You may see multiple options at the bottom of the popup when depositing crypto or adding a withdrawal address.
These determine which network your crypto is sent across and is crucial for ensuring your funds land safely on the other end.
Different networks have different properties, such as fees, confirmation protocols, block sizes and transaction speed.
Before you send or receive crypto, it's critical to understand how to select the correct network. Choosing the wrong network when sending your crypto will result in funds not arriving at the receiving address.
We recommend you read our Swyftx Learn article, which explains networks and how they operate, Withdrawing and Depositing Crypto on Blockchain Networks.
How to confirm supported deposit networks
You can check which networks are available for you to use when depositing crypto into your Swyftx account.
- From Quick actions in the toolbar, select Receive crypto, then select the asset you wish to receive.
- On the Receive screen, below Select a network, you will see the supported networks you can use to deposit the selected asset into your Swyftx account.
- Expand the side menu and select Deposit, then select the asset you wish to receive.
- Below Select a network, you will see the supported networks you can use to deposit the selected asset into your Swyftx account.
Withdrawing to another exchange
When you copy the address of any network into the withdraw page, you must ensure the name of that network is supported on the receiving side as well.
You can usually check which networks are supported by your destination wallet on their respective deposit page.
If you can't see the name of the network when you have copied the wallet address in, we most likely do not support withdrawals on that network.
There may be networks available on the receiving side's deposit page that are not supported by Swyftx.
Sending a small test transaction is always recommended when you send to a new platform or wallet for the first time.
If you ever want to know if Swyftx supports withdrawals over a certain network, don't hesitate to contact our support team via live chat.
Withdrawing to an external wallet
If you withdraw to an external wallet such as Metamask, you can change the network.
You are able to add custom networks such as Binance Smart Chain, Polygon, Fantom Opera, Harmony One, and Moonriver using the Custom RPC button shown below.
Withdrawing to a Ledger
Ledger supports a few other networks, such as BTC and ERC20. However, as a rule of thumb, sending using the ERC20 network is your safest option.
This is the most widely supported network by Ledger.
If you are unsure if a token/network is supported, don't hesitate to contact Ledger support; otherwise, you can find a list of supported token types on the Ledger support site.
What happens if I send crypto on the wrong network?
If you send crypto to an external wallet to which you have the private keys, most of the time, you can add this network to your wallet, and the coins will become visible.
If you send crypto to a custodial wallet such as another exchange platform, you would need to contact their support team and provide them with the transaction ID (TXID) of your withdrawal.
TXIDs can be found on the withdrawal page for each asset.
Once funds have been withdrawn from Swyftx, there is no guarantee that a custodial wallet can locate and return your funds, which is why it is imperative to understand the difference between networks.
This is why sending a small test transaction is always recommended when sending to a new platform/wallet for the first time.
If you are ever unsure, don't hesitate to reach out to our support team via live chat.
Some networks require a memo or destination tag to be provided along with the address for the transaction to be successful.
Read more: Withdrawing and Depositing Crypto on Blockchain Networks.