When withdrawing cryptocurrency from an exchange to the protection of your Trezor hardware wallet, you will need to choose the correct network for the withdrawal. The correct network will depend on the type of cryptocurrency that you are withdrawing. Check out the video and general guidelines given below to safely withdraw your funds to self-custody.
Please choose the network carefully andmake sure that the selected network is the same as the network where you are withdrawing funds. If you select the wrong network, you will lose your funds.
It is common for exchanges like Binance to offer alternative networks to withdraw your coins. These networks are popular withdrawl methods from exchanges beacuse the networks are usually much faster and cheaper.
However, if you withdraw your tokens via a network that is not supported in Trezor Suite you could lose your funds. Furthermore, if you withdraw your Bitcoin via a network other than the Bitcoin network, it is not real Bitcoin, and you could lose your coins.
Here are some general guidelines for choosing the correct network:
- For Bitcoin, you will need to choose the Bitcoin network.
- For Ethereum and other Ethereum-based tokens (such as ERC-20 tokens), you will need to choose the Ethereum network.
- For Litecoin, you will need to choose the Litecoin network.
It's important to note that some exchanges may not support withdrawals to all networks. Therefore, it's a good idea to check with your exchange to see which networks they support before attempting to withdraw your cryptocurrency.
Additionally, you will need to ensure that your Trezor wallet is set up to receive cryptocurrency on the same network that you are withdrawing from the exchange. If your Trezor wallet is not set up to receive cryptocurrency on the correct network, you will not be able to complete the withdrawal.
In summary, to choose the correct network when withdrawing cryptocurrency from an exchange to your Trezor wallet, you will need to determine the type of cryptocurrency that you are withdrawing and ensure that both the exchange and your Trezor wallet support that network.
FAQs
Many popular coins use EVM-compatible networks which are supported by Trezor. Some examples of such networks are Binance Smart Chain, Polygon, Avalanche, and Cronos, among others. Tokens can be issued on those networks in the same way as ERC-20 tokens are issued on the Ethereum network.
What network does Trezor use? ›
Many popular coins use EVM-compatible networks which are supported by Trezor. Some examples of such networks are Binance Smart Chain, Polygon, Avalanche, and Cronos, among others. Tokens can be issued on those networks in the same way as ERC-20 tokens are issued on the Ethereum network.
How to choose network when sending crypto? ›
For sending Bitcoin, you should use the Bitcoin network. For sending Litecoin, you should use the Litecoin network. For sending Ethereum, you should use the Ethereum network. For sending USDT, you can use either the Tron (TRC20) or Ethereum (ERC20) network.
What network to send ETH to Trezor? ›
If you send the ETH from Coinbase to your Trezor wallet via the Ethereum network, you will be able to see the balance and your Ethereum tokens in Suite.
What is the best network to send crypto? ›
A simple rule of thumb is to always select the coin's native network. For example: BTC should be sent to your Ledger Bitcoin address via the BTC/Bitcoin network.
Does it matter what network you send crypto on? ›
When withdrawing crypto from an exchange to your Ledger wallet, it's crucial that you select the right network. Choosing the wrong network may result in the loss of your crypto.
What happens if you send crypto to wrong network? ›
Each cryptocurrency operates on its blockchain network with unique address formats and protocols. Therefore, sending funds to an address intended for a different network results in the loss of access to those funds.
What is the fastest network to send crypto? ›
Solana offers the fastest blockchain transactions per second. It can handle up to 65,000 transactions per second (TPS). Its architecture allows parallel processing of multiple transactions, enhancing throughput and scalability.
What happens if I send crypto on different network? ›
Sending crypto on the wrong network can result in permanent loss. Always double-check the network compatibility before sending any funds. Start with a small test transaction to ensure everything works as expected.
How do I send ERC-20 to Trezor? ›
Click 'Show full address'.
Check that the address shown in Suite matches the one displayed on your Trezor. Copy the receiving address and use it as the destination address for sending your ERC-20 tokens. Once you have sent some tokens to the address, go to the Tokens menu.
ETH and ERC20 tokens should be sent to your Ledger Ethereum address via the ETH/ERC20 network. BNB and BEP20 tokens should be sent to your Ledger Binance Smart Chain address via the BNB/BEP20 network. ETC should be sent to your Ledger Ethereum Classic address via the ETC network.
Are ETH and ERC-20 the same? ›
ERC-20 tokens should not be mistaken for ether (ETH), the native cryptocurrency of the Ethereum blockchain. While ETH is used to pay for computations and network resources, ERC-20 tokens can be created to represent any real-world or virtual asset.
What is the most secure crypto network? ›
Which cryptocurrency is most secure? Ethereum is considered to be the most secure cryptocurrency as compared to other digital assets. This is largely because its platform uses the blockchain technology, which is one of the most robust technologies for digital transactions.
What is the most used crypto network? ›
Ethereum. Ethereum is the largest blockchain network using smart contracts. It was launched in 2014 to improve bitcoin's scalability and bring more functionality by hosting dapps.
Which crypto network is cheapest to transfer? ›
Nano (NANO)
Nano is an excellent choice for those seeking the cheapest crypto coin to transfer. Its unique architecture allows for zero transaction costs, making it ideal for micro-transactions and everyday use. Nano's instant transaction speed enables real-time, cost-free payments.
Does Trezor support native Segwit? ›
native segwit (p2wpkh) - this account supports the Bech32 standard and is supported in Trezor Suite.
Is a Trezor connected to the Internet? ›
Trezor is a hardware wallet that can generate and store the secret recovery phrase and private keys in its flash memory. A Trezor device doesn't connect to the internet, and the secret recovery phrase for the wallet is generated offline. This makes Trezor a cold wallet.
Does Trezor work with MetaMask? ›
MetaMask allows you to connect a Trezor or Ledger wallet. This allows you to: Check your account balance (ETH or Tokens). Sign transactions — e.g. send ETH and ERC20 tokens and collectibles (NFTs), deploy contracts, etc.
