How to prepare a wallet for exchange: addresses, fees, and secure storage

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Before any exchange operation, it’s crucial to prepare your wallet correctly. This minimizes the risk of losses, saves on fees, and speeds up transactions. Below is a practical step-by-step guide to wallet preparation, security tips, and instructions with screenshots of popular wallets.

What to Prepare Before a Transfer

  • Check your balance and available UTXOs.
  • Ensure the recipient’s address supports the required format (e.g., bech32).
  • Prepare a backup of your seed phrase or private keys.
  • Complete KYC on the exchange platform in advance if necessary.
  • Estimate current fees using mempool monitors and wallet tools.

Backup and Security (Mandatory Steps)

First, create a backup of your seed phrase. Write it down manually on paper and store it in two different locations. Never store your seed phrase in the cloud or as a photo on your phone.

Next, activate a PIN/password and, if possible, two-factor authentication for linked service accounts. When using a hardware wallet, always verify the address on the device screen before sending.

Finally, regularly update your wallet software and avoid suspicious applications.

Address Selection and Format (Legacy / P2SH / Bech32)

  • Legacy (starts with 1): Compatible everywhere, but incur higher fees.
  • P2SH (starts with 3): Compatible and more economical than Legacy.
  • Bech32 (starts with bc1): Offers the best fee savings and is a modern format.

Before sending, check with the recipient which formats they accept. For example, some exchanges or platforms still do not support bech32.

Fee Configuration: How Not to Overpay

  • Check network congestion via mempool (mempool.space, etc.).
  • Use wallet-recommended levels: low/medium/high.
  • If necessary, manually specify sat/vB (satoshis per virtual byte).
  • If you want to speed up the transaction, choose a higher fee or enable RBF (Replace-By-Fee) for the, recipient address, network/tag requirements (if it’s a token).
  1. Make a backup and ensure your wallet is synchronized.
  2. Verify the address format and recipient’s support.
  3. Estimate and set the fee.
  4. Perform a test transaction with a small amount (especially when working with a new service for the first time).
  5. After a successful test transaction, send the main amount.
  6. Save the TXID and take screenshots of the confirmation.

Screenshots of Popular Wallets (What to Photograph and Why)

Below are screenshot recommendations. Attach images to your material or take them personally.

  1. Electrum (Desktop)
    • Main screen with balance: to show synchronization.
    • Receive tab: display address and QR – ensure the full address is visible.
    • Send tab: transaction creation window with the fee field and RBF option – demonstrates fee configuration.
  2. Ledger Live + Ledger (Hardware)
    • Ledger Live screen: account balance and last transaction.
    • On the Ledger device: address confirmation (photo of the device screen) – it’s important to show that the address is verified on the hardware.
    • Send window in Ledger Live showing the fee.
  3. Trust Wallet (Mobile)
    • Wallet screen with balance (mobile interface).
    • Receive: address and QR for copying.
    • Send: network selection (if token), fee field, and confirmation.
  4. Exodus (Desktop/Mobile)
    • Main account screen and recent operations.
    • Receive: address for BTC and QR.
    • Send: recipient input window and speed/fee slider.
  5. Coinbase Wallet / Coinbase (if using an exchange)
    • Deposit address screen indicating the format (if there’s a memo/tag for other networks – show this field).
    • Example of a page stating “do not send tokens on a different network” – this warning is important for users.

For each screenshot, add a caption: where it was taken, what it shows, and what to pay attention to (e.g., “verify address on hardware screen”).

Common Mistakes and How to Avoid Them

  • Sending to an address on a different network (e.g., ERC20 instead of TRC20) – this mistake is difficult to correct. Make sure you select the correct network.
  • Copying an address from a malware-infected clipboard – use QR codes or check the first and last 4-6 characters.
  • Ignoring the recipient’s address format – ask exchange support in advance.
  • Reusing an address when not necessary – avoid this.

Pre-Send Checklist (Briefly)

  • Wallet is synchronized.
  • A fresh seed phrase backup has been made.
  • Recipient address is verified (format and support).
  • Fee is set and checked via mempool.
  • For the first operation, a small test transaction was made.
  • TXID is saved / screenshot taken.

Example Numbers (Fee Benchmarks)

  • Low network load: ~5–20 sat/vB.
  • Medium load: ~20–60 sat/vB.
  • High load (instant confirmation): 60+ sat/vB. These values change constantly; always check at the time of sending.

Conclusion

Preparing your wallet before an exchange minimizes risks and saves money. First, make a backup and verify the address format. Then, estimate the fee and, if possible, perform a test transaction. Finally, save all confirmations and TXIDs for customer support in case of problems.

For more details and examples specific to your needs, visit: https://alwayschange24.com/en/

If you wish, I can: prepare a checklist template in PDF format, generate step-by-step instructions for a specific wallet, or verify the recipient’s address before sending.

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