- 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.
- 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.