Last updated on January 1st, 2022
Celsius allows you to earn interest in a variety of cryptocurrencies.
One of them is MATIC, and you may be wondering how you can send this cryptocurrency to Celsius.
Here’s what you need to know.
Can I send MATIC to Celsius?
You are able to send MATIC to Celsius via the ERC20 network. Celsius does not accept MATIC deposits via other networks (such as the native Polygon network), so you may lose the MATIC that you’ve sent through this method.
How to send MATIC to Celsius
Here are 6 steps to send MATIC to Celsius:
- Select a platform that enables MATIC withdrawals via the ERC20 network
- Go to ‘Menu → Transfer’ on Celsius
- Select MATIC as the coin you wish to transfer
- Copy the wallet address on the Celsius app
- Withdraw from the platform of your choice using the ERC20 network
- Receive MATIC on Celsius
And here is each step explained in-depth:
Select a platform that enables MATIC withdrawals via the ERC20 network
Since you are only able to send MATIC via the ERC20 network, you will need to buy MATIC on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
In terms of MATIC withdrawals, it seems that Binance has the lowest fees when you want to make a withdrawal.
Go to ‘Menu → Transfer’ on Celsius
When you’re on the Celsius app, you would need to go to the Celsius menu and tap on ‘Transfer‘.
Select MATIC as the coin you wish to transfer
When you’re on this screen, you’ll need to select ADA the currency that you wish to transfer to Celsius.
Copy the wallet address on the Celsius app
You will be given a warning that you are only able to send MATIC to Celsius using the ERC20 network.
You can copy this address to the platform that you intend to send ADA from.
The deposit address starts with ‘0x’, which is an ERC20 address.
Your wallet address is one long string of letters and numbers. It is very important that you copy it letter by letter! If you make any mistake in the wallet address, your crypto will be lost forever!
As such, the best way will be to copy your wallet address directly.
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 ERC20 network
The next step you’ll need to do would be to withdraw MATIC from the platform that you’ve chosen to Celsius using the ERC20 network.
Most platforms will allow you to withdraw MATIC using the Polygon network, which is MATIC’s native network.
Meanwhile there are other platforms like Binance which allow you to withdraw MATIC using other networks too, such as BEP2 and BEP20.
It is important that you withdraw MATIC using the ERC20 network, and not the BEP2, BEP20 or Polygon networks. Celsius does not support these 3 networks, and you may lose the MATIC that you sent over!
Receive MATIC on Celsius
After confirming the withdrawal on the platform of your choice, you will receive MATIC on Celsius.
This will allow you to start earning interest on the MATIC that you’ve deposited.
When you are sending MATIC to Celsius, it is important that you only do so via the ERC20 network.
The process is similar to how you would send ADA to Celsius.
If you choose to send MATIC via another network, there may be a chance that your MATIC may be lost forever!
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