There is no exception to the fact that exchanges can be compromised. One of the cardinal rules of crypto is to not store a vast majority of your coins on an exchange. Unfortunately, not all crypto can be moved. For this reason, I have made this tutorial on how to store your CND coin off the exchange for greater peace of mind. It also prevents you from making hasty decisions (like panic selling) and makes you more conducive to holding the coins for the long-run and sometimes short terms.
CND is a token that runs on the Ethereum blockchain so it will work with many wallets. For this email. I’m going to show you how to store it using MyEtherWallet (MEW) because this is one of the most popular wallets.
Controlling your Private Keys are the MOST important part of Crypto.. and this is why we take our coins off of the exchanges. Coins on the exchanges we do not control AT ALL.. So if the exchanges decide to pack their bags and skip town you will NO LONGER own your COINS...
But if you move them somewhere you control your Private Keys, It does not matter if the site shuts down because you own the Private Keys, so you all ways have control no matter what.
And remember never give your Private Keys to anyone including ME. NEVER!!
How to setup MyEtherWallet and Send CND to it
Warning: Many scam websites exist on the internet that trick you into giving up your private keys. The official MEW (My Ether Wallet) address ALWAYS ends in “.com” and scam websites end in different endings to trick you (like .co). Also the scam websites might be misspelled (e.g., MyEitherWallet)
If you have a wallet on MEW already, scroll down to #2
If you’ve never setup a wallet before on it, it’s easy. Go to the website and the first page it shows you is what you need to create a wallet. All you do is enter a password (REMEMBER TO SAVE THIS PASSWORD) and then click “Create New Wallet.”
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Then, click “Download your Keystore File” so that you could have that as a backup. Please back up this file to a thumb drive and put in a safe or safety deposit box.. better yet do BOTH. Serious I'm not joking Then click “I understand.” (You understand that if you lose this info/file you’re out of luck as in you lose EVERYTHING and there’s nobody that can retrieve your money/passwords/privatekeys.) You have been warned...
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Then it will show your private key. Copy/paste this private key (and the password you used) into a plain text doc (use notepad.exe, keep it simple) for your own documentation.
If you use your keystore file to unlock your wallet on MEW, you need your password to unlock it. If you input your private key, that’s all you need.
Security: I recommend you put a copy of the keystore file on both your hard drive and a thumb drive so you have multiple locations. DO NOT save them to your dropbox/gdrive or any other online storage. I also save the password on a text document and zip the whole folder up and protect it with a password.Make it a habit to always use a different password that is unique from any other password. I use LastPass as my password manager to generate strong passwords and save my passwords.
It's recommended you physically print or write down the private key as an extra measure and keep that in a fire-proof-safe in a fire-safe pouch in your house. (Or a safe deposit box in the bank but eww, banks). I do this procedure for ALL my crypto wallets. Also, write your passwords down on these papers so in the case something happens to you, your loved ones don't have to search high and low for them but only the documents in the safety deposit box. DONT NOT SKIP THIS PART.
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Unlock your wallet using your credentials you have saved. You can use your keystore file AND password to unlock it OR just your private key.
Click Add Custom Token
CNDContract Address: 0xd4c435f5b09f855c3317c8524cb1f586e42795fa
Token Symbol: CND
Token Decimals: 18
Click Save
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This is your address on MyEtherWallet and it should look like something above. (NOTE the picture above is not your address). Copy Paste this into Binance.
Inline image 1This is how your withdrawal form should look.
Warning: Do a test send first. Send a small amount such as only 400 CND before you send a large amount to make sure it works!
Caution: Withdrawing CND costs 180 CND so be very aware of that. After your test-send, withdraw it in one lump sum to save money, especially if you don’t plan to use it heavily for covering transaction fees or funding ICOs.
Crucial: If you don’t have 2FA setup on Binance, set that up right now for ALL exchanges and your e-mail accounts.
Instead of BNB it will show CND
After 10-15 minutes, the transaction will be completed and show a TxID which you could copy/paste into EtherScan.io to see the details of the transaction on the blockchain.
Go to MyEtherWallet and you should see your CND.
How to send CND from MyEtherWallet to Binance
Click here to expand
After you send CND from Binance into MEW, doing it the other way around is easier but you need Ethereum in your wallet to power the transaction.
You need some ETH in your MEW to send CND otherwise it will say there is not enough “gas” to do the transaction.
If you have CND but not ETH, go to the CND/ETH pair on Binance. Sell some CND (2 CND is enough as of this publication where 1 CND is $2.50) and it will become ETH. Then, send that ETH from Binance to MEW the same way as you sent CND to it before. The transaction should take only 5-10 minutes to complete if the Ethereum network is not bogged down. Now you will have the gas to send CND back to Binance.
Go to MyEtherWallet and click “Send Ether & Tokens” and input your keystore file and password or private key to decrypt your wallet.
Go to Binance.com -> Funds -> Deposits & Withdrawals -> Click Deposit next to CND and then click “Copy Address.”
Go back to MyEtherWallet and paste this address in the “To Address.” Enter the Amount and choose CND.
An example of sending 180 CND back to Binance for a test.
Warning: Do a test send first. Send a small amount such as only 180 CND before you send a large amount to make sure it works!
Voila! In 10 minutes you should receive the CND on Binance.
Hope that was helpful for you. Web wallets are very convenient and easy. Another safe alternative is a hardware wallet such as a Satoshi Labs Trezor or a Ledger Nano S, which MyEtherWallet supports as well. By the links I gave you to those are direct listings to the manufacturers themselves on Amazon. NEVER buy a hardware wallet, even if it’s a Trezor or Ledger, from a third party seller, even if it’s on Amazon. They can internally manipulate the chip and make it such that they have access to your keys so ONLY buy from the manufacturer. Stay safe out there folks!
