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 when using either a Self-custody wallet (e.g. Ledger Nano X, Metamask, etc.) or a Centralised exchange (CEX) account wallet (e.g. Coinbase, Binance, etc.).
Sending Cryptocurrency from a Self-custody (decentralised) wallet
Self-custodial/decentralised wallets offer users control over their funds. The process of sending cryptocurrencies can be slightly different compared to sending from centralised exchanges.
There's two methods you can complete a payment using a Self-custody wallet:
1. Connect Wallet method
This method enables you to securely connect your wallet directly with the payment request and passes all the necessary payment info to your wallet (i.e. the requested amount and receiving address). You only need to check and confirm the transaction in your wallet and your payment is initiated. Here's a step by step guide:
Connect Wallet payment method flow
- Once you land on the Payment Window page with the payment details, click on the Connect Wallet button.
- Find the wallet you're using and select it. You will be prompted to connect your wallet.
- Once your wallet is connected, click on the Pay button.
- You will see a request for the transaction to be initiated.
- Check that details are correct and confirm.
- The transaction will be initiated and you will be notified on our Payment Window once the transaction is detected on the blockchain.
- The payment is completed once the transaction gets enough confirmations on the blockchain. The payment window screen will notify you once that happens. You can also leave the window once the transaction is detected and wait for our email confirmation for the completed payment.
2. Pay from a Centralised Exchange (CEX) method
Centralised 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.
This is why we have introduced the Connect to Exchange solution which allows you to connect directly to your Centralised Exchange account and successfully complete the payment while avoiding any potential issues such as sending an underpayment due to a withdrawal fee, wrong currency, etc. - all while never having to leave the Coinify Payment Window.
You only need to check and confirm the transaction on your exchange account when prompted. Here's a step by step guide:
"Connect to Exchange" payment method flow
- Once you land on the Payment Window page with the payment details, click on the Connect to Exchange button.
- This will open a pop-up window which enables you to search for the Centralised Exchange you want to pay from. Find your exchange and log-in using your username and password you usually use to access your account.
- You will be prompted with the transaction request where the requested amount and receiving address form the Payment Window are passed to your exchange.
- Overview the request and confirm the transaction.
- Once you execute the transaction, you will see the Payment Window change to the screen informing you that the transaction has been detected. How fast this happens can vary depending on the exchange you're using.
- The payment is completed once the transaction gets enough confirmations on the blockchain. The payment window screen will notify you once that happens. You can also leave the window once the transaction is detected and wait for our email confirmation for the completed payment.
Verifying the Transaction: After sending, you can verify the transaction status within your exchange account 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.¨
3. Manual transaction method
Manual transaction implies that you, as a payer, will copy and paste the payment information into your wallet and initiate the transaction. You must make sure that the amount, cryptocurrency, and receiving address to which you are sending are correct (as requested on Coinify Payment Window). Here's a step by step guide:
- Log in to your self-custody wallet app.
- Check Your Balance: Ensure you have enough of the cryptocurrency you want to pay with in your wallet to cover the payment amount and any associated transaction fees. (In case you need more of a specific cryptocurrency for gas fees and/or the transaction itself, feel free to use Coinify's crypto Buy/On-ramp service.
- Get the Recipient's Address: Copy the receiving cryptocurrency address (or scan the QR code with your wallet to fetch it) where you need to send the funds to complete the payment.
-
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: Make sure you’re sending the right amount of the requested cryptocurrency to the correct address, as displayed on Coinify’s payment window. Otherwise, your funds might get lost.. 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.
Tips for Sending the Correct Amount for manual transactions
- Double-Check Addresses: Cryptocurrency transactions are irreversible. Always double-check the recipient's address before confirming.
- Understand Fees: Both Self-custodial wallets and Centralised 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.