1. Digital asset deposits have to receive a number of confirmations on their particular blockchain before the funds become available to spend in your Covesting account.
The number of required confirmations varies from blockchain to blockchain - which is why some take longer than others. For example, Bitcoin deposits require 6 confirmations, so it takes at least an hour for Bitcoin transactions to be processed.
Please note that we can't affect the speed of confirmations.
Here you can find a list of currencies and the number of confirmations each requires:
2. In most cases, your deposit will become available in your Covesting account immediately upon receiving the required number of blockchain confirmations.
However, sometimes it may take longer to process your deposit and credit your account.
As a regulated entity operating under Gibraltar's FSC DLT license, we are subject to compliance procedures and may initiate spot checks on some deposits. In such a case it can take up to 24 hours until the deposit is cleared and becomes available in your account.
In addition, we may need to re-balance digital assets between our exchange's hot and cold wallets along with counter-party wallets to provide necessary liquidity for traders on the platform.
In these cases, the deposit's status will remain 'In process' until all checks are completed and/or wallets re-balanced, even though the deposit transaction would have received the required number of blockchain confirmations.