How To Withdraw RENEC
How to Withdraw RENEC
RENEC is the native token of the Remitano Network, a decentralized finance platform built on the Remitano blockchain.
As an ERC-20 token, RENEC can be stored in any Ethereum-compatible wallet that supports custom tokens.
To withdraw your RENEC tokens from Remitano, you need to have a supported wallet set up to receive them. Here is a step-by-step guide on how to withdraw RENEC from your Remitano account.
Prerequisites
- A Remitano account with a RENEC token balance
- An Ethereum-compatible wallet that supports custom tokens like MetaMask, Trust Wallet, etc.
Step 1: Set Up Your Wallet
The first step is to set up a crypto wallet that is compatible with ERC-20 tokens like RENEC. Some popular options include:
- MetaMask – A browser extension wallet that can also be used on mobile via WalletConnect.
- Trust Wallet – A mobile wallet available for both iOS and Android.
- Coinbase Wallet – A secure mobile crypto wallet.
Make sure to set up your wallet properly and keep your secret recovery phrase or private keys safe. This is crucial to secure access to your funds.
Once you’ve secured your wallet, make sure to add RENEC as a custom token using the contract address 0x408e41876cCCDC0F92210600ef50372656052a38.
Step 2: Get Your Wallet Address
You’ll need a wallet address to provide Remitano so the RENEC withdrawal can be processed.
To get your wallet address:
- MetaMask – Click on your account icon to copy your current public address
- Trust Wallet – Tap on RENEC, then tap “Receive” to reveal your address
- Coinbase Wallet– Tap the QR code icon near RENEC to display your address
Double check that you’ve copied the right address for the correct network (Ethereum mainnet).
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Step 3: Initiate the Withdrawal on Remitano
Log in to your Remitano account and go to Wallet > RENEC. On this page you can see your RENEC balance and initiate withdrawals.
To withdraw:
- Tap the “Withdraw” button
- Paste your wallet address from Step 2
- Enter the RENEC amount to withdraw
- Complete any other required fields and submit the form
Make sure everything is filled out properly, especially your wallet address.
Step 4: Wait for Confirmations
Once you’ve submitted the RENEC withdrawal request, you need to wait for it to be processed and confirmed on the Ethereum blockchain.
The status will update as follows:
- Processing – Remitano has received your request and will distribute it soon
- Distributed – Tokens have left Remitano’s wallet to yours
- 1 Confirmation – The transaction has had 1 block confirmation on Ethereum
- 2 Confirmations – Your coins can be considered securely “withdrawn”
Larger withdrawals may require more confirmations for finality. You can check the progress under Wallet > Withdrawal History.
Step 5: Add RENEC and Verify Your Balance
Once the withdrawal has enough blockchain confirmations you should be able to see the RENEC amount in your wallet.
To check it:
- Refresh your wallet interface
- Ensure RENEC is added with correct contract address
- Verify your new RENEC token balance
If you still don’t see the tokens, try manually adding RENEC again using the custom token contract address. They should display after this.
And that’s it! You have successfully withdrawn RENEC from your Remitano account into an external Ethereum wallet you control. From here you can hold it, send it to others, stake it when available, and more.
Common Issues With RENEC Withdrawals
Here are some troubleshooting tips for common issues you may encounter during RENEC withdrawals:
Withdrawal says “Failed” – This is often due to sending RENEC to an incompatible or incorrect wallet address.
Double check you entered the right address. Also be sure the wallet supports custom ERC-20 tokens. Trying sending a small test amount first if you are unsure.
No RENEC showing in receiving wallet – This can happen when you neglect to manually add the RENEC token contract to your wallet. Ensure you have added a custom token with the address 0x408e41876cCCDC0F92210600ef50372656052a38. Also try refreshing your wallet.
Withdrawals are slow or pending for long time – Some delays stem from how busy the Ethereum network is. Withdrawals require mining confirmations, so give it some time. Large withdrawals may also require more confirmations for security, which extends the waiting period. Check the blockchain explorer if very concerned.
Amount received is less than withdrawn – A small portion of withdrawals gets deducted to pay Ethereum gas fees. The higher the network congestion, the more gas costs, resulting in greater reductions. During high traffic, it’s wise to withdraw larger amounts at once to minimize relative gas costs.
Withdrawal fee seems high – Remitano charges a fixed 0.00075 RENEC withdrawal fee plus gas to send transactions on Ethereum. If ETH gas costs spike due to congestion, the total fee you pay may appear higher until it stabilizes. There is no proportional withdrawal fee though based on amount size.
Hopefully these tips help you better understand the end-to-end process for withdrawing RENEC from Remitano into an external crypto wallet. Take care when typing addresses and don’t forget to add RENEC to see your token balance.
Frequently Asked Questions About RENEC Withdrawals
1. Can I withdraw RENEC to any wallet?
No, RENEC is an ERC-20 token that can only be withdrawn to Ethereum-based wallets like MetaMask, Trust Wallet etc. Sending it to a Bitcoin or other incompatible wallet will result in permanent loss of funds.
2. Is there a fee to withdraw RENEC from Remitano?
Yes, Remitano charges a fixed 0.00075 RENEC withdrawal fee plus Ethereum gas costs for sending transactions. Gas fees vary based on network demand. There is no percentage-based withdrawal fee.
3. Is my RENEC withdrawal risky after only 1 confirmation?
For small amounts a single confirmation is generally safe enough against double spends or blockchain reorganizations. But for larger amounts, waiting for 6+ confirmations is highly recommended before considering the withdrawal final, especially when network congestion is high.
4. Can I withdraw RENEC to an exchange address?
Technically yes, as they provide an ERC-20 compatible address. However, sending tokens directly to an exchange carries risks of delayed crediting, transaction fees for depositing, or even loss of tokens. It’s better to withdraw to your own secure wallet first.
5. Why does my withdrawn RENEC amount seem less than what I requested?
Small reductions in received amounts can happen due to Ethereum transaction fees and gas costs being deducted from the total withdrawal value. When gas prices spike upwards due to network demand, the fee deduction appears larger in relative terms.
6. Can my RENEC get stuck or lost when withdrawing?
If you send RENEC to an incorrect or incompatible wallet address, those tokens may be lost forever with no way to recover them. Likewise entries errors when submitting a withdrawal on Remitano could result in failed transfers or stuck funds.
Take care when entering addresses and amounts. If very concerned about a transaction, contacting Remitano support is recommended for further assistance troubleshooting or tracking down issues. Practicing with small test amounts first is always a good idea.
Conclusion
Withdrawing RENEC tokens from your Remitano wallet is straightforward once you understand the process. The key requirements are having an Ethereum-based wallet address to receive the funds, submitting the withdrawal request properly on Remitano’s platform, waiting for confirmations, and verifying balances.
Be sure to add RENEC with the custom token contract when setting up your wallet so it recognizes the incoming transfer.
Also give adequate time for blockchain settlement beyond Remitano’s platform for larger amounts you transact.
If you have never moved crypto funds from an exchange to your own wallet before, start by testing with small values first.
RENEC withdrawals enable you to hold your earned tokens yourself in a decentralized manner.
This also allows you to transfer them elsewhere, stake them when available, or interact with Remitano Network’s upcoming DEX and DeFi ecosystem.
Just be extra careful when entering addresses and take care to add the custom token in receiving interfaces.
With these pointers in mind you can withdraw RENEC smoothly. But don’t hesitate to reach out to Remitano customer assistance if something seems amiss to investigate further based on transaction hashes. Enjoy accessing your RENEC!