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Receive cryptocurrencies on Young Platform from external wallets

Do you want to transfer cryptocurrencies that you hold on another exchange, a personal wallet or another platform to Young Platform? With this guide, you will find out how to withdraw from the external wallet and deposit your crypto on Young Platform, taking into account the regulatory requirements introduced by the Travel Rule.

Check networks, memos and compliance requirements

Before depositing, it is important to:

  1. Verify the supported networks on Young Platform. To consult the updated list of supported networks, visit the "Supported virtual currencies on Young Platform" section on the Fees and Prices page.
  2. Check whether a Memo/Tag is required. For some cryptocurrencies, it is compulsory to enter the memo/tag (e.g. Ripple (XRP), Stellar (XLM), Terra V2 (LUNA 2.0) and EOS). If the platform of origin requires you to specify the type of memo, Young Platform always and only provides the Memo ID type memo.
  3. Provide the information required by the Travel Rule. In Italy, the regulation provides for a threshold of 0 EUR, which means that any cryptocurrency withdrawal or deposit must report additional information as required by the regulations.
  4. If you are sending cryptocurrencies to a self-hosted wallet, it may be necessary to verify wallet ownership before completing the transaction with, for example, two-factor authentication (2FA).

Warning!

  • Deposits made on the wrong network or without a memo/tag may not be recoverable.
  • Young Platform declines all liability for incorrect deposits made by the user. However, we will provide support for deposits sent on the wrong network and will return those without a memo/tag to the sender.

Deposit cryptocurrencies on Young Platform

Follow these steps to securely deposit your cryptocurrencies:

  1. Select the cryptocurrency you want to deposit from the Young Platform Homepage (Deposit > Cryptocurrency) or from the Wallet section.
  2. You will see the address of your Young Platform wallet for the chosen cryptocurrency and the network. If necessary, make a note of the Memo/Tag.
  3. Make sure you choose the correct network for the transfer: they must match on both the sending and receiving wallet.
  4. Use the address provided (or the QR code) to complete the withdrawal operation from the external wallet. Do not type the address by hand to avoid errors, but copy and paste it. Warning! Make sure that the address shown in the Deposit section on Young Platform matches the one entered in the withdrawal field of the origin platform exactly. This helps prevent attacks that manipulate addresses copied to the clipboard or other fraudulent replacement techniques.
  5. Also paste the Memo/Tag (if required) and select the same network chosen on Young Platform.
  6. If the transaction was carried out by a CASP, make sure you select Young Platform as the destination platform. If it is not present in the list, contact Young Platform Support by opening a ticket: we will take care of resolving the issue directly with the platform of origin of the funds.
  7. Complete the transfer by carefully checking the details.

What happens after the transfer?

Once the transfer is complete:

  • You can view the balance in the specific cryptocurrency's Young Platform Wallet.
  • Reception times vary based on the network and cryptocurrency used.
  • Timescales may vary based on the platform of origin of the funds. Any additional checks, such as screenings or requests for information from the user or the platform itself, could lengthen processing times.

For more details on supported currencies, fees and minimum amounts, visit this page.

Useful resources for transfers from other platforms

Here are some guides for transferring cryptocurrencies to Young Platform from the main platforms:

NB: Make sure you send cryptocurrencies to the correct Young Platform address. Transactions sent to a wrong address may not be recoverable.