How can I set up a withdrawal?

If you would like to make a withdrawal from your SMART VALOR account to another exchange you need to navigate to the “My Wallet“ section of the exchange. This can be found in the sidebar on any page of the exchange.

Once you are here, you will automatically see all of your Cryptocurrency assets. Please select the desired currency and then click on the arrow pointing down button at the top right of the Currency overview and choose “Withdraw”.

A screen displaying the withdrawal form will appear on the screen. It will look something like this:

Once you have selected the desired amount and the wallet you would like to send the funds to you can click the “Withdraw” button to send the funds. The withdrawal will reach the destination wallet as soon as it is processed on the blockchain.

Important: Transfers Are Irreversible

Once your transaction is submitted to the blockchain, it cannot be canceled, reversed, or refunded.

Before confirming your transfer:

Double-check the recipient wallet address

Make sure the network matches the selected asset

Remember: Transfers to unsupported or incorrect addresses may result in the permanent loss of funds

You will see this warning before every transfer:

“Please make sure your transaction details are correct. Blockchain technology makes this transaction impossible to refund or cancel.” 

What should I keep in mind when making a withdrawal?

When you make a withdrawal to an external wallet, please make sure to always use the correct wallet address for the currency you are withdrawing.

Be mindful of the type of wallet you are sending the funds to, currently we do not support BEP20 tokens, so make sure that the external wallet supports the ERC20 version of tokens.

If you are sending a currency that requires a Memo ID or Destination tag, to a wallet that doesn’t have one, you need to check what the default Memo ID/Destination tag for the wallet is. Usually, wallet makers like Ledger provide guides on how to send funds from exchanges that force providing a Memo ID/Destination tag upon withdrawal.

Be mindful of your withdrawal limits, if your withdrawal exceeds your daily or yearly withdrawal limit the transaction will not be processed. In such cases, you would have to either wait until your limits reset, or upgrade to a higher verification level.

Disclaimer: Please note that due to regulatory requirements, we are not allowed to process withdrawals to exchanges that do not require KYC verification.

Withdrawing cryptocurrencies can take a varied amount of time, based on the token or currency you have decided to withdraw. It can take anywhere between 1 and 24 hours for a transaction to be processed on the blockchain. Additionally, due to regulatory requirements, all outbound transactions need to be reviewed by us before being processed on the blockchain.

What affects the processing time of my transactions?

For a crypto withdrawal to arrive, it needs to be processed on the blockchain. The blockchain is, as the name suggests, a chain of blocks. Each block contains a certain amount of transactions that need to be verified before they are recorded and processed. Depending on the blockchain this process can take different amounts of time. Certain aspects such as blockchain use can slow down or speed up this process.

In order for a transaction to be officially recognized as part of the blockchain, as well as fully processed a certain number of confirmations need to be received. Before a certain amount of confirmations are reached, then the receiving platform will not be able to accept the transaction. This is done to avoid double-spending as well as keep up the trust on the blockchain.

Due to regulatory requirements, we are required to review your transactions before they can start processing on the blockchain. Usually, this step doesn’t take long, but for certain transactions, additional checks may be required. which would slow the processing down.

What are the average timeframes for a withdrawal to be processed?

Different blockchains take a different amount of confirmations for a transaction to be processed, each one also has a different amount of time for a single confirmation to be received. Below are some of the average timeframes for different cryptocurrency types to be received.

Can I track my transaction?

Yes, you can easily use a blockchain explorer to track your transaction on the blockchain.

Keep in mind that different blockchain explorers support different blockchains. Some, like Blockchair, even support multiple ones.

Disclaimer: If your transaction doesn’t arrive after 24 hours have passed, please reach out to the Customer Support team of the platform the funds were sent to. When doing so please make sure to include all relevant information about the transaction.

When withdrawing funds to another exchange or private wallet you need to keep in mind that there are certain limits on the amount you can withdraw. There is a minimum amount per transaction, as well as maximum amounts you can withdraw to an external wallet based on the different currency types. When filling out the withdrawal form the platform will provide you with the minimal amount of any given currency that needs to be withdrawn in order for the transaction to be processed. There is also a maximum amount you can withdraw, based on how many funds you have available in your account. The form will give you the option to select the “Max” amount in your account for withdrawing, as well as let you select a percentage of the funds in your account via a slider at the top of the form.

What about my level limits?

Outside of the maximum amount per transaction you can withdraw, there are also different limits based on your verification level. These are separated into daily and yearly withdrawal limits. These represent the total value of funds you can withdraw at any given period. The value is calculated in your preferred base currency and can be seen in your dashboard under the verification level section. Here are the current limits for the different verification levels as calculated in CHF:

Withdrawals to another exchange require specific fee amounts in order for the transaction to be processed. These fees are specially selected to ensure the fastest processing times on the blockchain. When withdrawing funds, the withdrawal form will provide information on the amount of the fee. Below is a table that contains all fees for every currency you can withdraw. 

Disclaimer: SMART VALOR reserves the right to change any of these values at any time, without the need to inform customers beforehand.