How to Deposit Crypto: A Beginner's Guide

Whether you're moving your assets from a private wallet to an exchange for trading, or consolidating your holdings from multiple platforms, knowing how to deposit crypto is a fundamental skill for any user. While the process can seem intimidating the first time, it's actually as simple and secure as sending an email, as long as you follow a few crucial steps.

This guide will provide a clear, step-by-step walkthrough on how to deposit crypto into your exchange account, using OKX as an example, and highlight the critical details you need to get right to ensure your funds arrive safely.

Before You Start: The Core Concepts

• Deposit Address: A deposit address is a long string of letters and numbers that is unique to your account and to a specific cryptocurrency on an exchange. It's like your personal account number for that one asset. You will be sending your crypto to this address.
• Blockchain Network: It is absolutely critical that you send your crypto on the correct blockchain network. Many cryptocurrencies exist on multiple networks, and sending them on the wrong one can result in the loss of your funds.

How to Deposit Crypto: A 4-Step Guide

Let's walk through the process of depositing crypto into your OKX account. The steps are very similar for any major exchange.

Step 1: Find and Copy Your Deposit Address on the Receiving Platform

First, you need to get the "account number" for the crypto you want to receive.

1. Log in to your OKX account on the website or mobile app.
2. Navigate to the "Assets" section of your account and click on the "Deposit" button.
3. Select the crypto you want to deposit from the dropdown list (e.g., Bitcoin, ETH, USDT).
4. CRUCIAL: Select the correct deposit network. The platform will show you a list of supported networks for that asset. For example, if you are depositing USDT, you might see options like "USDT-ERC20" (Ethereum), "USDT-TRC20" (Tron), and "USDT-Solana." You must choose the network that your crypto is currently on.
5. OKX will now display a unique deposit address and a corresponding QR code. Click the "Copy" button to copy the full address to your clipboard.

Step 2: Go to the Sending Wallet or Exchange

Now, go to the platform where your crypto is currently located (this could be another exchange or a personal wallet like MetaMask or the OKX Wallet).

1. Log in and find the section for your assets.
2. Click on the "Withdraw" or "Send" button.

Step 3: Enter the Transaction Details

This is the most important step. You need to tell your sending wallet exactly where to send the funds.

1. Select the same crypto that you are trying to send.
2. In the "Recipient Address" or "To Address" field, paste the deposit address that you copied from OKX in Step 1.
3. DOUBLE-CHECK THE ADDRESS. This is critical. Manually verify that the first 4 and last 4 characters of the pasted address exactly match the address shown on OKX. One wrong character will send your funds to the wrong place, and they will be lost forever.
4. CRUCIAL: Select the correct withdrawal network. The network you choose here must match the deposit network you selected on OKX. If you chose "USDT-ERC20" on OKX, you must select "ERC20" as the withdrawal network here.
5. Enter the amount of crypto you want to send.

Step 4: Confirm and Send the Transaction

You will be shown a final confirmation screen. Review all the details one last time: the address, the network, and the amount. You will also see an estimate of the "network fee" (or "gas fee") you will have to pay for the transaction.

If everything is correct, confirm the transaction. You will likely need to enter your password and a Two-Factor Authentication (2FA) code to authorize the withdrawal.

What Happens Next?

Once you've sent the transaction, it is broadcast to the blockchain. You can track its progress using a block explorer.

• The transaction will first show as "Pending" or "Unconfirmed."
• After a few minutes (depending on the blockchain's speed and congestion), it will become "Confirmed" or "Successful."
• Most exchanges require a certain number of block confirmations before they will credit your account. This security measure can take anywhere from a few minutes to an hour.

You will typically receive an email or a notification from the receiving exchange once your deposit has been successfully credited to your account.

Frequently Asked Questions (FAQ)

Q1: I sent my crypto to the wrong address. What can I do? Unfortunately, because blockchain transactions are irreversible, if you sent it to an address you do not control, the funds are almost certainly lost. This is why it is so important to double- or even triple-check the address.

Q2: I sent my crypto on the wrong network. Are my funds gone? Not necessarily. If you sent the funds to the correct address but on the wrong network (e.g., USDT on the BEP20 network to an ERC20 address), the funds are often recoverable, but you must contact the customer support of the receiving exchange. They may be able to manually retrieve the funds for you, though this can take time and may incur a fee.

Q3: My transaction is "confirmed" on the blockchain, but I don't see it in my exchange account. Why? This is normal. It means the transaction was successful, but the exchange is still processing it internally. They are waiting for a sufficient number of block confirmations to ensure the transaction is secure. Just be patient, and it should appear.

Q4: Do I need a "memo" or "destination tag"? Some cryptocurrencies (like XRP, XLM, ATOM) require a special tag or memo when depositing to an exchange. The deposit page will always tell you if one is required. If you forget to include the memo, you must contact customer support to have them manually credit your account.

Q5: How can I be sure I'm using the right network? The easiest way is to check your sending wallet. It will tell you which network your asset is on. When in doubt, start by sending a very small test transaction to confirm that everything is working correctly before sending a large amount.

Conclusion

Depositing crypto is a routine and safe process when done carefully. The entire procedure hinges on getting two things exactly right: the deposit address and the blockchain network. By always using the "copy" button, double-checking the first and last characters of the address, and ensuring your deposit and withdrawal networks match perfectly, you can transfer your digital assets with ease and peace of mind.

Disclaimer: This guide is for informational purposes only. The responsibility for securing your assets and ensuring the accuracy of your transactions is yours alone. Always be extremely careful when handling cryptocurrency transfers.