Cryptocurrency deposit processing times.
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
Kraken only credits Bitcoin deposits to a client’s account after 6 confirmations, which takes
approximately 60 minutes.
However, sometimes it can take Bitcoin miners 30 or even 60 minutes to mine a single block
(1 confirmation). This is outside of our control.
Cryptocurrency | Confirmations Required | Estimated Time If included in the next block. |
---|---|---|
Bitcoin (BTC) | 6 confirmations | 60 minutes |
Bitcoin Cash (BCH) | 15 confirmations | 150 minutes |
Tether USD (USDT) ERC20 | 30 confirmations | 6 minutes |
Tether USD (USDT) OMNI | 6 confirmations | 60 minutes |