Most bitcoin purchases go through instantly. But sometimes a transaction gets pulled for a quick review before it's processed. This is normal, and these reviews typically clear within 24 hours.
Here is what may be causing this and how you can avoid these delays in the future.
Reason 1: Too Many Small Transactions
Sending several transactions in a short period of time can trigger an automatic review.
The fix: Consolidate your purchases. Instead of sending multiple smaller amounts, send one larger transaction per day, and make sure to keep it within your daily limits. Alternatively you don't need to do anything as these will automatically be reviewed and processed.
Reason 2: Name Mismatch Between Your Bank and Your Bitcoin Well Account
Your Bitcoin Well account name needs to match the name on the bank account you're sending from, exactly. Even small differences like an abbreviation (Frank Senior/Frank Sr.), a missing middle name, or a shortened first name (e.g. David/Dave) can be enough to pull a transaction for review.
Joint bank accounts are a common culprit here. If the transfer goes out under a name that isn't yours, the system won't recognize it as a match.
The fix: Use a personal bank account and make sure the name on file matches your Bitcoin Well account exactly. If you're unsure what name your bank sends under, check a recent e-Transfer confirmation from your bank.
Please note that if you are sending from a Business bank account you will need to use a Bitcoin Well Business account of the same matching name or the transaction will be rejected.
-Screenshot highlighting the profile section in the left tab of the main dashboard.
Reason 3: Transaction Is Over Your Established Limit
Every Bitcoin Well account has daily and weekly transaction limits in place. If your purchase amount is higher than your current limit, it will be held for additional review to check if it can be approved.
The fix: Keep your transactions within your established daily and weekly limits. If you're not sure what your current limits are, log in to your Bitcoin Well account and check your account settings, or reach out to support.
-Screenshot showing complete transaction limits
A Note For USA Customers
If you're in the United States, your bank connection is verified through Plaid when you make a purchase. If a transaction gets flagged or rejected, it could be related to your available balance or your Plaid connection.
Tip: Before confirming a purchase, make sure your available balance comfortably covers the full transaction amount. If you have multiple Plaid connections set up, it's worth reviewing them to make sure everything is current and in good standing.
Still Seeing a Pending Transaction?
If your transaction has been under review longer than expected, reach out to the Bitcoin Well support team at [email protected] and they'll get you sorted out.
Important note: Some transactions are pulled randomly for review due to compliance requirements. If none of the reasons above apply to your situation, this may be the case. Either way, our team is happy to help.
Future-proof your money.