Introduction 👋
Welcome to Denode, your trusted platform for digital asset trading! Whether you're looking to deposit cryptocurrency or fiat money, or withdraw your funds, this comprehensive guide will walk you through the process step by step. Let's gо!
Understanding Crypto Wallets 🧠
Before we dive deeper into deposits and withdrawals, let's take a moment to understand what a crypto wallet is and how it works on Denode.
What is a Crypto Wallet? 🤔
A crypto wallet is a digital tool that allows you to store, send, and receive cryptocurrencies. Think of it as your personal bank account in the crypto world. However, unlike traditional bank accounts, crypto wallets don't actually store your coins. Instead, they hold the private keys that give you access to your crypto assets on the blockchain.
Centralized vs. Decentralized Wallets: Understanding the Difference 👛⛓
1. Centralized Wallets (like those on Denode):
- Managed by a trusted third party (the exchange)
- Easier to use and recover if you forget your password
- Often come with added security features
- Ideal for active trading
2. Decentralized Wallets (like a hardware wallet):
- Controlled entirely by the user
- Offer complete ownership of private keys
- Require more personal responsibility for security
- Better for long-term storage or "hodling"
At Denode, we use a centralized wallet system to provide you with a seamless and secure trading experience.
Denode's Wallet Security 🔒
At Denode, we take the security of your assets seriously. Our multi-faceted approach ensures the highest level of protection for your investments. Here's how we safeguard your funds:
- Cutting-edge Security🛡️: State-of-the-art encryption, multi-signature technology, and DDoS protection keep your assets secure.
- Regulated and Compliant📜: We're registered with the Financial Regulatory Commission of Mongolia and adhere to strict international standards.
- Trusted Partnerships 🤝: We collaborate with regulated third-party custodians which maintain an asset risk reserve fund.
- 24/7 Vigilance 👀: Our dedicated team uses advanced algorithms to monitor and protect your assets round the clock.
- International Standard Compliance 🌐: We're ISO/IEC 27001:2013 certified and follow strict KYC and AML procedures.
Want to dive deeper into how we protect your assets? Check out our Approach to Asset Protection blog post to learn more about our comprehensive security measures.
Wallet Structure on Denode 👛💰💵
At Denode, we offer a range of investment products, including global cryptocurrencies, tokenized stocks, and exclusive Denode tokenized assets. To accommodate these diverse offerings, we've designed a unique wallet structure tailored to each market:
- Global Crypto Wallet 🪙: For trading and storing global cryptocurrencies
- Global Stocks Wallet 🌐: Dedicated to tokenized stocks
- Denode Market Wallet 💼: Exclusively for Denode tokenized assets
When depositing funds, it's crucial to choose the wallet that corresponds to the market you intend to trade. For instance, if you're eyeing tokenized global stocks, ensure you deposit funds into your Global Stocks wallet.
Don't worry if you need to move funds between markets – we've got you covered! You can easily make internal transfers between your wallets at no cost. Keep in mind that depending on the market, you may need to convert between USD and MNT. This flexible structure allows you to manage your diverse investments efficiently while keeping your assets organized.
📥💰 Section 1: Depositing Funds
A. Depositing Fiat Currency 💵
Step 1: Log into your Denode account.
Step 2: Select the Product you want to invest in. For tokenized global stocks, select "Global Stocks" (and vice versa).
Step 3: Navigate to the "Wallet" section and click on "Deposit".
Step 4: Choose your preferred fiat currency in the “Asset” dropdown menu.
Step 5: Follow the on-screen instructions to complete the deposit.
- Don’t forget to copy and paste the “Transaction description” in your bank transaction
Step 6: Wait for the funds to appear in your account (processing times may vary). You’ll receive an email once the deposit is complete.
Step 7: Check your Wallet "Balance" for the current balance, and "History" for deposit and withdrawal history.
Note ⚠️:
According to the new regulation by the Bank of Mongolia, domestic bank transfers can only be made in Mongolian tögrög (MNT). This affects how you fund your Global Stocks token wallet on Denode. Here's what you need to know:
- When depositing funds into your Global Stocks token wallet, you'll need to make a bank transfer in MNT from your personal account.
- Once received, Denode will automatically convert your MNT deposit to US dollars (USD) at the current bank exchange rate.
- The converted USD amount will then be credited to your Global Stocks token wallet.
This process ensures compliance with local regulations while allowing you to easily fund your USD-denominated Global Stocks token wallet using your MNT bank account.
B. Depositing Cryptocurrency 🪙
Step 1: Log into your Denode account.
Step 2: Select the Product you want to invest in. For global cryptocurrencies, select "Global Crypto" (and vice versa).
Step 3: Go to the "Wallet" section and click on "Deposit".
Step 4: Select the crypto you want to deposit in the "Asset" dropdown menu.
Step 5: Choose the corresponding blockchain network for your depositing asset.
- Selecting the correct blockchain network is crucial to avoid asset loss
Step 6: Copy the unique deposit address or scan the QR code.
Step 7: Send your cryptocurrency to this address from your external crypto wallet.
- Always double-check the deposit address before sending your crypto!
Step 8: Wait for the transaction to be confirmed on the blockchain. You will receive an email once the deposit is complete.
Step 9: Check your Wallet "Balance" for the current balance, and "History" for deposit and withdrawal history.
Note ⚠️:
- 🪪 Complete the KYC process before attempting deposits! Learn how to complete KYC here.
- 🛡️ Enable 2 Factor Authentication on your account before any deposit and withdrawal for security reasons. Learn how to setup 2FA here.
📤💰 Section 2: Withdrawing Funds
A. Withdrawing Fiat Currency 💵
Step 1: Log into your Denode account.
Step 2: Select the Product you want to withdraw from. For tokenized global stocks wallet, select "Global Stocks" (and vice versa).
Step 3: Go to the "Wallet" section and click on “Withdraw”.
Step 4: Choose the fiat currency you want to withdraw in the "Asset" dropdown menu.
Step 5: Click on the “To” field and enter your bank account details.
- Save a new bank account by clicking "Add new address", or select from saved addresses
- Manage saved withdrawal addresses in the "Address Book" tab on "My Profile" page
- Enter the 6-digit code sent to your email to add or remove saved withdrawal addresses
- Select the correct currency (MNT or USD) for your bank account. For example, if you’re entering the details for your USD bank account, select USD.
- Ensure your bank account details are correct to avoid delays
Step 6: Enter the withdrawal amount.
Step 7: Review and confirm the withdrawal by clicking "Continue".
Step 8: Enter your 2 Factor Authentication code generated by your Authenticator app.
Step 9: Wait for the funds to be processed and sent to your bank account. You'll receive an email once the withdrawal is complete.
Note ⚠️:
Withdrawing from your Global Stocks token wallet on Denode is also affected by the Bank of Mongolia's regulations. Here's what you need to know about withdrawals:
- When you request a withdrawal from your Global Stocks token wallet, which is denominated in USD, Denode will first convert the amount to Mongolian tögrög (MNT) at the current bank exchange rate.
- The converted MNT amount will then be transferred to your registered Mongolian bank account.
- You will receive the funds in MNT, regardless of the original USD balance in your Global Stocks token wallet.
- If your bank account is denominated in USD, the funds received in MNT will be automatically converted to USD at your bank's exchange rate upon arrival.
This process ensures compliance with local regulations while allowing you to easily withdraw funds from your USD-denominated Global Stocks token wallet to your MNT bank account.
B. Withdrawing Cryptocurrency 🪙
Step 1: Log into your Denode account.
Step 2: Select the Product you want to withdraw from. For global cryptocurrencies wallet, select "Global Crypto" (and vice versa).
Step 3: Navigate to the "Wallet" section and click on "Withdraw".
Step 4: Select the cryptocurrency you want to withdraw in the “Asset” dropdown menu.
Step 5: Choose the corresponding blockchain network for your withdrawing asset.
- Selecting the correct blockchain network is crucial to avoid asset loss
Step 6: Enter the recipient's wallet address.
Step 7: Enter the withdrawal amount.
Step 8: Double-check all details and confirm the withdrawal by clicking on “Continue”.
Step 9: Enter your 2 Factor Authentication code generated by your Authenticator app.
Step 10: Wait for the transaction to be processed and sent to the blockchain. You'll receive an email once the withdrawal is complete.
Note ⚠️:
- 🪪 Complete the KYC process before attempting fiat withdrawals! Learn how to complete KYC here.
- 🛡️ Enable 2 Factor Authentication on your account before any deposit and withdrawal for security reasons. Learn how to setup 2FA here.
- 💵 For fiat withdrawals, you can only withdraw to a bank account under your name. Ensure the bank account name matches the name registered at Denode.
🔁💰 Section 3: Internal Transfer Between Wallets
To transfer fiat or stablecoin assets between your Global Crypto, Global Stocks, Denode Market, and Launchpad wallets:
Step 1: Log into your Denode account.
Step 2: Select the Product you want to transfer from. For tokenized global stocks wallet, select "Global Stocks" (and vice versa).
Step 3: Go to the "Wallet" section and click on “Transfer”.
Step 4: Choose the currency you want to transfer in the "Asset" dropdown menu.
Step 5: Select the destination wallet in the "To" dropdown menu.
Step 6: Enter the transfer amount.
Step 7: Click "Continue" and acknowledge the warning message.
Step 8: The internal transfer between wallets will be completed in a few seconds.
Step 9: Check your Wallet "Balance" for the current balance, and "History" for deposit, withdrawal, and transfer history.
Tips for Smooth Transactions💡:
- Always verify addresses and amounts before confirming transactions
- Keep your account secure with strong passwords and 2FA
- Be aware of minimum deposit and withdrawal amounts
- Check for any applicable fees before making transactions
Troubleshooting🔧:
Having issues with deposits or withdrawals? Here are some common solutions:
- Check that you have sufficient funds (including fees) for withdrawals
- Verify that the blockchain network for origin wallet, the asset, and the destination wallet all match
- Ensure the cryptocurrency network isn't experiencing delays
- Double-check that you've entered all information correctly
- Ensure the account name and transaction description in your bank transfer exactly match the details provided by Denode.
Final note ✅
Managing your funds on Denode is straightforward once you know the steps. Whether you're depositing crypto for trading or withdrawing your profits, follow this guide for smooth transactions. Remember, our support team is always here to help if you need assistance!
Ready to start trading? Log in to your Denode account now and make your first deposit! 🚀
Remember, if you have any questions about depositing or withdrawing funds, don't hesitate to contact our support team at support@denode.io.
Happy trading! 📈🎉