Navigating cryptocurrency deposits and withdrawals can sometimes be confusing, especially for new users. Whether you're transferring assets to or from a trading platform, understanding the correct procedures is essential to ensure smooth, secure transactions. This guide covers the most frequently asked questions about depositing and withdrawing digital assets, with clear explanations and actionable steps to help you avoid common pitfalls.
How to Deposit Cryptocurrency
Depositing funds into your exchange account is the first step toward active trading. Here’s how to do it correctly on most platforms.
Step-by-Step Deposit Process
On Web:
- Visit the official website.
- Navigate to Assets > Deposit > Deposit Cryptocurrency.
- Select your desired coin.
- Choose the correct transfer network (e.g., ERC-20, BEP-20, TRC-20).
- Copy the deposit address and, if required, the Memo/Tag.
- Use these details when initiating the withdrawal from your external wallet or exchange.
- Confirm the transaction and wait for blockchain confirmation.
On Mobile App:
- Open the app and tap Assets.
- Tap Deposit, then select Cryptocurrency.
- Choose the coin and network.
- Copy the provided address and Memo/Tag (if applicable).
- Initiate the transfer from your sending platform.
👉 Learn how to securely manage your crypto transfers today.
Important Notes When Depositing
- Memo/Tag Requirement: Some networks (like XRP, EOS, or BNB Beacon Chain) require a Memo or Tag to identify the recipient. Omitting this may result in lost funds.
- Network Consistency: Always ensure the withdrawal network matches the deposit network. Sending USDT via ERC-20 to a BEP-20 address will lead to loss of funds.
- Smart Contract Fees: Certain tokens (e.g., LUNC) may incur automatic fees upon transfer due to their smart contract logic.
- Account Selection: Some platforms allow direct deposits into spot or futures accounts—make sure to select the correct destination.
What to Do If Your Deposit Hasn’t Arrived
A delayed or missing deposit can be stressful, but most issues have straightforward causes and solutions.
1. Check Deposit Channel Status
If the deposit channel is under maintenance or temporarily closed, your funds won’t be credited immediately. Wait until service resumes.
2. Verify Deposit Status
Your deposit may show one of three statuses:
- Failed: Review error messages and retry.
- Processing: The transaction is pending blockchain confirmation. Do not attempt to resend.
- Success: Funds should appear in your account shortly.
⚠️ Even if a transaction appears "in progress," insufficient amounts or forced deposits (sending unsupported tokens) will not be credited.
3. Confirm Blockchain Confirmations
Each cryptocurrency requires a minimum number of confirmations before funds are credited:
- Low confirmations? Wait longer.
- Network congestion? Delays are normal during peak times.
4. Validate Coin, Address, and Network Compatibility
Ensure that:
- The token contract matches the platform's supported version.
- You used the correct network (e.g., USDT on TRC-20 vs. ERC-20).
Sending an ERC-20 token to a BEP-20 address—even with the same coin name—can result in permanent loss.
5. Avoid Smart Contract Transfers Unless Supported
Some tokens cannot be deposited via smart contracts or decentralized wallets unless explicitly allowed by the exchange.
6. Depositing Delisted Tokens
If you send a token no longer supported by the platform, contact customer support immediately for possible recovery.
For unresolved cases, submit a deposit recovery request through the platform’s support portal. Processing typically takes 1–2 business days, and you’ll be notified via email or internal message.
Can You Recover a Wrong Deposit?
Mistakes happen—but not all errors can be fixed automatically.
Handling Time for Incorrect Deposits
Recovery requests are usually processed within 60 days. Expedited handling may apply depending on circumstances.
Service Fees for Recovery
Due to operational, security, and verification costs, a processing fee may be charged when recovering misdirected funds.
How to Find the Refund TxID
Once processed, MEXC sends an email containing the refund transaction ID (TxID), which you can use to track the return on a blockchain explorer.
👉 Discover how top platforms streamline deposit recovery processes.
What Is Pre-Crediting?
Pre-crediting enhances user experience by allowing early access to funds before full blockchain confirmations are complete.
How It Works
- First Confirmation Reached: Funds are pre-credited—you can trade but cannot withdraw.
- Final Confirmations Complete: Funds are fully credited, enabling all functions including withdrawals.
Benefits of Pre-Crediting
- Faster Trading Access: Begin trading immediately after initial confirmation.
- Enhanced Security: Prevents double-spending by requiring full confirmations for withdrawals.
- Risk Reduction: Limits fund movement during early stages, protecting both users and platforms.
Note: Pre-crediting may not be available on all networks or for all accounts, especially those flagged by risk control systems.
Wallet Maintenance and Deposit Suspension
Occasionally, exchanges suspend deposits (and withdrawals) for specific tokens due to:
- Blockchain upgrades
- Security audits
- Wallet maintenance
During such periods, any attempted deposits will not be processed. Check official announcements for estimated restoration times.
Forced Deposit Refunds
A forced deposit occurs when a user sends a token that’s:
- Delisted
- Not yet listed
- Marked as non-receivable on the platform
These deposits won’t credit automatically. However, many platforms now offer forced deposit refund features, returning assets via the original path within 3–7 business days.
This improves user experience by reducing manual intervention and wait times.
How to Withdraw Cryptocurrency Safely
Withdrawing funds is just as critical as depositing them.
On Web:
- Go to Assets > Withdraw.
- Select the coin and choose on-chain withdrawal or internal transfer.
- Enter recipient address or user ID.
- Specify network and Memo/Tag (if needed).
- Input amount and confirm.
On Mobile App:
- Tap Assets > Withdraw.
- Choose method: To External Wallet or To MEXC User.
- Fill in details carefully.
- Submit after reviewing all information.
👉 See how fast and secure crypto withdrawals can be with modern platforms.
What If You Sent Funds to the Wrong Address?
Act quickly:
- If the transaction hasn’t been confirmed, go to Withdrawal Records and cancel it.
- Then reinitiate with the correct details.
Once confirmed, blockchain transactions are irreversible. Always double-check addresses before submitting.
Withdrawal Completed But Recipient Didn’t Receive?
Check:
- Your email or in-app messages for confirmation.
- The TxID using a blockchain explorer.
- Contact the receiving platform’s support with the TxID for assistance.
Delays can occur due to network congestion or internal processing times at the destination exchange.
What If Memo Was Incorrect?
Before confirmation: Cancel the withdrawal and retry with the correct Memo.
After confirmation: Contact the receiving platform with your TxID—they may still recover the funds if their system allows manual matching.
Withdrawal Stuck? Here’s What to Do
- Status: Processing? Normal delay—wait for network clearance.
- Status: Completed but no receipt? Wait for required confirmations at destination; contact their support.
- No TxID after 6 hours? Reach out to customer service immediately with a screenshot of your request.
Token Activation Requirements
Some blockchains (e.g., XLM, XRP) require a wallet to hold a minimum balance or perform an activation transaction before receiving certain tokens. Platforms often detect inactive addresses and warn users before withdrawal.
Use a blockchain explorer to verify if your wallet is activated before initiating transfers.
Frequently Asked Questions (FAQ)
Q: Can I cancel a withdrawal after confirmation?
A: No. Once confirmed by the blockchain, transactions cannot be reversed.
Q: Why does my deposit show “processing” for hours?
A: This is usually due to network congestion or low miner fees slowing down confirmations.
Q: Will I lose funds if I use the wrong network?
A: Yes—sending coins via an unsupported network often results in permanent loss unless recovery options exist.
Q: Are there fees for deposit recovery?
A: Possibly. Due to manual processing and verification efforts, service fees may apply.
Q: How long does pre-credit take?
A: Typically within minutes after initial blockchain confirmation, depending on network speed.
Q: Can I withdraw directly to another exchange?
A: Yes—just ensure you’re using the correct deposit address and network specified by that exchange.
By following best practices—double-checking addresses, selecting proper networks, and understanding platform-specific rules—you can ensure safe and efficient crypto transactions every time.