Common deposit workflow

The most common scenario for receiving cryptocurrency is "deposit with exchange". Our Platform provides web services with on-the-fly exchange solutions. It means that all funds that were received from the users can be automatically converted into fiat currencies in order to avoid cryptocurrency fluctuations and exchange rate inconsistencies

In the case of regular deposits without exchange the workflow there will be the same but the conversion option will be skipped.

Algorithm

1. User has EUR balance on your site
2. The user uses some kind of “deposit” option on your site and chooses BTC as a payment method to use for the payment
3. The website shows a deposit BTC address to the user
4. The user scans the QR code or copies the address and goes to their crypto wallet application
5. When a user sends BTC to this address our system makes an automatic exchange of received funds from BTC to EUR and your system gets the callback with the information about the deposit, including transaction's status, currency pairs, amount, fees, and so on
6. You add the amount from the callback to the user’s EUR balance

When you show a deposit address to a user, it is important to notify the user about exchange rates, deposit limits, and the chosen cryptocurrency. Besides this, you may want to warn the user that:

• all deposits below the limits or sent to incorrect addresses will be lost

Here you can find information about deposit and withdrawal limits:

Sometimes users make mistakes and send the funds using a specific cryptocurrency to an address from a different blockchain. These funds will be lost in most cases. The funds could be particularly restored according to the "Cross-chain Recovery Policy".