Occasionally, issues may come up when trying to withdraw digital currency from your Coinsquare account. This article outlines some of the reasons why you may experience an error when withdrawing your digital currency.
Depending on the funding method used, we may require funds to be withheld for a short period of time.
We are a registered MSB in Canada and therefore follow strict KYC & AML policies outlined by FINTRAC. We have implemented these withholding policies in order to be appropriately diligent and to ensure the safety of every user as well as our platform.
The withholding period does not affect your ability to make trades between currencies – only to withdraw from the platform.
- Interac e-Transfer: 3-day withholding
- Wire Transfer: No withholding
Additionally, withholding may be placed on your account for security purposes. Withholding will be placed on your account if you recently completed one or more of these actions:
- Changed password
- Changed email address
- Disabled 2FA/TOTP
If you need this withholding removed, please reach out to our Support Team.
'Insufficient Funds' Error
Check to see if you have any open orders on Advanced Trade. When limit orders are left open, those funds cannot be withdrawn. You must first execute or cancel your open orders for those funds to become available for withdrawal.
Also, check to make sure you do not already have a pending withdrawal request for the currency you are attempting to withdraw. On the withdrawal page for that currency, scroll down to click on 'Withdrawal History.' There you will be able to see if you have any pending withdrawal requests and cancel pending requests to free up your funds.
'Withdrawal Failed' Error
Please ensure you have 2FA enabled for your account. When our system detects an account balance higher than $10K with no 2FA enabled, a withdrawal restriction will be implemented on the account. In order to have this restriction removed, you will need to reach out to our Support Team.
You may also receive this error message if you are attempting to withdraw below the minimum amount. To see minimum withdrawal amounts for all currencies, please see this help article.
Withdrawal request status set to 'Verification-0'
Your funds are waiting to be sent outbound by our systems. Larger withdrawals require more vigorous verification before being sent out.