When you are adding a Withdraw Address, you may see multiple options at the bottom of the 'New Withdraw Address' popup. These determine which network your crypto is sent across and in some instances can be crucial for ensuring your funds land on the other end. This is something that needs to be done correctly due to the irreversible nature of blockchain technology. We are now approaching hundreds of blockchain networks, so it is crucial to understand the difference before withdrawing your crypto.

Ethereum (ERC20 / ETH) is one of the oldest and most popular crypto networks which is highlighted in red below. You may see other options here such as Binance Smart Chain (BSC / BEP20) or the native network of a certain asset. Different networks have different properties such as fees, confirmation protocols, block sizes and transaction speed.

While we all want to send on the network with the lowest fees or fastest transaction speeds, it is critical that you ensure that the destination wallet supports this network first, or else your funds may be lost. Sending a small test transaction is always recommended when sending to a new platform / wallet for the first time.

Withdrawing to another exchange

The best way to check which networks are supported by your destination wallet is to check on their respective deposit page. The example below shows a number of different networks on the Swyftx deposit page. You will need to go to the equivalent page on the exchange you are looking to withdraw to. When you copy the address of any network into the withdraw page (above screenshot), you must ensure the name of that network is supported on the receiving side as well. If you cant see the name of the network when you have copied the wallet address in, we most likely do not support withdrawals on that network.

Please note: There may be networks available on the receiving side's deposit page that are not supported by Swyftx. You must select a network that is supported by both parties. If you ever want to know if Swyftx supports withdrawals over a certain network, don't hesitate to contact our support team via live chat.

Withdrawing to an external wallet

If you are withdrawing to an external wallet such as Metamask, you can change the network as per the photo below. Please note, you are able to add custom networks such as Binance Smart Chain, Polygon, Fantom Opera, Harmony One, and Moonriver using the Custom RPC button below.

Metamask Setup - Gnosis Chain

Withdrawing to a Ledger

Ledger supports a few other networks such as BTC and ERC20. However, as a rule of thumb, sending using the ERC20 network is your safest option. This is the most widely supported network by Ledger.

If you are unsure if a token / network is supported, don't hesitate to get in touch with Ledger support, otherwise, you can find a list of supported token types here.

What happens if I send crypto on the wrong network?

If you have sent this to an external wallet to which you have the private keys, most of the time you can add this network to your wallet and the coins will become visible. If you have sent this to a custodial wallet such as another exchange platform, you will need to contact their support team and provide them with the transaction ID (TXID) of your withdrawal. TXIDs can be found on the withdrawal page for each asset as displayed below.

Once funds have been withdrawn from Swyftx, there is no guarantee that a custodial wallet can locate and return your funds, which is why it is imperative to understand the difference between networks. This is why sending a small test transaction is always recommended when sending to a new platform / wallet for the first time. If you are ever unsure, don't hesitate to reach out to our support team via live chat.

Further Questions

If you have any further questions about adding withdrawal addresses or the correct network to use, please don't hesitate to get in touch with our friendly support team and we'd be more than happy to assist!

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