How To Deposit And Withdraw Cryptocurrencies On TimeX

Trading cryptocurrencies on TimeX is fast and easy. The first step is to deposit your crypto, sending it from a wallet you control to TimeX. When you’re finished trading, you may want to withdraw the coins or tokens back to an external wallet, though you may equally choose to hold your crypto on the platform.

The deposit and withdrawal processes are straightforward, though there are a few things it’s worth bearing in mind.

How to deposit crypto to TimeX

To deposit crypto, start by signing into TimeX, then navigate to the Balances page. You will see a list of supported coins and tokens:

Select the one you want to send to TimeX, and click Deposit. You’ll be taken to a page that displays your unique deposit address for that token (in the example below, Litecoin). Make sure you read the warnings and only send the correct cryptocurrency on the right blockchain, or your funds may get lost.

Then, simply copy the deposit address and paste it into your wallet to send the funds to TimeX.

Once your transaction has received enough confirmations by the network, your coins will be credited to your TimeX account and you will be able to trade them.

For more infos check out our handy video, How to Deposit to TimeX:

How to withdraw crypto from TimeX

Withdrawing coins from TimeX is much the same process, in reverse. Click Withdraw on the Balances page for the crypto you want to send from the exchange to your external wallet. Copy and paste your address from the receiving wallet into the box.

However, there are a couple of differences to the process for depositing coins.

Firstly, some tokens can be sent to multiple different networks. For example, USDC (above) can be sent to Ethereum mainnet as an ERC20 token, or to Binance Smart Chain as a BEP20 token. Make sure you enter the right network or your tokens will end up on the wrong blockchain. In some circumstances, that may mean you lose access to them.

Secondly, you’ll need to enter the amount you want to withdraw. While deposits are free, there will be a charge to cover the confirmation fees required by the blockchain – in the case shown above, around 0.93 USDC. You can find a schedule of fees in the User menu.

This fee will change, depending on the blockchain you are withdrawing to, and the level of activity that network is experiencing at the time. At times of peak usage, transaction fees on the Ethereum network can easily be $20-30, so it may be worth waiting or using another blockchain that has lower fees.

Things to keep in mind

While depositing and withdrawing crypto is a simple process, there are a few things to remember:

• As mentioned above, double check you are withdrawing coins to the correct blockchain.
• Check your withdrawal address, too, since blockchain transactions are irreversible and mistakes cannot be rectified. 
• Make sure your account is verified. The higher your level of verification, the more crypto you’ll be able to deposit and trade. Verification does not take long.
• Withdrawals may take some time to process. In most cases, you will see the funds in your wallet within around 30 minutes, but the wait will depend on the level of activity on the network. At times of serious congestion, especially on Ethereum, the delay can be significant while the backlog of transactions clears.

If you experience any problems when depositing or withdrawing crypto, or are uncertain of the process, you can contact Support using the button at the bottom right hand corner on the site. We’ll get back to you as soon as possible.