What is deposit/withdrawal confirmation?

Confirmation refers to the process where a transaction on the blockchain is packaged into a block and added to the entire chain. The confirmation count (Confirmation) is the number of times a transaction has been confirmed.

 

When we initiate a transaction, and it has not yet been packaged into a block by miners, the confirmation count for that transaction is 0. Once the transaction is packed into a block and added to the chain, the confirmation count becomes 1, and with each new block added thereafter, the confirmation count increases by 1. The confirmation count of a transaction signifies the number of blocks containing that transaction. In theory, the higher the confirmation count, the less likely it is to be reversed. For example, with Bitcoin, it's generally accepted that a transaction becomes irreversible after 6 confirmations. Different blockchains have different confirmation requirements for transaction irreversibility, and various trading platforms may have different requirements for confirmation counts.

 

XTrust has different requirements for the number of blockchain confirmations needed for different tokens before they are credited. You can check the supported blockchain and the number of confirmations needed for that cryptocurrency by clicking on the deposit button for a specific cryptocurrency on the deposit page.

 

 

Each deposit/withdrawal requires confirmation from miners. Once your deposit reaches the platform's required number of confirmations, it will be credited to your account, and you can use the funds for trading. After reaching the full confirmation count, these assets can be unlocked for withdrawal.

 

Example: ETH Deposit
1)ETH deposits require 64 block confirmations to be credited.
2)Once credited, the equivalent deposit amount will be temporarily frozen. Withdrawals can be initiated after reaching 64 block confirmations.

 

 

 

Note: Until the deposited funds reach the required confirmation count for withdrawal unlocking, the equivalent assets will remain temporarily frozen. You can use these funds for trading or transferring within your account but cannot withdraw them. Once the required confirmation count for unlocking is reached, you can freely withdraw the funds or engage in P2P trading.