In this article:
Learn about the common reasons crypto purchases might fail and how to avoid and resolve them.
If you’ve tried to buy crypto through Best Wallet but your transaction keeps failing, there could be several reasons.
To help you navigate and resolve these issues, we've broken down the common causes that might prevent you from purchasing crypto in Best Wallet.
Your bank rejects the purchase
There are several reasons why your bank might reject your crypto purchase:
External reasons
Regulatory Concerns & Fraud Prevention: Some countries and banks are very cautious about cryptocurrency and may even freeze bank accounts that buy cryptocurrencies due to internal policies or regulatory guidelines. You can check your country's crypto policies online.
Bank's Crypto Policies: Certain banks may have specific restrictions or complete prohibitions against crypto transactions, even in crypto-friendly countries. You can check your bank’s crypto policies via their website.
User errors
Incorrect Card Details: Double-check you’ve entered your debit/credit card details correctly.
Failed Verification Attempts: Many crypto purchase providers will ask you to complete Know-Your-Customer (KYC) verification. Ensure sure you enter your details correctly and complete the checks properly.
Mismatched Addresses: Make sure the address you filled out during your KYC and your bank account's billing address match.
Suspicious Activity: Some cards might see crypto purchases as suspicious and may require additional confirmation/information in your online banking app.
Daily Card Limit: You may have exceeded your card's daily transaction limit.
What you can do:
Verify your bank's stance on cryptocurrency transactions.
Ensure all card information is accurate and up-to-date.
Contact your bank if you suspect a transaction was wrongly flagged as suspicious.
Keep an eye on your card's transaction limits to avoid exceeding them.
Location limitations and restrictions
Best Wallet utilizes Onramper, the #1 aggregator for bank-to-crypto providers. This means that Onramper will provide you with a list of providers for your crypto purchase, and you can select the most convenient one.
Onramper will only show you the providers available in your location, therefore minimizing any errors with geographical restrictions. However, issues may unexpectedly arise as crypto legislation evolves and changes.
How to check
Visit Onramper or the specific provider’s website to confirm if your location is supported.
Check your country's national policy on buying cryptocurrency. Although rare, some governments have outright banned the purchase and trading of cryptocurrencies.
The next steps if a transaction fails:
First, wait a few hours. If the transaction seems successful but your balance hasn't been updated, it might take a few hours or even days before you receive your new crypto.
This is completely normal and industry-standard; the average crypto purchase takes at least an hour before it arrives in your wallet.
Next, contact the provider's support team. They will be able to accurately troubleshoot and resolve issues.
If you're planning to buy any crypto in-app, please read our guide on how to successfully buy crypto in Best Wallet.
If you have gone through these steps and your cryptocurrency purchase is still failing, please message in-app or email [email protected] to contact our specialized support team, who will help you troubleshoot and resolve your issue.
Important reminder: Best Wallet will never request your wallet’s private key or secret recovery phrase. Keep this information strictly private and do not share it with anyone.