How to move your Bitcoin off an exchange, safely
When your Bitcoin sits on an exchange, the exchange holds the keys. If it is hacked, freezes withdrawals or goes out of business, you can't get at your coins until it says so. That's what people mean by "not your keys, not your coins".
Moving your Bitcoin to a wallet you control takes about half an hour. It isn't hard, but a few mistakes can't be undone, so take each step slowly.
We will never ask for your 24 words, your backup or your password. Nobody genuine ever will: not an exchange, not a wallet maker, not "support". Anyone who asks is trying to steal your Bitcoin.
Before you start
You need:
- a Bitcoin wallet that you control. For savings, a hardware wallet (a small device that keeps your keys offline) is the safest choice for most people. For small everyday amounts, a phone wallet is fine;
- pen and paper, or the backup card that came with your wallet;
- 30 quiet minutes. Don't do this in a hurry or on public Wi-Fi.
If you buy a hardware wallet: buy it only from the maker's official website or an authorised seller, never second-hand or from a marketplace listing. Check that the box is sealed. If anything looks opened or already set up, don't use it.
Step 1. Set up your wallet and write down your backup
- Follow the wallet's own setup instructions. It will create your keys and show your recovery phrase (usually 12 or 24 words) or make an encrypted backup.
- Write the backup on paper or the card provided. Never type it into a phone, computer, email, cloud note or photo.
- Check every word. Many wallets ask you to confirm a few of them. Take that step seriously.
- Keep the backup somewhere safe and private, away from the wallet itself.
Whoever has your backup has your Bitcoin. Whoever loses it, and the wallet, loses their Bitcoin. There is no "forgot password" button.
Step 2. Get your receiving address
- In your wallet, choose Receive.
- It shows an address: a long string of letters and numbers, often starting with
bc1. - On a hardware wallet, check that the address on the device screen matches the one on your phone or computer. The device screen is the one you can trust.
Step 3. Start the withdrawal on the exchange
- Log in to the exchange by typing its address yourself, not through a link in an email or message.
- Go to Withdraw (sometimes "Send"), then Bitcoin (BTC).
- Choose the Bitcoin network. Many exchanges offer BTC on other networks (for example BEP20, ERC20 or "wrapped" BTC). Pick the one called "Bitcoin" or "BTC". Sending on the wrong network to a normal Bitcoin wallet can lose the coins.
- Paste your receiving address.
- Check the address: the first 6 and last 6 characters must match your wallet exactly. Some computer viruses quietly swap a copied address for the thief's. If anything differs, stop.
Some exchanges add extra security for a new address, such as an email or app confirmation, or a waiting period before the first withdrawal. That's normal and protects you.
Step 4. Send a small test amount first
- Withdraw a small amount first, enough to cover the withdrawal fee with something left over.
- Wait until it appears in your wallet. This usually takes from a few minutes to an hour, depending on the exchange and the network.
- Check that your wallet shows it under the address you checked.
Yes, you pay the exchange's withdrawal fee twice. It's the cheapest insurance you'll ever buy.
Step 5. Send the rest
- Repeat Step 3 for the remaining amount, checking the address again. Don't reuse an address from your clipboard history.
- Confirm the withdrawal.
- Wait for it to arrive. One confirmation means it's on its way. After a few more (about an hour), it's settled.
Step 6. After the move
- Don't tell anyone how much Bitcoin you have. Not online, not in groups.
- Keep your backup safe and check every few months that it's still there and readable.
- You can still use the exchange to buy or sell. Withdraw to your own wallet afterwards.
- On a hardware wallet, install updates only from the maker's official app or website.
If your exchange has paused withdrawals
After a hack or a technical problem, exchanges sometimes stop withdrawals for a while. If that happens:
- follow only the exchange's official website and verified accounts for news;
- ignore anyone offering to "recover" or "release" your funds: messages, websites, ads or people in groups. These are scams that target worried customers;
- when withdrawals reopen, there may be a queue. Follow the steps above calmly, test amount first.
Common mistakes to avoid
| Mistake | What happens | How to avoid it |
|---|---|---|
| Wrong network (e.g. BEP20 instead of Bitcoin) | Coins can be lost | Always choose "Bitcoin" / "BTC" |
| Address swapped by a virus | Coins go to a thief | Compare first and last 6 characters; check on the device screen |
| Backup typed into phone or cloud | Can be stolen online | Paper or metal only, kept offline |
| Backup lost | Coins lost forever if the wallet breaks | Keep it safe; check it from time to time |
| "Support" asks for your words | Theft | Never share them, with anyone |
| Sending everything at once | One mistake costs everything | Test amount first |
Quick checklist
- ☐ Wallet set up, backup written on paper and checked
- ☐ Receiving address checked on the wallet's own screen
- ☐ Exchange: Withdraw → Bitcoin → Bitcoin network
- ☐ First 6 and last 6 characters match
- ☐ Small test sent and received
- ☐ Rest sent, address checked again
- ☐ Backup stored safely, away from the wallet
This guide is general information about keeping your own Bitcoin safe. It is not financial or investment advice, and we don't tell anyone whether to buy or sell. Screens differ between exchanges and wallets, so always follow their current instructions too.