How to send and receive cryptocurrency

Cryptocurrency has transformed how people move money and value globally – because it’s fast, secure, and often without intermediaries.

Whether you’re paying a friend, transferring to your own wallet, or receiving funds for work, understanding how to send and receive crypto safely is crucial.

Why would you want to send or receive cryptocurrency?

There are plenty of reasons to move crypto from one wallet to another, it’s not all about trading. Here are some of the most common ones:

• Peer-to-peer (P2P) payments. Quickly send money to friends or family across borders, often faster and cheaper than traditional bank transfers.
• Manage your assets. It’s extremely common to send crypto to your own accounts, which means moving your cryptoassets between exchanges or wallets.
• Security and control. Some users prefer to store crypto in a private wallet they control, rather than on an exchange, but you need to send it there first.
• Pay for goods or services. An increasing number of freelancers, creators, and businesses now accept crypto as a form of payment.

“No matter your reason, sending and receiving crypto properly ensures you keep total control of your assets and avoid costly mistakes.”

How to send or receive cryptocurrency with Coinbase

The process for sending or receiving cryptocurrencies should be similar on most platforms and it can be fairly straightforward.

To give you an example, we’re going to explain how you can do it on the Coinbase app in just a few simple steps:

How to send crypto in 6 steps

How to to receive crypto in 6 steps

Top tips for sending crypto

Here are some useful tips to help make these transactions work as smoothly as possible:

• Double-check every address. Crypto transactions are irreversible. Even one wrong character in an address could result in losing funds. So, always double, or even triple check the address.
• Verify the network. Some assets exist on multiple blockchains, but always ensure the sender and receiver use the same network.
• Start small. When sending to a new address or exchange, or if you’re sending a substantial amount of crypto, send a small test amount first.
• Keep your app updated. Coinbase (and other platforms) regularly release updates that help improve speed, security, and reliability for transfers.
• Use two-factor authentication (2FA). Add an extra layer of security to confirm your transactions.

What to look out for and mistakes to avoid

Even experienced crypto users can slip up. Here’s what to watch for:

• Copy-paste errors or malware. Although the copy and paste function can help avoid human error, always check and verify a copied wallet address with your human eyes.
• Wrong network or token type. This is more common than you might think, for example, sending USDT on Ethereum needs to be to a wallet that operates on the same blockchain network.
• Ignoring transaction fees. Network congestion can increase fees. Coinbase displays fees upfront before sending, you should always check these first.
• Falling for scams. Never send crypto to unknown wallet addresses or “guaranteed return” offers. Trustworthy platforms like Coinbase will never ask you to send crypto to verify your account.
• No backup of private keys. If you’re using a wallet, store your recovery phrase safely offline, it’s your only way to regain access.

Why use Coinbase?

Here’s why millions of users across the world choose Coinbase:

• World class security. Coinbase stores the majority of customer funds offline in cold storage and advanced encryption to protect every transaction.
• UK footprint. Coinbase is registered with, and supervised by the UK Financial Conduct Authority (FCA) for its cryptoasset business.
• Easy to use. The intuitive interface makes sending or receiving crypto as straightforward as transferring money between bank accounts (but keep in mind, crypto as an asset class is complex).
• Wide range of cryptos. Send and receive over 240+ cryptocurrencies, including big hitters like Bitcoin and Ethereum, alongside your favourite smaller tokens.
• All-in-one app. Coinbase is committed to creating more economic freedom through accessible, safe, and secure financial tools for everyone.
• 24/7 support. Access reliable customer service through the Coinbase app or website.

“When it comes to sending and receiving cryptocurrency, Coinbase UK offers the perfect balance of simplicity, security, and reliability – making it ideal for both beginners and experienced investors.”

You can check out our full Coinbase review to find out more details and discover why it’s one of the most trusted¹ cryptocurrency exchanges available to UK crypto enthusiasts.