When depositing or withdrawing cryptocurrency on hedgerx Exchange, selecting the correct network is essential to ensure the transaction is processed successfully. Choosing the wrong network may result in the loss of funds, which may not be recoverable.
Understanding Different Networks
• BEP20 → Refers to the BNB Smart Chain (BSC) (formerly Binance Smart Chain).
• ERC20 → Refers to the Ethereum network.
• TRC20 → Refers to the TRON network.
• BTC → Refers to the Bitcoin network.
• Arbitrum One → A Layer 2 scaling solution for Ethereum, offering lower transaction fees and faster processing while remaining compatible with the Ethereum network (ERC20 tokens).
• Solana (SOL) → A high-performance blockchain known for its fast transaction speeds and low fees, used for DeFi, NFTs, and Web3 applications.
• TON (The Open Network) → A blockchain originally developed by Telegram, designed for fast and scalable transactions, supporting smart contracts and decentralized applications.
• XRP Ledger (XRP) → A blockchain specifically designed for fast and low-cost cross-border payments, often used by financial institutions and remittance services.
Memo Requirement
For certain networks, such as XRP, TON, BEP2 (BNB Beacon Chain), and EOS, you must enter the correct Memo/Tag when making a transfer.
If the required Memo/Tag is missing or incorrect, your funds may not be credited and could be lost.
• XRP Ledger (XRP) → Requires a Destination Tag
• The Open Network (TON) → Requires a Memo
• BNB Beacon Chain (BEP2) → Requires a Memo
• EOS → Requires a Memo
Always double-check the Memo/Tag before confirming a deposit or withdrawal to ensure successful transactions.
Important Guidelines for Network Selection
• Ensure the selected network matches the one used by the external platform you are depositing from or withdrawing to.
• If you select the wrong network, your funds may be permanently lost and cannot be recovered.
• Network selection depends on the options provided by the external wallet or exchange.
• Do not choose the cheapest fee option—choose the network that is compatible with the receiving platform.
For example:
• ERC20 tokens can only be sent to another ERC20 address.
• BSC (BEP20) tokens can only be sent to another BEP20 address.
• Arbitrum One tokens can only be sent to another Arbitrum One address.
If you select an incompatible or different deposit network, your funds may be lost permanently.
Steps to Choose the Right Network on hedgerx Exchange
For Deposits:
1.Log in to the hedgerx Exchange App and go to [Wallet] > [Overview] > [Deposit].
2.Select the cryptocurrency you want to deposit.
3.Choose the correct network that matches the network used by the platform you are withdrawing from.
4.Copy the deposit address and ensure you select the correct network before initiating the transfer.
5.Wait for confirmation—the deposit will be processed once the blockchain confirms the transaction.
For Withdrawals:
1.Log in to the hedgerx Exchange App and go to [Wallet] > [Withdraw].
2.Select the cryptocurrency you want to withdraw.
3.Choose the correct network that matches the recipient wallet’s supported network.
4.Enter the recipient address and double-check the network compatibility.
5.Fill in the Memo (if required) for networks like BEP2 or EOS.
6.Confirm and submit the withdrawal request.
Key Takeaways
• Always double-check the network before confirming a deposit or withdrawal.
• If you are unsure, check with the recipient platform or contact hedgerx Exchange Support for guidance.
• Before confirming, verify that the address and amount entered are correct.
Need Help? Contact hedgerx Exchange Support—we’re here to assist you!
Thank you for your support!
hedgerx Exchange Team