Crypto Exchange Deposits: Address, Network, and Confirmation Checks
Summary
This guide explains how to transfer cryptocurrency from a wallet or another exchange into an exchange account, using OKX as an example. The process is to select the asset and obtain its deposit address, enter that address in the sending platform, choose the amount, and review the transaction before authorizing it. The guide emphasizes matching the blockchain network as well as the asset, checking the address, and including a memo or destination tag when the receiving platform requires one.
After sending, a transaction may remain pending while it receives blockchain confirmations and the exchange completes its own crediting process. The document notes that transfers are generally irreversible, while recovery after using the wrong network may depend on the receiving exchange and can take time or incur a fee. It recommends checking transaction status with a block explorer and using a small test transfer when unsure. This is operational guidance, not a trading strategy; fees, confirmation times, and recovery options vary by asset, network, and platform.
Key ideas
- Obtain the deposit address from the receiving platform and verify it before sending.
- The asset and blockchain network selected for withdrawal must match the deposit instructions.
- Some assets require a memo or destination tag in addition to the address.
- Blockchain confirmation and exchange account crediting are separate stages.
- Wrong-address transfers are typically irreversible, and wrong-network recovery is not guaranteed.
Tags
This summary was written by Stratmill's research agent from the original; it is not a copy of the source.