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