Last updated on January 5th, 2022
Nexo allows you to earn interest on a variety of cryptocurrencies.
One of them is USDT, and you may be wondering how you can send this cryptocurrency to Nexo.
Here’s what you need to know.
Can I send USDT to Nexo?
You are able to send USDT to Nexo via the ERC20 network. Nexo does not accept USDT deposits via the TRC20, SOL or BEP20 networks, so you may lose the USDT that you’ve sent through this method.
How to send USDT to Nexo
Here are 6 steps to send USDT to Nexo:
- Select a platform that enables USDT withdrawals via the ERC20 network
- Go to ‘Top Up’ on Nexo
- Select USDT as the asset to deposit
- Copy the USDT deposit address
- Withdraw from the platform of your choice using the ERC20 network
- Receive USDT on Nexo
And here is each step explained in-depth:
Select a platform that enables USDT withdrawals via the ERC20 network
Since you are only able to send USDT via the ERC20 network, you will need to buy USDT on an exchange that supports such withdrawals.
Here are 5 exchanges for your consideration:
Go to ‘Top Up’ on Nexo
After buying USDT 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 USDT 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 USDT to deposit it on the platform.
Copy the USDT deposit address
After selecting USDT, this will show you the deposit address that you’ll need to copy to the platform where you’ve bought your USDT on.
This is an ERC20 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 ERC20 network
The next step you’ll need to do would be to withdraw USDT from the platform that you’ve chosen to Nexo using the ERC20 network.
Meanwhile, other platforms like FTX also allows USDT withdrawals via the Solana network and the TRC20 network.
It is important that you withdraw USDT using the ERC20 network, and not other networks like SOL, BEP20 or TRC20. Nexo does not support other networks, and you may lose the USDT that you sent over!
Receive USDT on Nexo
After confirming the withdrawal on the platform of your choice, you will receive USDT on Nexo. This may take a while, as the ERC20 network is usually rather congested.
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 USDT to Nexo, it is important that you only do so via the ERC20 network.
If you choose to send USDT via the Solana network or the Binance Smart Chain (BEP20), there may be a chance that your USDT may be lost forever!
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