Can I cancel a digital currency withdrawal?

Whether a withdrawal can be cancelled depends on how far you are in the transaction proces. There are two phases:

1. Transaction not yet confirmed by you
2. Transaction confirmed

Both will be explained separately below.

Transaction not yet confirmed

As long as you have not yet confirmed the withdrawal, it is still possible to cancel your transaction. You can do this by waiting an hour, after which the transaction will be cancelled automatically.

Transaction confirmed

If you have already confirmed your withdrawal or used the withdrawal address before it is no longer possible to cancel the transaction. In this case it is necessary to contact the receiving party and ask them for their cooperation with returning your digital currency. If the owner of the address is unknown, there is nothing you can do to reclaim your digital currency back.

Recommendation:

If you intend to transfer digital currency it is essential to be extremely careful. It is therefore recommended to always make sure that the address to which you are planning to send your digital currency, is exactly the same as that of the receiver and only then to confirm the withdrawal.