New here. Really need to get my ZEC off Binance and heard a lot of people keep theirs on ZECwallet lite. I get confused with the addresses, it won’t let me do “withdraw from Binance using ZCash Address” to “recieve on Zecwallet lite using Z address”. I don’t wnna lose my coins. Any advice or help appreciated!
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To be exact, which do I use on ZEC when receiving my ZEC from my Binance? T address or UA address? And will using the wrong one result in lost funds? Cause binance.US won’t let me use a Z address
My rec is to use Ywallet. Use your t address to receive the funds and then after they are received, use the shield funds button to send them to your shielded account.
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Hi! Good call to get your coins of the exchange (does not matter if its Binance or some other exchange IMO) - not your keys, not your coins. Having control over your coins also enables participation in potential airdrops in the future.
I do not think there are many exchanges which support ZEC withdrawal to a shielded (Z) address, Gemini is the one I know of. You’re One Step Closer to Financial Freedom With Shielded ZEC Withdrawals | Gemini
You should be able to withdraw your ZEC from Binance to a transparent (T) address. From there you have several options. For example, you can keep your coins on a transparent address e.g. on a hardware wallet like Ledger or Trezor. There are also different mobile wallets which have Sapling / Orchard support for shielded transactions. I would like to note, however, that personally I do not leave large sums of ZEC on “hot” wallets (e.g. mobile) due to security reasons.
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Thanks ill use the T address then hope it works. I saw a super old post about someone having problems viewing their balance on ZECwallet lite. But I have a ledger X, would that be sufficient for holding a decently large balance? And where would you recommend buying ZEC from in the future? not sure if binance.us is delisting ZEC or not but that seems easy enough to either keep it on ZECwallet lite, since i have my own keys, or move it directly to my ledger. your advice is really appreciated thanks!
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I would say that the answers to your questions depend on your own preferences and also on the amounts you plan to invest. When it comes to self custody and security, my thinking is that there is always something to improve (I’m also still learning). But for example, you could also split your coins on several HW wallets and store them in different places.
Shielded transaction support for HW wallets is also in the works, for details you can check out the work done by hanh/Zondax: Shielded Support for Ledger Hardware Wallets (NanoS+, NanoX)
And Trezor (seems on hold for now): Trezor support for Zcash shielded transactions - #63 by Kat.Trezor
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