Important Note: As part of our plans to offer multi-collateral services in the future, all existing USDT balances on existing accounts have been converted to ERC20 USDC on a 1:1 basis.
Going forward, users will be able to fund their trading accounts with ERC20 USDC tokens, but we plan to add support for more cryptocurrencies as time goes by. The following guide walks you through depositing funds into the PowerTrade app.
How to make a Deposit
To begin, tap on the Wallet icon on your app. This should bring up your current balance.
Next, select the cryptocurrency you intend to use. USDC is the only available option for now, so tap USDC to bring you to your USDC balance screen.
Tap on the Deposit button to reveal your PowerTrade USDC ERC20 wallet address. You can also tap on the QR code icon to reveal your wallet's address in QR code form.
Important Note: Make sure to only transfer the correct type of currency into the correct wallet. Transferring the wrong type of cryptocurrency may render it unrecoverable!
Once the transaction is confirmed on the blockchain, your wallet balance should be updated. You will also receive an email confirmation of the transaction.
Common causes of delayed Deposits
Due to the nature of cryptocurrency, you may experience a delay when attempting to transfer funds to your wallet. Depending on the blockchain in question, there are several possible reasons for this delay. Here are a few of the common ones.
The transaction wasn't broadcast
One of the first things to check is that you can find your deposit transaction on the blockchain using the appropriate chain explorer. If you can't find the transaction hash on an explorer, it could indicate that the send transaction was not broadcast to the network. This could be due to either a glitch or bug with your wallet software or just a hiccup in your internet connection.
During periods of high price volatility, you may experience network congestion as more people try to broadcast transactions. The network's total hashrate can also vary with time as mining conglomerates choose to vary their computational capacity. If the demand outpaces the supply, congestion occurs and you might find your transaction getting stuck in the mempool.
Your fees are too low
In general, miners will prioritize transactions with higher fees to process. If you or your wallet software has specified low fees on your transaction, it may be held in the mempool for some time before it gets processed by a miner.
Prior unconfirmed transactions
The Ethereum network requires transactions to be processed in the order that they were broadcast. If you have prior unconfirmed transactions, you will need to wait for those to be confirmed before processing the current transaction.
How to fix stuck transactions
If you find that your transaction is delayed, there are a few things you can try to fix it.
Wait it out
If you're not in a hurry, the simplest solution is to wait until the network congestion eases up and a miner picks up your transaction after all the high-fee transactions have been exhausted.
Cancel and try again later
If your wallet and network allow for it, you can send a cancellation transaction, albeit with higher fees. You will pay a higher fee when the cancellation transaction is processed, but this will return the bulk of the funds to your wallet.
Replace by Fee (RBF)
This is a bit more advanced, but some wallets allow users to overwrite unconfirmed transactions with higher fees by sending a replacement transaction instruction. The actual mechanics behind this action vary from network to network, and not all cryptocurrency wallets support this feature,
If all else fails…
If you find that your transaction is confirmed on the blockchain but still has not credited your PowerTrade wallet accordingly, please do not hesitate to reach out to our support team so we can investigate.