Choosing the Correct Transfer Network
When you’re ready to deposit or withdraw cryptocurrencies, it’s important to choose the correct network for your transactions. Failing to do so may result in potential loss of your assets. It's like sending an email to the wrong person or transferring money to the wrong bank account.
How to Choose the Correct Network
1. Pay attention to the asset you’re dealing with
Different cryptocurrencies circulate on different networks. After selecting a coin on KuCoin EU, a list of supported networks will appear on the page.
2. Choose a network supported by both the sending and receiving platforms
When selecting a deposit network, ensure that the withdrawal network from the other exchange or wallet matches the network used by KuCoin EU for deposits. For instance, if you choose USDC-ERC20 as your deposit network, then the withdrawal should also be on the USDC-ERC20 network.
Likewise, if your recipient's address requires USDC-SOL, you must select the USDC-SOL network for withdrawals on KuCoin EU.
3. What to do when both platforms support multiple networks
This is particularly common with assets like USDC, which are supported across multiple networks on most exchanges and wallets. Keep the following factors in mind to help you make the right choice:
- Network Status: When a network is currently congested or suspended, KuCoin EU commonly displays these notifications on the page. If you initiate a deposit while the network is paused, the assets will be credited normally once it is up and running again.
- Transfer Fees: Different networks have different transaction fees (gas fees). KuCoin EU displays real-time fees in the network list to help you decide.
- Transfer Speeds: Some networks, like Bitcoin, have longer confirmation times. If you need quicker transactions, opt for a network with faster speeds. KuCoin EU displays the estimated completion time for each network in the network list.
We hope this article has been helpful. If you have any other questions, please reach out to our 24/7 customer support via online chat or submit a ticket.