Whether you are an experienced trader or just getting started with crypto, you need to understand how to send crypto cheaply to save on fees. Sending crypto is now easier than ever before. These days, most major crypto exchanges and wallets provide the option to send crypto at the best rates.
What is the Best Way to Send Crypto?
There are many ways to send crypto across different platforms. You can send crypto to an exchange like Binance or a digital wallet like Metamask. Alternatively, you can send crypto as a gift to anyone with an email address — regardless of whether they already have a crypto account.
Send Crypto to an Exchange Wallet like Binance
When you send crypto to someone via an exchange, you will need their public address. A string of words, numbers, and characters identifies the recipient’s wallet. You can get a wallet address on an exchange like Binance.
Exchanges always ask you to send to their wallet address before they give you your own. After you set up your external wallet, you can send crypto from that wallet to Binance.
It’s easy to send and receive cryptocurrency once you have an external wallet’s private key and public address. Just use the transfer functions within your wallet interface or app.
Here’s how to send crypto to Binance:
- Go to your Binance account to find your encrypted wallet address.
- Navigate to the “Fiat and Spot” page on Binance.
- Navigate to the cryptocurrency that you want to deposit.
- For example, if you want to deposit Ethereum, search for Ethereum and click on “Deposit”.
- After you’ve clicked on “Deposit” on the cryptocurrency that you want to deposit, you’ll land on the cryptocurrency’s wallet.
- On the right of the page, you’ll see your cryptocurrency’s wallet address on the “Address” field.
- Highlight the address and copy it.
- Once you have your Binance wallet deposit address, head over to the wallet where you’re transferring crypto from and paste the address.
- Click on the “Pay/Send” field and select the cryptocurrency and the amount you want to send.
- Once you’re done, click on “Continue” to continue with the transaction.
Send crypto to a Digital wallet like Metamask.
The best way to send crypto is to use a digital wallet like Metamask, which allows you to send and receive ETH, ERC20 tokens, and ERC721 non-fungible tokens (NFTs).
- To make a transaction, head on over to the Ethereum network. If you’re using Metamask, Select “Ethereum Mainnet” from the Network dropdown menu in the upper left corner of your browser window.
- Click on “Send.”
- Input the right address of your recipient in the “Recipient Address” field.
- Enter the amount of ETH or other Crypto you want to send in the “Amount” field.
- Click on “Next.”
- Click on “Confirm,” then enter your password for Metamask to complete your transaction.
Send Crypto Gift Card
Sending crypto as a gift card is a great way to introduce your friends and family to cryptocurrencies. It’s easy, fast, and fun.
How to send crypto as a gift card
With Coinbase, you can send crypto using just your friend’s email address or phone number. A notification in form of an SMS will be sent to their phone almost instantly, and will be able to redeem the funds in their Coinbase account instantly. Here’s how:
Here’s how to send a crypto gift card:
- Choose the value of the crypto gift card you wish to send
- Enter the recipient’s phone number or email address
- Enter a personal message for the recipient
- Select your payment method (Crypto)
- Review and confirm your information and order
- Receive a confirmation email once the crypto transfer is complete.
How do I redeem a Crypto Gift Card?
A Crypto Gift Card works just like an e-gift card, but instead of getting your gift card sent via email, it will be sent to your digital wallet address. You can use your Crypto Gift Card just like cash on the Bitrefill account or anywhere else that accepts Bitcoin.
To redeem your crypto gift card, follow these simple steps:
- Click on the button on the back of your card to reveal the unique code.
- Log in or create a new account on Bitrefill.com.
- Enter the code and choose from one of our many products and services.
- You’ll receive a confirmation email when your order has been completed.
How to save on Crypto Transaction Fees?
Cryptocurrency transactions are processed in a blockchain that requires miners to validate and confirm each transaction. So transaction fees are charged to incentivize miners to process transactions.
These fees can be fixed or dynamic, and most often, the sender of the cryptocurrency pays the fees. Crypto transaction fees can be costly for users who frequently send substantial amounts. There are, however, ways to save on crypto transaction fees.
1. Use Exchange’s Native Coin
Most exchanges have their native currency, e.g., Binance Coin (BNB), which is used to pay fees on Binance exchange at a discount rate. For example, if you pay your trading fees using BNB, you will get a 50% discount on your trading fee.
Similarly, OKEx has OKB as their native currency, which can also be used to pay their trading fees. If you have any money in your account that you don’t need right away, consider converting it into an exchange’s native coin to meet your needs later on. You may pay less in fees over time if you’re using.
2. Avoid Buying Crypto with Credit or Debit Card
When you buy cryptocurrency with a credit or debit card, you’re charged a fee on top of the market rate. The statutory fee can be as high as 5% of the purchase price and is applied because buying crypto with a card is considered a higher risk for the merchant.
This is because it’s easier to do a chargeback on a credit or debit card and reverse the transaction, which isn’t possible with cryptocurrency once you’ve sent it to your wallet.
This means that although the market price of 1 BTC maybe $50,000, you’ll pay more than that to buy it with your card. This might not seem like much if you’re buying only small amounts at a time, but if you’re planning on spending $50,000 or more, it can make a big difference.
3. Send Crypto with Lower fees like TRON
Cryptocurrency transaction fees can be high, and the price you pay for it depends on network congestion. Sending TRON can help you save on fees significantly. For example, you can send 0.05 TRON and pay only 0.00001 TRON as a fee. Simply convert your crypto to TRON, send it to your preferred wallet (e.g., Trust Wallet), then convert it back to your desired coin (e.g., USDT).
Send Your Crypto to Hi.com to Earn Interest
HI is recognized as one of the leading cryptocurrencies you can stake to earn high interest. You can earn up to 20% APY in interest, paid out daily. The HI earned from the daily reward will be credited to your account but will only be unlocked for withdrawal after a year.
Here’s an easy guide on how to transfer your crypto to hi.com.
- Access hi.com via Whatsapp or Telegram. Next, send type “hi” in the chat, and a menu will open, allowing you to create an account. Read and understand the instructions to complete the signup and access your hi wallet. When you create an account, your hi wallet is automatically created.
- Tap on the hi logo on the main screen to summon the menu, and click on Deposit
- Select the cryptocurrency that you’d like to deposit from the dropdown menu.
- Once you’ve selected the crypto you are depositing, let’s say USDT, copy the Deposit Address to your clipboard and confirm. Congratulations, you’ve just transferred crypto to your hi wallet.