Please use to check the status of transactions via Finrax. You will also be able to use this tool to monitor withdrawals, obtain transaction receipts and links to sites that will verify transactions have been completed.
First things first, so that everyone can use this tool, we have one login which will be shared. Therefore, there is no 2FA code that is required to be entered on the login page.
Deposits:
How do I check deposits?
When you first login, go to businesses and you will see a list of different options as per the below
If you want to check the status of a deposit, please press 'EXPAND BUSINESS' on GAML Retail.
Once loaded, you will see this page. There is a filter section up the top for you to enter in a payment ID. There is also the option to press the magnifying glass and see more details about a transaction such as below:
You will see there is a link for 'transaction ID', this will send you to a third-party website which verifies the transaction is now part of the blockchain. This link is also available for withdrawals which we will show in a moment.
Importantly, this is also where you will see transactions that have failed in Praxis that have later been approved as well as transactions where two deposits have been made against the 1 transaction ID.
Transaction ID failed on Praxis - approved in Finrax: In this instance, you will need to use the 'amount' in EUR specified and convert the funds if necessary to the client's base currency
Two transactions to one Transaction ID: First please check with the Finrax team if the funds have been approved. If they have, you can use both 'amount' fields as you will now see two transactions. You will also need to conduct any conversions if necessary.
Withdrawals:
For withdrawals, it's very much the same experience, however, you will need to go back to businesses and choose 'GAML Withdrawal' instead of 'GAML Retail' as per the below.
When you land on this page, you will need to choose the withdrawal option as this business doesn't have any deposits.
You will also note that the withdrawal ID on the side is the transaction reference on the client's withdrawal in MT4 and MT5. You can use this to search for the withdrawal entry.
Much like deposits, you will be able to use the magnifying glass icon to bring up the transaction details. You can use this to obtain proof that the funds have been sent to the client's wallet.
BCH, BTC, ETH
LINK, LTC, USDC
USDT, XLM, XRP
Restricted countries
https://blog.finrax.com/general-inquiries/unsupported-countries
This should cover the vast majority of users that have deposited via crypto in the past. We will be rolling it out to everyone soon, but this will be the first phase of the rollout.
The coins on offer to be able to withdraw are:
BTC
BCH
LTC
ETH
USDT
XRP
Finrax (our crypto processor) can now accept TRC20 (Tron) and BEP20 Binance Smart Chain for USDC and USDT. Previously it was ERC20 only.
The new crypto withdrawal method has a few areas that you should be aware of:
Wallet validation. Each time a client chooses a coin, they will need to enter their wallet address. It will then need to pass automated validation via our API. If it fails, they will see the following message. If they are adamant that it is a correct address, it is most likely because they are using an alternative side chain address or a different network that isn't accepted. If unsure, please pass this to the ops team and we can investigate.
Each coin has a different mining fee and minimum. The mining fee is not set by us. An API call is sent to obtain the current mining fee to give the client an understanding of the approximate net amount they will receive. There is a note at the bottom of the withdrawal form that the mining fee is subject to change. There will be a time difference between when the request is confirmed by the client and when it is approved by us. It is possible in this time that the mining fee is increased or decreased.
The minimum is also set by the service provider and cannot be modified. Generally speaking, coins like Bitcoin and Ethereum have higher minimums whereas alternative coins such as Litecoin and Ripple have smaller minimums (currently around 13 USD).
This is what a successful attempt would look like. The wallet has been validated so it gets a green tick, the minimum has been passed so the 'net amount' is published and the client can now request the withdrawal.
The client will now need to confirm the withdrawal and we need to approve the request in the payment management page.
Once approved, the funds should be within the clients designated wallet within 30 minutes.
Please note that this withdrawal method is now available for all countries except for: Afghanistan, Congo, Cuba, Ghana, Iran, Iraq, Myanmar, North Korea, Pakistan, Trinidad and Tobago, Yemen, Zimbabwe. These countries are excluded from depositing via crypto which is why they are also blocked on the withdrawal side.
As of 2nd December 2022:
Please note that we have just enabled the ability for clients to be able to withdraw through USDT TRC20. The clients will just see a new option under 'coin' when withdrawing to use this network instead.
High-risk countries list
As a regulated company, Finrax has an obligation to periodically review and apply the latest changes for businesses and crypto funds transfers by Geo location.
Following the latest changes, we have made an update in our Increased monitoring Countries list and we have added South Africa to it. Information regarding all jurisdictions with certain restrictions applied is also available at:
https://blog.finrax.com/general-inquiries/unsupported-countries
List of blocked/increased monitoring countries:
Country | Status |
Afghanistan | Blocked |
Albania | Blocked |
Algeria | Increased monitoring |
American Samoa | Blocked |
Barbados | Blocked |
Belarus | Blocked |
Botswana | Blocked |
Burkina Faso | Blocked |
Cambodia | Blocked |
Cayman Islands | Blocked |
China | Blocked |
Cuba | Blocked |
Democratic People's Republic of Korea (DPRK) | Blocked |
Democratic Republic of the Congo | Blocked |
Egypt | Increased monitoring |
Eritrea | Blocked |
Gibraltar | Increased monitoring |
Haiti | Blocked |
Iraq | Blocked |
Iran | Blocked |
Jamaica | Blocked |
Jordan | Blocked |
Lebanon | Increased monitoring |
Libya | Blocked |
Mali | Blocked |
Morocco | Blocked |
Mozambique | Blocked |
Myanmar | Blocked |
Nicaragua | Blocked |
Nigeria | Increased monitoring |
Pakistan | Blocked |
Palestinian Territory | Blocked |
Panama | Blocked |
Philippines | Increased monitoring |
Russia | Blocked |
Saudi Arabia | Increased monitoring |
Senegal | Blocked |
South Africa | Increased monitoring |
South Sudan | Blocked |
Somalia | Blocked |
Sudan | Blocked |
Syria | Blocked |
Tanzania | Blocked |
Tunisia | Increased monitoring |
Trinidad and Tobago | Blocked |
Turkey | Increased monitoring |
Uganda | Blocked |
United Arab Emirates | Increased monitoring |
Uzbekistan | Increased monitoring |
Vanuatu | Blocked |
Yemen | Blocked |
Zimbabwe | Blocked |
How to Fund via Crypto
Clients will see the crypto option in their deposit page:
Once selected, they will be asked to enter the amount they wish to fund in crypto and in which currency (the client's base currency will be the default).
They will then be directed to a page where they will be shown the available coins available for deposit. At this stage, it is only Bitcoin, Litecoin, Ethereum, USDT, Bitcoin Cash and Ripple. It will show the amount of each coin that would total the amount they wish to fund, in this case, 10 AUD.
Once they have selected and confirmed the coin, they are provided with a wallet address for them to send the coins to:
Once the coins are received, the payment is approved, and the funds are applied to the account.
If the coins aren't received, the payment will be declined
IMPORTANT: Each payment is unique with a unique wallet address. If clients want to make multiple deposits, they cannot use the same wallet address they used last time. They must initiate a deposit each time to get the new wallet address. If they use the old one, it will delay the funds being approved and it might take 24-48 hours to reallocate the funds. If a client has informed us they used the old wallet address, please contact the provider on Skype. I will be adding the Fusion Markets Support skype account into a group with the provider later today/tomorrow.
Just like FM, Finrax also recommends no 3rd party funding, if clients ask tell them that the wallet address needs to be theirs. No 3rd Party Funding.