7 Steps To Transfer From Kraken To Nexo

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:

1. Go to ‘Top Up’ on Nexo
2. Select the cryptocurrency which you wish to deposit
3. Copy the deposit address from Nexo
4. Go to ‘Funding’ on Kraken
5. Select the cryptocurrency that you want to withdraw
6. Add a withdrawal address on Kraken
7. 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.

Kraken mainly supports the ERC20 versions of most tokens, as well as the Bitcoin network. However, they do not support the MATIC network and the Binance Smart Chain.

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?

You are able to transfer most cryptocurrencies from Kraken to Nexo, such as ADA, XRP or LINK.

However, there are some notable exceptions, such as BNB and some stablecoins like TUSD. If you wish to buy BNB, you may want to use Binance instead!

What 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:

Currency	Withdrawal Fee
BTC	0.00002 BTC
ETH	0.0035 ETH
XRP	0.02 XRP
DOT	0.05 DOT
USDT	20 USDT (ERC20)
XLM	0.001 XLM

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.

Conclusion

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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Here’s what you need to do:

1. Sign up for a Nexo account
2. Complete the Advanced Verification on Nexo
3. Transfer ≥ $100 worth of assets into Nexo
4. Hold these assets for at least 30 days

You will receive your BTC reward in the next 30 days!

You can view more information about this promotion on Nexo’s website.

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