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Frequently Asked Questions
Why Am I Unable to Send/Receive Crypto?
- Backup Recovery Phrase: As an added precaution, your recovery phrase must be backed up before making transactions in your wallet.
- Check Network Connection: Ensure your device is connected to a stable internet connection. Disconnecting from Wi-Fi can help bypass any firewalls in place.
- Sufficient Funds: Ensure you have enough funds in your wallet, including the necessary amount for transaction fees.
Why Is My Transaction Taking So Long?
- Sometimes blockchain networks experience delays. Use a blockchain explorer to check the status of your transactions
- Examples of blockchain explorers: Etherscan, Blockchain Explorer, Blockcypher, PolygonScan.
- Setting a low transaction priority/fee can result in failed or delayed transactions.
- Ensure the priority/fee is sufficient to meet the transaction requirements.
- Ensure the priority/fee is sufficient to meet the transaction requirements.
Why Are Network Fees So High?
- Network Congestion: High transaction volumes on the blockchain network can lead to congestion, increasing the fees as users compete to have their transactions processed quickly.
- Try to send your transaction during periods of lower activity, as fees are typically lower during these times.
- Smart Contract Interactions: Transactions involving smart contracts often require more computational work, resulting in higher fees.
- Be aware of the complexity of your transaction.
- Priority Transactions: Choosing high priority for your transaction will incur a higher fee but it will increase the chances of your transaction being included in the next block.
- Lower the priority of your transaction if it is not urgent, as this can help reduce the transaction fee.
- Lower the priority of your transaction if it is not urgent, as this can help reduce the transaction fee.
How Can I Transfer From My tastytrade Account to My tastycrypto Wallet?
- You need to have created a tastycrypto wallet before proceeding.
- Click here for instructions on how to complete the transfer from your tastytrade account.
- If you already have an approved wallet address with tastytrade, click here for instructions on how to make the transfer directly from your tastycrypto wallet.
How Can I Transfer Crypto Into My tastytrade Account?
- This feature is coming soon!
Can I Sell Crypto and Withdraw Funds to My Bank Account?
- Currently you can only buy, send or receive crypto in your tastycrypto wallet. You will not be able to sell crypto and transfer fiat to your bank account. To sell crypto and/or withdraw fiat to your bank account, you need to transfer your crypto to an external exchange that supports these transactions.
Note: The exchanges listed above are suggestions based on their offerings at the time of this article. Please verify with the exchange directly to ensure they currently support this type of transaction.
What if I Sent Crypto to the Incorrect Address?
- Because blockchain transactions are irreversible, any crypto sent to an incorrect address cannot be recovered or reversed. Unless you know the wallet owner, these tokens are likely lost permanently.
- tastycrypto cannot access the funds in anyone’s wallet or cancel or reverse transactions. To avoid sending crypto to the wrong address, follow these best practices:
- Double-Check Addresses: Always verify the recipient’s wallet address before sending any funds. Copy and paste addresses to minimize errors.
- QR Codes: Use QR codes to scan addresses instead of manually entering them, which helps reduce the risk of errors.
- Test Transactions: For larger transfers, send a small test transaction first to confirm that the address is correct.
Why Didn't I Receive All of My Funds Back After a Failed Transaction?
- Gas fees will not be returned to you after a failed transaction.
- The Ethereum network requires gas to execute transactions. When you send tokens, interact with a contract, or perform any other blockchain activity, you need to pay for the computational work. This gas fee is required whether your transaction succeeds or fails. The loss of the funds cannot be refunded.
What If I Sent Tokens to an Unsupported Network?
- If a token is sent to an address on a network not supported by the recepient’s wallet, or if tokens were sent to you on a network that is not supported by the tastycrypto wallet, you can recover them by using compatible:
- Identify the network and the tokens transferred on.
- Download a wallet that supports this specific netwotk.
- Enter your seed phrase/importyour private keys.
- The tokens should auto-populate.
Note: Ensure to download third-party wallets from the official website when entering a private key/recovery phrase. tastycrypto is not responsible for losses resulting from entering keys/seed phrases into malicious apps.
What if I Lost My Recovery Phrase?
- If you have lost your recovery phrase, you will not be able to access your wallet or your crypto.
- Self-custody means YOU have full control over your crypto, and tastycrypto does not and cannot access it.
- Best Practices:
- Secure Backup: Always backup your recovery phrase in multiple secure locations. Always backup your wallet! Input your recovery phrase into a backup wallet
- Periodic checks: Regularly check that your recovery phrase backups are intact and accessible.
- For wallet recovery instructions, click here.
What Are Gas Fees and Why Do I Need To Pay Them?
- What are gas fees?
- Gas fees are transaction fees paid to compensate miners for the computational power required to process and validate transactions on a blockchain network, such as Ethereum. They ensure that transactions are prioritized and included in a block.
- Why do you need to pay gas fees?
- Compensate miners/validators: Gas fees reward miners/validators for their work in processing transactions and securing the network.
- Prioritize transactions: Higher fees can prioritize your transaction, ensuring it gets processed faster during times of network congestion.
- Prevent spam: Gas fees deter spam transactions by making it costly to floor the network with unnecessary transactions
What Networks Are Available in the tastycrypto Wallet?
Bitcoin, Solana, Ethereum and Polygon networks are currently available in the wallet.