Enhance Security with a Hardware Wallet
You have chosen the best way to self-custody! Moving digital assets from an Exchange (InnovestX) to a Hardware Wallet means shifting from "online" storage to "offline" storage (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 Your Hardware Wallet (OneKey)
Before transferring Bitcoin from the exchange to your Hardware Wallet and into the Binance app, we need to create an "Address (receive address)" using OneKey first. (If you have other Hardware Wallet models, you can use them as you wish, but in this guide, I will use OneKey as an example for receiving coins.)
1. Prepare OneKey and Create an Address
Open the OneKey App. Connect your OneKey device, with a generated Seed Phrase, to a computer or other 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 receive 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 confirm that the address on your computer screen matches 100% with the address on your OneKey device screen.
This is to prevent malware that might change the address on your computer screen without your knowledge.
4. Copy Address
Copy the confirmed address from the OneKey App. This completes the preparation of the "Address (receive address)" for receiving Bitcoin.
Part 2: Initiating the Transfer from InnovestX (General Steps)
1. Selecting the Bitcoin Network
If you want to hold Bitcoin, you must use only the Bitcoin Network (BTC). This is because Bitcoin on networks other than the Bitcoin Network is not real Bitcoin, but Wrapped Bitcoin (WBTC). Therefore, if you want to hold actual Bitcoin, you must choose the Bitcoin Network.
2. Choosing Other Networks
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 create WBTC in an equivalent amount (in reality, it might not be exactly equal). This is similar to creating stablecoins like USDT, USDC, which collateralize fiat money and create coins in an equal amount.
So, is a WBTC Token real Bitcoin?
The answer is no, it's not real Bitcoin. To illustrate simply, a WBTC Token is like a gold certificate. When we buy gold, do we want actual gold or a gold certificate? In the past, gold certificates were useful because they granted ownership and made transfers easier.
Therefore, we need to consider our purpose for buying Bitcoin. If we want to use it as collateral for other assets or speculate for short-term gains, then WBTC Token is fine. But if we want to hold real Bitcoin, we should buy Bitcoin on the Bitcoin Network.
Common Forms
- BEP20 (BSC): BTCB
- ERC20 (Ethereum): WBTC
- Solana: BTC (Wrapped)
3. Select Lightning Network (LN)
The Lightning Network (LN) is a Layer 2 network built on top of the Bitcoin Blockchain (Layer 1), operating on a different layer (off-chain) rather than directly on Layer 1.
The Lightning Network was designed to address the scalability problem of the Bitcoin Blockchain, which refers to delays caused by processing massive transactions. It helps make BTC transfers faster and more cost-effective, and its popularity is growing, with more exchanges supporting it.
Since the Lightning Network conducts transactions off-chain, it's known as a Payment Channel. Once a Channel is established, both parties can exchange coins. By creating a Channel and signing transactions that adjust the balance of the Lightning Channel, both parties must sign and approve all transactions within the channel. Read more here.
Initiate Transfer from InnovestX
Access the "Withdrawal" page on InnovestX
- Open the InnovestX app.
- Go to the “Crypto” menu.
- Go to the "Digital Asset Account" menu to view your digital assets.
- Select the coin you wish to transfer (e.g., BTC, ETH, USDT) and click on it.
Filling in 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.
- Review the fees and the amount of coins you will receive, then click "Review Withdrawal Order Information."
- Verify the “Destination Address” again (this is crucial!). If it's correct, you can proceed by clicking “Confirm.”
- Choose to verify your identity 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 confirmation for the transaction.”
- Check 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, the system will show “Processing,” meaning the transaction is currently being processed.
- 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 that you have received the coins.
Part 3: Verifying Transactions on the OneKey App
Status in OneKey App: Once the transaction is confirmed, you will see the transferred coin amount appear in the OneKey App (this may take approximately 10-30 minutes, depending on the exchange and timing).
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