When sending coins into CoinSpot, we encourage you to perform your own due diligence to ensure a successful transfer of coins. We advise all our users that when transferring coins into the platform for the first time, to send a small amount before proceeding with their entire holdings, this is to confirm that it will be successfully received.
What is in this article?
- What is an invalid Coin/Token deposit?
- What is a Coin Deposit Recovery?
- What is required before lodging a recovery request?
- Are there fees associated with Coin Deposit Recovery?
- How long does Coin Deposit Recovery take?
- Can I send in NFT?
- Need help with making a coin deposit into CoinSpot?
What is an invalid Coin/Token deposit?
CoinSpot provides a wallet address for you to send your coins/tokens into the platform. Each coin/token may have a different requirement to be successfully received.
Examples of invalid Coin deposit
- Coin not listed: Depositing SFM into CoinSpot
- Wrong wallet address: Depositing BCH to BTC receiving wallet address
- Unsupported Transfer network: Depositing USDT via KCC Transfer Network
For any coin/token that is an invalid deposit, will not be automatically received into your CoinSpot account and is not accessible.
What is a Coin Deposit Recovery?
At CoinSpot we have an Asset Recovery team who will attempt to recover invalid coin/token deposits. Since each coin/token has different requirements to be recovered, we are unable to provide any ETA as this process can be quite lengthy and risky to ensure the successful recovery of the coin/token.
Users must perform their own due diligence before sending in assets into CoinSpot.
There are no guarantees that assets sent into CoinSpot incorrectly will be successfully recovered.
What is required before lodging a recovery request?
To lodge a Coin Deposit Recovery request, three details will be required to start the process:
- TXID/Transaction ID
- Return wallet address
- Screenshot from sending wallet
Once the process has started, our Asset Recovery team may require additional information to assist with the recovery.
Are there fees associated with Coin Deposit Recovery?
Unlike other platforms, with the majority of coins, we do not charge a fee. For an asset to be recovered it must meet the minimum value of $50 or more when requested in order to create a Coin Deposit Recovery request.
However, when users send in coins via the wrong transfer network, there may be fees associated with it. This will be dependent on the fees associated when returning funds via unsupported transfer networks. Our Support team will advise you of the steps and requirements to assist you with lodging your Coin Deposit Recovery request.
How long does Coin Deposit Recovery take?
Coin Deposit Recovery is a very difficult, lengthy and risky process, however, our Asset Recovery team will attempt to recover invalid deposits of funds. As each Coin Deposit Recovery request is different and unique, the amount of time required to complete the recovery will vary.
Due to the high volume of CoinSpot users submitting Coin Deposit Recovery requests and the nature of it being a difficult and risky process, this will contribute to lengthy recovery times. Our Asset Recovery team is working hard and meticulously ensuring that the recovery effort of invalid coin deposits for all users is completed accurately.
We ask for all users to be patient with our Asset Recovery team as they attempt to recover invalid deposits of funds, we are unable to provide users with any ETA or time frames. We appreciate your continued support and understanding.
Can I send in my NFT?
You can only deposit NFTs that are currently listed on CoinSpot. To view the list of NFTs available on CoinSpot, please browse through our CoinSpot NFT Marketplace.
Sending NFTs that are not listed on CoinSpot will result in a permanent loss. As of now CoinSpot currently does not have the infrastructure in place to support the recovery of NFT assets.
Need help with making a coin deposit into CoinSpot?
If users are uncertain on how to make a coin deposit into CoinSpot, we have resources available for users to complete their coin deposit. Please have a read of the article links below.
- Locating your CoinSpot receiving wallet address
- Determining Transfer Network of a coin
- How to send coins to an external wallet address
To view the list of coins listed on CoinSpot, please head on over to the wallets page.
However, at times users may send in coins via the wrong transfer network, to the wrong wallet address or sending in coins that are not listed on CoinSpot, this will require a recovery of the assets.
Need more help?
Please submit your request via Zendesk - https://coinspot.zendesk.com/hc/en-us/requests/new
or start a conversation with us via Live Chat and our team will provide full instructions and advice.