Filecoin deposit on other exchanges also took a long time of 6 hours

[Oshosondy]

If you have altcoins that are not on Binance Smart Chain network, or the Beacon chain which are both owned by Binance, I will advise you not to use Binance if you are a future trader and depending on those coins for trading.

I deposited file coin which I wanted to use for future trading as I see an opportunity to open a position after I converted it to USDC, it took over 1 hour which was 60 confirmations or so before Binance credited me. Without Binance credit you, you can not use the coin for anything like future trading, not to talk of withdraw or be used for future trading.

After 1 hour that I was credited, it took about 8 hours before Binance changed it from credited to completed. Without completed, you can not withdraw the coin or withdraw the coin you converted to, you can not also use the coin for other things like future trading, you can only use it for spot trading.

If the coin is on Binance Smart Chain, it will be credited before 3 to 5 minutes.

Binance is only looking for ways for people to use their centralized chains. But instead, I am moving to another exchange entirely. I do not know why I will not be able to transfer money to future trading account and have access to it within 10 minutes but instead wait for 8 hours.

Not only that, they are also liars


Look at the time I screenshot and the time I deposited money into Binance.

After it is credited, Binance will say 'Trading enabled. Deposit will be unlocked and available for withdrawal after 0 more confirmations'. It is a lie. That appeared at 60 confirmations that took over 1 hours. And that was 810 confirmations that took over 7 hours after Binance said it has been credited and I was not able to move my coin to future trading account. I think it took 900 confirmations before I was credited. This has been my worst experience on exchanges.

[1714801651]

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[1714801651]

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[BitMaxz]

I have a similar situation but not in filecoin and future trading in my experience I did deposit BTC and ETH even after the block confirmation is reached you can't transfer the wallet funds from the spot wallet to the funding wallet it shows an error saying that the funds temporary frozen/locked and unable to transfer the funds because the deposited BTC/ETH did not reach the required block confirmation it says something like that.

However, the Bitcoin I deposited can be traded on their spot exchange when reach 1 Confirmation and can transfer the funds after 3 confirmations.
So I think the required confirmation is only for spot wallet but for other services like P2P and future trading requires more block confirmation.

I can't seem to find any announcement about this except this old announcement.

[Antotena]

After it is credited, Binance will say 'Trading enabled. Deposit will be unlocked and available for withdrawal after 0 more confirmations'. It is a lie. That appeared at 60 confirmations that took over 1 hours. And that was 810 confirmations that took over 7 hours after Binance said it has been credited and I was not able to move my coin to future trading account. I think it took 900 confirmations before I was credited. This has been my worst experience on exchanges.

Binance is not the only one that has this annoying behavior. Almost other centralized exchanges does have this characteristics in them when you make a deposit. Typically, all coins have a minimum confirmation that must be reach before you can claim real ownership of this coin. For instance, if you wish to deposit Bitcoin on Binance exchange, you will need to have 3 confirmation before you can trade that coin. Under normal circumstances, you should have more confirmations so that they can be sure that the transaction is not reversible.

In your own situation, you deposited FILE coin and under their rules and regulations to be able to trade a successfully deposited coin, you need to have 60 confirmation to trade the file coin and you also need another 900 confirmation before you withdraw the equivalent of that coin incase you trade it to another coin. It's there in their rule.



I'm not trying to defend Binance but the rules where there and they might have their reasons but perhaps you didn't took it into consideration before making deposit of the coin. Maybe you should check another exchange that may have a confirmation lower than this long time.