Last updated on January 11th, 2022
FTX has rather low trading fees compared to other exchange platforms. You may want to transfer your crypto to Hodlnaut, where you are able to earn a higher interest rate.
Here’s a step-by-step guide on how to do so.
How to transfer your crypto from FTX to Hodlnaut
Here are the steps you’ll need to transfer your crypto from FTX to Hodlnaut:
- Go to ‘Deposit/Withdrawal’ on the Hodlnaut dashboard
- Select the coin you wish to transfer
- Copy the wallet address from Hodlnaut
- Go to ‘Wallet’ on FTX and select the currency to send
- Enter the withdrawal details on FTX
- Receive the currency on Hodlnaut
Here’s each step explained in detail:
Go to ‘Deposit/Withdrawal’ on the Hodlnaut dashboard
First, you’ll need to go to ‘Deposit/Withdrawal‘ on the Hodlnaut dashboard.
Select the coin you wish to transfer
You will be shown a dropdown menu, where you can select the currency that you wish to deposit into Hodlnaut.
Hodlnaut currently supports these 6 currencies:
Meanwhile, the only currency that FTX does not support is DAI.
Go to ‘Wallet’ on FTX and select the currency to send
Once you’ve obtained the address to send to, you’ll need to go to FTX to start sending your funds.
You’ll need to go to ‘Wallet‘, and then select the currency that you wish to withdraw.
Enter the withdrawal details on FTX
After selecting the currency you wish to withdraw, you’ll need to enter the withdrawal details on FTX.
If you are sending USDT to Hodlnaut, you will need to send it via the ERC20 network.
Currently, Hodlnaut only supports the ERC20 version of these tokens.
If you send your tokens via another network such as the TRC20 network, your coins will be lost!
Receive the crypto in Hodlnaut
Once you have confirmed the transfer, you should receive an email from Hodlnaut to state that they are processing your deposit.
The process may take quite a while before you are able to receive your crypto on Hodlnaut, as it depends on how congested the network is.
After the deposit has been processed, you will receive another confirmation email from Hodlnaut.
What are the fees for transferring from FTX to Hodlnaut?
Here are the fees that FTX charges you for withdrawing crypto from their platform:
|BTC||> 0.01 BTC: Free |
< 0.01 BTC: will be charged
|ERC20 tokens||Depending on |
You can receive 1 free ERC20 withdrawal if you stake at least 25 FTT on FTX’s platform. If not, you’ll need to pay for the ERC20 network fees, which can be quite high!
Pro tip: use the FTX App to make free ERC20 withdrawals to Hodlnaut
If you are looking to reduce your withdrawal fees, an alternative way would be to:
- Transfer your cryptocurrencies to the FTX App (different from FTX Pro)
- Send your cryptocurrencies from FTX App to Hodlnaut
This is because the FTX App offers free withdrawals from their app, and this is a separate platform from the FTX Exchange.
Here’s what you’ll need to use this method:
1. Withdraw your cryptocurrency from FTX Exchange to FTX App
The first step will be to withdraw your cryptocurrencies from the FTX Exchange to the FTX App. FTX does not charge fees when you withdraw via the SOL or TRC20 networks.
As such, you can select deposit on the FTX App homepage,
and select the cryptocurrency that you wish to deposit.
For USDT, you can get the TRC20 or SOL deposit addresses, and paste them on the FTX Exchange.
2. Send your cryptocurrencies from FTX App to Hodlnaut
Once you have received your cryptocurrency on the FTX App, you can go to ‘Withdraw‘, and then select the currency you wish to withdraw.
In this example, I will be withdrawing 10 USDT to Hodlnaut.
After selecting the amount of USDT you wish to withdraw, you can paste the USDT deposit address from Hodlnaut on this page.
Even though you are depositing to an ERC20 address, you do not pay any withdrawal fees!
After the transfer was completed, I received the deposit in my Hodlnaut account without any fees being deducted.
Although this method is more troublesome, it does help to save a lot of withdrawal fees!
FTX offers an easy way for you to transfer your crypto to Hodlnaut to start earning interest. However, you may want to consider the withdrawal fees that you’ll incur!
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