What are Deposit/Withdrawal Confirmation Numbers?

Confirmation refers to the process where a transfer transaction on the blockchain is packaged into a block and added to the entire chain. Confirmation numbers represent how many times a transaction has been confirmed.

When initiating a transaction, if it hasn't been included in a block by miners, its confirmation number is 0. Once included in a block, the confirmation number becomes 1, increasing with each subsequent block. The more confirmations, the more irreversible the transaction becomes. For instance, Bitcoin typically requires 6 confirmations for full irreversibility.

Venkate has varying requirements for blockchain confirmation numbers before funds can be credited. On the deposit page, click the corresponding coin to view the supported blockchain and required confirmation numbers.

For example, ETH deposits:

1. ETH deposits require 64 block confirmations for funds to be credited.
2. After crediting, the equivalent deposited amount will be temporarily frozen. Withdrawals can be initiated after reaching 64 block confirmations.

Please note: Until your deposited funds reach the required confirmation number for withdrawal, they will remain temporarily frozen. During this period, you can trade and transfer within your account but cannot withdraw. Once the necessary confirmation is achieved, you can freely withdraw or engage in P2P transactions.