Transferring crypto assets can be challenging for beginners. A common mistake is choosing the wrong network when sending crypto. To ensure a successful transaction, make sure you select the correct network.
Crypto tokens are designed to work on specific blockchains. Each blockchain has its own cryptographic protocols, or "language." For most cryptocurrencies, Coinstorewill automatically choose the appropriate network. However, for some assets, you’ll need to select the network manually.
When prompted to select a network, it is crucial to choose the correct one. Using the wrong network could result in lost funds. Let's use USDT deposits as an example to illustrate this process.
Ensure that the withdrawal network from the other wallet or exchange matches the deposit network for Coinstore. For instance, if you choose ERC20 as the deposit network, the withdrawal network should also be ERC20. The same rule applies when selecting a withdrawal network.
On the Coinstore app homepage, go to Assets. On the Overview page, select Deposit > USDT. Then, choose your preferred deposit network. Options include ERC20, TRC20, and others. Any of these networks will work, but they differ in performance, affecting speed, security, and transaction fees.
For example, TRC20 is faster and cheaper, making it suitable for small deposits/withdrawals, while ERC20, although slower and more expensive, is better for large deposits/withdrawals.
After selecting the network, copy the deposit address from Coinstore. Open the other exchange platform or wallet, paste the copied address in the Withdraw section, follow the prompts to enter the necessary information, and confirm to complete the deposit.