When sending cryptocurrency from an exchange to a business powered by Forebit, you may occasionally encounter failed transactions. Understanding these failures can help you troubleshoot and complete your payments successfully.
Network Compatibility Issues
Exchanges often support multiple networks for the same cryptocurrency. For example, USDT can be sent via Ethereum (ERC-20), Tron (TRC-20), or Binance Smart Chain (BEP-20) networks. If you select a network that businesses powered by Forebit doesn't support for a particular cryptocurrency, your transaction will fail.
Always verify which networks businesses powered by Forebit accepts for your chosen cryptocurrency before initiating a withdrawal from your exchange. Currently, businesses powered by Forebit primarily supports Ethereum (ERC-20) and Polygon networks for most tokens.
Minimum Transaction Requirements
Exchanges typically enforce minimum withdrawal amounts that may be higher than your intended payment. Additionally, certain businesses powered by Forebit requires transactions to meet a minimum threshold to cover processing costs.
If your transaction amount falls below either of these minimums, the transaction may fail or never be initiated. Check both your exchange's minimum withdrawal amount and the business powered by Forebit's minimum transaction requirements before proceeding.
Exchange Withdrawal Delays
Although blockchain transactions themselves are typically processed within minutes, exchanges often implement additional security measures that can delay withdrawals:
Exchange security protocols may hold transactions for review, especially for new withdrawal addresses or larger amounts. Some exchanges impose mandatory waiting periods for withdrawals after account security changes like password resets or new device logins.
During periods of high network congestion, exchanges may queue withdrawals, creating delays that can appear as failed transactions across Forebit's time-sensitive payment windows, which is roughly 24 hours.
Smart Contract Limitations
Some exchanges don't support withdrawals to smart contract addresses, which can cause issues when certain businesses powered by Forebit uses smart contracts for payment processing. This is particularly common with Bitcoin withdrawals to non-standard addresses.
Before attempting a transaction, check if your exchange has any restrictions on sending to smart contract addresses or if they require additional verification for such transfers.
Solutions and Best Practices
Always send a small test transaction before attempting a large payment, especially from a new exchange.
When withdrawing from an exchange, copy Forebit's payment address exactly and double-check before confirming.
Allow for extra time when using exchanges for time-sensitive payments.
Consider transferring cryptocurrency to a personal wallet first, then sending to the business powered by Forebit for greater control and fewer restrictions.
Keep transaction IDs (TXIDs) from your exchange for all withdrawals to help with troubleshooting.
If you've confirmed a withdrawal from your exchange but the funds haven't arrived at the business, contact your exchange's support first to confirm the transaction status, then reach out to the business for additional support with the transaction details.