If the deposited amount is equal to or greater than the minimum deposit amount and on the blockchain you can see that the transaction has been confirmed, yet you have not received the deposit, you might have performed an incorrect deposit.
There are many ways in which a deposit can be performed incorrectly. Depending on the situation, we may still be able to retrieve your funds.
The following table provides a brief overview of the incorrect deposit scenarios, processing time, the expected processing fees, and the expected result (please consider that the deposit amount must be greater than the processing fees in order to be recovered):
For scenarios 2, 3, and 4, we regret to inform you that retrieval is impossible if the deposit value does not meet the required threshold. Please refer to the following requirements:
- Stablecoin deposit value must be higher than $50.
- Non-stablecoin deposit value must be higher than $100.
***The refund process may take significantly longer if the transaction is subject to additional security checks due to a suspicious source.***
For more details, please review the following scenarios and follow the instructions to begin the retrieval process.
1. Missing or Incorrect MEMO Tag
A destination tag/memo is a unique digital code that must be included as additional information to help identify transactions.
Not all cryptocurrency deposits require a memo. Those that do (XRP, EOS, etc.) will clearly state so. The correct memo code will be displayed on the deposit page with a quick copy button and a QR code generator for easy access.
If you forgot to add the memo for your transaction or used an incorrect one, your deposit will NOT be credited to your account.
In order to help us try to retrieve your deposit, please kindly reach out to support@phemex.zendesk.com from your registered account email with the following information:
- Registered email address or UID
- The TXID of this transaction (link or text - please DO NOT provide a screenshot)
- Record a video using a camera or cell phone demonstrating the login process to the sender platform/wallet to verify the source of deposits to Phemex (DO NOT DISPLAY PASSWORD or any credentials). Then, navigate to WITHDRAW > WITHDRAW history to show us the corresponding withdrawal record matching the deposit to Phemex. Please refrain from using Screen Recordings.
- Complete the KYC verification in your account, unless you have already done so. How do I Verify My Account?
For EOS, unfortunately, we are not able to deposit the amount to the Phemex wallet, therefore, in addition to the above, please also:
- Provide a valid EOS external address with a memo tag to receive the funds
* We DO NOT accept Block Explorer screenshots as they can be viewed or accessed by anyone. We cannot guarantee that the funds will be recovered.
Charge: No charge
Duration: It can take up to 10 business days to process this request.
2. Deposited an Unlisted Token/Coin
Before making a deposit, we recommend checking the supported cryptocurrencies and networks on our Deposit Page. Phemex will also inform users promptly about scheduled delistings on the Announcement Page.
3. Deposited a Supported Token via an Unsupported Chain
Before making a deposit, we recommend checking the supported cryptocurrencies and networks on our Deposit Page and carefully reading the information under “Notes”.
4. Deposited via Supported Chain to Incorrect address
This happens when you deposit a supported token via a supported chain but the receiving address is on another network. For example: deposit Matic via Polygon network to ERC20 address or vice versa. Or deposit USDT via BSC (BEP20) to ERC20 or vice versa.
To avoid this, always make sure to copy or scan the QR code of your wallet address on the Phemex Deposit Page and select the same network on the platform where you are withdrawing funds for this deposit.
If your deposit falls under any of the three incorrect scenarios mentioned above (2, 3, 4), there is no guarantee that Phemex can 100% retrieve your deposit.
In order to help us try to retrieve your deposit, please kindly reach out to support@phemex.zendesk.com from your registered account email with the following information:
- Registered email address or UID
- The TXID of this transaction (link or text - please DO NOT provide a screenshot)
- Complete the KYC verification in your account, unless you have already done so.
- Please provide a refund address that corresponds to the same chain as the incorrect deposit.
- Our team will request that you pay the gas fee in a follow-up email to start the refund process. Please keep this in mind.
Please note: If your attachments exceed 20 MB, consider using a cloud-based storage service like Google Drive to share your files. Ensure that access is granted to us in this case.
Duration: It can take up to 15 days to process this request.
5. Unsupported Type of Deposits
Here are a few examples of unsupported deposit types:
- Smart contract deposits.
- Deposits of DOT/KSM/ASTR/AVAIL can currently only be made using the transfer, transfer_keep_alive, or batch functions.
- Deposits of DYM can currently only be made using the EVM transfer method.
If you have deposited using an unsupported method, Phemex cannot guarantee that your deposit can be fully retrieved.
In order to help us try to retrieve your deposit, please kindly reach out to support@phemex.zendesk.com from your registered account email with the following information:
- Registered email address or UID
- The TXID of this transaction (link or text - please DO NOT provide a screenshot)
- Complete the KYC verification in your account, unless you have already done so.
- Please provide a refund address that corresponds to the same chain as the incorrect deposit.
- Our team will request that you pay the gas fee in a follow-up email to start the refund process. Please keep this in mind.
Duration: It can take up to 15 business days to process this request.
6. Deposited to Web 3 Address
If you’ve mistakenly deposited to your PSP Wallet, you can self-assist to try retrieving the funds:
- Go to this page Web3 Assets-Overview Page
- Click on the “eye” icon and enter the 2FA code to reveal the wallet's private key on Phemex
- Use another Ethereum wallet to restore the account: import the private key by typing each word of the recovery phrase. This operation should transfer the funds to the other Ethereum wallet.
- Check the balance in the new wallet.
7. Other incorrect deposit scenarios
Once again, there is no guarantee that Phemex can 100% retrieve your deposit.
In some cases, due to specific blockchain characteristics, recovery or retrieval is simply impossible.
For example, depositing ETC to an ETH address or depositing BCH to a BTC address will result in permanent loss of funds.
Please understand and consider that recovering funds due to incorrect deposits comes with significant risks and security concerns. Always confirm and double-check your deposit addresses, tokens, and other associated information carefully before making a deposit to Phemex.
Phemex reserves the right to amend these policies at will.
For any inquiries contact us at support@phemex.zendesk.com
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