Last updated on January 1st, 2022
You may have just bought some cryptocurrencies on Kraken, and are looking to earn a higher interest on them.
One such platform is Nexo, which offers rather high interest rates on a wider variety of cryptocurrencies.
However, how do you go about transferring your cryptocurrencies between these platforms?
How to transfer from Kraken to Nexo
Here are 7 steps to transfer from Kraken to Nexo:
- Go to ‘Top Up’ on Nexo
- Select the cryptocurrency which you wish to deposit
- Copy the deposit address from Nexo
- Go to ‘Funding’ on Kraken
- Select the cryptocurrency that you want to withdraw
- Add a withdrawal address on Kraken
- Enter the transaction details and confirm the withdrawal
Here is each step explained in-depth:
Go to ‘Top Up’ on Nexo
After buying BNB on one of these exchanges, the next step will be to obtain the deposit address on Nexo.
You’ll need to go to the Nexo platform, and select the ‘+‘ icon in the middle.
Afterwards, select ‘Top Up‘.
Select the cryptocurrency which you wish to deposit
This will bring you to the deposit page where you can top up different cryptocurrencies.
You will need to search for the asset you wish to deposit on the platform.
Copy the deposit address from Nexo
After selecting the asset you wish to deposit, this will show you the deposit address that you’ll need to copy to Kraken.
For example, this is a Cardano address that you can use to withdraw your currencies from Kraken to Nexo.
Go to ‘Funding’ on Kraken
On Kraken’s platform, you will need to select the ‘Funding’ tab.
Select the cryptocurrency that you want to withdraw
Once you’re there, you can select the cryptocurrency that you intend to withdraw. For this example, I will be withdrawing Bitcoin.
You will need to click on the ‘Withdraw‘ button.
Add a withdrawal address on Kraken
The next step will be to add your Nexo deposit address on Kraken.
You will need to paste the deposit address that you’ve copied from Nexo.
There are some currencies, such as USDT where you can withdraw from multiple networks (ERC20, OMNI and TRC20). Since Nexo only supports the ERC20 version of USDT, you should only be sending USDT via the ERC20 network.
Do try to be careful when you are copying your deposit address. If you miss out on a letter or a number, your crypto may be lost forever!
Enter the transaction details and confirm the withdrawal
The last part will be to enter the amount of the cryptocurrency that you wish to withdraw.
You will be able to view the withdrawal fee that you incur when sending your funds to Nexo as well.
After confirming the transaction, it may take a while before your funds will reach your Nexo wallet.
Since the ERC20 network is rather congested, it may take a while before you will receive your ERC20 token on Nexo.
Which cryptocurrencies can I transfer from Kraken to Nexo?
Kraken Exchange Review & Tutori...Kraken Exchange Review & Tutorial: Beginners Guide to Trading CryptoWhat are the fees that I’ll incur when transferring from Kraken to Nexo?
Here are some of the withdrawal fees that you’ll incur when withdrawing from Kraken:
|USDT||20 USDT (ERC20)|
Most of the ERC20 tokens (especially ETH) have rather high withdrawal fees. It is not recommended that you withdraw these cryptocurrencies to your Nexo account.
Alternatively, you can buy these ERC20 tokens on Gemini and transfer them to Nexo, as Gemini offers up to 10 free withdrawals a month, even for ERC20 tokens!
However, there are some currencies such as BTC, XRP and XLM which have rather low transfer fees, so you are able to reduce the losses you incur due to fees.
You may want to take note that each cryptocurrency will have a different interest rate on Nexo.
Nexo is a platform where you can earn interest while holding on to your cryptocurrencies. However, if you intend to transfer ERC20 tokens to your Nexo account, the withdrawal fees can be quite high.
You may want to consider earning interest on XRP, XLM or BTC as they have much lower withdrawal fees on Kraken!
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