Yes, I finally decided to get my crypto off of centralized exchanges. If you are thinking about doing the same and think you can just log into your app tonight and have all your coins off in half an hour, please read this and consider how long it might take you. I am going to give you examples of my attempts to get my coins off of 2 popular (in the U.S.) exchanges. The stories are true, the conversations I had with the exchanges are added for your entertainment value (the exchanges really didn't talk to me):
Exchange A:
Hey, so I'm gonna take my crypto off and put it into a cold wallet. I only got three coins here so should be easy.
Oh, Larry, do you really wanna do that?
Yah, Exchange A, I think it is for the best.
Okay.
So, let me just click on my wallet, input my address of my hardware wallet and SEND.
Sorry, Larry. You can't do that, man.
What? Why not? They are my coins.
Larry, you gotta use the authenticator app. Here, use this one.
Fine. Okay, Installed that, now I'm ready to send.
No, Larry. You just installed that authenticator app. Now you need to wait 3 days. It won't let you authenticate right away.
What? Seriously? GRRRR.
3 Days Later---
Okay, it's been 3 days, click on my wallet, click send, check authenticator, put in my code, put in other codes you want and send.
No, Larry. You can't send coins to that address now?
What do you mean? That's my address for this coin.
Well, we've never seen it before so you gotta wait 24 hours.
2.Exchange B:
Hey, I'm gonna move my crypto so let me just open this wallet and paste the address to my new wallet and ......hey, why won't this paste? The paste option isn't working? Damn...find I'll use the QR Code...wait, you don't have a QR code scanning option?
Sorry, Larry. Try sending your crypto to our sister exchange. It's free to transfer and shows up right away.
Fine! Okay, now I'm on the other exchange. Copy and paste...what? The past isn't working here either. Ah, fine. let me get one app open on my cell the other on my laptop and use the QR Code. Okay, sending a small amount to make sure this works and boom, it worked. Now I'm gonna send the rest of this particular coin and I'm hitting send.
Larry, we are going to delay that send.
What? Why? You just sent to the same address successfully a few seconds ago.
For your security we are going to delay that. But, if you want to re-verify your ID we can send it now.
You already know who I am.
Larry, we don't know. Maybe some dude beat you up and stole your phone and figured out your passcode or you told it to him when he was hitting you. We need to verify you are actually Larry. Also dude, seriously you need to work out---that is why we think you might have gotten beaten up.
How do I re-verify?
Take a picture of your license. Good. Now the back. Now take a picture of yourself. No, you don't need to smile. And send it all to us.
Fine. This is kind of a bit much, but I also understand and appreciate the security. Thanks.
Sure. And you are verified and your coins were sent.
Okay now I'm gonna send this other coin and wait, what do you mean I can't send this one either?
You need to re-verify your I.D.
I just re-verified it 3 minutes ago. It's me, Larry! Hello!?!?
Yah, we are going to need you to re-verify again. We don't know. Maybe you went to take a shit and your girlfriend got into your phone and it sending your crypto to her own wallet and then she is going to run away. We need you to re-verify for your safety.
Ummmm, I don't have enough crypto for anyone to run away anywhere. It isn't a whole lot and you damn well know I don't have a girlfriend, but fine.....here is a pic of my license, and a picture of me again!
Okay. We will send it.
Now I want to send this third coin.
We'll send it in like 3 days. Unless of course you want to re-verify your identity again.
And those weren't even the toughest challenges. If you think exchanges aren't safe and you want to put your money into your own wallet now consider that it can take time for various exchanges to actually send your coins. If you want to use a hardware wallet remember you have to buy one. You have to wait for it to be delivered. Oh, you live with nosey family members who get all of the packages and are going to question what's in that package and you didn't tell any of them you own crypto? Wait, you didn't tell your wife you have crypto and you are going to have to find a time to quickly attach your Trezor or Ledger to your laptop to transfer your coins before you get caught? Guess what, you can't do it all in a few seconds. Also, why are you hiding shit from your wife?
Consider that it takes extra time to get your coins off if they are staked or if you are lending through the CEX. You might also not realize that some exchanges might not allow you to send certain coins at all, or they might have ERC-20 versions of coins that you didn't know were ERC-20 and you don't want to pay the gas fees. Did you buy $50 of a coin and want to sell it but it is only worth $9 now. Guess what, if your exchange has a $10 minimum you are going to have to buy $10 more and then sell $19 of the coin. And, oh wait, you added the $10 via ACH. Now you have to wait a week before you can send the $19 of whatever new coin you just bought and want to send. Your hardware wallet just arrived---guess what, it doesn't support all of your alt coins. You need to find another wallet.
TL:DR---If you want to get your coins off of exchanges and you have never done this before, in many cases it can take a lot longer than you think. Get on it now! Don't wait until it is too late!
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