FAQs

IT IS VITAL YOU SEND THE CORRECT TYPE OF CRYPTOCURRENCY TO THE TYPE OF RECEIVING WALLET, I.E. ONLY SEND BITCOIN (BTC) TO ANOTHER BITCOIN (BTC) ADDRESS.

Select ‘Send’ and the type of cryptocurrency you wish to send. Enter the amount or select the ‘Max’ button, which will automatically enter the maximum amount you can send:

SENDING TO A NEW WALLET:

Select the + Send to a new Bitcoin wallet and enter the wallet address, at this stage you can also save the wallet for future reference.

If you are sending cryptocurrency to a new address for the first time, you will receive an email asking you to verify your send order. It is important to verify your send order in this email, otherwise, your order will not be processed.

SENDING TO A PREVIOUSLY SAVED WALLET

If you already have saved wallets you can just click on ‘Select Bitcoin wallet’ and choose the correct wallet

Select the saved wallet you wish to send crypto to and click ‘Continue’.

Review the ‘Send order preview’ screen and click confirm once you have double-checked all the details are correct, and your send order will be received for processing.

ALL WITHDRAWALS WILL REQUIRE TWO-FACTOR AUTHENTICATION (2FA) VIA GOOGLE AUTHENTICATOR.

The next screen will now ask you to enter your 2FA code and press verify now.

You will then be shown a message stating that your transfer is being processed. If it’s a new wallet you are sending crypto to, please don’t forget to verify the transfer via the email you should receive.

Whether you will get charged a blockchain fee for sending cryptocurrencies is dependant on if you are sending to an external ‘on chain’ address or sending to an internal ‘off chain’ Coin Rivet address.

Sending to an external cryptocurrency address:

In order to process transactions on the cryptocurrency networks, outgoing transactions to external cryptocurrency addresses typically incur a blockchain fee, also referred to as a mining or network fee. The fee is paid to cryptocurrency miners who will in turn confirm your transaction, securely. Therefore, Coin Rivet will charge a fee based on our estimate of the blockchain transaction fee and occasionally our estimate may differ from the estimated fee. We will disclose the blockchain fee at the time of your transaction.

Sending to an internal Coin Rivet address:

Coin Rivet does not charge any blockchain fees for cryptocurrency transfers from one Coin Rivet address to another, as these are ‘off chain’ transactions.

You can view most cryptocurrency transactions on the network’s respective blockchain, which records and verified the legitimacy of transactions.

However, when transferring from a Coin Rivet address to another Coin Rivet address, the transaction occurs off the blockchain, which allows the transaction to be instant with no blockchain fees. These are known as “off-chain” transactions and so you are unable to view the transaction on the blockchain.

You can receive supported cryptocurrencies to your Coin Rivet wallets, by sharing your unique cryptocurrency wallet addresses.

Select ‘Trade’ then click on ‘Receive’.

Select the cryptocurrency wallet you would like to receive crypto to, ensure you select the right wallet as you can only receive Bitcoin (BTC) to your Bitcoin (BTC) wallet, sending anything other than Bitcoin (BTC) results in permanent loss.

Only receive USD Coin (USDC) to your USDC wallet using the Ethereum blockchain, this address is only USDC for USDC ERC-20 tokens. Sending anything other USD Coin results in permanent loss. 

Click on ‘I understand’ and your unique wallet QR is now available to scan or you can copy your wallet address. Alternatively, you can click ‘Share wallet address’ to share your address.

Click on ‘Account’ and select ‘Crytocurreny wallets’. here you will find your cryptocurrency wallets plus any previously saved wallets.

Click on ‘My wallets’, you can copy your wallet address from here as well.

Click on ‘Account’ then ‘Cryptocurrency Wallets’ and then ‘Saved Wallets’. Here you will see a list of all the wallets you have previously saved.

From here you are able to delete any previously saved wallets, simply click on the bin icon on the top right-hand corner and confirm your deletion.

You can send and receive cryptocurrencies from another Coin Rivet user without being charged any transaction fees sometimes known as blockchain fees. This transaction will not be sent on the blockchain.

Unfortunately due to the irreversible nature of cryptocurrency protocols, sending cryptocurrency to the wrong address can neither be cancelled nor received once it has been initiated.

In this case, it would be necessary for you to contact the receiving party and ask for their cooperation in returning your cryptocurrency. If you, however, do not know the owner of the wallet address, there is no possible action you can take to retrieve the cryptocurrency.

It is absolutely vital to exercise caution when sending cryptocurrencies. We strongly recommend that you double-check the address you are sending cryptocurrency to and that the address exactly matches the address of the receive before sending.

As a precaution, you could also try sending a test amount of cryptocurrency to the receiver to ensure you have all the correct information.