Troubleshoot and resolve why your crypto deposits might be getting delayed or failing in Best Wallet.
There are several reasons why you haven’t received your crypto yet. Find out why there might be a delay when sending crypto from a centralised exchange (CEX) or another crypto wallet to your Best Wallet.
Transaction marked as "Pending" or "Initiated"
In Best Wallet, you may see a deposit or transaction marked as “Initiated”. You may also see it marked as "Pending" on a blockchain explorer. What these mean is that your transaction has been sent to the blockchain but has not yet been confirmed and fully processed by the network.
This is a normal part of sending crypto. Transactions must be verified by network participants (miners or validators) before they are completed. The reasons behind a hold-up could be:
High Traffic on the Blockchain: Sometimes the network is congested due to high traffic, leading to slower transaction times. This is similar to how a road becomes congested with too many cars.
Setting Low Gas Fees: If you've set a low gas fee for your transaction, miners may prioritise other transactions over yours, resulting in longer waiting times. Think of gas fees like a toll fee; the fast lane will require a higher fee.
Why is my crypto deposit in Best Wallet delayed?
Several factors can contribute to delays:
Network Congestion: High demand on the blockchain can slow down transaction speeds. During peak times, many people are trying to make transactions simultaneously, which slows down the network speeds, especially for Ethereum.
Insufficient Gas Fees: If the gas fee is too low compared to the current demand, your transaction might be delayed or even dropped. Always check the recommended gas fees before making a transaction.
Blockchain-Specific Delays: Different blockchains have different speeds and capacities. For example, transactions on the Bitcoin network might take longer than those on the Ethereum network, depending on the current load and mechanics of each blockchain.
Receiving crypto from another crypto wallet
When receiving crypto from another wallet, consider the following to ensure the correct reception of your funds:
Transaction Confirmation: Ensure the transaction has been confirmed in the other crypto wallet. If it's marked as "pending" on their end, you'll need to wait for it to be confirmed before it’ll reflect in your Best Wallet balance.
Correct Address: Confirm that the correct Best Wallet address was used. Sending crypto to the wrong or incorrectly input address could result in lost funds.
Blockchain Confirmations: Different networks have different processes for confirming transactions, including the number of validator confirmations needed. This may slow down your transaction.
Supported Tokens: Best Wallet only currently supports deposits of tokens on the Ethereum, BNB Smart Chain, and Polygon networks. If you try to receive crypto on another network, such as Bitcoin, your deposit will fail or your funds will be lost.
Receiving crypto from a centralised exchange
Deposits from centralised exchanges might take longer due to additional steps:
Exchange Processing Times: Exchanges have their own processes and might hold a transaction for security checks or processing time.
Withdrawal Fees and Limits: Ensure that the withdrawal meets the exchange's minimum requirements and that you've accounted for any fees.
Network Selection: Make sure the correct network was selected when withdrawing (e.g., sending an ERC-20 token via the Ethereum network and not on the incorrect network, such as the BNB Smart Chain). Sending tokens via the incorrect network can result in failed transactions or lost funds.
Supported Tokens: Best Wallet only supports deposits of tokens on the Ethereum, BNB Smart Chain, and Polygon networks. If you try to receive crypto on another network, such as Bitcoin, your deposit will fail or your funds will be lost.