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How to process cryptocurrency deposits
Cryptocurrency deposits are a quick and cheap way to replenish your balance, but they require careful attention. Network errors, incorrect address, or forgotten Memo/Tag can cause loss. This guide will help you understand the key aspects of processing cryptocurrency deposits: from network selection to confirmation of transactions.
1) Main stages of cryptocurrency deposit processing
1. Network selection: Before sending money, you must select the correct network to transfer (TRC-20, ERC-20, SOL, TON, etc.).
2. Address Generation: Generates a unique address for receiving funds on the selected network.
3. Check minimum amount: Each network has minimum thresholds for deposit.
4. Payment commission: Each network has its own commission (gas fee), which must be taken into account.
5. Deposit confirmation: After sending the deposit, you need to check if the funds have arrived using TXID.
6. Reconciliation of data: Checking the correspondence of the address, amount and network at the sender and recipient.
2) Network selection for deposit
Different cryptocurrencies and networks have their own characteristics that affect the speed and cost of the transaction.
Note: It is important to ensure that the selected network is supported on the platform for deposit and withdrawals.
Examples of popular networks:- TRC-20 (TRON): a popular network for USDT, fast and cheap, but limited by the number of tokens supported.
- ERC-20 (Ethereum): the most universal, but the commission can be high, especially during peak hours.
- SOL (Solana): fast, cheap and supports many tokens.
- TON (The Open Network): One of the fastest and cheapest networks for transactions, especially if used for output via crypto wallets.
Tip: Always check your recipient's supported network before sending money to avoid mistakes.
3) Address generation for cryptocurrency deposit
When creating a deposit address, it is important to consider the following:- Verify that the address is appropriate for the selected network. For example, an address for the TRC-20 network will not work for the ERC-20.
- Some networks require MEMO/TAG (e.g. XRP, XLM, BNB). Without this, funds may not be credited to the wallet.
- Addresses are automatically generated and are unique for each transaction.
Important: always copy the entire address and double-check it to avoid mistakes.
4) Minimum amounts and fees
Minimum amounts
Each network has a minimum threshold for a deposit. For example, the TRC-20 may accept deposits from 1 USDT, while for ERC-20 the minimum amount may be higher.
Commissions: Each network has its own commission, which depends on the current load on the network and the size of the transaction. For TRC-20, the commission is usually low, while for ERC-20 it can be significant.
Tip: Always check the minimum deposit amount and commission in reference documentation or with platform support.
5) Deposit confirmation and TXID
Once the deposits have been sent, the next step is to confirm receipt of the funds. This is done through TXID (Transaction ID) - a unique transaction identifier on the blockchain.
1. Go to the blockchain explorer (for example, Etherscan for ERC-20 or Tronscan for TRC-20) and enter the TXID.
2. Check the transaction status to see if the transaction has been confirmed or completed.
Important: Some networks (such as XRP or BNB Chain) will require a memo to track the transaction.
6) Problems and solutions when processing cryptocurrency deposits
Problems:1. Incorrect network: If the deposit sent does not match the recipient's network, funds may be lost.
2. Address Error: An incorrect address, including an error in Memo/Tag (for example, for XRP/BNB), may result in funds not being credited.
3. Minimum Amount: If the deposit amount is below the minimum network threshold, the transaction may fail.
Solutions:- Check the address before sending: compare the first and last characters of the address.
- Check for Memo/Tag: If necessary, remember to enter the correct value.
- Search services: use blockchain explorers to track TXID transactions.
- Contact Support: If the deposit does not go through or the funds are not credited, contact platform support with the TXID.
7) KYC/AML and checks on cryptocurrency deposits
For safety and compliance with KYC/AML (Countering Money Laundering and Terrorist Financing), the platform may request:- Verification of identity at first deposit or after exceeding the threshold.
- Source of funds (SoF) if the deposit is significant.
- Checking payment details (for example, cryptocurrency wallets) for compliance with the data in the user profile.
Tip: Always follow the platform's requests for documents to complete KYC/AML.
8) Limits and checks
Deposit limits may depend on the method or status of the account (for example, for new accounts, limits may be limited).
Automatic checks for a large number of deposits or unusual transactions may require additional documents or explanations.
Tip: Keep track of account statuses and deposit limits in your personal account.
9) Support Request Template
Transaction Review Request:10) Mini-FAQ
Can I cancel a cryptocurrency deposit?
No, cryptocurrency transactions are usually irreversible once they have received a TXID. However, you can contact support to find funds.
What if the transaction is not confirmed?
Check confirmations in the blockchain explorer. If the number of confirmations is less than the exchange or wallet threshold, wait or contact support.
How to find lost funds?
Use TXID to track a transaction through a blockchain explorer. For address or memo errors, contact exchange support.
Processing cryptocurrency deposits requires care at all stages: from network selection to TXID verification. Make sure the network, address and amount meet the recipient's requirements, always check minimums and fees, and monitor KYC/AML procedures. This will ensure fast, secure and predictable cryptocurrency deposits without unexpected locks or losses.