Guide to Transferring Bitcoin from InnovestX to OneKey Hardware Wallet

Enhance Security with a Hardware Wallet

You've chosen the best path for Self-Custody! Moving digital assets from an Exchange (InnovestX) to a Hardware Wallet is a shift from "online" storage to "offline" (Cold Storage), which is the highest security standard in the crypto world.

This guide will walk you through each step in detail to ensure your coin transfer is accurate and secure.

Part 1: Preparing the Hardware Wallet (OneKey)

Before transferring Bitcoin from an exchange to a Hardware Wallet and into the Binance app, we need to use OneKey to create an "Address" first (if you have other Hardware Wallet models, you can use them as convenient, but in this guide, I will use OneKey as an example for receiving transfers).

1. Prepare OneKey and create an Address

Open the OneKey App. Connect your OneKey device, which has a seed phrase created, to a computer or another device such as a smartphone or tablet. Then, open the OneKey App program on the desired device.

2. Click "Receive"

• Select the coin account you want to receive (Bitcoin).
• Click the "Receive" button to generate a receiving address.
• Select the coin you want to receive, choose “BTC”.

3. Confirm on the device (very important)

The OneKey App will display an address. You must verify that the address on the computer screen matches the address on your OneKey device screen 100%.

This is to prevent malware that might change the address on your computer screen without your knowledge.

4. Copy Address

Copy the address you've confirmed from the OneKey App. This completes the preparation of the "Address" for receiving Bitcoin.

Part 2: Initiating a Transfer from InnovestX (General Steps)

1. Choosing the Bitcoin Network

If you want to store Bitcoin, you must use only the Bitcoin Network (BTC). Bitcoin on other networks is not true Bitcoin, but Wrapped Bitcoin (WBTC). Therefore, if you want to store actual Bitcoin, you must choose the Bitcoin Network.

2. Select Other Network

Bitcoin on other networks is not Bitcoin but Wrapped Bitcoin (WBTC). The question is, what is a Wrapped Bitcoin (WBTC) Token? The principle of WBTC is to collateralize real Bitcoin and then create WBTC in the same quantity as the collateral (though it might not be exactly equal). This is similar to creating stablecoins like USDT and USDC, where fiat money is used as collateral to create an equivalent amount of coins.

So, is WBTC Token Bitcoin?

The answer is no, it's not true Bitcoin. To put it simply, WBTC Token is like a gold certificate. When we buy gold, do we want gold or a gold certificate? In the past, gold certificates were useful because they granted ownership and facilitated easy transfer.

Therefore, we must reconsider our purpose for buying Bitcoin. If we intend to collateralize it for other assets or speculate for short-term gains, then we should buy WBTC Token. However, if we want to hold genuine Bitcoin, we should buy Bitcoin on the Bitcoin Network.

Common formats

• BEP20 (BSC): BTCB
• ERC20 (Ethereum): WBTC
• Solana: BTC (Wrapped)

3. Select Lightning Network (LN)

Lightning Network (LN) is a Layer 2 network on top of the Bitcoin Blockchain (Layer 1), operating on a separate layer (Off-chain) from Layer 1.

The Lightning Network was designed to address the delays in the Bitcoin Blockchain due to the processing of massive transactions (Scalability Problem), allowing for faster and cheaper BTC transfers. It is gaining popularity and increasing support from exchanges.

The Lightning Network conducts off-chain transactions through what are called Payment Channels. Once a Channel is established, the two counterparties can exchange coins. By creating a Channel and signing transactions that adjust the balance of the Lightning Channel, both parties must sign and endorse all transactions within the channel. Read more here

Start transferring from InnovestX

Go to the "Withdrawal" page on InnovestX

• Access the InnovestX app.
• Go to the “Crypto” menu.
• Go to the "Digital Asset Account" menu to view your digital asset list.
• Select the coin you wish to transfer (e.g., BTC, ETH, USDT) and click on it.

Entering BTC transfer details on InnovestX

• Address: Paste the BTC address copied and confirmed from Trezor (check the first 5 and last 5 characters to ensure they match).
• Network: Select Bitcoin Network or BTC.
• Amount: Enter the amount of BTC you wish to transfer or withdraw.
• Check the fees and the amount of coins you will receive, then click "Review Withdrawal Order".

• Review the “Destination Address” again (this is very important!). If it’s correct, you can click “Confirm”.
• Select authentication using “Authenticator”.
• Open the “Google Authenticator” app that you registered during signup.
• Enter the code from the “Google Authenticator” app into the “InnovestX” app and click “Confirm”.

• The system will require "email verification."
• Access the email associated with this account, review the transaction, and click "Confirm Withdrawal."
• Once confirmed, the system will display a "Withdrawal" window.
• When you check the InnovestX app, it will show "Processing," meaning the system is currently processing the transaction.

• Wait for the system to transfer the coins (approximately 10-30 minutes), then check the transaction status in the “Transaction History” menu.
• If the status shows "Complete," it means the coins have been withdrawn from the Exchange and transferred to your address. You can check the "Order Completion" time on this page.
• Check the transaction status at the “Destination Address” on your Trezor (Hardware Wallet) to confirm if you have received the coins.

Part 3: Check transaction on OneKey App

Status in OneKey App: Once the transaction is confirmed, you will see the transferred coin balance appear in the OneKey App (this may take approximately 10-30 minutes, depending on the exchange and time).