It is frustrating when you try to send Ether (ETH) to an external wallet service only to find out that it is not yet ready to receive the incoming funds. In most cases, this is due to insufficient confirmations on the part of the sender. Thus, you have to either wait (in some cases for several hours) or withdraw your funds partially (in case you don’t want to wait).
In this article, we will discuss two methods that you can use to overcome this problem. The first one is to use a hardware wallet to store your Ether, and the second one is to use an exchange account to route your Ether to the destination address. Let’s dive in.
Use A Hardware Wallet To Store Your Ether
A hardware wallet is a physical wallet that you store on your person. These types of wallets generally come with a display screen so that you can conveniently monitor your funds at all times. Moreover, you can use a hardware wallet to make instantaneous transactions when sending funds to another address. Finally, in most cases, hardware wallets provide an additional layer of security for your Ether as they are not connected to the internet. This makes them perfect for storing valuable funds.
The above mentioned features make hardware wallets attractive options for storing and transferring Ether. However, there is one downside to using these types of wallets: if your device gets lost or stolen, your Ether is not as safe as it is elsewhere. For this reason, you should make sure that you have a backup plan in case anything happens to your hardware wallet. Luckily, you have several options when it comes to storing Ether safely. One option is to purchase a hardware wallet that is specifically designed to store large amounts of money. For example, the Ledger Nano S can be used to store huge amounts of Ether (up to 1,000GB) for an extended period of time. Moreover, this wallet can be fully backed up using the built-in chip so that you can have absolute peace of mind knowing that your private keys are encrypted and stored offline.
Another option is to use a paper wallet. In case your device gets lost or stolen, you would not lose any money since all the details regarding your wallet are stored on paper. The only risk with this option is that someone could physically attack you and steal your paper wallet. For this reason, make sure that you backup your wallet frequently (at least once a week) and store the wallet in a safe place. Keep in mind that having a backup plan is already half the battle. In case your device gets lost or stolen, your paper wallet could also be damaged, resulting in all your funds being lost. If this happens, you would have a huge recourse since you have a record of all the transactions made with your wallet.
Use An Exchange Account To Route Your Ether To The Destination Address
An exchange account is a type of digital wallet that you use to store and transfer your Ether. In most cases, when you send Ether to an exchange account, your funds are routed through several different servers of the exchange. This means that your transaction will be processed and confirmed by several different entities within the network. In case something goes wrong, you have multiple layers of protection (from both a technical and a financial perspective) since all the funds are held by an exchange.
For these reasons, using an exchange account to store and transfer your Ether is generally the preferred option. However, if you want to send the Ether to a specific address, you will need to setup a different account for that specific purpose. In most cases, this means that you will have to download the MetaMask app and create a new account for the specific purpose of transferring funds to an external wallet service. Moreover, you will need to download and install the MyCrypto Wallet Chrome extension to gain access to all the features of the specific account. In case you are worried about someone stealing your private keys, you should utilize a two-factor authentication (2FA) process to protect your account. For more information on this subject, consult the MetaMask FAQ or read our detailed article on how to securely store your Ethereum keys.
Keeping your Ether safe and sound is essential in order to prevent any losses. As a general rule, it is advisable to avoid storing your funds on an exchange since all your funds are held in a vulnerable place. For this reason, we recommend either purchasing a hardware wallet or using an exchange account to route your Ether to a destination address. Moreover, make sure to protect both of these wallets with a strong passphrase as well as back up your private keys frequently (at least once a week).