Q: What is the purpose of selecting a different blockchain for the cryptocurrency coin I want to purchase?
A: Some of our Customers choose to have their purchased cryptocurrency coin sent to their wallet address on alternative blockchain networks for specific purposes, due to personal preference, or in an attempt to avoid network congestion or excessive gas fees on the more popular blockchain networks.
Q: Why is there a recommended blockchain for the cryptocurrency coin I want to purchase?
A: Banxa recommends a default blockchain network based upon the most popular network blockchains for each cryptocurrency coin. This means that most of our Customers will have wallet addresses that match the default blockchain networks. However, if your wallet address is on an alternative blockchain network that Banxa supports, then you may choose this blockchain network when creating your cryptocurrency order.
If your wallet address is on a blockchain network which Banxa does not support for the particular cryptocurrency coin, you should not proceed with your order since the withdrawal may never reach your wallet - in which case the transaction is not refundable.
Q: How do I get the correct wallet address for the blockchain I've selected for the cryptocurrency coin I want to purchase?A: To avoid withdrawal losses - which are irreversible - you must ensure that the wallet address you enter matches the blockchain network which is selected for your cryptocurrency order. For most wallet providers, when you generate a new wallet address you will be able to select which blockchain network that the wallet gets created on.