How Long Do Crypto Transactions Take?
A crypto transaction has an average time of completion, depending on the coin or token being transacted, and on a number of other factors. Having a knowledge of the average time your transaction might take means you can be less worried and more confident about what to expect. After all, trading on crypto exchanges is not as unpredictable as it might sometimes appear.
Often when a crypto transaction takes much longer than expected, the delay is explainable.
Generally speaking, when it comes to exchanging crypto, most transactions happen in under an hour. On average, BTC transaction time across most exchanges is less than 10 minutes. For those of us used to instant bank transfers, this can feel like a long time.
However, we need to remember that the average transaction time can vary depending on how long it takes for a block to be mined within a network. This is a different sort of technology than the banking system runs on, and something big banks are investing in, especially when it comes to international transactions, which often take considerably longer.
Average Transaction Time for Bitcoin and Other Crypto
On average, ChangeNOW crypto-to-crypto exchanges, e.g. from BTC to ETH, can be as fast as 2 minutes. However, depending on a range of factors, the upper timescale for a transfer between one crypto and another can take up to 20 minutes.
So if you are wondering how long it takes to send Ethereum on ChangeNOW, a working average between 2 and 20 minutes is usually the norm, with twenty minutes being the usual maximum transaction time.
On rare occasions, crypto to crypto transactions can potentially take as long as 30 minutes, due to uncontrollable circumstances. Some factors that are out of our control (and other exchanges’, for that matter) include the following (as per our FAQs):
- DDoS attacks on the website. Unfortunately, such problems can happen, but we always try to fix the issue as fast as we can;
- Cryptocurrency updates. We may make frequent upgrades and disable access to some trading pairs. As soon as we turn them back on, you safely get your funds;
- Blockchain is overloaded. Too many transactions are waiting to be included into the blockchain, and yours may have to wait for its turn, too. Sometimes you might have to wait a little longer.
Other exchanges have different average transfer and transaction times, from a few minutes to several hours. For example, if you are converting USD into a crypto on Coinbase, or executing a “Buy” transaction, the completion of the process might take up to seven working days in some cases, especially when buying directly with bank accounts. Whereas when exchanging between crypto, the average Coinbase send time can take from a few minutes to as long as an hour.
How Long Does It Take for a Bitcoin Transaction to Be Confirmed?
Every transaction, whether you are transferring Bitcoin (BTC) or numerous other cryptocurrencies, is verified and is not reversible. You know a transaction has been confirmed when the hash (TX) comes through, which means that it’s been registered in the blockchain.
As said earlier, BTC transaction confirmations can take between a minute and 60 minutes. However at all times, with your transaction hash, you can always track its progress. A TX is a unique code valid only for one particular transaction. It also keeps you aware of potential delays, and what might have caused them, and when the funds will come through.
What Happens If a Bitcoin Transaction Is Not Confirmed?
In the unlikely event of a transaction not being confirmed, which would mean a transaction hash is not coming through, funds would be returned. However, due to the way ChangeNOW and others exchanges work, that would indicate a serious problem with mining and confirmation processes, which would be very unlikely. On very odd occasions, a calculated transaction fee might be too low an incentive for miners, which is likely to cause delay in transaction confirmations. However, this itself hardly happens.
Almost always a transaction begins its confirmation process within seconds or minutes, and then it can take up to 30 minutes for a transfer/exchange to be completed. When it comes to buying crypto with fiat, this is usually fast too, unless a purchase is made using a bank transfer.
However, we know that one of the main reasons every transaction is painstakingly confirmed is that Blockchain operations are irreversible. Therefore, always double check the payment details (the wallet you are sending funds to, if you are sending them to someone else, or another wallet you own), because once it is done, the transaction cannot be canceled by anyone. This includes the exchanges responsible for processing these transactions.
What If a Transaction Is Stuck & Unconfirmed For Hours?
When you are waiting for a pending blockchain confirmation, you shouldn’t have to wait long. Seconds, or minutes at most, ideally speaking. There is no generic Bitcoin transaction accelerator (or an accelerator for other cryptocurrencies), although we do offer the highest exchange speeds on the market thanks to our innovative trading algorithms.
It means that a transaction should be confirmed quickly, and you will receive a transaction hash. However, in the event of that not happening, delays could be the result of a serious technical fault, or DDoS attack, or the blockchain being overloaded with transactions. If the transaction remains unconfirmed, the funds are automatically returned. On very rare occasions, transactions might take several days to be processed, which means their confirmation takes longer than expected.
We always do our best to support every customer experiencing any difficulties and are quick to attend to any event capable of causing a potential delay.
When exchanging crypto on ChangeNOW, customers can happily expect this to take anything from 2 to 20 minutes, half an hour at most. More often than not, however, transactions are often confirmed within seconds.
Can I Lose my Coins During Exchange?
Regardless of how long a transaction might sometimes take on ChangeNOW, you cannot lose your tokens. It is practically unfeasible. This is because ChangeNOW is a non-custodial exchange, unlike some other exchanges that you might be familiar with.
A non-custodial exchange is an anonymous crypto exchange where custody of a user’s wallet is hundred percent in the user’s control. Therefore, for crypto traders and investors who prioritize anonymity just as much as security, ChangeNOW represents the perfect option for exchange.
How Much Does ChangeNOW Charge?
ChangeNOW has one of the lowest fees among crypto exchanges on the market. Transaction fees can vary from 0.5% to 4%, depending on which type of rate you choose. ChangeNOW offers two types of rate: classic and fixed.
The classic rate exchange uses the best available rate on the market. It is often influenced by fluctuations in market conditions and network fees. This is why classic rate exchanges are a little more unpredictable than fixed rate. You can never be sure about the precise amount of coins you’re going to get per single swap.
Fixed rate swaps, however, do not fluctuate. You get exactly what you pay for when initiating the exchange, although you might have to pay extra fees to guarantee quick transfers.
Are you looking to invest in cryptocurrency, or implement fast and safe crypto swaps?
On ChangeNOW, you can buy any cryptocurrency with a credit or debit card, and sell or swap currencies, and exchange whatever you’ve swapped back into fiat currency, if you want.
Disclaimer: ChangeNOW does not provide investment advice. Cryptocurrencies are currently unregulated, which means every time you invest, your capital is at risk. Past performance is not an indication of guaranteed future price increases.
However, we put every effort into ensuring every transaction and exchange is secure, internally and working with partners, such as Simplex. ChangeNOW seeks to maintain accountability to its customers, employees, and the broad crypto community. We do it through strict AML compliance, social change encouragement, regular service quality upgrades, and community involvement.
Also Read:
