We hope you don't run into any trouble, but we're here to help!
Here are some of our frequently asked questions.
Chargebacks and ACH Reversal Policy
Blockfolio Trading, powered by FTX, is excited to credit an ACH deposit as soon as you make the ACH request. This allows you to make the trades that you are excited to make as soon as you decide to make them!
However in the background ACH transfers do not clear instantly. They take 3-5 business days before FTX is truly in control of the deposit you initiated.
In the event that there is an issue with the ACH deposit like a chargeback, the funds that you were instantly credited with will never actually make it from your bank account to FTX. A $10 fee may be charged in this situation.
What will that look like in my account?
If you currently hold more than $10 in USD in your account, you will see this balance decrease by the fee amount. If you have already used the instantly credited USD to buy other currencies, they will be partially sold to cover the cost of the $10 fee. We don't allow accounts to have a negative USD balance.
My charge failed on my card; why do I still see the pending charge? Why can't you just cancel the charge or credit my account?
Debit and credit cards that are issued by Visa and Mastercard, and your bank, work much the same way. When you initiate a deposit on Blockfolio with your card, our bank sends an authorization through the Visa or Mastercard network to your bank (issuing bank). Your bank sends a verification to us that, indeed, you have enough funds to cover your deposit, and returns a positive authorization. If you don't have enough credit or funds in your debit account to cover, there's an immediate rejection.
If, for some reason, your charge fails - which can sometimes happen on a network with several parties involved (two banks, the issuing network, and Blockfolio) - Blockfolio cannot honor the deposit. Your bank, however, will hold the authorized amount until the network tells them that the authorization is no longer valid and the charge will not complete.
At that moment, your funds will be returned (they never left!). We cannot return them because we don't have them. Everything is subject to the speed of the card issuer and the Visa and Mastercard networks. Typically debit cards release authorization holds within a few days, and credit cards can take somewhat longer. For more information, there's a helpful article here.
Blockfolio cannot credit or return failed charges, as we were never in possession of them in this scenario. We suggest you speak with your issuing bank regarding a timeframe for the return of authorized funds.
If you have any questions please email firstname.lastname@example.org and we would be happy to answer any questions.
My balance is negative. Why do I see this in my account?
If you see a negative balance, it means that one or more of your bank deposits have failed. This may be due to insufficient funds in your bank account, a problem with your bank's systems, or your bank has declined this withdrawal for another reason. We are unable to resolve these situations as they are beyond our control, but you can contact your bank for an explanation.
If you would like to make a deposit to bring the account positive, you can contact us to resolve.
Blockfolio support can answer general questions about deposits, withdrawals, and the app itself, but for faster service on wire transfer and deposit issues, FTX support will be able to assist; you will be transferred to one of their representatives for deposit issues.
My bank is Capital One. Why can't I connect to deposit?
The third-party app connection between our bank data provider, Plaid, and Capital One has been a long standing issue. Plaid continues to negotiate with Capital One to restore access.
If you’re a Capital One customer, we want you to know that we hear you. We understand that you are frustrated, because we are too. We rely on Plaid to securely link your bank account.
Plaid is pushing Capital One to restore the connection to protect your ability to use Blockfolio. However, this is completely out of our control. Your best bet is to use your debit card for the account, or choose another bank account. Or, call them and let them know you want to use your bank account with us!
To learn more, contact Plaid (email@example.com).
I have a problem or question regarding my trades or account balances.
Trading services are provided by FTX.com (for non-US customers) or FTX.us (for American customers). If you contact us, we will get you to one of their representatives for further assistance.
I don't understand why withdrawals are limited.
Withdrawals can be limited due to several factors:
- chargebacks/failed withdrawals from your bank
- withdrawing to the wrong account
You can contact us for more specific information.
Why do I sometimes see different prices when I sell my coins than when I buy them? Is this really no-fee trading?
Blockfolio does not charge any fees on trades, or to send your coins out to your wallet. In fact, we deposit a free token on every qualifying trade!
The cost and quantity that you see when you request a quote on Blockfolio are what you get, with no added fees. Quotes will generally track market movements, but there may be a difference to account for the spread, impact, and liquidity of the token. All tokens that you buy and sell on Blockfolio can be withdrawn to your personal wallet with no fees once your deposit is clear. This is important in times of market volatility - when other exchanges charge high network fees to send coins to other exchanges or wallets, we do not.
Additionally, we pay all fees related to deposits from your bank account via ACH up to three times per month! After the third deposit in a rolling month, you will be assessed a small fee of .50 to use ACH.
The only other fee is a convenience fee that our card processor charges for debit and credit deposits, and is clearly explained when you go to deposit, equivalent to 2.9% + $0.30 USD per deposit transaction.
I withdrew to the wrong blockchain, what should I do?
Transactions using cryptocurrencies cannot be cancelled nor changed once they have been initiated. Knowing this, it is really important that users should be mindful when sending digital currencies to avoid sending their funds to wrong recipient/s or sending the wrong amount. Always check your address twice.
If you sent to the wrong blockchain ON Blockfolio, FTX support may be able to assist. If you email us, we will connect you to the right person. Email firstname.lastname@example.org.