A few days ago, we talked about a derivative only exchange named “MCS” a.k.a My Coin Story. While we discussed multiple tangible benefits of using this platform in the previous blogpost, another uncalled benefit lies in the fact that it is registered in Singapore. For the uninitiated, Singapore is a crypto friendly nation with progressive regulations. Amidst the uncertainty in India, this could be your best bet against risk.
But today, I want to delve into the tutorial mode, just to explain how you can earn even while setting up your account for trading. That’s the beauty of cryptoverse. It intends to democratise wealth in a way that users and platform is benifited alike.
What is Depositing Crypto?
I told you. I have the tendency of taking things from the top so that all types of users can leverage the benefits of this content piece.
So back in the day when I was new to crypto world, I saw a message on one of the exchanges that said, “Withdrawals for this crypto are temporarily restricted”. I was so scared of putting my money in something that won’t let me take it out.
On a little deeper research I found out that withdrawal is essentially moving your crypto from a centralised exchange to your wallet. I could still buy and sell crypto. Phew!
Coming to the question of the day. Depositing crypto is just the opposite of withdrawal. You can move your crypto within different exchanges and wallets by withdrawing it from one and depositing it to the other.
With that context, let’s quickly jump into how this can be done!
How to Withdraw and Deposit Crypto?
In this particular example, I am going to put some BTC in the MCS wallet. For the sake of example, I would take it from Binance (A Centralized Exchange). Let’s take the process step by step.
Step 1: Wallet Address
Each crypto has a different wallet address for each wallet/exchange. This means that you cannot deposit BTC in a wallet address meant for USDT. Therefore, it is extremely important to take care of the address you are receiving crypto at. Else, you will lose your crypto!
For this step, go to your MCS wallet as shown in the screenshot below (green box).
Scroll down to find BTC option. Please note that you can also add USDT to MCS wallet. Currently these two deposits are available. Find the deposit button below BTC as shown in the screen grab.
As soon as you hit the deposit button, there will be a pop up. Pop up will feature the QR code of your deposit address and the wallet address in text that looks something like this: 3PZT5bHoWHpBk8swMWZSADTRcmrf9ZY2Wi
Simply copy this address using the icon mentioned next to the address.
Step 2: Withdrawal from Binance
We would be using the Binance application for this process. The process is going to be exactly the same using the web version as well.
Also, there is an obvious assumption that you have already purchased some BTC using your Binance. Duh!
Moving on, head over to your spot wallet and tap on BTC. Once you do that, you would find a withdraw option on the bottom right. (Shown in screenshot below)
As soon as you tap withdraw, you should enter a screen that looks something like this. 👇
And finally, all you have to do is enter the address that you copied from MCS in the address section. Alternatively, you could also press the icon on the right of the address bar and directly scan the MCS address from QR code on the pop up discussed above.
Next up, enter the amount of BTC you want to withdraw. Hit max if you want to withdraw all. Once you are done, you can simply check the network fee from bottom left corner and the final amount that you would receive.
Hit withdraw, authenticate with an OTP on your mobile number and Email ID.
It should take a few minutes before the transaction completes.
Viola! You should be able to see the BTC in your MCS wallet pretty soon.
If you want to transfer USDT instead of BTC, steps are exactly the same. Simply select the USDT address and withdraw USDT from the Binance wallet.
Remember we started off by mentioning there are some rewards for depositing funds in your MCS wallet? Here you go!
– You would get a 10 USDT reward for depositing as low as 10USDT. Isn’t that super cool?
– Depositing as low as 0.0005 BTC will get you BTC worth $10. At the current price this means that depositing BTC worth Rs. 1800 is fetching you a reward worth Rs. 800.
This is likely to lower your burden in terms of money that you had to pay for network fee. For the ones who had to move to MCS for derivative trading, this is actually a big support being lent by the exchange.
In my opinion, if you are a trader and want an exchange where traders are given preference over anything, MCS is a good option. Rewards talk highly of the support the exchange is willing to provide to traders to come onboard.
What are your opinions on the same?
Got questions? Want to take it to the next level? Reach out to me using your preferred platform from the links below
Until next time..
Btw, if you are a seasoned trader or just testing the waters with derivatives, here’s an exchange specifically meant for that. Head over to MCS using this link. Still not convinced? Join the vibrant community that is talking about MCS on Telegram, here.