How do I verify an external wallet?


If you want to send cryptocurrencies to an external wallet, you must first verify your external wallet. This is necessary because Coinmerce wants to make sure you are sending cryptocurrencies to a wallet That you own. This prevents you from accidentally sending cryptocurrencies to a wallet that does not belong to you.

To verify an external wallet, go to the profile icon in the upper right of the website or ‘More‘ in the bottom right corner of the app and select 'Withdrawal addresses'. Then click add new and choose the coin you want to verify a wallet for. It is important that both the receiving address and the address from which the coins are sent are on the same network. If this is not the case, the coins will not arrive. Blockchain transactions are irreversible. If you don't choose the right network, this could lead to loss of the sent cryptocurrencies.

You can choose between verifying an exchange wallet or personal wallet. An exchange wallet is a wallet on an exchange or broker. A personal wallet is a wallet that you manage yourself. You have the private keys of this wallet, which can be a Ledger or a Metamask wallet, for example.

There are two methods to verify an external wallet. The fist method is by sending a small amount of crypto to Coinmerce from your external wallet

(deposit method) or by providing a screenshot of your external wallet address (printscreen method).

To verify a wallet with the deposit method, you need to make a small deposit from your external wallet to your Coinmerce wallet address. You can find the Coinmerce wallet address by going to the coin you want to deposit and clicking on the deposit button under the graph. When you have done this, you will immediately see the wallet address appear on the screen. If there is a tag/memo, you need to add it when withdrawing from your external wallet.

Note: If the tag/memo is not entered correctly, this could lead to loss of cryptocurrencies

To verify a wallet using the print screen method, you need to take a screenshot of the wallet address in your external wallet. During the verification process enter the wallet address and upload the screenshot of your external wallet. Make sure at least the first and last letters and digits are clearly visible in the screenshot. If they are not legible, the verification will fail.

If there is tag/memo, it is important to link it to the wallet address. If there is no tag, leave this field blank! For custodial/exchange wallets a tag/memo is needed for some cryptocurrencies. For personal wallets it is not necessary to use the tag/memo, you can leave this field empty. See a tutorial video on verifying an external wallet here.

Want to delete an external wallet? Then go to the profile icon and click on 'Withdraw addresses', then you will see a list of wallet verifications. Click on the external wallet you want to delete and then click 'delete' to remove the external wallet from the list.