Transferring funds from an external platform to Scallop Exchange involves three steps:
- Withdrawal from the external platform
- Blockchain network confirmation
- Scallop Exchange credits the funds to your account.
An asset withdrawal marked as “completed” or “success” in the platform you're withdrawing your crypto from means that the transaction was successfully broadcast to the blockchain network. However, it might still take some time for that particular transaction to be fully confirmed and credited to the platform you’re withdrawing your crypto to. The amount of required “network confirmations” varies for different blockchains.
For example:
- John wants to deposit 2 BTC into his Scallop Exchange wallet. The first step is to create a transaction that will transfer the funds from his personal wallet into Scallop Exchange.
- After creating the transaction, John needs to wait for the network confirmations. He will be able to see the pending deposit on his Scallop Exchange account.
- The funds will be temporarily unavailable until the deposit is complete (1 network confirmation).
- If John decides to withdraw these funds, he needs to wait for 2 network confirmations.
Due to possible network congestion, there might be a significant delay in processing your transaction. You may use the TxID (Transaction ID) to look up the status of the transfer of your assets by using a blockchain explorer.
- If the transaction has not yet been fully confirmed by the blockchain network nodes, or has not reached the minimum amount of network confirmations specified by our system, please wait patiently for it to be processed. When the transaction has been confirmed, Scallop Exchange will credit the funds to your account.
- If the transaction is confirmed by the blockchain but not credited to your Scallop Exchange account, you may check the deposit status from the Deposit. You can then follow the instructions on the page to check your account, or submit an enquiry for the issue.