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For the uninitiated crypto investor, Hodlnaut is like the David who is up against the Goliaths of the crypto-lending space, namely BlockFi, Celsius and Nexo. But since so many PUBLISH0X authors have done their reviews of Hodlnaut, it seems that it has been gaining flavour among veterans and novices alike. I, for one, am lucky enough to secure 14 successful referrals. (Thank you, whoever you are! And extending my appreciation to the Universe who aligns the Law of Attraction with my crypto fortune.)
For this post, I put myself in the shoes of people who have not signed up with Hodlnaut yet. What are the struggles they are facing? How do I alleviate the friction and lower the barrier to entry for them? Since I don't know the frequently asked questions people who are keen on Hodlnaut but have yet to sign up, I decided to scrutinise the official Telegram chat to pick out common enquiries and list down the solutions.
1) First, the harsh reality. Hodlnaut only supports Bitcoin blockchain and ERC-20 network as of now. For instance, this means that you cannot transfer your from KUCOIN via the KCC network.
2) Since ERC-20 network fees are notoriously expensive, it would be wise to check out the crypto exchanges that would allow you to deposit digital assets into Hodlnaut for free.
Purchasing Cryptocurrencies Supported by Hodlnaut
3) Get an account with and purchase USDC or BTC or ETH using US dollars. Because withdrawals from FTX Pro to external apps cost money, be sure to transfer your digital assets from FTX Pro to FTX Blockfolio because doing so will cost you nothing. Be sure to sign up for accounts with FTX Pro and FTX Blockfolio using the same email address.
So, on FTX Blockfolio, ensure that the trading currency is set to USD. This suggests that those of us not based in the United States have to change the trading currency first as below:
App Homescreen > Bottom Left Invest Tab > Top Right Gear Icon > Settings > Profile > Change Trading Currency
Then, you may transfer your USDC from FTX Pro to FTX Blockfolio by employing the following steps:
App Homescreen > Bottom Left Invest Tab > US Dollar > Deposit > Deposit USDC
Withdrawing USDC from FTX Blockfolio and transfering it to Hodlnaut will then cost you nothing.
Making Use of Compatible Blockchains
4) If you already have skin in the game with crypto.com, you could transfer USDC via Solana blockchainFTX Blockfolio. You can then take advantage of the free withdrawal offered by FTX Blockfolio and transfer your USDC to Hodlnaut. Score!
5) If you are a BINANCE user, you could move your USDT from FTX BlockfolioTRC-20 network. Then, make a withdrawal from FTX Blockfolio to Hodlnaut on the ERC-20 network. This method should just incur 1 USDT.
users can take advantage of the 10 free withdrawals every month. However, buying BTC or ETH on its ActiveTrader function will cost you a trading fee of 0.25% (maker fee) /0.35% (taker fee). Transferring BTC or ETH from Gemini to Hodlnaut is free though if your withdrawal is one of the ten free withdrawals you make in a calendar month.
I hope you took away useful tips about how to navigate the ever-expanding crypto space, with its wide array of exchanges and blockchains. I know I learnt quite a bit from "stalking" the Telegram chat.
If you would like to support my work so that I can spend more time on writing useful articles for the community, here's my referral code: http://hodlnaut.com/join/joAItg9DS
