Sending cryptocurrency assets from one place to another can be complex for new users. A common beginner mistake is selecting the wrong network for crypto transfers. Always ensure you pick the correct network to guarantee a successful transaction.
Cryptocurrency tokens are only compatible with the blockchain(s) they were designed for. Each network uses unique cryptography, meaning every chain speaks its own "language." For most cryptocurrencies, OKX automatically selects the right network. However, some assets require manual network selection from multiple options.
Key Considerations for Network Selection
For assets requiring network selection:
- Choose the correct network—using the wrong one may result in permanent fund loss.
- Match withdrawal and deposit networks (e.g., USDT-ERC20 deposits require USDT-ERC20 withdrawals).
Example: USDT Deposit Network Selection
- In the OKX app, navigate to: Assets > Overview > Deposit > On-chain Deposit > USDT.
Select your preferred network (e.g., USDT-ERC20, USDT-TRC20). Each option varies in:
- Transaction speed
- Security level
- Network fees
Comparison of Popular USDT Networks:
| Network | Speed | Fees | Best For |
|--------------|--------|--------|------------------------|
| USDT-TRC20 | Fast | Low | Small transactions |
| USDT-ERC20 | Slow | High | Large transactions |
👉 Master crypto transactions with OKX’s secure networks
Step-by-Step Deposit Process
- Copy the deposit address from OKX.
- Paste it into the withdrawal section of your external wallet/exchange.
- Confirm all details (especially network consistency) before finalizing.
FAQ
Q: What happens if I use the wrong network?
A: Funds may become irrecoverable. Always double-check network compatibility.
Q: Which network is cheapest for USDT transfers?
A: TRC20 generally offers lower fees than ERC20.
Q: How do I know which network my recipient uses?
A: Confirm with them directly or check their platform’s deposit instructions.
Q: Can I switch networks after initiating a transaction?
A: No—transactions are irreversible once broadcasted.