Nexo allows you to earn interest on a variety of cryptocurrencies.
One of them is MATIC, and you may be wondering how you can send this cryptocurrency to Nexo.
Here’s what you need to know.
Can I send MATIC to Nexo?
You are able to send MATIC to Nexo via the Polygon network. Nexo does not accept MATIC deposits via the ERC20 or BEP20 networks, so you may lose the MATIC that you’ve sent through this method.
How to send MATIC to Nexo
Here are 6 steps to send MATIC to Nexo:
- Select a platform that enables MATIC withdrawals via the Polygon network
- Go to ‘Top Up’ on Nexo
- Select MATIC as the asset to deposit
- Copy the MATIC deposit address
- Withdraw from the platform of your choice using the Polygon network
- Receive MATIC on Nexo
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 Polygon network, you will need to buy MATIC on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
| Platform | MATIC Withdrawal Fee |
|---|---|
| Binance | 0.1 MATIC |
| Crypto.com | 0.08 MATIC |
| AAX | 0.1 MATIC |
| Kucoin | 1 MATIC |
| FTX | Free |
In terms of Polygon withdrawals of MATIC, it seems that FTX has the lowest fees when you want to make a withdrawal.
Go to ‘Top Up’ on Nexo
After buying MATIC 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 MATIC 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 MATIC to deposit it on the platform.
Copy the MATIC deposit address
After selecting MATIC, this will show you the deposit address that you’ll need to copy to the platform where you’ve bought your MATIC on.
This is a Polygon network 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 Polygon network
The next step you’ll need to do would be to withdraw MATIC from the platform that you’ve chosen to Nexo using the Polygon network.
There may be some platforms like Binance which allow you to withdraw MATIC using the Binance Smart Chain (BEP20) or ERC20 networks.
This is the same for other platforms like FTX, which allow both MATIC and ERC20 withdrawals.
It is important that you withdraw MATIC using the Polygon network, and not other networks like ERC20 or BEP20. Nexo does not support other networks for MATIC, and you may lose the MATIC that you sent over!
Receive MATIC on Nexo
After confirming the withdrawal on the platform of your choice, you will receive MATIC 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.
Conclusion
When you are sending MATIC to Nexo, it is important that you only do so via the Polygon network.
If you choose to send MATIC via the ERC20 network or the Binance Smart Chain (BEP20), there may be a chance that your MATIC may be lost forever!
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