When you send crypto to or from your SwissBorg account, it can happen that your funds are not visible right away. Although blockchain transactions tend to be faster than traditional payment methods like bank transfers, delays can still occur for a number of reasons. If your crypto transfer did not arrive at its destination, these could be possible causes:
Minimum number of confirmations not reached
This is the most common issue with crypto transactions, and the easiest to solve.
A crypto transaction needs several confirmations from different miners or validators, before being acknowledged as valid and processed on the blockchain.
The above Bitcoin transaction has yet to be confirmed. It was entered in the latest block, but it still has to be reviewed by the miners.
The industry standard says that a Bitcoin transaction must have at least 3 confirmations to be deemed valid. That is why your funds will only be credited into your SwissBorg wallet once the transaction has reached 3 confirmations on the blockchain.
For high value transaction (above 10,000 EUR), this limit can be 6 or more confirmations required.
The same criteria apply to Ethereum ERC-20 transactions.
All you need to do is to wait for your transaction to reach the required number of confirmations on the blockchain, and then your funds should appear in your SwissBorg account.
As the blockchain is a decentralized system, unfortunately we cannot speed up the confirmation process.
Downtimes and Bugs
Downtimes and bugs are inevitable when working with technology and computerized systems. Even blockchains can experience disruptions, which can also affect SwissBorg services if any of our partners are facing issues.
The most common downtimes are scheduled maintenance procedures, which usually don’t take more than a few minutes or hours. Other kinds of planned disruptions can take longer, for example the Ethereum Merge that lasted for a few days, and during which ERC-20 transactions were disabled.
They are not technically a downside or bug, but temporary liquidity issues can cause some delays as well. Liquidity issues are exchange or platform specific and mostly occur with less popular coins. To solve this issue, the platform’s accounting team will have to refill or top up the respective coin’s wallet in order for transactions to be processed again.
Transaction fees paid
Many blockchains allow you to set a priority for your transactions; the higher the fee is that you’re willing to pay, the faster your transaction will be uploaded in the next block. Consequently, the lower the fee is that you decide to pay, the longer your transaction will stay in the queue.
Since the blockchain is a decentralized system, we cannot speed up this process on our end.
Incorrect destination wallet address
If the destination wallet address is incorrect, the funds won’t reach your SwissBorg account.
If you entered another party’s address, you will need to contact this party to retrieve these funds.
If you entered a non-existent address, the funds will end up in a limbo and will be lost, though most blockchains have now a system to check the validity of an address format before processing a transaction.
There is no way for SwissBorg to recover funds send to an invalid address. The user is the sole responsible for entering the correct details when depositing on SwissBorg.
A coin or token can be available on different blockchains. For example, USDC can be running on Ethereum as an ERC-20 token and on the Binance Smart Chain as a BEP-20 token. SwissBorg supports USDC only on the Ethereum (ERC-20) blockchain, so if you would send USDC to or from SwissBorg with any other protocol, your funds may be lost.
However, there are certain scenarios where we are able to recover funds that were sent using the wrong protocol.
More information about supported tokens and networks, and what to do if you have made a mistake, can be found here: Supported tokens and networks