Blockchain transactions used to send digital assets between wallets or exchanges are fundamentally different from methods to transfer Canadian Dollars through the traditional banking system.
Blockchain transactions are permissionless, meaning that a recipient has no way to control or reject incoming deposits that are sent to it. Once a transaction is submitted to the blockchain, it becomes irreversible. Therefore, you must ensure that you use the correct network, address and method before you make your transfer. Otherwise, your funds may be permanently lost.
The two most common reasons clients lose access to their funds are:
Sending an asset using an unsupported blockchain network; or
Sending an asset to an incorrect wallet address.
Coinsquare only supports deposits of assets using their own native networks. For example, we support Ethereum (ETH) and ERC-20 token deposits exclusively on the Ethereum (ERC-20) network. For all other coins, ensure you are using the native network of that asset.
Unsupported Networks for Deposits
We do not support deposits sent on the Binance Smart Chain (BNB or BEP-20) network, Polygon (MATIC) network, Cronos (CRO) network, or any other method of depositing ETH or an ERC-20 token besides each asset's native network. Sending deposits using these unsupported methods may result in a permanent loss of funds.
Note that Ethereum Classic (ETC) operates on its own blockchain and should only be deposited using Ethereum Classic addresses and the ETC network. You should not send ETC to your ETH address or vice versa. They are not interchangeable.
What Happens If an Unsupported Network is Used For a Deposit?
When a deposit is made to Coinsquare using an unsupported network, it is not recoverable because we do not have the technical infrastructure to receive that deposit.
In some cases, retrieval of assets may be possible, but we cannot guarantee that your assets will be returned and we cannot provide a timeline for retrieval. In cases where retrieval is possible, a fee of $250 or 15% of recovered funds (whichever is greater) will be charged.
If you find yourself in this situation, please reach out to our support team. Please have the following information available:
the amount and currency of the deposit,
the transaction ID/hash,
the wallet address of the sender,
a screenshot or proof of the transaction details.
Once the required information is collected, it will be added to a recovery list and forwarded to our technical team for review.
In the event that we are able to retrieve this deposit, we will contact you directly. Note that there might be a recovery fee withheld from the amount we retrieve for you, in the event we are able to do so. You can follow up with our team for a status update, but rest assured that we will reach out to you directly if we are able to recover your deposit.