How to transfer native NYM to your wallet: a step-by-step guide using the Kraken exchange
One of the most frequently asked questions within the Nym (a decentralized infrastructure for privacy protection) community is, “How can I easily transfer NYMs to my wallet?”.
In this guide, we’ll walk you through the process step-by-step, eliminating unnecessary steps and transactions.
Before we proceed
Let’s recall that there are two ways to top up your wallet:
- Via exchanges (CEX)
- On-chain — directly via the blockchain.
These two methods are primarily interconnected rather than alternatives. That is, you first need to withdraw tokens from the exchange in the ERC-20 format, and then transfer them to the native Nym network via a bridge. To understand why this is the case, we recommend reading the article “NYM tokens — where do they live and how are they distributed cross-chain?”
So, the token movement schemes can be described as:
Withdrawal from the exchange:
CEX → NYM (ERC-20) → {bridge to Cosmos} → NYM (native)
In the case of the Kraken exchange:
CEX → NYM (native)
Or, if you already have tokens in an ERC-20 wallet (Metamask, Rabby, Coinbase Wallet, Trust Wallet, and others):
NYM (ERC-20) → {bridge to Cosmos} → NYM (native)
Unfortunately, the UX in Web3, especially concerning cross-chain interactions, is one of the main deterrents for new users.
Therefore, it’s best to start with the simplest approach to ensure newcomers don’t get discouraged and abandon crypto before truly beginning. This guide will focus on the simplest method.
Why Kraken?
At the time of writing this guide, Kraken is the only exchange that directly works with the native Nym network. All other platforms allow operations with NYM only in the ERC-20 format, necessitating the use of a bridge.
However, it’s essential to stay updated with announcements, as the Nym ecosystem and its partnerships are evolving rapidly. The number of convenient options for working with Nym products and tokens will only increase.
Two important notes about working with the Kraken exchange:
- For full functionality, you need to pass KYC verification and provide your identification documents.
- Some countries don’t have access to this exchange (a list of locations where the exchange is accessible).
Always remember the general safety rules:
• Double-check what, where, how, and to whom you are transferring to avoid losing funds.
• Ensure you are using the original resource and not a phishing site.
• Carefully read all warnings provided by the exchange, wallet, or other platforms.
With the introduction out of the way, let’s move on to the practical steps.
How to buy NYM on Kraken and transfer to your own wallet
If you have already worked with exchanges, understand trading, and wish to control as many trading parameters as possible, you might want to try Kraken Pro (a trading terminal similar to all other exchange terminals).
If you need a simpler and more understandable option, follow the procedure described below.
In any case, it’s essential to familiarize yourself with the official instructions from Kraken:
This is crucial because, in this guide, we won’t cover the basics of working with the exchange, the nuances of topping up with a card or cash, etc.
Moreover, certain payment methods might not be available for specific countries, banks, or other payment providers.
So, keep in mind that the following steps involve purchasing NYM using crypto. In this case, the starting point is as follows:
You already have a certain amount of crypto (stablecoins, Bitcoin, etc.) in your exchange account.
Well, are you truly ready? Let’s get started!
1. Navigate to the “Funding” section, where you can view your account balance and the “Deposit” and “Withdraw” buttons (these are the ones we need to deposit and withdraw tokens).
2. Click on the “Deposit” button and select the currency you wish to receive (example for USDT).
3. Follow all necessary steps to deposit currency into your Kraken account (refer to the official Kraken instructions provided above).
4. Once you have tokens in your account that you will use to purchase NYM (e.g., USDT, USDC, BTC, etc.), navigate to the “Trade” section.
5. In the new order window, select the “Advanced” interface option to choose the desired currencies.
Next, select the cryptocurrency you will use to buy NYM from the list of trading pairs.
6. Fill in the order parameters. If you’re unfamiliar with trading nuances, you can fill in just these fields:
- Volume — how many NYM you plan to buy.
- Order Type — “Market”. This will execute the purchase immediately at the market price. If you wish to wait for a more favorable price, choose other options (but be aware of trading risks).
- Leverage — “None”.
- Start — “Now”.
- Fee Currency — choose which currency balance to deduct the exchange commission from.
7. After this, click the purchase button. In this example, the order looks like this (at the time of writing, the minimum order amount is 25 NYM):
In the confirmation window (if you haven’t disabled it), you will see the price, amounts, and fee size for the exchange.
Click “Submit Order”.
Done! Your NYM balance on the exchange is updated. You’re almost ready to use it to enhance privacy. All that’s left is to transfer the tokens to the native Nym wallet and delegate them (or set up a node).
8. Open the Nym Wallet and go to the “Receive” section to get your wallet address.
9. On the Kraken exchange, navigate to the “Funding” section, click the “Withdraw” button, and select the NYM token.
Optionally, you can save a direct link for NYM withdrawal.
10. Click “Add NYM Address” and input the address from your Nym wallet that you copied in step 8.
Fill in the address, choose a convenient name, and add a note.
11. Next, you need to confirm the withdrawal address via email (you’ll receive an email with the relevant link).
12. If the wallet address you added is successfully verified, select the withdrawal amount (remember the fee), and double-check that the correct wallet is selected (otherwise, tokens will be lost and cannot be recovered).
13. When ready, click the “Withdraw {your amount} NYM” button and wait for the transaction to be processed. You can see its status in the same window, on the right.
The process is pretty fast, and in just a few minutes, you’ll see the “Success” status.
14. Go to your Nym wallet and check that the tokens have arrived.
If you want to view the transaction log, click “Last transactions”. A browser will open the explorer, where you can see all details about your wallet, token status, delegations, and view incoming and outgoing transactions.
How to withdraw native NYM tokens from your wallet directly to the exchange
The process is essentially the same, but in reverse (like in Christopher Nolan’s movie, Tenet).
1. On Kraken, navigate to the “Funding” section, click on the “Deposit” button, and select NYM token.
2. If you didn’t have an NYM address before, click “Generate a deposit address”, and you’ll immediately get a wallet address and QR code.
3. In the Nym Wallet, go to the “Send” section, enter the transfer amount and the wallet address you obtained in step 2 on the Kraken exchange.
For this example, we are going to transfer 5 NYM, which is more than the minimum deposit amount of 2 NYM (always check parameters like this one).
4. Click Next, review the information again, and remember the fee (in this example, it was just 3 cents, but don’t transfer all your funds to zero, always leave some NYMs for the transaction fee).
5. Check the transaction status on the exchange (the same section where you viewed the status of the outgoing transaction).
It will take some time for the exchange to process the transaction (usually very fast, a few minutes).
As you can see in the screenshot, everything is fine, and the funds are already in the account.
Important reminders when transferring tokens:
- Deposit NYM only via the NYM network. Depositing other assets or assets from other networks will result in a loss (auto-conversion, unfortunately, is rarely used today).
- Depositing token amounts below the minimum can also be lost. At the time of writing, the minimum deposit amount is 2 NYM.
We hope this guide proves useful to you. Also, be sure to visit and bookmark the following links:
