In the previous article, we covered how to create a bitcoin wallet. In this one, we’ll go through how to transfer bitcoin from an exchange to your personal wallet step by step.
Exchange Identity Verification
I’ll demonstrate the process using BtcTurk as an example. The steps are similar across most exchanges. In Turkey, identity verification is mandatory to withdraw cryptocurrency. You can register with your ID number and trade without complete verification, but transferring assets to your personal wallet requires it.
During the verification process, the exchange will ask you to upload a photo of your face along with the front and back of your ID. You can easily do this on the exchange’s website or mobile app by the identity verification screen.
Why is this necessary?
To protect your funds. If someone has access to your phone and ID details, they could open an account in your name and transfer your funds to their own wallet. Since crypto transactions are irreversible, exchanges use ID verification to reduce this risk.
The exchange clearly explains the steps on its website and mobile app so that I won’t repeat them here. After uploading your documents, the approval process usually takes less than an hour.
Withdrawing Bitcoin from the Exchange
The process is identical across platforms; this guide shows it by the desktop interface. First, navigate to the “Withdraw Cryptocurrency” screen (Image-1,2).
- Select Bitcoin (BTC) from the menu on the left.
- Then, add the wallet address where you want to send your bitcoin (Image-3).
- In the “Network Selection” field, ensure “Bitcoin (BTC)” is selected. Liquid and Lightning networks are beyond the scope of this article and are unnecessary for beginners.
- Next, click the “Add New Address” button under the “Withdrawal Address” section.
A pop-up window will appear (Image-4):
- In the “Label” field, enter a name to help you recognize this address later.
- In the “Address” field, paste the bitcoin address you created using your Electrum wallet.
Never type the address manually. In Electrum, go to the “Addresses” tab, right-click the desired address, and select Copy → Address (Image-5).
Avoid manually selecting and copying the address with your mouse — even one missing character can result in permanent loss. Bitcoin sent to the wrong address is unrecoverable.
After entering the address, the exchange will ask who it belongs to (Image-4). The exchange requires you to declare this information due to anti-money laundering laws.
Since you’re transferring to your own wallet, choose “This address is registered in my name.” The exchange will also ask you whether it’s a personal wallet or an exchange wallet. Select “Personal Wallet” for this guide. If transferring to another exchange, select “Exchange” and choose from the list.
Once you save the address, the window closes and returns to the previous screen (Image-6). Then:
- Confirm “Bitcoin (BTC)” is still selected in the “Network Selection” field.
- Choose your address in the “Withdrawal Address” field.
- “Recipient Information” will auto-fill.
- Enter your desired withdrawal amount in the “Amount” field.
Note: When writing, BtcTurk required at least 0.00055 BTC, including the network fee.
BtcTurk formats numbers using English formatting — it displays decimals with dots and thousands with commas. Turkish formatting does the opposite. You can check this by looking at the balance display in the top-right corner.
Tip: Start by withdrawing a small amount and re-depositing it. Try this at different times. Only move larger amounts once you’re fully confident with the process. A small mistake could result in permanent loss of your bitcoin.
⚠️ WARNING: Never share your seed phrases, bitcoin password, bitcoin private key, or exchange password with the exchange.
- Don’t send them by email.
- Don’t enter them on the exchange’s website or mobile app.
- No legitimate exchange will ever ask for this information.
- If you receive such a request from the exchange, it’s a scam.
In such a case, stop trading on that exchange. An exchange employee will never ask for your bitcoin password or personal information. If you receive such a request, either someone pretending to be an exchange employee is trying to scam you, or a real exchange employee with malicious intent is attempting to steal your funds. To scam you, they may ask you to tell your secret words (seed phrases), bitcoin password, bitcoin private key, exchange password, or email password over the phone or by email or request to write them on the exchange’s website.
Never do such a thing. The exchange doesn’t need your seed phrase or wallet password to send or receive bitcoin. This rule applies to all exchanges. If you encounter such a situation, report it to destek@btcturk.com without sharing sensitive data. The only thing you need to share is your wallet address — as shown in Image-5.
Once everything looks correct, click the “Submit Withdrawal Request” button.
Email Confirmation & Security
Before processing your withdrawal, the exchange will send you a confirmation email (Image-7). This is a security step to protect your account.
Be careful: Verify that the email is from BtcTurk (Image-8). BtcTurk only uses @btcturk.com email addresses. If the domain differs (e.g., @btctrk.com), do not click links or download attachments. Report such emails to destek@btcturk.com and delete that scammer email immediately to avoid accidental interaction.
Transfer Process
After confirming the email, your request will be placed in a queue (Image-11,12). Withdrawals are typically processed every 10–15 minutes. Once complete, your bitcoin will appear in your Electrum wallet (Image-9,10).
In the blockchain network, the completion of the transfer typically takes around 10 minutes. Depending on network congestion, it could take 20–30 minutes or even up to 1–2 hours.
Final Thoughs
In this article, we explained how to transfer bitcoin from an exchange to your personal wallet. In the next article, we’ll go over how to transfer bitcoin from your wallet back to the exchange.
I wish you a life that makes a difference.