTE the address of the wallet you just made from step 1.
The crypto will arrive in your new wallet, that you are 100% in control of! Relax and enjoy the security of self custody!
Elbaite is the cryptocurrency exchange that allows you to buy & sell crypto directly from your Crypto Wallet. Make an account today to start your Crypto investment journey!
Disclaimer: The information on this website is purely for information. Elbaite is not a financial adviser, and nothing stated here is to be taken as financial advice. You should seek independent legal, financial, taxation or other advice relevant to your financial situation before making any investment decisions.