Last updated on January 25th, 2022
Nexo allows you to earn interest on a variety of cryptocurrencies.
One of them is ADA, and you may be wondering how you can send this cryptocurrency to Nexo.
Here’s what you need to know.
Can I send ADA to Nexo?
You are able to send ADA to Nexo via the Cardano blockchain. Nexo does not accept ADA deposits via other networks (such as BEP2 or BEP20), so you may lose the ADA that you’ve sent through this method.
How to send ADA to Nexo
Here are 6 steps to send ADA to Nexo:
- Select a platform that enables native ADA withdrawals
- Go to ‘Top Up’ on Nexo
- Select ADA as the asset to deposit
- Copy the ADA deposit address
- Withdraw from the platform of your choice using the native Cardano network
- Receive ADA on Nexo
And here is each step explained in-depth:
Select a platform that enables native ADA withdrawals
Since you are only able to send ADA via the native Cardano network, you will need to buy ADA on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
In terms of ADA withdrawals, it seems that Crypto.com has the lowest fees when you want to make a withdrawal.
Go to ‘Top Up’ on Nexo
After buying ADA 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 ADA as the asset to deposit
This will bring you to the deposit page where you can top up different cryptocurrencies.
You will need to search for ADA to deposit it on the platform.
Copy the ADA deposit address
After selecting ADA, this will show you the deposit address that you’ll need to copy to the platform where you’ve bought your ADA on.
This is a Cardano blockchain address, and you should only use a platform that supports such withdrawals.
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!
Withdraw from the platform of your choice using the native Cardano network
The next step you’ll need to do would be to withdraw ADA from the platform that you’ve chosen to Nexo using the Cardano network.
There may be some platforms like Binance which allow you to withdraw ADA using different networks, such as BEP20 and BEP2.
It is important that you withdraw ADA using the Cardano network, and not the BEP2 or BEP20 networks. Nexo does not support these 2 networks, and you may lose the ADA that you sent over!
Otherwise, you will be sending the Binance-Peg version of ADA, which is different from native ADA.
Receive ADA on Nexo
After confirming the withdrawal on the platform of your choice, you will receive ADA on Nexo.
You are able to start earning interest on your funds, or even take a crypto-backed loan as well!
If you choose to earn your interest in NEXO, you may receive a higher interest rate which increases your returns. You can find out more about selling NEXO tokens back to USD if you wish to cash out your crypto.
Beginners Guide to Cardano: How to ...Beginners Guide to Cardano: How to Buy, Store & Stake ADA TokenConclusion
When you are sending ADA to Nexo, it is important that you only do so via the native Cardano network.
If you choose to send ADA via another network, there may be a chance that your ADA may be lost forever!
Alternatively, you can look to stake ADA on other platforms such as Exodus.
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