The time it takes to complete a cryptocurrency transaction depends on two primary factors: the blockchain fee (Wirex pays this for you automatically) and the current load on the blockchain network. We’ve outlined the transaction speeds of our most popular cryptocurrencies below:
For Bitcoin, the transaction speed depends on the size of the blockchain fee and network load. The higher the fee you pay, the fewer blocks you need to use - thus reducing transaction time.
Wirex automatically applies an above-average blockchain fee, ensuring your transaction uses the minimum amount of blocks necessary and is completed in 15-30 minutes.
Ethereum and DAI work the same way as Bitcoin, with one important difference - both these cryptocurrencies complete transactions in the order the sender created them. This means that if you send two transactions, the second one can’t arrive before the first one, no matter how high a blockchain fee you pay. The second transaction will always be processed after the first one has finished.
As with Bitcoin, Wirex automatically pays an above-average blockchain fee and your transaction should go through within 30 minutes.
Litecoin and Waves
Litecoin and Waves transactions depend entirely on network load; they usually take 2-8 minutes to complete. The blockchain fee for these currencies is fixed and Wirex applies it automatically.
XRP & Stellar assets (XLM, WLO, WXT,)
Stellar-based assets are the fastest of all cryptos; transactions generally take a matter of seconds. As with Litecoin and Waves, the blockchain fee is fixed and the exact amount of time taken depends on network load.
Note: Please keep in mind that the times listed apply to transactions conducted during average network load times. Transactions initiated during peak load times may take significantly longer.
If you want to check the network load before sending a transaction, there are a lot of popular online tools you can use, such as Blockchain Explorer, Block Explorer, and BTC.com. We recommend checking the load before transacting, and avoiding high load periods to keep your fees low and transaction times fast.
Why is my transfer taking so long?
If the network load is especially high, transactions may take much longer than usual. Occasionally this can take up to 24-32 hours. There is nothing Wirex can do to speed this process up as we do not control the blockchain's speed or capacity.
If your Wirex account shows that a transfer has been made, please be patient while the blockchain completes the transfer.