Contents:
What is an On-chain Withdrawal?
What is an Off-chain Withdrawal?
Which Withdrawal Method Should I Choose?
How Do I Choose My Withdrawal Method in ‘My Page’?
What is an On-chain Withdrawal?
An on-chain withdrawal involves transferring your cryptocurrency directly on the blockchain network. This means your transaction is publicly recorded and verified by blockchain nodes. While on-chain withdrawals provide a higher level of transparency and security, they may take longer to process and incur network (gas) fees.
What is an Off-chain Withdrawal?
An off-chain withdrawal happens entirely within ProBit Global’s platform and does not involve blockchain verification. Since the transaction is processed internally, off-chain withdrawals are faster and do not incur any network fees. However, please note that these withdrawals are only valid within ProBit Global’s system.
Which Withdrawal Method Should I Choose?
The choice between On-chain and Off-chain withdrawals depends on your specific requirements:
- Choose an On-Chain Withdrawal if:
- You are transferring cryptocurrency to an external wallet or another exchange.
- You require a publicly recorded and verifiable transaction on the blockchain.
- Security and decentralization are primary concerns.
Please note that on-chain withdrawals may have longer processing times and incur network fees.
- Choose an Off-Chain Withdrawal if:
- The recipient has an account on the same platform.
- You require a faster, fee-free transfer.
Please note that Off-chain withdrawals are quick, cost-effective, and only available for internal transfers within ProBit Global.
How Do I Choose My Withdrawal Method in ‘My Page’?
To choose your preferred withdrawal method:
- Go to My Page > Settings.
- Select either On-chain or Off-chain based on your requirements.
Note: Off-chain withdrawals are enabled by default, ensuring faster, fee-free transfers and helping you avoid potential delays associated with blockchain congestion.
