The #1 Mistake When Depositing Crypto
45sHigh educational value with a clear warning about unsupported cryptos, appealing to beginners.
▶ Play ClipAI Summary
This video provides a step-by-step guide on depositing cryptocurrency into a Crypto.com account, covering both sending from an external wallet and from another centralized exchange. It emphasizes the importance of selecting the correct blockchain network to avoid losing funds.
Chapters
[00:01]
Deposit Process Overview
Sending crypto from a wallet or another centralized exchange to Crypto.com is essentially the same process, just on different platforms.
[00:14]
Selecting the Crypto
On Crypto.com, press the blue button and choose 'crypto' to see supported cryptocurrencies. If a crypto isn't listed, Crypto.com doesn't accept it, so you may need to trade it for a supported one like a stablecoin.
[00:41]
Bitcoin Deposit Address
Bitcoin has a single network (BTC) and a simple deposit address. Search for Bitcoin to get its deposit address.
[01:09]
Stablecoins and Multiple Chains
Stablecoins like USDC exist on many chains. You must select the same chain where your funds currently reside (e.g., Ethereum, Solana, Cronos) to get the correct deposit address.
[02:09]
Sending from a Wallet
Example: Sending ETH from a wallet on Arbitrum. On Crypto.com, search for ETH, select the Arbitrum network, and copy the deposit address. Then in your wallet, paste the address and send.
[03:16]
Using 'Connect to Crypto.com'
Crypto.com offers a 'connect to crypto.com' feature that automatically links balances and addresses, simplifying the process.
[04:09]
Sending from Another Exchange
When sending from another exchange like Binance, you must select the same blockchain on both platforms. Choose the network that is cheapest and supported by both.
[05:41]
Final Checks
Ensure you are sending the same asset, on the same blockchain, to the correct address. Sending a small test amount first is recommended to avoid mistakes.
The key to a successful deposit is matching the asset, blockchain network, and address between the sending platform and Crypto.com. Always double-check these details to prevent loss of funds.
Mentioned in this Video
Tutorial Checklist
1
00:14
On Crypto.com, press the blue button and select 'crypto' to choose the cryptocurrency you want to deposit.
2
00:41
Search for the cryptocurrency (e.g., Bitcoin) and note the network. For Bitcoin, use the BTC network.
3
01:09
For stablecoins like USDC, select the network that matches where your funds are (e.g., Ethereum, Solana, Cronos).
5
02:35
In your external wallet, choose the same network and paste the deposit address, then enter the amount and send.
6
04:09
When sending from another exchange, select the same blockchain on both platforms and ensure it's supported and cheap.
7
05:41
Verify the asset, network, and address match, and consider sending a small test amount first.
Study Flashcards (5)
What is the first step to deposit crypto on Crypto.com?
easy
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What is the first step to deposit crypto on Crypto.com?
easy
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Press the blue button and select 'crypto' to choose the cryptocurrency.
00:14
What should you do if a cryptocurrency is not supported on Crypto.com?
easy
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What should you do if a cryptocurrency is not supported on Crypto.com?
easy
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Trade it for a supported one, like a stablecoin.
00:27
Why is it important to select the correct network for stablecoins?
medium
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Why is it important to select the correct network for stablecoins?
medium
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Stablecoins exist on multiple chains; you must use the same chain where your funds are located.
01:09
What does the 'connect to crypto.com' feature do?
medium
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What does the 'connect to crypto.com' feature do?
medium
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It automatically links your balances and addresses, simplifying the deposit process.
03:16
What are the three things to check when sending crypto to Crypto.com?
medium
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What are the three things to check when sending crypto to Crypto.com?
medium
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Same asset, same blockchain, and correct address.
05:41
💡 Key Takeaways
💡
Unsupported Cryptos
Highlights the need to trade unsupported cryptos for stablecoins, a common pitfall.
00:27
📊
Multi-Chain Stablecoins
Explains the complexity of stablecoins existing on multiple chains, a key concept for safe transfers.
01:09
🔧
Connect Feature
Introduces a time-saving feature that automates address linking.
03:16
⚖️
Test Amount
Recommends sending a small test amount to avoid costly mistakes, a practical tip.
05:41Full Transcript
[00:01] show you sending crypto in from a wallet and then a centralized exchange. It's basically the same process and just a couple of different types of platform. So, what we can do firstly on crypto.com is press this blue button where it says
[00:14] And then down at the bottom, it will say crypto. choose the crypto that you want to deposit in. So, obviously these are the cryptos that are supported on crypto.com. If you can't find the crypto
[00:27] that you want to deposit in, then crypto.com don't accept it. And so, what you may have to do in your wallet or the other exchange is probably trade that crypto for something that crypto.com does actually accept. Like a stable coin
[00:41] something like that. Um so, what we're going to do first is uh find our Bitcoin deposit address. So, search for Bitcoin and you'll notice that Bitcoin has the Bitcoin network, right? It says BTC. This is uh crypto.com's DeFi chain,
[00:56] right? Bitcoin is simple. It has a Bitcoin deposit address and that's it. done. And you get your Bitcoin deposit address. That's easy. Now, if you're using something like a stable coin,
[01:09] essentially and they exist on many different chains. Uh so, if I go down to something like USDC and then select the network, you'll selection of chains here. And there's many supported.
[01:23] Well, which chain should you use? This depends on where you have the USDC. If the USDC is in a wallet that you own, that USDC will be on a specific use that chain. Let's say that you've got your USDC on the Ethereum network in
[01:39] deposit it on the Ethereum network. You can't switch networks. And so, you can just get your Ethereum deposit address. If you have the USDC on the Solana chain or the Cronos chain, just simply choose these. These are going to be different
[01:53] chains. But as long as you know where the USDC or the USDT is, then you can that chain, and you can get your deposit address on crypto.com on that chain. Now, I'll show you exactly how to send crypto over to crypto.com. So, deposit,
[02:09] we're going to choose a crypto. Now, I've got some Ethereum in my what I'm going to deposit in. So, I'm going to search for ETH, which is right And I know that the ETH in my wallet is on the Arbitrum chain. So, that's the
[02:23] one I have to deposit into. So, hopefully crypto.com supports the So, I'm going to press done. And this is my wallet address for the this. And then we need to go over to our
[02:35] transaction. So, if we go over to the wallet, it says, "You've got some ETH on the Arbitrum chain." The reason I know it's Arbitrum is you can see the ETH logo, and then to the bottom left, that's the
[02:48] Arbitrum logo. Uh so, I can click this, and it actually says at the very top here, Ethereum Arbitrum one, which is the same chain. So, I'm going to send press send. And of course, I need to paste in my
[03:01] that for now, cuz we want to go through this process. So, I'm sending Ethereum, and I want to send it on the Arbitrum chain, and then the recipient here. Now, well, you can actually just press connect to crypto.com, and that's going
[03:16] to automatically link up your balances uh and your addresses. So, that's going to be really easy, but I'll just show you how to do this manually. So, the two address. And that's the one that we copied from
[03:28] press next here. And do you trust this? Yes. And how much do you want to send over? So, let's uh amount or something like that. So, let's do
[03:43] like this, and then press send down at the bottom, me. So, it's checking the address, it's checking the gas fee. So, if I'm sending fee. But, two, you can check the address here. Just makes make sure it's the
[03:56] exact same one as crypto.com and everything and that should go to send. That's in my wallet. This works for any others. And it's sending to the address of my
[04:09] crypto.com. If you're sending crypto from another centralized exchange, then it only matters that you're using the same blockchain to send and receive. So, let's press deposit again and let's say that I want to deposit a stable coin
[04:21] into crypto.com. So, crypto and let's search for USDC. And it says which chain you want to use. Well, you need to now go over to your other centralized exchange and figure out which blockchain is accepted for
[04:34] both centralized exchanges. So, let's go over to another centralized exchange. Let's say I want to send some USDT USDC from Binance. What I actually want to do first is select the network. The reason being is that you can use many different
[04:46] what I really want to do is choose the network that is the cheapest. So, you can see Ethereum is 80 cents, so it's 30 cents. There's probably some cheaper ones right here. And what I need to do is make sure that
[05:00] whichever chain that I use, both both crypto.com and the other exchange accept and I can send the you know, money over. So, let's choose Arbitrum again cuz it makes it simple. It might not be the cheapest, but I can
[05:14] use that one. And it says enter the address. So, go back to crypto.com. And Arbitrum chain, I can select the network. I have to select Arbitrum on different network, then the address is going to be wrong and they can't send
[05:28] the message. So, that's the Arbitrum one here. Press done. You can press copy here. Then go back to the other centralized centralized exchange. Put the address in here. When you're sending crypto, just make sure same asset, USDC,
[05:41] or it might be Ethereum or something else. Same asset, same blockchain and address in crypto.com. And you can send a small amount first just to check that you won't make any mistakes. If you need some more help with crypto.com or
[05:54] down in the description. Some deposit and trading bonuses to the exchanges I want to look at those. I'm James as Money Z GG is watching and I'll see you Money Z GG is watching and I'll see you in the next one.
