Whether you're sending crypto from one wallet to another, making a crypto purchase, or swapping your crypto in-app, it's essential to know what to expect if things don't go as planned. There are several things you can do when your transaction fails in Best Wallet to ensure it doesn't happen again.
This guide will explore the common questions and concerns related to failed crypto transactions, ensuring you're well-equipped to handle these situations.
Understanding failed transactions
A failed transaction in crypto means that the intended transfer or exchange of cryptocurrency assets was not completed, and the funds are either in limbo or returned to their source.
This can be due to a variety of reasons, but unlike traditional banking errors where the funds are lost, your crypto will most likely be returned to your Best Wallet, albeit sometimes minus the network fees.
Can I get a refund?
For Unprocessed Transactions: If the transaction fails and the assets do not leave your wallet, there's nothing to refund. Your principal amount remains intact, although you might lose out on the network fee.
For Third-Party Services: If you're using a service (like swapping tokens on a decentralised exchange) and the transaction fails after fees are paid, policies will vary but are not set or charged by Best Wallet. This will depend on the platform or decentralised app (dApp) you are using. If you are transacting in Best Wallet and your transaction fails, you will receive all your crypto.
Reasons behind failed transactions
Failed crypto transactions can occur for several reasons:
Insufficient Funds: Not having enough cryptocurrency to cover the transaction plus the network fee. This may be because you don't have enough native cryptocurrency to cover the transaction fee on a crypto network, or enough cryptocurrency to fulfil the transaction. For example, your crypto has slightly devalued in the past few days, and you no longer have $500 worth to send. You can track the value of all your tokens in the Token tab on your Best Wallet home page.
Network Congestion: High traffic on the blockchain can delay or prevent transactions from processing. This is rare but does occasionally happen, especially when the crypto market is booming.
Incorrect Information: Inputting the wrong wallet address or selecting the wrong network. These are common errors but can easily be avoided. Trying to send crypto to an incorrectly input wallet address will result in a failed transaction. Note: Sending crypto to the wrong wallet address will result in a successful transaction, just to the wrong destination. All blockchain transactions are irreversible, so please double-check all elements of any transaction before proceeding.
Technical Issues: Glitches within the blockchain or a trading platform can also cause failures. This is also rare but can happen when using your Best Wallet on third-party platforms or decentralised apps.
Understanding these causes can help you troubleshoot and prevent future issues. You can also learn how to successfully use your Best Wallet by reading our extensive guides, including how to transact safely and successfully.
What happens to my crypto if my transaction fails?
In most cases, your crypto remains in your Best Wallet if a transaction fails. The main exception is the potential loss of network fees, which are taken as payment for the processing attempt by the network miners or validators. This is unavoidable and why it's important to read the Best Wallet guides on sending or swapping, as well as getting comfortable with test transactions.
Immediate steps after a failed transaction
Verify Your Balance: Check your wallet to confirm your funds remain. You can see your entire Best Wallet balance, as well as each token balance in your Token tab on the home screen.
Inspect The Transaction Details: Ensure all the information is correct and that the network fee is sufficient.
Message Support: If the reason for the failure isn't clear, or if you encounter issues with a platform-specific transaction, contacting customer support is a wise move.
Preventing Future Failures
Double-Check Details: Always verify the recipient's address and the transaction details before confirming. All blockchain transactions, if confirmed, are irreversible, so if you send your crypto to the wrong wallet, you won't be able to get your funds back.
Understand Network Fees: Be aware of current network fees and ensure your balance covers the transaction plus the fee. It is good practice to own some of the native tokens of each supported crypto network in Best Wallet. Learn how to buy Ethereum, BNB, and Polygon tokens directly in-app.
Choose the Right Time: If possible, transact during off-peak hours to avoid network congestion and lower transaction fees. Whilst busy crypto networks won't necessarily result in your transactions failing, they can keep your transaction pending for longer than normal.
Why use Best Wallet for your crypto transactions?
Best Wallet is designed to offer a seamless and secure experience for your crypto transactions. Here’s why it stands out:
Intuitive Interface: Best Wallet makes it easy to navigate transactions, reducing the risk of errors. You can see all your transactions within the Transaction tab on the Best Wallet, as well as easy ways to Buy, Send, Swap, and Receive crypto.
Comprehensive Support: Best Wallet has a collection of clear guidelines on how to transact safely, and how to handle failed transactions. Additionally, Best Wallet's support is readily available to help troubleshoot and resolve any issues.
Enhanced Security: Best Wallet uses industry-leading security measures to keep your crypto safe. Your app is secured by the same measures as your online banking app, and because Best Wallet is fully non-custodial, only you can access your crypto.
Wrapping up
While failed transactions can be an inconvenience, understanding how to manage and prevent them can enhance your crypto experience.
With Best Wallet, you benefit from 24/7 support and guides on how to successfully and safely transact and handle your crypto funds.