How to Deposit, Transfer, and Withdraw Funds
Last updated
Last updated
Depositing funds into your BetBTC account is a straightforward process, allowing you to quickly start betting or trading.
Follow these detailed steps to ensure your deposit is successfully credited to your account.
Open your browser and navigate to the BetBTC website. Enter your credentials to log in. Once logged in, locate and click on the 'Wallet' option in the left-hand menu to open your wallet dashboard.
In the wallet dashboard, you’ll see tabs labeled ‘Deposit’, ‘Transfer’, and ‘Withdraw’. Click on the ‘Deposit’ tab. Once you deposit BTC, it will auto converted into ckbtc in the platform shown in the balance section.
Copy Wallet Address:
Your unique wallet address for the selected cryptocurrency will be displayed under 'Wallet address'. Click the copy icon next to the address to copy it to your clipboard.
Alternatively, click 'Show QR Code' to display a QR code that can be scanned using a mobile wallet app.
Open your external wallet or exchange where your funds are currently stored. Paste the copied wallet address or scan the QR code to set up the transfer. Enter the amount you wish to deposit.
Note the small deposit fee, which will be deducted from the amount you send.
The deposit process involves a static fee of 0.000001 BTC. This fee is associated with the conversion costs when transferring BTC to Chain Key Bitcoin (ckBTC) on the Internet Computer Protocol (ICP) network.
Confirm the transaction in your external wallet. The transfer may take some time to process, depending on the network traffic and confirmations required by the blockchain.
Once the transfer have been processed, return to the BetBTC wallet dashboard and click ‘Update balance’ to refresh your account balance. Ensure that the deposited funds reflect in your BetBTC wallet under ‘Balance’.
Please note that the confirmation time is 6 blocks, which can take 30-40 minutes and a maximum of 1 hour for the transaction to be fully confirmed and reflected in your balance. Check out the details here.
Transfer Funds feature offers a mechanism for managing and reallocating your funds efficiently. Below is step by step process:
Log into your betBTC account and click on the 'Wallet' tab in the main navigation menu. Select the ‘Transfer’ tab to access the interface where you can transfer your funds.
User ID: This field refers to the unique address associated with your ICP network interactions. Select the user ID to which funds will be transferred. You can get the user ID from settings.
Transfer Amount: Enter the desired amount you want to transfer in the designated field, ensuring accuracy to prevent errors.
Review the subtotal of your transfer which includes the base amount and any applicable transfer fees.
Transfer Fee: Note the displayed fee, which reflects network conditions and transaction complexity on the ICP network. This fee helps process your transaction securely and efficiently on the blockchain.
Total Amount: Confirm the total amount, the sum of your transfer plus the fees, ensuring everything is correct before proceeding.
Double-check all details, including the user ID and amounts, to ensure everything is set correctly. Finalize the transaction by sliding the 'Slide to transfer' button.
The system processes your transfer, which may take a few minutes based on network activity.
You will receive a confirmation within the betBTC platform confirming the transaction’s success. Revisit your wallet to see updated balances reflecting the completed transfer.
The Withdraw Funds functionality is designed to provide a secure and straightforward method for users to transfer their digital assets from their betBTC wallet to external wallets.
Here’s a detailed guide to help you understand and navigate the process of withdrawing your BTC from betBTC to your chosen destination.
Log into your betBTC account and select the 'Wallet' tab from the main navigation area. Click on the ‘Withdraw’ tab to access the withdrawal interface.
Type in or paste the wallet address where you want to send your funds. This address must be able to receive the selected cryptocurrency. Double-check the accuracy of the address entered to prevent any errors in fund transfer.
Enter the amount you wish to withdraw. Make sure to consider minimum withdrawal limits and available balance.
Subtotal: This shows the amount of cryptocurrency you plan to withdraw.
Fees Overview:
Inter Network Fee: This fee covers the cost of processing the transaction on the network where your funds are held.
Bitcoin Network Fee: Applicable when withdrawing BTC, this fee is charged by the Bitcoin network for transaction processing.
Total Amount: The final amount that will be deducted from your wallet, including all applicable fees.
Check Details: Review all details, especially the destination address and total amount, to ensure everything is correct.
Slide to Withdraw: Use the ‘Slide to withdraw’ control to finalize the withdrawal. You might be required to complete additional security verification depending on your account settings.
The withdrawal process will initiate, and the transaction will be broadcast to the respective blockchain network.
You will receive a notification within the BetBTC platform once the transaction has been successfully processed. Confirmation time can vary based on network congestion and transaction fees.
Additional Information
Withdrawals can experience delays if the network is congested or if there are issues with the blockchain. Always check the network status if delays occur.
