When you're sending or receiving crypto, selecting the right network is crucial. The network determines how your crypto is transferred and whether it reaches the destination successfully.

When you deposit or withdraw crypto, there may be several network options. These can vary in speed, fees, and which wallets or platforms they work with.

Choosing the wrong network can result in a failed transaction and possible loss of funds, so it's essential to confirm you're using the right one.

We recommend you read our Swyftx Learn article, which explains networks and how they operate, Withdrawing and Depositing Crypto on Blockchain Networks.

Withdrawing and Depositing Crypto

Beginner

8 minutes

How to confirm supported deposit networks

Before you deposit crypto into your Swyftx account, make sure you’re using a supported network.

• App

  1. From the Dashboard, select Deposit, then select the asset you wish to receive.
  2. 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.

• Web

  1. Expand the side menu and select Deposit, then select the asset you wish to receive.
  2. 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

If you're sending crypto from Swyftx to another exchange (like Binance or Coinbase), you’ll need to double-check that the receiving platform supports the same network you're using to send.

How to check for compatibility between platforms

• App

  1. Copy the receiving address from the other exchange.
  2. On Swyftx, from the Dashboard, select Withdraw and then the asset you want to send.
  3. Select Add new address from the drop-down.
  4. Paste the receiving address from the other exchange.
  5. Make sure the network name matches exactly on both ends. If Swyftx doesn’t support that network, you won’t be able to send using it.

• Web

  1. Copy the receiving address from the other exchange.
  2. On Swyftx, expand the side menu and select Withdraw, then select the asset you want to send.
  3. Select Add new address from the drop-down.
  4. Paste the receiving address from the other exchange.
  5. Make sure the network name matches exactly on both ends. If Swyftx doesn’t support that network, you won’t be able to send using it.

Always send a small test transaction first when using a new platform or wallet.

What happens if I send crypto on the wrong network?

For non-custodial wallets, like MetaMask or Trust Wallet

You may be able to recover your crypto. Try adding or switching to the correct network in your wallet, and your funds should show up.

For custodial wallets, like another exchange

You’ll need to contact the support team with your transaction ID (TXID) and ask if they can recover the funds. Your TXID can be found on the Swyftx withdrawal page.

Once your funds leave Swyftx, there’s no guarantee another exchange can recover them, especially if the wrong network was used. That’s why it’s so important to understand the differences between networks before you send any funds.

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. Memo or destination tag requirements vary by asset and network. Always check the deposit instructions for your account before transferring funds. If a memo is required, it should be clearly indicated.

Read more: Withdrawing and Depositing Crypto on Blockchain Networks