Crypto transactions usually settle in minutes, but there can be times when it takes longer. If your transaction is taking more time than expected, here are some steps you can follow:
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Check the status of the transaction: Use a blockchain explorer to check the status of your transaction. This tool helps you follow your transaction on the chain. You can follow the instructions in this article to navigate the blockchain explorer efficiently and to understand statuses properly.
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Be patient with blockchain traffic: Even though crypto transactions settle in minutes, sometimes deposit times can vary depending on the cryptocurrency you are using and the amount of traffic on the blockchain network. Sometimes, it can take up to two hours or more for a transaction to be completed.
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Important to note: When transferring cryptocurrency between platforms/wallets, make sure to:
- Use the correct chain: Always check what chains are supported by both the sending and receiving wallet/platform. They need to be compatible. Sending crypto to the wrong chain can result in a loss of funds. You can usually see this in the withdrawal and deposit windows of both the sending and receiving wallet/platform.
- Verify the minimum deposit amount: Ensure that the amount you are sending is above the minimum deposit amount.
- Consider fees:
- Calculate the withdrawal fees of the sending platform.
- Calculate the deposit fee of the receiving platform.
- Calculate transaction costs/gas fees: These costs are necessary to facilitate the transaction on the blockchain.
If you send an amount lower than the sum of the minimum deposit, wallet deposit fee, withdrawal fees, and blockchain transaction costs, the entire amount might be consumed by these costs and cannot be credited to your account.
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