Withdrawing cryptocurrencies can take a varied amount of time, based on the token or currency you have decided to withdraw. It can take anywhere between 1 and 24 hours for a transaction to be processed on the blockchain. Additionally, due to regulatory requirements, all outbound transactions need to be reviewed by us before being processed on the blockchain.
What affects the processing time of my transactions?
For a crypto withdrawal to arrive, it needs to be processed on the blockchain. The blockchain is, as the name suggests, a chain of blocks. Each block contains a certain amount of transactions that need to be verified before they are recorded and processed. Depending on the blockchain this process can take different amounts of time. Certain aspects such as blockchain use can slow down or speed up this process.
In order for a transaction to be officially recognized as part of the blockchain, as well as fully processed a certain number of confirmations need to be received. Before a certain amount of confirmations are reached, then the receiving platform will not be able to accept the transaction. This is done to avoid double-spending as well as keep up the trust on the blockchain.
Due to regulatory requirements, we are required to review your transactions before they can start processing on the blockchain. Usually, this step doesn’t take long, but for certain transactions, additional checks may be required. which would slow the processing down.
What are the average timeframes for a withdrawal to be processed?
Different blockchains take a different amount of confirmations for a transaction to be processed, each one also has a different amount of time for a single confirmation to be received. Below are some of the average timeframes for different cryptocurrency types to be received.
Minimum amount of time | Maximum amount of time | |
|---|---|---|
BTC/LTC/BHC | 10 minutes | 24 hours |
ETH/ERC20/VALOR | 5 minutes | 4 hours |
XRP/XLM/EOS | Near-instant | 1 hour (if the chain is congested) |
Can I track my transaction?
Yes, you can easily use a blockchain explorer to track your transaction on the blockchain.
Keep in mind that different blockchain explorers support different blockchains. Some, like Blockchair,even support multiple ones.
Disclaimer: If your transaction doesn’t arrive after 24 hours have passed, please reach out to the Customer Support team of the platform the funds were sent to. When doing so please make sure to include all relevant information about the transaction.
