How to Send the Correct Cryptocurrency Amount for Your Payment
When making a cryptocurrency payment, it's crucial to send the correct amount to ensure smooth and timely completion. This guide will help you understand how to send the exact amount using both a Self-custody wallet (e.g. Ledger) and a Centralized exchange (CEX) account (e.g. Coinbase).
Sending Cryptocurrency from a Self-custody (decentralized) wallet:
Self-custodial/decentralized wallets offer users control over their funds. The process of sending cryptocurrencies can be slightly different compared to sending from centralized exchanges. Here’s how to do it:
- Log in to your self-custody wallet app.
- Check Your Balance: Ensure you have enough cryptocurrency in your wallet to cover the payment amount and any associated transaction fees.
- Get the Recipient's Address: Copy the receiving cryptocurrency address where you need to send the funds to complete the payment. Make sure you’re sending to the address displayed on Coinify’s payment window. Otherwise, your funds might get lost.
- Initiate the Transfer:
- Navigate to the "Send"/"Transfer" section of your wallet app.
- Copy the receiving cryptocurrency address where you need to send the funds to complete the payment and paste it into the designated field in your wallet.
- Enter the exact amount of cryptocurrency you need to send to complete the payment.
- Review and Confirm: Double-check the receiving address, and requested amount, and make sure you have enough cryptocurrency in your wallet to cover the network fees. Confirm the transaction.
- Verify the Transaction: After sending, verify the transaction on the blockchain using a block explorer to ensure it has been successfully processed. You will receive a confirmation on Coinify’s Payment Window and via email once the payment has been completed.
Sending Cryptocurrency from a Centralized Exchange (CEX)
Centralized exchanges often only allow for the Withdrawal action to get/send your cryptocurrencies to a desired destination. This action usually deducts the fees from the amount you request to withdraw, which can result in underpayments and your payment being rejected.
Here’s how to send the correct amount from a Centralized exchange (CEX):
- Log In to your CEX account: Open your centralized exchange application and log in with your credentials.
- Check Your Balance: Ensure you have enough cryptocurrency in your wallet to cover the payment amount and any associated withdrawal fees.
- Get the Recipient's Address: Copy the receiving cryptocurrency address for completing the payment. Double-check the address to avoid mistakes.
- Initiate the Transfer:
- Navigate to the "Send", "Transfer", or “Withdraw” sections.
- Paste the receiving address in the designated field.
- Enter the exact amount of cryptocurrency you need to send.
- Adjust for Withdrawal Fees: CEXs often deduct the withdrawal fees from the requested amount. Ensure you have extra funds to cover these fees and add them on top of the requested amount so the exact amount reaches the recipient. (For example, if the requested amount is 100 and the withdrawal fee is 1, you should adjust the amount you’re sending to 101 as the fee of “1” will be taken by the exchange).
- Review and Confirm: Double-check all the details, including the recipient’s address and the amount. Confirm the transaction.
- Verify the Transaction: After sending, you can verify the transaction status within the wallet or use a block explorer to ensure it has been successfully processed. You will receive a confirmation on Coinify’s Payment Window and via email once the payment has been completed.
Tips for Sending the Correct Amount
- Double-Check Addresses: Cryptocurrency transactions are irreversible. Always double-check the recipient's address before confirming.
- Understand Fees: Both Self-custodial wallets and Centralized exchanges charge network fees. Usually, Self-custody wallets charge the fees separately from the requested amount, while CEXs usually deduct the fees from the requested amount. Make sure you understand how these fees are calculated and ensure you have enough funds to cover them.
- Use a Block Explorer: After sending the payment, use a Block Explorer to verify the transaction. This helps confirm that the correct amount was sent and received.