How do I select the correct network for my crypto withdrawals and deposits?

Published on Aug 22, 2023Updated on Oct 4, 20242 min read17,358

Sending crypto assets from one place to another can be confusing for first-time users. A common mistake beginners can make is selecting the wrong network when sending your crypto. Make sure you're selecting the correct network so that your transaction is successful.

Crypto tokens are only compatible with the blockchain(s) they are built for transacting on. Each chain uses its own cryptography, which means each chain speaks its own "language". For most cryptocurrencies, OKX will automatically select the correct network, but for some, you'll be given the option to choose from a number of different network options.

For those assets that prompt you to select a network, you must select the correct network. Selecting the wrong network could mean losing your funds. To demonstrate how you can make sure you're selecting the correct network, let's use the example of USDT deposits.

It's important that the withdrawal network for the other wallet or exchange platform is consistent with the deposit network for OKX. For example, if you select USDT-ERC20 as the deposit network, the withdrawal network should also be USDT-ERC20. The same idea applies to when you're selecting a withdrawal network. You must choose the same network for deposit.

Example: select deposit network for USDT

On the OKX app homepage select Assets. On the Overview page, select Deposit > On-chain deposit > USDT. Next, select your preferred deposit network. You'll be shown USDT-ERC20, USDT-TRC20, and others. Any of these options are correct, but the difference is in networking performance, and therefore in speed, security, transaction fee, etc., just as different modes of transportation differ in speed and security.

Take two networks for USDT as an example: USDT-TRC20 is faster and cheaper and thus works better for small deposits/withdrawals, while USDT-ERC20, slower and with a higher fee, is more efficient for large deposits/withdrawals.

After selecting the network, you can copy the deposit address at OKX directly. Open the other exchange platform or wallet. Paste in the address you just copied from OKX under Withdraw, follow the prompts to fill in the relevant information, and confirm to complete a deposit.

Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.

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