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How to choose the right network

When withdrawing cryptocurrency from an exchange to the protection of your Trezor hardware wallet, you will need to choose the correct network for the withdrawal. The correct network will depend on the type of cryptocurrency that you are withdrawing. Check out the video and general guidelines given below to safely withdraw your funds to self-custody.

 

 

Please choose the network carefully and make sure that the selected network is the same as the network where you are withdrawing funds. If you select the wrong network, you will lose your funds.
 


It is common for exchanges like Binance to offer alternative networks to withdraw your coins. These networks are popular withdrawl methods from exchanges beacuse the networks are usually much faster and cheaper.

However, if you withdraw your tokens via a network that is not supported in Trezor Suite you could lose your funds. Furthermore, if you withdraw your Bitcoin via a network other than the Bitcoin network, it is not real Bitcoin, and you could lose your coins.

Here are some general guidelines for choosing the correct network:

  • For Bitcoin, you will need to choose the Bitcoin network.
  • For Ethereum and other Ethereum-based tokens (such as ERC-20 tokens), you will need to choose the Ethereum network.
  • For Litecoin, you will need to choose the Litecoin network.


It's important to note that some exchanges may not support withdrawals to all networks. Therefore, it's a good idea to check with your exchange to see which networks they support before attempting to withdraw your cryptocurrency.
 

Additionally, you will need to ensure that your Trezor wallet is set up to receive cryptocurrency on the same network that you are withdrawing from the exchange. If your Trezor wallet is not set up to receive cryptocurrency on the correct network, you will not be able to complete the withdrawal.
 

In summary, to choose the correct network when withdrawing cryptocurrency from an exchange to your Trezor wallet, you will need to determine the type of cryptocurrency that you are withdrawing and ensure that both the exchange and your Trezor wallet support that network.

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