Receive payments directly to exchange wallets

sunsilk

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Quote from: taufik123 on July 20, 2024, 10:59:11 AM

Quote from: sunsilk on July 20, 2024, 04:57:50 AM

If the airdrop project requires you to use certain wallets, make sure that you know what you're downloading. Because many of these airdrops will want you to download wallet that has malware in it.

But if it's only asking you for a specific wallet address then all you have to do is to provide the wallet address.

You have to be more careful in this case, because a new, unknown wallet will be potentially dangerous, unless it only asks for an EVM ( Ethereum Virtual Machine ) address or an address for a specific network according to the project being worked on.

But when the OP says about using an Exchange address, it's not recommended even if the wallet needed is a SOL wallet, or even an ETH wallet.
Since the Project is not listed on the Exchange, the coin will not be transferable.

Many of these projects will take advantage of their participants and that's why they have to be careful with that. Otherwise, they're putting themselves in danger and much worse, if they have deposited any amount on that unknown wallet, they'd lose that money.

Quote from: taufik123 on July 20, 2024, 10:59:11 AM

Use a private wallet, a wallet that is created by yourself and has a private key.
The term is not your key, not your coin.

Simple as it is and the tip never gets old.

I hope that most airdrop joiners will have to remember this and for the likes of OP.

peter0425

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It’s ideal if you don’t use exchanges such as binance to receive airdrops. There are different projects out there which require participants to download wallets specifically only for that coin. Some may be sketchy but if it’s just for airdrops then it is much better to use than in an exchange where its listing might not be guaranteed yet.

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Quote from: o48o on July 20, 2024, 10:32:13 AM

Also even if they end up listing the token, there are no guarantees that one would get to keep their deposited token. It would make sense imho to automatically be recovered when listed, but who knows what policies different exchanges have on that and how they would change in the future. Also some sites sometimes change the deposit addresses for various reasons, so using them even for bounties that are paid in btc, usdt or famous coins is not recommended.

Supposedly the exchange will always keep access to all these addresses despite change of deposit address, but I agree with you regardless, it's better safe than sorry, these exchange probably not gonna spend a lot of effort crediting existing token in the exchange address to the account where they belong because it means more effort.

it will get even worse if the exchange demand fee for token retrieval, then it'd defeat the entire point of following an airdrop which is to get free money in the first place Grin

.

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Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.
For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

If you join the airdrop and use an exchange wallet it is not recommended, you cannot manage the tokens fully.

If Solana wallet just use Phantom, if ETH wallet then Metamask.. or OKX, Bitget Wallet, Trustwallet all networks are available, as mentioned above.

If the token can be on the Solana network already listed on the Binance exchange then it will enter the payment but what if the token has not been listed on Binance, the token will not be credited.

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Quote from: sunsilk on July 20, 2024, 04:57:50 AM

Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.

If the airdrop project requires you to use certain wallets, make sure that you know what you're downloading. Because many of these airdrops will want you to download wallet that has malware in it.

But if it's only asking you for a specific wallet address then all you have to do is to provide the wallet address.

You have to be more careful in this case, because a new, unknown wallet will be potentially dangerous, unless it only asks for an EVM ( Ethereum Virtual Machine ) address or an address for a specific network according to the project being worked on.

But when the OP says about using an Exchange address, it's not recommended even if the wallet needed is a SOL wallet, or even an ETH wallet.
Since the Project is not listed on the Exchange, the coin will not be transferable.

Use a private wallet, a wallet that is created by yourself and has a private key.
The term is not your key, not your coin.

MAAManda

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Quote from: o48o on July 20, 2024, 10:32:13 AM

Also even if they end up listing the token, there are no guarantees that one would get to keep their deposited token. It would make sense imho to automatically be recovered when listed, but who knows what policies different exchanges have on that and how they would change in the future. Also some sites sometimes change the deposit addresses for various reasons, so using them even for bounties that are paid in btc, usdt or famous coins is not recommended.

All CEXs have the same policy regarding tokens that are deposited at an EVM address but have not yet been listed on their CEX, and are automatically deposited. However, I've never encountered cases like this at CEX, senders usually make a report to the relevant CEX CS to make a special request about the issue with a small fine. Addresses on CEX are not recommended for receiving, therefore in the previous reply I told @OP that's better to use non-custodial wallets such as Trust Wallet, etc.

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Quote from: MAAManda on July 19, 2024, 01:31:05 PM

It will go to your Binance account if the tokens to be distributed by the developer are already listed on Binance. If it hasn't been listed, then you won't get anything and your token will sit there until maybe one day the token is listed there. For airdrops & programs that offer tokens, I suggest you have a wallet like Bitget Wallet, Trust Wallet or OKX Wallet. It will helps you & makes it easier to manage tokens.

Also even if they end up listing the token, there are no guarantees that one would get to keep their deposited token. It would make sense imho to automatically be recovered when listed, but who knows what policies different exchanges have on that and how they would change in the future. Also some sites sometimes change the deposit addresses for various reasons, so using them even for bounties that are paid in btc, usdt or famous coins is not recommended.

sunsilk

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Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.

If the airdrop project requires you to use certain wallets, make sure that you know what you're downloading. Because many of these airdrops will want you to download wallet that has malware in it.

But if it's only asking you for a specific wallet address then all you have to do is to provide the wallet address.

Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

If you'd receive SOL then that's fine but if you're going to receive token that's on solana network, you better use the SOL wallets that supports it.

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Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.

You have to install the wallet that will be supporting the token you will receive from your manager. I think you shall never send exchange address to receive your reward, and it will make you lose your tokens. Try to ask your manager for a better answer because he is the only on who knows that. If he allows it, use the exchange's address. If he forbids it, use a personal wallet for your token.

Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

I warn you if sometimes, exchange site is also resetting the address for their users. You can imagine if your manager asked your SOL address, but you give him your exchange address. Then, the exchange site is resetting your deposit address.

It's very risky. It takes a few minutes just to create a solana address, and why are you feeling worry with the transaction fees? Solana won't charge you a few bucks for a single transaction.

Kelward

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Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.
For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

I believe that you've gotten loads of answers to your question from experienced forum members. If they've not sent the coins to you Binance address yet, do the right thing by asking the manager of the possibility of changing the wallet address, if the permission is granted, create a none custodial wallet and send to him. Besides the fact that it's not advisable to store your coins in an exchange because if it's not your keys it's not your coins, the coins sent to your exchange might not be listed in that exchange yet. For your next airdrop rewards, endeavor to only send your none custodial wallet address that you're the sole custodian of the private keys.

FinneysTrueVision

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Aside from the fact that you are burning tokens by sending them to an exchange where they are not listed, many airdrops require you to use a non-custodial wallet to claim your tokens. Sometimes you will either be asked to sign a message from your wallet or execute a smart contract call to be able to claim them. There are not too many airdrops where you can just provide any arbitrary address, but it is possible so you will have to research the exact mechanics of how claiming works.

As long as you use a non-custodial wallet you shouldn’t face any issues because you can prove ownership if you have to, and you won’t depend on whether an exchange will credit your tokens.

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There are cases where CEX deposit address doesn't detect any token coming from smart contract and just disregard it so your deposit won't come through to the exchange.

also, what happen if you use a deposit address provided by exchange and turns out the airdrop requires you to interact with their project, since you have no privkey to the address provided by exchange, you can't interact with the project you're following.
which means you lost opportunity.

so yeah creating new wallet is better, be sure to use wallet that's known and popular. but be sure to never interact with project that's shady or a project that doesn't come from reputed devs, since there are so many scamming around these days, even go as far as impersonating big projects.

Orpichukwu

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Quote from: Dr.Bitcoin_Strange on July 19, 2024, 03:46:52 PM

@OP, take this advice. Never submit an exchange wallet when you want to receive airdrop payment. Always use a self-custodial wallet that you have full control over. If you submit an exchange wallet and the token has not yet been listed on that exchange, you will lose your coin, and there's no way you can get it back unless the token finally gets listed on that exchange. You don't even know if the token is going to be listed on that exchange or not, so in order to be on the safe side, use a self-custodial wallet.

Sometimes the exchange will offer you a way to get the coin back, but it will cost you your time to bypass all their auto-bot replies on their support centre, and when they finally give you a listening earn, you will be charged for that service, and they will have to return the coin to you manually, whose cost might even be more than the value of what you want to recover, which will leave you with no other option than to leave it there. Unless the coin is of high value, after you spend any fee you are asked to pay, you will still be left with something that only when the person might take that option.

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Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.
For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

bech32 is a bitcoin wallet code address which is a most requested wallet type in the free project events. One reason why managers requests for this is for us for verification and flexible transportation process.
As for participants benefits, it provides easy trades of funds if the airdrop token is being launched in the exchange although it is at the project managers decision to decide what chain of wallets required.

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As many have mentioned, there are multiple risks involved and in 90% of time you are not going to get your airdropped coin. There's no guarantee that a exchange would display balance for a coin that was deposited before the listing. The best option is to use a non custodial wallet where you have more control. With the emergence of mobile wallet, the non custodial wallets are very user friendly.
You just need to deposit the right gas coin but even if you deposited a wrong one, you would still not be in a complete loss

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Quote from: Huppercase on July 19, 2024, 02:48:19 PM

Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.
For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

Anytime you are receiving giveaway from anyone, you should learn to use personal wallet that has a back up phrase or recovery phrase hidden somewhere safe. The reason is that if such person later send you USDT on sol, you don't have to be running to exchange that you have made deposit of USDT in sol address instead of sol itself and most of the time, the exchange don't have the same wallet address for the coin and tokens unless if it's a EVM tokens like the ethereum but some coins do have their mainet.

@OP, take this advice. Never submit an exchange wallet when you want to receive airdrop payment. Always use a self-custodial wallet that you have full control over. If you submit an exchange wallet and the token has not yet been listed on that exchange, you will lose your coin, and there's no way you can get it back unless the token finally gets listed on that exchange. You don't even know if the token is going to be listed on that exchange or not, so in order to be on the safe side, use a self-custodial wallet.

Huppercase

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Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.
For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

Anytime you are receiving giveaway from anyone, you should learn to use personal wallet that has a back up phrase or recovery phrase hidden somewhere safe. The reason is that if such person later send you USDT on sol, you don't have to be running to exchange that you have made deposit of USDT in sol address instead of sol itself and most of the time, the exchange don't have the same wallet address for the coin and tokens unless if it's a EVM tokens like the ethereum but some coins do have their mainet.

If there is still time before the distribution, I will advice you to change the address to your own personal wallet, you can download Phantom wallet, it's one of the best sol wallet. However, if the Funds has been sent, it will definitely appear on your wallet particularly under spot area or you can just look at the deposit icon, you will see all your incoming transaction history from there, you can use it to track your transactions incase there is anyone pending.

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Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.
For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

For airdrops what you need is Erc20 or bsc address possibly any wallet address that supports 0x then it would working but for giving them address from exchange is completely lost of funds because that token/coin is not listed in that exchange, hence any token/coin sent there is lost and can never be restored back to you except it's original and formally listed with same contract address if there is no change in contract address then you would be able to see your coin over there. However, exchange address is not recommended to address to participate in airdrops and bounty's so, to start you need to create metamask wallet or download trustwallet app for your airdrops rewards.

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Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.
For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

Don't ever use exchanges as wallets. If you want the coin enough just download the wallet, move it and then erase the wallet. I think way to many people still rely on third party exchanges to hold their funds. Amd with the history that all cex's has had that's crazy. People never seem to learn.

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Quote from: ekotyo24 on July 19, 2024, 11:25:46 AM

Here is something that can make me. I participated in several airdrop programs, If the manager requires me a wallet, do I have to install the provider's wallet,
Or can I provide the wallet address that is in the binance account.
For example, I took part in the airdrop program and the manager asked me for a SOL address, and I gave him the SOL address in my Binance account, whether the coins will go to the Binance address or not.

The SOL address you gave to your manager is what is needed to collect the SOL he was going to send to you. Provision an exchange wallet is not a bad idea if you’re going to trade your coin or convert it to some other currencies immediately. To have full ownership of your funds like the SOL you’ve received, use non-custodial wallets for them so that you can easily manage your funds as you wish. For future airdrops rewards that require you to provide some other address, you can find them in most of these non-custodial wallets if their contract address is already added there. Just know the risk in receiving money in exchanges and also in non-custodial wallets.

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