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Academy Beginners Tutorial Article

How to deposit and withdraw Algorand-based USDT and USDC on OKEx

2021.04.03 OKEx

A step-by-step guide to making deposits and withdrawals with USDTa and USDCa on OKEx

The continued expansion of decentralized finance and recent mainstream attention on nonfungible tokens have created considerable demand and resultant congestion on the Ethereum blockchain. The current fee structure means that the cost to transact increases when the network is congested. This makes transacting with stablecoins, like USDT and USDC, fairly expensive on Ethereum.

Various blockchains attempt to provide a solution to this, one of them being Algorand, a blockchain that features a "pure proof-of-stake" consensus algorithm and a high-performance dual-layer implementation.

In a bid to meet the need for efficient stablecoin transactions, OKEx now supports Algorand stablecoin transactions. This means OKEx users can take advantage of low fees and faster settlement times when using Algorand-based stablecoins USDTa and USDCa.

In this tutorial, we explain exactly how to make USDTa and USDCa deposits and withdrawals to and from your OKEx account.  

Depositing and withdrawing USDTa/USDCa on OKEx

The following guide assumes that you already have an account at OKEx. If you don't, just click Sign Up from the homepage to create one in minutes. We also offer $10 worth of free crypto to our new users.

Deposit USDTa/USDCa at OKEx

Step 1: Go to the Deposit section

Log in to your OKEx account and navigate to Assets in the top right corner of the OKEx homepage. Click Deposit to proceed.

Step 2: Select USDT/USDC 

In the Deposit section, click Select Currency to open a dropdown list of the hundreds of cryptocurrencies OKEx supports. Select USDT or USDC

Alternatively, look for USDT or USDC in "Popular Selections" — below the "Select Currency" option.

Step 3: Select the USDT deposit network 

From the second dropdown list, select USDT-ALGO or USDC-ALGO and click Continue

Step 4: Read deposit warning

When transacting with cryptocurrencies, addresses for assets on different networks can look very similar. With a popup, OKEx reminds you which cryptocurrency you requested a deposit address for, and it is advisable that you double-check all particulars. Attempting to send digital assets to a wrong address or network can result in permanent loss of funds.  

To confirm you understand this, click I understand

Step 5: Complete your deposit

To complete your deposit, you have to choose which OKEx account you want your USDC or USDT to arrive in. Do this via the "Deposit to" dropdown list. 

Next, copy the deposit address and paste it in the recipient address field of your Algorand wallet. Alternatively, you can use the QR code provided. 

Enter the amount of USDTa or USDCa you want to deposit to your OKEx account and double-check that the address entered matches the one we provided. Finally, send your transaction.

Your USDTa or USDCa should arrive in your OKEx account in just a few seconds.    

How to withdraw USDTa/USDCa

Step 1: Head to the Withdrawal section

Log in to your OKEx account and click Assets and then click Withdrawal

Step 2: Choose USDT/USDC 

From the Withdrawal section, click Select Currency and then select USDT or USDC from the dropdown list. 

You can also look for USDT or USDC in "Popular Selections" — below the "Select Currency" option.

Note: if this is your first withdrawal, you may be required to add additional security protections to your account. See the section at the end of this tutorial for more information.  

Step 3: Select withdrawal method

Click the dropdown list under "Withdrawal method." Choose On-chain to make your withdrawal via the blockchain or Internal to transfer funds directly to a supported account.

If making an internal transfer, enter the recipient platform, recipient account details and the amount of USDT/USDC you want to send. Click Continue to complete the transaction.

Step 3: Select the USDT withdrawal network 

If you're making a withdrawal via the Algorand blockchain, select USDT-ALGO or USDC-ALGO from the dropdown list of available withdrawal networks. Next, click Continue

Step 4: Complete your withdrawal

On the following screen, enter the recipient Algorand address in the address field. Enter the amount of USDT or USDC you want to withdraw and click Continue

Before we complete your withdrawal, we ask that you pass a couple of security checks. Enter the six-digit SMS and email security codes sent to you when prompted. 

After completing the above steps, you will see your funds appear in your wallet shortly.

Additional security measures

To ensure the funds you deposit with us are always absolutely safe, we ask our users to set additional security measures on their accounts. These include an extra password and an SMS two-factor verification check. 

When withdrawing funds for the first time, you may see a pop-up asking you to complete these shorts steps. To set up two-factor authentication, just enter your phone number when prompted. You'll receive an SMS message with a six-digit code. Copy and paste or type the code into the required field.

To confirm it is you making this request, OKEx will then send you a second six-digit code by email. Enter this in the relevant box when prompted. 

Finally, you'll need to set a second password, which we will ask you for when you withdraw funds. Enter a strong password and wait for an SMS verification code. Enter the code when prompted to finish securing your account.  

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.