Deposit flow
Jan 21 2020
We support 9 cryptocurrencies paired with 30+ fiat currencies. For USDT, USDC and Ethereum we also provide support for deposits through side-chains(BEP20 and TRX). This allows you to promote crypto payments almost anywhere in the world. We derive our rates from various liquidity providers to ensure your users will always receive the most up-to-date and fair exchange rate for crypto.
Once your client sends crypto to the designated wallet address, we'll inform your services about the amount and value received.
A user wants to deposit €100 in Bitcoin. We quote in real-time the amount that has to be sent i.e. 0.00623505 BTC at a very fair rate. This way, the likelihood of your customer actually completing the payment increases.
The very moment we see the transfer on the blockchain we inform you about the amount the user has sent over and the actual value of the Bitcoin at the time of receiving and we update our user interface. You can test the complete flow here. Bear in mind that if the deposit is an instant one, it will be processed within seconds and the 'Awaiting' page will be skipped completely.
Once received the crypto amount will be automatically converted in accordance with your allocation ratio. By that Finrax helps you to remove your volatility exposure to crypto. For each deposit, you can also download a detailed report - just like with any other traditional payment method. You can also download transaction-level ledgers in accounting-friendly csv format.
Last modified 15d ago