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How long does it take for my crypto transfers to be processed?
How long does it take for my crypto transfers to be processed?

Learn more about processing times, network confirmations and more

C
Written by Calvin Lee
Updated over 3 months ago

Overview

Crypto transfers over the blockchain require nodes that sign, verify, and broadcast transactions, as well as miners that group transactions into blocks. When you initiate a transaction, it will be broadcasted and live in a mempool until it is finally processed.

Due to fluctuations in each network’s traffic and the number of network confirmations, it can be difficult to predict how long a transaction will take to be confirmed.

A mempool is like a waiting room where pending crypto transactions wait to be confirmed and added to a block on the blockchain.

Network Confirmations

Every blockchain has different network confirmation requirements before a transaction is finalized. Confirmation requirements may also vary across exchanges. For example:

Bitcoin (BTC) Deposits

BTC deposits will be available and credited to your account after 3 confirmations. This might take up to 30 minutes.

Ethereum (ETH) Deposits

ETH deposits will be available and credited to your account after 15 confirmations. This might take up to 5 minutes.

How do I know how many confirmations are needed?

You can find the number of confirmations needed for each token on our platform. Simply select the token you would like to deposit, and the confirmation details will be shown on your crypto deposit wallet page.

This is for purely for reference purposes

Why is my transaction taking longer than expected?

A transaction might be delayed for various reasons, such as:

  1. External Factors: Common reasons include network congestion, malformed transactions, insufficient gas fees, and more.

  2. Internal Factors: Common reasons include additional compliance reviews or internal system delays.

Whenever your crypto transfer takes longer than expected to process, we will notify you via email as soon as possible.

How do I track my transaction?

After you perform a withdrawal transaction from sFOX and the transaction is submitted to the blockchain, you will be provided with a unique identifier known as a transaction hash. You can see this transaction hash on your History page.

You can click on the transaction hash to view the live status of your transaction in a blockchain explorer.

Some popular blockchain explorers include etherscan.io and explorer.solana.com. Please make sure to check that you are using the right explorer for the right network!

How do I interpret the transaction hash?

When looking at your transaction hash, the most important pieces of information are:

  1. The number of confirmations the transaction has received: This is a key indicator of approximately how long it will take for your transaction to be completed.

  2. The transaction addresses: When you deposit to sFOX, the receiving address should be your sFOX crypto wallet address, and the sender’s address should be your external wallet’s address. For withdrawals from sFOX, it will be vice versa.

If your transaction is still not being properly reflected in your sFOX account after more than 24 hours, please contact our support team at support@sfox.com with the following details:

  1. Token Name (e.g. BTC)

  2. Deposit Address

  3. Time of Transaction

  4. Transaction Hash

  5. Amount

We will look into the issue as soon as we receive your support request. Please rest assured that your funds will be safe and secure during this period. Thank you!

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