How to Recover Crypto Transferred to the Wrong Network on BitForex?
Trading digital assets over the crypto network have slowly become the most secure way to carry out different financial transactions. With minimal constraints as a result of the network being decentralized, you can make and receive payments regardless of location. As a result of this technology, many people can easily get paid for services quickly and without third-party charges.
Even though this secure network makes financial transactions easier and quicker, there are some downsides to it. One of which is the fact that you can lose money if you send it across to the wrong address. Unlike the traditional financial services such as banks that give you the option of canceling or reversing a transaction, the crypto network is slightly different. Sometimes, you might end up losing your money if you happen to send it to the wrong address.
Fortunately, some specific steps can help with recovering your crypto, if you have transferred it to the wrong address on Bitforex.
What is Bitforex?
Before we tell you how to recover your crypto from a wrong address on the Bitforex platform, it's only right that you understand what the platform is about and the various methods of deposit.
Bitforex is one of the popular crypto exchanges available with over three million users globally. Founded in Seychelles, this exchange platform has over 300 multiple trading pairs for you to choose from. As of March 2020, this crypto exchange platform had an amazing 24hr trading volume of $1.95 billion. This is very impressive and has made Bitforex one of the best platforms to use today.
Also, what's great about this platform is that it is easy to use. It offers you a trading view which showcases the order book, the price chart of your preferred crypto, and your order history. You will find a buyer and sell box to perform a transaction of your choice. With the Bitforex trading view, you can check how specific crypto is performing in the market. This is essential for making an informed and profitable decision.
Methods of Deposit on Bitforex
Similar to different crypto exchanges, Bitforex offers you different methods of depositing in your Bitforex account. You can either use wire transfer, credit/debit cards, and crypto coins from other exchanges. With these options, it's so much easier for new investors to fund their accounts and invest or trade anytime.
Withdrawing from Bitforex is also as simple as making a deposit. However, it comes with a withdrawal fee of 0.0005 BTC which is more cost-effective in comparison with the standard of 0.0008. You can withdraw from your Bitforex account to your wallet and then to your bank account. Alternatively, you can make a transfer to another crypto wallet.
Transferring Bitcoin From Bitforex To Other Crypto Wallets
Transferring bitcoin from your Bitforex account to other crypto wallets is easy and straightforward. All you need to do is log onto your Bitforex account and follow the next set of steps;
Log in to your Bitforex account
The first step for transferring your bitcoin from Bitforex is accessing your account. If you're yet to create an account, here the steps to getting one;
1.Log onto the official Bitforex website https://www.bitforex.com and sign up.
2.You can use your phone number to sign up but make sure you read the user agreement first
3.Keep your mobile phone handy because you will be sent a verification code as a message
4.Input the code in the designated box and you've successfully created your account
You can also decide to sign up with your email address
1.Enter your email address after you have read the user agreement manual
2.Make sure it is a valid email address because you will be sent a verification code
3.Fill in the verification code sent to you
4.Click sign up
5.Once you have logged into your Bitforex account, click on 'My Assets'
6.After this, click on 'Withdraw'
7.Click on 'Please choose a token and select the currency you want to withdraw in
8.Once you're done with this, enter the address of the wallet you want to withdraw to.
9.After inputting this address, click on 'Submit'
With these processes, you can withdraw your funds from your Bitforex account to a crypto wallet of your choice.
Although these steps seem easy to follow, there are times that you might make a mistake during your transaction. You might end up sending your funds to the wrong address. What do you do then?
How To Recover Crypto From The Wrong Network On Bitforex
Recovering your funds from the wrong address can be tricky, however, it isn't impossible. For example, you might have transferred CLO or BTC to your ETH address. Because these crypto coins have a similar address format, it is normal to mix them up sometimes. However, when you make this mistake, it usually doesn't reflect on the app because they are all on distinct blockchains.
It's important to always double-check the address of the network you're transferring your crypto coin to. This will prevent the stress of trying to recover it or worse, losing your money forever.
Follow the next set of steps if you have backed up your recovery phase;
1.Log on to a Mnemonic code converter website: There are different options online but be sure to do your research before choosing one. For instance, https://iancoleman.io/bip39
2.Enter your recovery phrase in the designated field in the Mnemonic code converter
3.Choose the coin you accidentally sent your crypto coins to. For instance, if you send CLO to your BTC wallet, choose BTC- Bitcoin
4.Check the list of Derived Addresses and copy your private key located on the far right. If you have been following the steps properly, the first address on the list should be where you sent the funds.
5.Import the copied private key as the coin you want to recover. If the coin you sent is CLO, import the private key as a CLO wallet.
Once you're done, you will have your funds intact. Bitforex is an easy-to-use crypto exchange and with the different steps mentioned above, you can buy, trade, and withdraw different types of crypto coins easily.
BitForex is an exchange service platform that can be classified as one of the Top 20 cryptocurrency exchange services. It is focused on providing millions of users with a digital currency trading and investment tool that is not only safe but also professional and convenient. BitForex has a high customer-oriented culture and state-of-the-art financial technology.
BitForex is programmed in a way that it can quickly adapt to the changes of the Crypto market while introducing new features like margin trading, enhanced trading charts, derivatives, and a host of others. The headquarter of BitForex is located in Hong Kong, while there are branch offices in countries like the United States, South Korea, and Singapore.