Wire transfers are commonplace globally, but what can go wrong in the process is less talked about. Here are insights on how to reverse a wire transfer,
Money transfers can go wrong for a variety of reasons and when this occurs, the sender has to know what to do. If you know how to reverse a wire transfer, when errors occur, you could get a way out. Electronic money transfers happen globally, making them convenient. Bu,t speed can become a disadvantage if something goes wrong.
In this guide, we have provided the needed information on wire transfer errors and reversals.
How to make a wire transfer?
In the first place, you can do a wire transfer by using a banking app on your mobile or desktop device. You can also walk into your bank to conduct a wire transfer transaction. Whether you can use an app or resort to a banking hall visit depends on your service provider.
The details needed for a wire transfer are:
Sender’s name and address
Sender’s bank account number
Beneficiary’s name and address
Beneficiary’s bank account number
Beneficiary’s bank SWIFT/IBAN code (mostly for international transfers)
Value of transfer and currency
Assent to terms and conditions (with signature appended, where required)
Quick wire transfer facts
In many countries, cases of unsuccessful wire transfers are not uncommon. According to a 2021 report by Vibepay, the following statistics were highlighted:
At least 28% of wire transfers sent to the wrong account could not be reversed by the sending banks
Up to 33% of individuals who made wire transfers with the wrong details had to resort to their banks to cancel such. Recoveries were made within six days of such remedial actions
The money transfer algorithm recognized up to 25% of such wire transfers with wrong input or unmatched beneficiaries and immediate reversals were made
Can a wire transfer can go wrong?
Yes. When a there are errors in the details provided for a wire transfer, the process can go wrong. The errors recorded can make it impossible for the intended recipient to receive the funds, and if there is an inadvertent match for the details provided, the funds could be lost forever.
Recovery of funds when there is an unintended beneficiary has a slim chance to succeed. Even when the complaints are filed, the receiving bank can use its internal systems to attempt to reverse the wire transfer, but no obligation exists here. The recipient has to be willing to assent to the wire transfer reversal for it to happen.
Instead of leaving your fate to chance, always double-check your details before completing a wire transfer transaction. There are internal mechanisms provided by some banks to ensure that an intended beneficiary’s details are verified using a lookup tool. If such an option exists in your bank, you can make use of it.
Cancelling an international wire transfer will take a longer processing time than domestic transactions. The geolocation of sender and beneficiary has to be taken into consideration here. Transfers within North America will sail through faster during reversals than any other between two continents.
Transfers within the same network such as domestic transactions are likely to be barred for inconsistent information immediately the beneficiary’s details are provided. If there is any entry that escapes the first line of check of beneficiary details, a reversal could proceed fast and get completed by the bank within a week. Other problematic cases could linger for a longer time.
SWIFT transfers usually take up to three working days to process and reversing such can take up to a week or more if it is a case of wrong account destination. The recipient bank would reverse the transaction if no account type matched the beneficiary as intended. If there is an inadvertent match, the sender has to file a complaint so that the sending bank can request a reversal. Again, this can become a tussle if the unintended recipient is not honest.
With wire transfers, it is always best for the sender to take the necessary steps to avoid errors. Whenever a wire transfer error occurs, the sender should register an immediate complaint to increase the chances of a wire transfer reversal going through successfully.
The mind-boggling returns posted by crypto projects are eye-opening. Some of the chart toppers are really making a difference.
A review of top performing coins and tokens for 2021
For an investor, cryptocurrency has the potential to be a great asset class. The notion that this digital currency can be used to store value on a decentralized and distributed basis in the future is very compelling.
Some cryptocurrencies have better platforms for investment due to their exponential ROIs. This guide discusses the top five cryptos that provide the best investment opportunities for investors and traders over a considerable timeframe.
Binance is a combination of the terms “binary” and “finance,” which implies that it provides a top-leading crypto peer-to-peer (P2P) exchange for holders within the Binance ecosystem.
Unveiling the BNB Team
The Binance exchange is operated by Beijie Technology, a holding firm founded by ChangPeng Zhao in 2017. Zhao’s partnership with the Binance team, alongside the efforts from the company’s co-founder and CMO, He Yi, has made this exchange a force to reckon with in the cryptocurrency sphere.
BNB’s Selling Point
The Binance Coin, like other cryptocurrencies in development, has a variety of applications outside of the Binance exchange, including credit card payments, trading, booking travel arrangements, payment processing, discounted transactions on the exchange, loans and transfers, investment, and entertainment.
Alternatives to Binance Coin
Binance coin isn’t the only coin out there that takes it home in terms of trading fees, trading volume, compliance, regulations, and asset availability. Other ideal alternatives to this crypto include Coinbase, Uphold, HitBTC, Poloniex, NiceHash, and Kucoin.
BNB has a market cap of over $60 billion and a total available coin supply of 153.43 million BNB. It ranks 5th on the cryptocurrency market. The crypto as the default currency of the Binance ecosystem, entitles holders to airdrops of new projects that launches on the Binance Smart Chain.
Another notable factor is BNB’s ROI of 343576.59%. As of the time of this report, the cryptocurrency is worth $405.
Unlike other cryptocurrencies, IOTA doesn’t function as a blockchain. Rather, it is a distributed ledger that runs on Tangle – Its proprietary backbone system.
It comprises nodes implemented towards confirmation transactions on the network. Hence, Iota has faster transaction speeds, compared to the traditional blockchains. This feature and many more places the crypto at the forefront of digital currencies in the IoT ecosystem.
Iota is co-founded by four individuals, namely David Sønstebø, Serguei Popov, Dominik Schiener, and Sergey Ivancheglo. Serguei Popov, IOTA’s Foundation’s director of research is also a board member of the company, while Schiener and Sønstebø are co-chairmen of the board of directors.
IOTA’s Selling Point
The IOTA network provides secured transaction, but with a difference. It gets rid of the implementation of blocks.
According to David Sønstebø, “IOTA is designed to provide one solution that no other crypto does: efficient, secure, lightweight, real-time micro-transactions without fees.”
The following cryptocurrencies are ideal replacements for IOTA, when factoring in instant transactions, real-time transfers, currency agnostic, transparency, fast P2P transactions, and Coinbase trading: Nano, Ripple, ZCash, and Stellar.
IOTA has a total coin supply of more than 2.7 billion MIOTA. Its ROI sits at 218466.67%. In 2019, Bitrue users witnessed 7,000 IOTA airdrop shared on the network. At the moment, there is no news on the next airdrop. Currently, the cryptocurrency is worth $1.25.
Ethereum is an open-source, decentralised finance (DeFi) blockchain technology. Its coin, Ether (Eth), is used to conduct secured transactions on the network.
Ethereum serves as a platform for a variety of cryptocurrencies. This ecosystem also allows for decentralised smart contract execution.
Ethereum was co-founded on July 30, 2015, by eight individuals, namely Gavin Wood, Vitalik Buterin, both of whom were ETH original authors, Charles Hoskinson, Anthony Di Lorio, Joseph Lubin, Mihai Alisie, Amir Chetrit, and Jeffrey Wilcke.
Ethereum’s Selling Point
According to Gavin Wood, the Eth blockchain serves as “one computer for the entire planet.” This implies that the blockchain creates a robust, censorship-resistant ecosystem for holders and investors.
The following platforms provide ideal alternatives to Ethereum: IBM Blockchain, Azure blockchain workbench, Kaleido blockchain, Amazon Quantum Ledger Database (AQLD), and Hyperledger.
There is a total of 116,125,822 ETH coin in supply, and at the moment, the crypto is worth $2,766.70. It also has an ROI of 96440.92%.
The Stratis network comes fully packed with several features that make transactions quicker and more secure. They include a proof-of-identity model, private sidechains, smart contract deployment, and full node operation.
The blockchain is powered by STRAX, used for payment and smart contract execution.
Users can create crypto wallets on the exchange and access consulting services via the Masternode.
Strax’s existence is attributed to Chris Trew, the brain and founder of the enterprise-based blockchain. A C# programmer and IT expert, Trew created the Stratis BaaS platform based on the Bitcoin (BTC) protocol.
Stratis Selling Point
Financial service companies and other organisations can use the Stratis platform to test, develop and deploy DApps without having to worry about network security and operating expenses.
Stratis does so by allowing enterprises to create permission-granted, private sidechains that interface with the main chain, as well as host decentralised apps, execute smart contracts, and use other privacy and identity verification features.
According to its whitepaper, this technique allows businesses to utterly personalise their platforms without the constraints of depending on a big blockchain like ETH or BTC.
Ideal alternatives to STRAX include Tron (TRX), EOS, Bitcoin Cash (BCH), and Litecoin (LTC).
The Stratis BaaS platform has a total of 131,860,808 STRAX and an ROI of 11156.53%. Each coin is currently worth $1.55. So far, there are a total of 100,000 STRAX available to airdrop users.
This list will be incomplete without discussing Bitcoin – the pioneer of cryptocurrencies. This DeFi exchange provides P2P transactions devoid of intermediaries.
It implies that users on the network can send and receive BTC securely. Based on the founder’s views, the exchange creates a platform where “online payments can be sent directly from one party to another without going through a financial institution.”
The BTC coin may be used to acquire physical assets, and crypto traders may trade on the exchange as well.
The real identity of Bitcoin’s founder still remains a mystery to date. Although to the general knowledge, the founder goes by the name Satoshi Nakamoto, there is a divided school of thought that this name might belong to an individual or a group of people using it as an alias.
Even though it was founded in January 2009 by Satoshi, several groups of developers have contributed to making the exchange a robust and secured crypto ecosystem for holders, investors, and traders.
Bitcoin’s Selling Point
The fact that Bitcoin was the first cryptocurrency to exist on the market gives it a distinct edge. At the moment, the cryptocurrency market is worth over $300 billion, thanks to the emergence of BTC.
The creation of the first cryptocurrency provided a conceptual and technological foundation for hundreds more competing ideas to follow.
It has also succeeded in establishing a worldwide community and spawning a completely new economy of millions of users who produce, invest in, trade, and utilise Bitcoin and other cryptocurrencies consistently.
Crypto users who want to invest in other cryptocurrencies, other than Bitcoin, can purchase the following coins: Ethereum, Litecoin, Ripple, Dogecoin, Lisk, MaidSafeCoin, and Dash.
Bitcoin has a maximum supply of 21 million BTC and a total supply of 18,724,856 BTC. Currently, one BTC is worth $37,929.96. Investors can purchase a handful of BTC coins as the crypto has an ROI of 28040.65%.
Cryptocurrency is an excellent long-term investment alternative. It is important to note, however, that trading is not without risks.
Other than that, you may make financial transactions on the marketplaces discussed in this guide and grow your portfolio.
Spartan Swap holds a promise as the DeFi boom continues to defy all odds. Here is what the project is all about.
One of the latest developments in the world of cryptocurrencies has to do with the deepening of the DeFi markets. The introduction of liquidity pools alongside yield farming, and fast access to funds has opened up a new frontier of possibilities that many investors are still exploring at the moment. Spartan Protocol provides an opportunity to access liquidity pools and experience decentralized finance in all possible areas of use.
What is Spartan Protocol
Spartan Protocol is geared towards the enablement of deepened capital formation through the provision of incentives for participation in liquidity pools. The platform supports the creation of various synthetic assets in a safe manner, adding value and advancing the financial goals of investors. The project is described as a top performer in the ranking of liquidity projects hosted within the Binance Smart Chain.
On the platform, there is the SpartanSwap, which is a native market maker (AMM) with automated functionality. It operates essentially with liquidity sensitive charges or fees.
With DeFi leading right now in the area of lending, this feature allows for participants on the platform to lend assets or borrow synthetic and real tokens within the platform.
This operates within the platform as a tool for minting of synthetic assets. It is weighted to defined and flexible price feeds in order to create leverage and derivatives that are linked to other assets on Binance Smart Chain.
Like every DAO with a reward token in its ecosystem, within the Spartan Protocol, the means of governance is defined and using SPARTA, it is able to provide incentives for the lending of digital assets as well as to deepen capital formation. It is also used for rewarding miners on the ecosystem.
Similar Projects and Competition
There are several projects on the DeFi plane right now that compares substantially with Spartan Protocol. These are looked at a bit more closely below:
This project is native to Tron ecosystem and has the benefit of a huge base of users. However, the project only shares an aspect of Spartan Protocol in its SpartanSwap description. User loyalty would endear investors who are familiar with Tron to try out JustSwap. As much as possible, it is also okay to point out that the support of Binance Smart Chain for SpartanSwap makes it as credible as any other similar project.
Yearn Finance is a leading force in DeFi with its early head start as an aggregator explored by investors to maximize yield farming profits. Quite like Spartan Protocol, anyone investing in YFI is confident that the best yields will result for every token bought. While YFI is marketed majorly as a token that presents the best gains, Spartan Protocol is yet far off from maturity and likely to provide a leap in capital gains going forward.
UniSwap operates an automated liquated pool much like the AMM of Spartan Protocol. Uniswap targets users of the platform to become liquidity providers so that funds are pooled to execute trades. The returns from trades completed and related contracts falls back to each liquidity provider as distributions and via the native UNI token. Much like Sparta, used to incentivize the Sparta ecosystem, UNI does essentially the same function, and is growing in market value.
Why Use Sparta?
Like most newer projects with a real value addition potential, getting in early means the possibility of higher gains is possible as the project matures. With the known and leading names in DeFi at various levels of maturity, Sparta promises a rush of capital gains for token holders if the present momentum is sustained and not forgetting that is just about to be 6 months in existence by March 2021.
Sparta was given rise to when previously existing 30 projects on Binance Chain used their respective token burn to acquire Sparta. The effect of such combination is the large size of assets that underlie the platform at 300,000,000 tokens. This also enhances the liquidity position and tokens can be readily matched, open orders executed, and auto market maker functions facilitated for the credibility of the platform.
Participants on the platform are also encouraged by the large community of stakeholders, which arose from the other projects that merged into Sparta. The larger the governing community, the higher the chances of democratic norms and better accountability, at least in DeFi.
In looking at the price possibilities for Sparta, a review of the historical position, possible trajectory to the future as well as future price potentials are considered.
Celsius Network offers investors an opening for a decent ROI with the performance of CEL beating several competitors.
CELSIUS NETWORK REVIEW
There are many platforms available for crypto transactions. Most times, these platforms do not meet your needs. Let us look at one of the leading platforms you can use.
The CELSIUS NETWORK is a modern advanced crypto platform that deals with all cryptocurrency-based transactions. Celsius Network has been in existence for years now with appreciable transaction rate and recommendations from high profile companies and individuals. The platform provides an opportunity to keep and invest your crypto assets in addition to collateral-backed loans.
Compared to big competitors in the cryptocurrency market, there is an appreciable increase in the market price of Celsius token (denoted as CEL), this is due to an enhanced ROI as well as volatility, which provides every investor enough opportunity for profits and little or no losses.
HOW THE CELSIUS NETWORK SYSTEM WORKS
The basic thing to do after registering on this platform is to purchase the token (CEL) and trade your positions. Purchasing the token alone does not guarantee maximal output.
This network system allows any form of investment and guarantees an adequate rate for compensation. Every investor is entitled to certain berth of opportunities depending on investment made.
Investors with less than 5% investment of their assets are not entitled to any bonus profit and discount or loan interest. They simply earn what they have invested and nothing else in addition.
However, those who invest about 10% of their capital and assets in Celsius Tokens will earn a bonus of about 10% interest and a loan discount. For investors with about 15% CEL Tokens investment, they earn about 20% interest on both bonus and loan.
The highest investors with over 15% of their capital and assets in CEL tokens earn the highest bonus interest of about 35% and discount 30% loan interest.
This is no doubt a great and rare opportunity for everyone, one that is not available on other cryptocurrency platforms.
Generally, all transactions on the Celsius network are done in CEL Tokens, which is the unit for all transactions. This is to ensure equal opportunity and interest for all regardless of currency and asset. The Celsius tokens are used for all withdrawal and deposit transactions. It also makes you as an investor entitled to bonuses and interest. You need to stake and invest with CEL tokens, to enjoy more benefits.
HOW TO EARN PROFIT THROUGH CELSIUS NETWORK
Earning profits has never been easier with any other cryptocurrency platform than the Celsius network. Celsius network gives you a certain interest as profit on every deposit you make into its platform. Unlike other networks, it charges no extra fee for withdrawal or deposit. Those with over 15% investment earn more profits. Quite an incentive for you to open a new account today.
COLLECTING LOAN ON CELSIUS NETWORK
The platform provide loans of any value to all their customers as long as the corresponding value of collateral in form of cryptocurrency is met. The CEL tokens allow good rates for loans on the system.
HOW CELSIUS NETWORK DETERMINE SERVICE RATES
Due to regular increases and competition in the markets, the Celsius network adjusts service rate weekly. Most of these profits are returned to the market to trade.
MERITS AND DEMERITS OF USING THE CELSIUS NETWORK
Their major aim and objective are to provide an equal financial opportunity for all in the crypto world.
Merits of Celsius Network
Deposits and withdrawal are not limited to this platform, without charging extra fees for them.
It gives regular interest rate pay-out to all investors.
This network provides an opportunity to transact with other cryptocurrencies without extra charges or issues.
The customer support service is available 24/7, and are easily contacted for any support.
The platform is available in many countries.
Demerits of Celsius Network
Transactions must be made in CEL tokens before a user can earn interest and bonus.
As an investor, you are only allowed to own one crypto wallet address for all your transactions. If you wish to change your wallet address, it takes about 24hrs for a complete activation.
To register, all your necessary means of identification and details must be completely verified.
All these are what makes Celsius Network stand out in the cryptocurrency market along with its cons which are attempts to provide maximum protection and satisfaction for all investors and to avoid dubious acts.
FREQUENTLY ASKED QUESTIONS ABOUT CELSIUS NETWORK
Q: Is it safe to trust the Celsius network?
After many years in the market with good recommendations and quality service, it is arguably the best and safest cryptocurrency platform for all investors at all levels. The platform protects against cyber threats. The system provides a 2-way verification method for maximum security.
Q: How to get a loan with Celsius Network?
Celsius network gives loans to all investors as long as they own a CEL token. Customers are even give discounts on all loans.
Binance launchpad is the platform for new tokens to come on stream while Binance launchpool helps investors get on to earn some more on new projects. This is how it works.
Binance is one of the largest cryptocurrency exchanges in the world by traded volume, and it announced in January 2020, that it would launch a new token fundraising event every month through its Binance Launchpad platform. Binance Launchpool and Launchpad are platforms that advise and help project teams on how to best launch and issue their token.
Binance Launchpool lets you use your token to earn or farm a new token free of charge. Each day, tokens earned are proportional to the tokens subscribed to a pool. In a total of 30 days, you earn a new token. Within the first seven days, before the token is listed on Binanace.com, you can trade any token you earn.
Daily, the token you earn are distributed. You also get the luxury to add or remove tokens if you so desire to the eligible pools any time. The idea is that you can compile new coins after and before a guaranteed listing free of charge.
What’s next- if you got your token and you are ready to farm? Well, getting started is the next agenda. Check out the guide below on how to get started with Binance Launchpool for both web and on mobile app.
2. What is needed to participate in Binance Launchpool?
You need to have at least 0.1 BNB or other equivalent tokens supported in a pool to participate in Binance Lauchpool.
3. Which pools do Binance support?
Pools supported for each project will vary, but as a rule of thumb, you can find the list of supported pools on the Binance Launchpad page.
4. Are there any token limits?
Well, as for limit to how much you can stake, there are none, which means you can stake as high as you like. But you need a minimum of 0.1 token to be able to stake.
5. What happens if I already have my tokens subscribed to flexible savings?
If you subscribed your token to a flexible saving before the activity period beginning then you’ll need to make an additional subscription of 0.1 or more to qualify to earn Lauchpool rewards.
6. When do I get the tokens I have farmed?
Tokens are distributed everyday between 00:00 AM and 1:00 AM (UTC).
7. In each pool, how do I see the Annual Percentage Yield (APY)?
Once trading opens, the APY of each pool will become visible.
8. Is it possible to trade farmed tokens immediately?
You can’t trade tokens earned in the first seven days until the project has been listed on Binance.com. As soon as the trade is live from the 8th day onwards, you can trade any token you earn as you get them.
9. Has Binance Lauchpool replaced Launchpad?
No. Launchpool is a new initiative that helps you safely farm new coins from existing assets. Sometimes, you can even run both Launchpool and Launchpad concurrently.
10. How to view your average BNB holdings?
On your project dedicated Launchpad page, you can view your average BNB holdings after the staking calculation period starts.
11. Will the BNB I used to subscribe to Binance Launchpool be counted for Launchpad and any other airdrops etc?
Yes, you will still qualify for VIP benefits, Launchpad eligibility, airdrops, etc.
12. Are the tokens I subscribed to Launchpool locked for 30 days?
No, you can withdraw some or all the tokens you used to subscribe whenever you like. At the same time, you can add to the amount of token you subscribe at any time.
13. Where do I learn more about Binance Launchpool projects?
Binance Research publishes reports on each project hosted on Launchpool. So, you can learn all you need to know there.
Hopefully, this article covers most of the questions that you have. If you have any other questions, feel free to reach out to us.