Articles on: Transactions

Transacting with a Centralized Exchange (Coinbase, Binance)

Transacting with a Centralized Exchange such as Coinbase and Binance

Background Info:

Pera Wallet supports buying and selling Algo, USDC and USDT through various onramp and offramp providers, such as MoonPay, Transak, Wyre and Banxa. However you might still want to transact through other centralized exchanges that support the Algorand ecosystem, such as Binance or Coinbase.

As a prerequisite, your Pera Wallet should be set up and have at least one account in it. If you haven't done so, please visit our other tutorials before attempting to transact.

⚠️Warning: This tutorial merely provides a high level view of this process. Each exchange is different. If you have specific questions about how transact using your exchange, please reach out to the exchange's customer service team.

Part 1: Withdrawing Algos from an exchange to your Algorand Wallet account

If you've acquired Algos via an exchange, you can simply use that exchange's Withdraw, Send, or Transfer workflows to send Algos to your account. These workflows will likely ask for an Algorand address to which to send the Algos or Algorand assets. Simply provide them the address associated with your account, which can be found following this tutorial.

Note: Depending on the exchange or application you're sending from, this process may take some time. While transactions happen in under 5 seconds on the Algorand blockchain, the exchange or application may be experiencing delays or imposed time restrictions. Again, for more information, please reach out to the exchange's customer service team.

Part 2: Transferring Algos from an Algorand Wallet account to an exchange

If you'd like to now transfer Algos back to an exchange, again, please follow the directions provided to you by the exchange. Often times, the workflow to do this (via the exchange) will be labeled as a "Deposit" workflow. The exchange will then provide you with an address to which you can send your Algos or other Algorand assets.

From your Pera Wallet account, you'll simply paste in the address provided by the exchange. The address should be pasted into the "To:" field when creating a transaction in the Algorand Wallet. For more information on transacting, check out our other transacting support articles.

Additional Info:

When sending assets to new accounts or using workflows that you haven't used before, we advise you to send a "test" transaction to ensure addresses and configurations are correct. Simply follow the steps above, but instead of sending a large amount, send a small transaction (1 Algo for example). Once you've confirmed success in the destination wallet or exchange, you can send the full amount with more confidence.
When you first receive Algos from an exchange or other service, you might be tempted to save that sending address as an exchange contact. Be aware, exchanges are complicated applications, and that address that you saved initially may not be the address you use to send back to. Always use the exchange's dedicated deposit workflow. If you think you sent assets to the wrong exchange account, please reach out to the exchange's customer support team.

Updated on: 21/11/2022

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