CoinEx | A Few Things You Should Know About Crypto Deposit & Withdrawal
Deposit and withdrawal are the most critical steps in crypto transactions. “How long does it take for my deposits to arrive?” “I have tried everything. What else should I do to withdraw my token?” These are the questions that beginners frequently ask. When it comes to deposit and withdrawal, sometimes even seasoned crypto investors can make simple mistakes.
In fact, the seemingly simple operation of deposit and withdrawal requires a lot of know-how. Today, CoinEx will walk you through a few things that you should know about the process of crypto transfers.
I. The specific process of deposit and withdrawal
A cryptocurrency transfer normally consists of three procedures: Withdrawal ➞ Block Confirmations ➞ Deposit.
In the case of CoinEx, once the user applies for a withdrawal, the system will automatically audit the request and send out the assets. In general, the withdrawal will be sent out within 5–15 minutes after automatic reviews. There may be slight delays for large-amount withdrawals, which will be completed within 15–30 minutes.
2. Block Confirmation
Once the blocks have confirmed your withdrawal, the corresponding TXID found in Withdrawal Records can be used to check the transfer status. You can also enter your withdrawal address on the explorer of the corresponding tokens to check TXID and transfer status.
Transaction ID (TXID), also known as transaction hash, is a string of characters calculated based on the size, time, and type of each crypto transaction. It is equivalent to the identity certificate (ID) of each cryptocurrency transaction, with uniqueness and immutability. Also, it can be regarded as the “transaction serial number” when money is transferred with a bank card. A congested block network may lead to transaction delays and the delayed generation of TXIDs. In such an event, users should wait with patience. If the TXID remains unavailable for a long time, users can reach out to customer service to confirm whether the asset has been sent.
Block Confirmation refers to the process in which a transaction is included in the block and added to the blockchain. When that happens, the transaction will have 1 confirmation. In other words, the number of confirmations for a transaction represents the number of blocks that contain this transaction. In general, the more confirmations it gets, the more irreversible the transaction will be.
The withdrawal of assets is completed (that is, deposited) upon block confirmations. No one can affect the block confirmation of transactions, which is purely based on the conditions of the network. Time for block generation varies from token to token and so do the required confirmations. Therefore, the exact arrival time of withdrawal depends on how congested the network is.
Crypto transactions are irreversible. Once withdrawn, only the receiver can return the crypto assets to the sender.
II. Make sure the target platform supports deposits from the token network
Whether you are depositing/withdrawing assets to a third-party platform or crypto wallet, please make sure that:
1. The platform/wallet is compatible with the deposit/withdrawal (i.e. it supports the token network). If the target platform does not support deposit/withdrawal from the token network, your assets will not be refundable.
2. The token network used for deposit/withdrawal must be consistent with the target platform. For example, if you have selected ETH as the sending address and CoinEx Smart Chain as the receiving platform, then your assets may not be refundable.
3. When using some networks (such as EOS) for deposit/withdrawal, users must fill in the Memo to identify the transfer address. This is the case because the mainnet address in certain networks is universal (i.e. members of the network all share one mainnet address), and such networks can only identify transactions through Memo.
CoinEx only sets a minimum limit for cryptocurrency deposits. If your deposit amount is less than or equal to the minimum deposit amount, the deposit will not be added to your account balance or refundable. What is noteworthy is that the arrival time of deposits and the withdrawal fee are subject to the mainnet users chose. As such, the speed and fees of transfers in different networks also differ.
III. FAQ about Withdrawal
1. Why do transfers require fees?
The user must pay fees (e.g. miner fees and gas fees) for withdrawals (tokens) on crypto trading platforms. PS: On CoinEx, users can withdraw BCH without any fees.
In a blockchain, the information of each transaction (e.g. the wallet address and the amount & time of transfers) will be recorded in the ledger, which is unique and 100% transparent, and miners are those who record each transaction on the ledger. To encourage miners to package blocks, accelerate the confirmation of transactions, and maintain safe and stable network operation, users need to pay a miner fee when making a transfer.
The ETH network is notoriously congested. If you are anxiously waiting for asset arrival, you can choose to speed up the transaction by paying extra miner fees so that the transaction can be packaged as soon as possible. To make sure that transfers are confirmed with the least delay possible, CoinEx will determine the optimal transaction fee for each token type based on how congested the network is.
2. Free Inter-user CoinEx Transfers
For withdrawal through Inter-user Transfer, the user’s assets will be transferred within CoinEx instantly without on-chain confirmations or fees. All that is required is to contact the recipient to confirm the receipt.
3.What should I do under different withdrawal statuses?
When withdrawing from CoinEx, you can check the progress of a transaction by checking its withdrawal status:
a) If withdrawal status shows “Confirming”, please check and confirm your verification email.
b) If withdrawal status shows “Pending”, please wait for the system to audit and send out the assets.
c) If withdrawal status shows “Passed” but no TXID is sent for a long time, please contact customer service for help.
d) If the withdrawal status shows “Sent” but no asset has been received, please click TXID to check the transfer status on the block explorer.
In short, the deposit and withdrawal of cryptocurrencies require careful operation and patience.