Deposits and withdrawals are a little more work than just hitting a 'buy' or 'sell' button, but once you follow all the steps it is actually very easy. Please note you'll have to have a verified account older than 48 hours to be able to perform all options. In this article, we will provide you with a quick guide on how to deposit or withdraw crypto from or to the Litebit platform.

How to deposit crypto

Send your crypto from an external wallet, like MetaMask or Ledger, to your Litebit wallet by following the steps below:

In the mobile app

1. Go to the 'Portfolio' tab.
2. Tap the crypto you want to deposit.
3. Has this wallet not been created yet? Generate a wallet address by tapping the wallet with the plus sign at the top of the page. Keep in mind that some crypto is "trade-only". You cannot deposit or withdraw this crypto.
4. Tap the QR code at the top right of the screen.
5. Copy the wallet address.
6. Go to the external wallet from which you want to transfer these cryptos and paste the wallet address in the correct field. Please make sure to include a destination tag or Memo if this is required. For example: if you want to deposit XRP in your LiteBit wallet, you must include a destination tag. This destination tag is displayed in the deposit screen of your XRP wallet, just below your wallet address.
7. Follow further instructions on your external wallet. Again, make sure you select the correct network for your crypto transfer to LiteBit. If you use the wrong address, your funds may be lost forever. 
8. The transaction will now be processed by the blockchain. This may take several minutes. Please allow at least 20 minutes for the transaction to process. Processing speeds vary between blockchains. 

In our web environment

1. Log in to your account.
2. Go to the portfolio tab. This is the page you will land on directly after login. 
3. Hover your mouse over the crypto you want to deposit and click on the ‘Deposit' button at the crypto you want to receive.
4. Has the wallet you are looking for not been created? Generate a wallet address by clicking on the '+ New' button near the top of the page. Please note that some crypto are "trade only". You will not be able to deposit or withdraw these cryptos. You can find more info here: Trade only mode.
5. After clicking the deposit button, copy the wallet address you see or use the QR-code if your external wallet supports this feature.
6. Go to the external wallet from which you want to transfer these cryptos and paste the wallet address in the correct field. Please make sure to include a destination tag or Memo if this is required. For example: if you want to deposit Binance-Coin (BNB) in your Litebit wallet, you must include a memo. This Memo is displayed in the deposit screen of your BNB wallet, just below your wallet address.
7. Follow further instructions on your external wallet. Again, make sure you select the correct network for your crypto transfer to LiteBit. Using the wrong address may result in the loss of funds, permanently.
8. The transaction will now be processed by the blockchain. This may take several minutes. Please allow at least 20 minutes for the transaction to process. Processing speeds vary between blockchains. 

If you do not include sufficient blockchain fees, the transaction may not be processed at all or take a very long time to do so. Usually, the transaction has not been registered in the blockchain and you can still cancel it. If the transaction is cancelled, it can be resent with the correct fee amount. Did this not solve the problem? Please contact the wallet provider. They may assist you with troubleshooting. If the crypto are sent but do not arrive due to a lack of fee, it can take days or weeks, until the transaction is completed or sent back.

How to withdraw crypto

You can use Litebit to store your crypto in your wallet. It is also possible to send your crypto to your own wallet, for example, to your MetaMask wallet or Ledger.

To withdraw crypto to an external wallet, follow the steps below:

For mobile app users

1. Open the Litebit app.
2. Go to the portfolio tab.
3. Tap on the crypto that you want to send.
4. Tap the send icon in the top right corner (it looks like an arrow).
5. Enter the receiving wallet address or choose one from your address book. If your receiving wallet address requires a destination tag or similar, enter it below the wallet address. Important: If you forget this step, you will not be able to retrieve your crypto.
6. Enter the desired amount of coins you want to transfer.
7. Confirm that you own the wallet address.
8. Confirm the transaction with 2FA.
9. The transaction is now processed in the blockchain. This may take several minutes. Please allow at least 20 minutes for the transaction to process. Processing speeds vary between blockchains. 

In the web environment

1. Log in to your Litebit account.
2. Go to the portfolio tab. This is the page you will land on directly after login. 
3. Hover your mouse over the crypto you want to withdraw and click on the ‘Withdraw’ button.
4. Enter the receiving wallet address or choose one from your address book. If your receiving wallet address requires a destination tag or similar, enter it below the wallet address. Important: If you forget this step, you will not be able to retrieve your crypto.
5. Enter the desired amount of coins you want to transfer.
6. Confirm that you own the wallet address.
7. Confirm the transaction with 2FA.
8. The transaction is now processed in the blockchain. This may take several minutes. Please allow at least 20 minutes for the transaction to process. Processing speeds vary between blockchains. 

Which networks should I use for my deposits and withdrawals?

Every crypto uses a specific network to operate on. Nowadays, some exchanges and wallets, like MetaMask and Trust wallet, offer support for multiple networks for each crypto. This can lead to confusion on which network to use when interacting with your LiteBit wallet. 

With the increased popularity of DeFi and advances in blockchain technology, numerous networks can be used for the most popular crypto. The most used and popular networks are Ethereum (ERC20) and BNB Chain (BEP20). 

You can find a full list of the correct networks on this Support page.