PHP editor Zimo brought an article about exchange currency transfer time. Many people encounter this question when trading digital currencies: How long does it take to transfer coins from one exchange to another? This article will answer this question and attach a detailed tutorial on transferring coins from OYi to Binance to help readers better perform digital currency transfer operations. Whether you are a newbie or an experienced player, you can get useful information and guidance from this article. Let’s learn about the time and operation method of currency transfer on the exchange!
The speed of transferring coins between exchanges usually only takes three or four minutes, but under special circumstances it may take longer. On average, one block is generated every ten minutes, and the confirmation of a block can be regarded as the real arrival. Depending on the number and type of currency transfers, users usually need to go through the following two steps when choosing to transfer currency across exchanges:
1. Manual review: review by relevant personnel such as platform finance and customer service, but Due to limited manpower, currency transfer applications often take longer to process.
Block network transfer is an operation performed after manual review. The transferred coins will be transmitted to the target address through the corresponding block network. This process is usually fast, but may cause some delays if network transaction volume is too high and causes congestion.
The processing time of each exchange is different. Take the transfer of ETH out of the Ethereum Exchange as an example. The transfer of ETH is automatic and requires confirmation by the entire Ethereum network. After the confirmation is completed, the ETH will be automatically recharged into your account. ETH transfers are faster compared to BTC. It takes about 13 minutes to transfer ETH from China to Italy, or even faster. EOS is also a relatively fast cryptocurrency.
Most trading platforms support cross-exchange currency transfers. According to the rules of the trading platform, you can transfer digital currencies from one exchange to another. Unlike buying and selling transactions within an exchange, cross-exchange transfers are implemented through on-chain transactions on the blockchain and require the use of a wallet address to operate. Before making a transfer, make sure that the cryptocurrency is listed on both exchanges. The following is a tutorial on transferring currency from E-European Exchange to Binance Exchange:
1. Open E-European Exchange (click to register), click [Asset Management] on the homepage and select [Withdrawal] to enter the withdrawal Page
2. Select the currency [USDT] on the withdrawal page, select [On-chain withdrawal] as the withdrawal method, and click Next
3. Enter the withdrawal address from step 5 in the Withdrawal Details Coin Address field, select TRC20 for the withdrawal network, enter the amount and click Next (note that the withdrawal network and the recharge network need to be consistent. Otherwise, assets may be lost)
4. Open Binance Exchange and click [Wallet] - [Spot Account] - [Recharge] on the homepage
5. Currency selection [USDT] - select TRC20 for the transfer network, copy the address to the withdrawal address on the Ouyi trading page in step 3
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