For crypto deposits, the EQONEX system generally recognizes a transaction and credits the funds to your account after 3 blocks (or 3 confirmations).*
*For DOT transactions: the system processes after 30 confirmations.
For fiat deposits, an international wire (SWIFT transfer) normally takes 3-5 working days to be cleared from your bank to ours. Once we receive the confirmation from our bank that they have received your deposit, we will then credit the funds to your EQONEX account within the same working day. Please ensure that you use the EQONEX generated reference number to avoid further delays.
Sometimes our banks, following their KYC/AML policy, may ask for extra documents to clarify the source of your funds before clearing them to your EQONEX account. We would like to ask for your cooperation in providing appropriate documents in such scenarios.
My crypto transaction to EQONEX is taking too long to get 3 confirmations
This tends to happen during network congestion. A network is congested when there are too many unconfirmed transactions, caused most of the time by a spike in transaction fees. If a blockchain user (someone who transacts crypto, like you) pays a particularly high transaction fee, their transaction will be prioritized (getting confirmed first) and all other blockchain users on the same network will have to either wait or increase their own fee to compete.
If the transaction has already been made, there is little to do but wait.
I accidentally deposited crypto to the wrong address
At the moment, our ETH and ERC20 tokens share the same deposit address in each user account. If you for example send ETH to your USDC deposit address on EQONEX, you will still see the funds in your account. We, however, advise you to always check wallet addresses carefully before confirming any transaction.
My fiat deposit is taking too long
Depending on the route your bank uses to wire the funds to ours, it may take longer than usual for the funds to reach our account. 7 working days is uncommon but not unheard of.
Firstly, always review your bank instructions before and after authorizing the transfer. If there is an error in the account number or account name, we will not receive it, and it will be returned to your bank eventually. To save time and get your funds back quicker, you can request your bank to make a “fund recall”. Your bank can provide more details on this service.
Secondly, if your bank instructions are accurate but the funds are still not showing, this can mean:
it’s simply not there yet and will be in another 1-2 working days
or it’s still being cleared by our bank or an intermediary. In this case, please request your bank for a copy of the SWIFT payment message of your transaction (called MT103) and send it to email@example.com. We will use it to try and trace your funds.