For security reasons, we require a digital asset/cryptocurrency deposit to receive a number of confirmations on its blockchain before the funds can be credited to your account.
What are confirmations?
When a transaction is broadcasted to the network, it has to wait to be included in a block by the miners. Once a transaction has been included in a mined block, the transaction has received 1 confirmation. With each subsequent block, the number of confirmations increases for the transaction.
Why are there confirmation requirements?
To avoid the risks of double spending, funds aren’t credited until a certain number of confirmations have taken place (as listed below).
The more confirmations received, the more permanent/irreversible the transaction is.
How long do confirmations take?
Each block is found at a different rate depending on the blockchain.
For example, on the Bitcoin blockchain, a block is mined on average every 10 minutes, and Nexo only credits Bitcoin deposits to a client’s account after a minimum of 6 confirmations, which takes approximately 60 minutes.
However, sometimes when the network is heavily used, it can take Bitcoin miners 30 or even 60 minutes to mine a single block (1 confirmation).
As explained above, the time required for blocks to be included in the blockchain may increase significantly when the network is overloaded due to high demand. This inevitably leads to delayed transactions. One thing that can speed up your transfers to Nexo is opting for higher mining fees (gas fee) which usually leads to quicker blockchain confirmations.
- BTC deposit require a minimum of 6 confirmations
- All ERC20 deposits (ETH, PAXG, NEXO, USDT, TUSD, USDC, PAX, DAI) require 50 confirmations
- LINK deposits require 40 confirmations
- XRP (Ripple), XLM (Stellar), BNB, NEXO BEP2 and EOS - near-instant
- BCH deposit requires 16 confirmations
- LTC deposit requires 6 confirmations