Last updated on January 18th, 2022
Nexo allows you to earn interest on a variety of cryptocurrencies.
One of them is DOT, and you may be wondering how you can send this cryptocurrency to Nexo.
Here’s what you need to know.
Can I send DOT to Nexo?
You are able to send DOT to Nexo via the Polkadot blockchain. Nexo does not accept DOT deposits via other networks (such as BEP2 or BEP20), so you may lose the DOT that you’ve sent through this method.
How to send DOT to Nexo
Here are 6 steps to send DOT to Nexo:
- Select a platform that enables native DOT withdrawals
- Go to ‘Top Up’ on Nexo
- Select DOT as the asset to deposit
- Copy the DOT deposit address
- Withdraw from the platform of your choice using the native Polkadot network
- Receive DOT on Nexo
And here is each step explained in-depth:
Select a platform that enables native DOT withdrawals
Since you are only able to send DOT via the Polkadot network, you will need to buy DOT on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
Among all platforms, it seems that Kraken charges the lowest DOT withdrawal fees.
Go to ‘Top Up’ on Nexo
After buying DOT 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 DOT 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 DOT to deposit it on the platform.
Copy the DOT deposit address
After selecting DOT, this will show you the deposit address that you’ll need to copy to the platform where you’ve bought your DOT on.
This is a Polkadot 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 Polkadot network
The next step you’ll need to do would be to withdraw DOT from the platform that you’ve chosen to Nexo using the Polkadot network.
There may be some platforms like Binance which allow you to withdraw DOT using different networks, such as BEP20 and BEP2.
It is important that you withdraw DOT using the native Polkadot network, and not the BEP2 or BEP20 networks. Nexo does not support these 2 networks, and you may lose the DOT that you sent over!
Receive DOT on Nexo
After confirming the withdrawal on the platform of your choice, you will receive DOT 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.
When you are sending DOT to Nexo, it is important that you only do so via the native Polkadot network.
If you choose to send DOT via another network, there may be a chance that your DOT may be lost forever!
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