Last updated on March 7th, 2022
This is especially if you want to earn a high yield on your UST with the Anchor Protocol!
Here’s a guide on how you can do so:
How to transfer from KuCoin to Terra Station
Here are 5 steps you’ll need to transfer your crypto from KuCoin to Terra Station:
- Obtain your Terra Station wallet address
- Transfer your currency from the Trading Account to the Main Account
- Go to your Main Account and select ‘Withdraw’
- Enter the transaction details
- Receive your crypto in your Terra Station wallet
Obtain your Terra Station wallet address
The first thing you’ll need to do is to obtain your Terra Station wallet address.
On either platform, you can click to determine the deposit address. This is where you’ll be sending either 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!
Transfer your currency from the Trading Account to the Main Account
If you have traded another cryptocurrency to LUNA or UST (such as USDT), the crypto will be in your Trading Account.
You are only able to withdraw cryptocurrencies that are in KuCoin’s Main Account, so you’ll need to transfer your crypto there.
There are no fees when transferring between these 2 accounts!
To do so, you will need to go to ‘Trading Account‘,
And then select ‘Transfer‘.
You can select the currency (UST or LUNA) that you wish to transfer to your Main Account.
Go to your Main Account and select ‘Withdraw’
After transferring your crypto to the Main Account, it is now time to withdraw your funds.
You will need to select your Main Account,
and select the currency that you wish to withdraw. In this case, I am intending to withdraw UST to Terra Station.
Enter the transaction details
Once you’re on this page, you will need to enter the transaction details.
This is where you will be pasting your Terra Station withdrawal address under the ‘Wallet Address‘ section.
Terra Station only accepts deposits made via the Terra network. As such, do choose the Terra network, and not the ERC20 one!
If you send LUNA using the ERC20 network, you will be sending wrapped LUNA, and not native LUNA. You can find out the differences between these 2 tokens in my comparison here.
You will need to select the amount of LUNA or UST that you intend to withdraw too.
The last step you’ll need to do is to confirm your withdrawal.
Receive your crypto in your Terra Station wallet
Once the withdrawal has been processed, you should receive your crypto in the Terra Station wallet.
When you are depositing either LUNA or UST to Terra Station, you will be using the exact same address. Terra Station will automatically detect the currency that you’ve deposited, and will create the balance accordingly.
What are the fees for transferring from KuCoin to Terra Station?
Here are the fees when you are withdrawing from KuCoin via the Terra network:
However, there are some platforms such as OKEx which charge a much lower fee (0.016 LUNA). It may be better to buy LUNA on these platforms, as the fees on KuCoin are rather high!
KuCoin is one of the platforms which supports both UST and LUNA on the Terra network. This makes it a great platform to use if you are either thinking of:
- Sending UST to the Anchor Protocol
- Sending LUNA to stake on Terra Station
You are also able to use KuCoin as a bridge when sending UST or LUNA from Gemini. This is because Gemini only supports the ERC20 version of UST and LUNA, while KuCoin supports both the ERC20 and LUNA versions.
However, the withdrawal fees for LUNA are rather high, and it may be better to buy LUNA on an exchange that offers lower withdrawal fees!
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.
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