Sending cryptocurrency can be a straightforward process, but delays or issues may occur if the transaction contains incorrect information. Here are some potential causes and ways to avoid transaction errors.
When sending to a new address or sending a new token, it is critical to follow our best practices to avoid losing access to funds.
Check the transaction status first
Before assuming there was an issue with the transaction, users should first check the transaction status. If the transaction was unsuccessful, an error might need to be addressed. If it was successful, the issue may be due to using an incorrect address or sending an unsupported token.
Incorrect addresses and smart contracts
An incorrect address can result from typos or using the wrong address entirely. This could occur if an incorrect address was copied or if funds were sent to a smart contract address instead of a regular wallet address.
Another common issue is selecting the wrong network/address combination when sending to a wallet or exchange that supports multiple blockchains.
To avoid this, always copy the recipient's address directly from their wallet and verify that the full address is correct by checking the first and last few characters.
Unsupported tokens
If the destination address is correct and the transaction was successful, users should confirm that the wallet or exchange supports the token that was sent. For example, Coinbase only supports CELO (CGLD) on the Celo network. Tokens like cUSD or cEUR sent to a Coinbase address will not appear in a Coinbase account. Similarly, USD₮ on the Celo network cannot be received at the same address on the Ethereum network. Always verify the token’s network.
Some wallets may not recognize transactions involving ERC-20 tokens (transactions using smart contracts) if they don't support these transfers. Valora users should avoid sending funds to wallets that do not support ERC-20 transfers.
What to do if an unsupported token was sent
Unsupported token sent to Valora
If a token unsupported by Valora was sent, it may still be possible to recover those funds:
- If the token is on a supported network but hasn’t been listed in Valora, users can import the token to view and transact with it.
- If the token was sent to Valora on an unsupported network, users can use their recovery phrase to restore the Valora wallet on another decentralized service that supports the token.
Sending from Valora to a wallet or exchange that does not support the token
If funds were sent from Valora to another wallet or exchange that does not support the token, there may still be a recovery option:
- If the recovery phrase for the destination address is available, it can be restored in Valora.
- If the recovery phrase is not available (e.g., for a centralized exchange address), it is unlikely that the tokens can be recovered. Users are encouraged to reach out to the exchanged customer service team for help.