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 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).
- BTC deposit require 6 confirmations
- All ERC20 deposits (ETH, PAXG, NEXO, USDT, TUSD, USDC, PAX, DAI) require 50 confirmations
- XRP (Ripple), XLM (Stellar), BNB, NEXO BEP2 and EOS - near-instant
- BCH deposit requires 16 confirmations
- LTC deposit requires 6 confirmations