Congratulations on buying some of your first cryptocurrency! Eventually you will want to move your cryptocurrency from one wallet to another, much like how you would move your money from a checking account to a savings account (or brokerage account) and back again. Generally the process is as follows:
- Retrieve the address of the wallet to deposit into. For example, I just bought BTC on Coinbase and I want to deposit it to Nexo where I can earn 5% APY on it. I would copy my Nexo deposit address for my BTC account.
- Enter the deposit address you wish to send to, from your wallet you are going to withdraw from. In Coinbase, I would enter my Nexo BTC wallet’s address in their withdrawal request form.
- Submit the withdrawal request and wait for the blockchain to confirm the new transaction.