Depositing and withdrawing crypto can often seem daunting, especially with the risks involved in incorrect transactions. This blog provides a detailed, step-by-step guide to help you securely deposit your crypto from a centralized finance (CeFi) platform to Okto from any exchange like Binance or any other external source.
Depositing Crypto to Okto from Binance
1. Access Your Okto Wallet:
Open your Okto account and navigate to your wallet. This is found on the homepage.
- Initiate the Deposit:
Click on the “Wallet” button from the bottom of the homepage and then click on “Receive” to initiate the deposit.
- Choose Your Token:
Search for the token you wish to deposit and click on External Wallet.
- Choose the Chain:
Different tokens exist on different chains. Sending tokens through the wrong chain might result in a loss. Choose the chain on which you want to receive the tokens. Ensure you hodl tokens on the same chain in the wallet or exchange from where you are sending tokens on Okto.
- Copy the Wallet Address:
Okto will provide a wallet address or QR code. Double-check the address after copying.
Pro tip: Paste it into a text document to compare with what you will enter later.
- Open Your External Wallet:
Open the wallet or exchange where your funds reside. For this example, let’s assume you want to transfer funds from Binance.
- Choose the token:
Click on “Wallet” from the bottom of the homepage in the Binance app and click on “Withdraw”. It will display all the tokens that are available for withdrawal. From these, select the same token whose wallet address you have copied on Okto.
- Choose withdrawal method:
Choose “Send via crypto network” on the next screen, this will enable you to transfer your crypto outside the exchange.
- Choose the chain:
Click on “Network” and select the same chain that you have selected to receive the tokens in the Okto wallet. In this case, the “Polygon” chain. And, then enter the amount you wish to transfer.
- Complete the Transfer:
Click on the “Withdraw” button to finalize the withdrawal process. Check the details on the next page and click “Confirm” to complete the transfer.
- Complete security verification
Based on the security methods you have chosen for your account you can see either 2FA authentication, email verification, or passkey verification. Complete the verification process to continue with your withdrawal.
That’s it; you have deposited funds into your Okto wallet from Binance. Usually, the transaction takes some time to get confirmed on the blockchain and may take some time to reflect in your Okto wallet.
You will be able to view the transferred crypto in your Okto wallet. Please note that blockchain transactions sometimes take a while to get confirmed.
Important Cautions
Always Double-Check
Always compare wallet addresses twice. A single wrong character can direct your funds to a different address.
Understand Chain Compatibility
Sending funds to an incompatible chain can result in a loss. Always ensure the chain of the sending and receiving wallet matches.
Beware of Phishing
Only use official websites and apps. Phishing sites can mimic real platforms to steal your information.
Transaction Reversal Is Rare
Crypto transactions are generally irreversible. Once sent, your funds are only recoverable by the recipient.
Conclusion
Transferring and withdrawing crypto doesn't have to be intimidating. You can confidently execute these actions by taking your time, double-checking every detail, and understanding the process. Remember, in the world of crypto, attention to detail is not just important, it's essential for the safety of your assets. Stay vigilant and happy trading!
