4 Steps To Transfer From FTX To Your Terra Station Wallet

Last updated on June 26th, 2022

You may have some UST or LUNA in your FTX account, and may be looking to send it to Terra Station.

Here’s a guide to help you get started.

How to transfer LUNA or UST from FTX to Terra Station

Here are 4 steps to transfer LUNA or UST from FTX to your Terra Station wallet:

1. Obtain your Terra Station wallet address
2. Go to ‘Wallet’ on FTX and select the currency to send
3. Enter the withdrawal details on FTX
4. Receive LUNA or UST in your Terra Station wallet

You can view a video guide that explains these steps,

or you can follow along with the text guide below:

Obtain your Terra Station wallet address

The first thing you’ll need to do is to obtain your Terra Station wallet address.

This can be done by using either the Terra Station app, or the Google Chrome extension.

On either platform, you can click to determine the deposit address. This is where you’ll be sending LUNA or UST to.

If you are finding it hard to remember all of these long deposit addresses, you may want to consider simplifying them using Unstoppable Domains.

This allows you to send crypto to a .crypto or .wallet address, which makes it much easier to transfer cryptocurrencies between platforms!

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‘, search for LUNA or UST and then select ‘Withdraw‘.

Enter the withdrawal details on FTX

After selecting either LUNA or UST, you’ll need to enter the withdrawal details on FTX.

This includes:

1. The address that you’ve copied from Terra Station
2. The withdrawal network that you intend to use
3. The amount of LUNA or UST that you should be sending

For UST, you are able to send it via 2 networks: Terra network and ERC20.

Other platforms like Gemini or Coinbase only support the ERC20 version of UST, and not the Terra version.

Since your Terra Station wallet only supports the Terra network, you should only be sending UST using this network.

If you use the ERC20 network to send UST to Terra Station, there is a chance that your funds may be lost!

When sending LUNA, you do not encounter the same problem, as you can only send LUNA using the Terra network.

Receive LUNA or UST in your Terra Station wallet

After the transfer has been initiated, you will receive LUNA or UST in your Terra Station wallet.

The speed of the transaction depends on how congested the Terra network is.

What are the fees for transferring LUNA or UST from FTX to Terra Station?

FTX does not charge any withdrawal fees if you’re using the Terra network to send LUNA or UST.

You will only incur a withdrawal fee if you are sending tokens via the ERC20 network.

As such, using FTX is one of the ideal ways of sending LUNA or UST to Terra Station, as it does not charge any withdrawal fees (similar to Huobi or Bitfinex).

Conclusion

If you are looking to send LUNA or UST to Terra Station from FTX, you will need to send it using the Terra network.

The bonus is that you do not incur any withdrawal fees while making this transfer.

Once you have UST in your Terra Station wallet, you can ‘stake’ it on the Anchor Protocol to receive a high yield.

If you’re looking to generate tax reports for your crypto trades, you can consider using Koinly, which allows you to track your transactions from 350+ exchanges and 50+ crypto wallets.

👉🏻 Referral Deals

If you are interested in signing up for any of the products mentioned above, you can check them out below!

Are you passionate about personal finance and want to earn some flexible income?