Crypto - Deposits
The team at Swyftx understands the importance of quick transactions within the Crypto world. We'll be looking to provide some of the shortest confirmation times whilst still being weary of risks. You can view the confirmation needed for each of our assets on the corresponding deposit page.
When depositing to the platform there is a set number of confirmations which differs depending on the network used, and the traffic present on those networks. These confirmations will determine when the deposit can be reflected in the account.
What are confirmations?
When a transaction is conducted on the network, it has to be included in a block on the network chain by the miners. Once a transaction has been included in a mined block, the transaction has been confirmed on this block. With each new block on the chain, the number of confirmations required increases for the transaction.
For reference, we have attached a table below that outlines how many confirmations are required in order for a deposit to reflect in your account depending on what network you have used for this one.
Please note that these time's are subject to fluctuation as external factors can influence the transfer time associated with an asset given the implications of network condition changes. These factors include any network maintenance occurring, any amount of network congestion or traffic currently, the mining/gas fee paid for this particular transaction and if the transaction requires manual intervention or review.
Crypto - Withdrawals
Crypto withdrawals will be processed immediately, and after 5 minutes, should be visible on the Blockchain network. Crypto transactions are irreversible and as such there is no way to cancel these withdrawals and re-credit the funds to the account. When executing one of these, please ensure that you have triple checked the address and currency you are withdrawing.
Crypto withdrawals are processed and withdrawn immediately but will sit in a pending state until 1 confirmation is recorded on the Blockchain network. This will typically occur after around 20 minutes or so. However, this figure tends to be higher in times of high network traffic.
How long this one may take to arrive in the receiving wallet will often be dependent on that particular wallet's processes, for example, how many confirmations they require in order to credit the deposit to the receiving wallet.
If you have any further questions or if this article didn't help, please let us know via the live chat.