How to Cancel Pending Transaction on Trust Wallet? Trust Wallet is a popular and easy-to-use cryptocurrency wallet that supports many cryptocurrencies such as Bitcoin, Ethereum, and other ERC-20 tokens. Occasionally, users may experience issues with their transactions being stuck or suspended for a long time.
This blog post will walk you through how to cancel pending transaction on Trust Wallet, making sure you understand the reasons behind the delays and best practices to avoid them in the future.
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Reasons for suspending transactions on Trust Wallet
How to Cancel Pending Transaction On Trust Wallet? There can be several reasons for pending transactions on Trust Wallet. However, below is a list and explanation of all the reasons for pending transactions on Trust Wallet:
· Insufficient gas price
Each transaction on the blockchain network requires a certain amount of gas to be processed.
Gas is a measure of the computational effort required to execute a transaction.
If the specified gas price for a transaction is too low, miners or validators may prioritize other transactions with higher gas prices, causing your transaction to remain on hold until it receives sufficient priority.
· Network congestion
Pending transactions often occur during periods of heavy network congestion.
When there is an increase in the volume of transactions on the blockchain network, for example during periods of heavy usage or when a popular decentralized application (DApp) experiences high demand, this can lead to delays in transaction confirmations.
· Network problems
Occasionally, network issues can lead to pending transactions.
These issues may be related to the blockchain network itself, the Trust Wallet app, or the device’s internet connection. Temporary disruptions in communication can prevent transactions from being broadcast or immediately confirmed.
Smart contract interactions
Some transactions involve interactions with smart contracts, which are self-executing contracts with predefined rules encoded on the blockchain.
If a smart contract has complex logic or requires additional verification or execution steps, this can lead to longer processing times and pending transactions.
· Unequal conflicts
Every transaction on the blockchain has a unique nonce code associated with it. The nonce represents the order in which transactions are sent from the address.
If multiple transactions from the same address have conflicting states, such as if the previous transaction is still pending or unconfirmed, this may cause subsequent transactions to remain pending until the conflicts are resolved.
Incorrect gas limit or data
Setting an insufficient gas limit or including incorrect data in a transaction may cause it to fail or remain pending.
The gas limit sets the maximum amount of gas a transaction can consume, and if it is set too low, the transaction may not have enough gas to complete successfully.
How to Cancel Pending Transaction on Trust Wallet in 2023?
Here are the basic steps on how to cancel pending transactions on Trust Wallet in 2023:
Wait patiently for it to be processed normally
The first option on how to cancel a pending transaction on Trust Wallet in 2023 is to be patient. Waiting for the transaction to process normally is often the recommended approach, especially if there is no urgent need.
Over time, as network congestion subsides and miners keep up with the backlog of transactions, your stalled transaction should eventually be processed.
However, you should keep in mind that the duration of the waiting period is unpredictable, as it depends on the network conditions and miner activity.
• Deal canceled
You may have no choice but to cancel the pending transaction.
Canceling a stalled transaction involves initiating a new transaction that overrides and cancels the pending transaction.
The process of how to do this can be found below:
- Locate the pending transaction in your wallet and note the nonce value, which represents the transaction sequence number.
- Start a new transaction, using your own wallet address as the recipient and setting the amount to 0 ETH.
- While confirming the transaction, access the settings by clicking on the “gear” icon in the upper right corner.
- Scroll down and replace the nonce value with the previously recorded value.
- Setting a higher gas price for the new deal to motivate miners to give it priority.
- Continue to confirm the transaction.
• Recreate or redo the transaction
The next option on how to cancel a pending transaction in Trust Wallet in 2023 is to re-create or re-submit the transaction.
For more advanced users, you can try to recreate or resend the stopped transaction.
This method involves specifying a nonce value for the stopped transaction and creating a new transaction with the same nonce value. Here’s a step-by-step process:
- Locate the oldest pending transaction in your wallet and note its nonce value.
- Create a new transaction, specifying the original recipient’s address and intended amount.
- While the transaction is in progress, access the settings by clicking on the “gear” icon in the upper right corner.
- Replace the nonce with the previously recorded value, making sure it matches the original transaction.
- Setting a higher price for gas to motivate miners to use the new transaction.
- Double-check and ensure that the transaction data field is filled in correctly, especially for smart contract transactions involving token transmissions or swaps.
- Continue to confirm the transaction.
With the help of any of the three methods on how to cancel pending transaction on trust wallet, users should be able to resolve their issues easily.
FAQ on how to cancel pending transactions on Trust Wallet in 2023
Here are some frequently asked questions on how to cancel pending transactions on trust wallet portfolio in 2023 that you may find helpful:
Does Trust Wallet charge a fee to cancel a pending transaction?
Trust Wallet does not specifically charge any fees for canceling pending transactions.
However, depending on the action you take to administer the transaction, there may be fees associated with replacing or expediting the transaction or interacting with external services.
How long does a transaction remain pending in Trust Wallet?
The duration of a pending transaction can vary depending on factors such as network congestion, gas price, and blockchain network conditions.
However, in some cases, transactions can be confirmed within minutes, while others may take longer or even hours or more.
What do I do if my transaction is on hold for a long time on Trust Wallet?
If your transaction has been pending for a long time, you can try the following steps:
- Wait for Confirmation: Sometimes, pending transactions can be confirmed over time as network congestion is relieved or network issues are resolved.
- Replace With Fee (RBF): If the blockchain network supports RBF, you may have the option to replace your pending transaction with a new transaction that has a higher transaction fee (gas price) to increase the chances of confirmation.
- Transaction Acceleration: Find out about third-party services that offer transaction acceleration. These services usually charge an additional fee to speed up the confirmation of your pending transaction.
- Contact Customer Support: If you encounter a specific issue or the transaction is taking an unusually long time, contact Trust Wallet Customer Support for guidance and assistance.
Conclusion – How To Cancel Pending Transaction On Trust Wallet?
Pending transactions can be frustrating, but with the right knowledge and approach, you can quickly resolve them and ensure a smoother experience with Trust Wallet.
By understanding the reasons behind suspended transactions and following the steps outlined in this blog post, you can effectively cancel or expedite stuck transactions and adopt best practices to avoid such issues in the future.
Remember that Trust Wallet keeps a transaction history of all your transactions, so you can easily keep track of your activities.
If you encounter any issues or have questions regarding Trust Wallet, feel free to contact our support team for assistance.
By staying informed about network conditions, setting appropriate transaction fees, and checking transaction details, you can reduce the chances of encountering pending transactions on Trust Wallet.
If you encounter this issue, follow the steps outlined in this blog post to cancel or expedite the transaction, ensuring a smooth and efficient cryptocurrency management experience.
Finally, always keep in mind that the world of cryptocurrency is constantly evolving, and it is essential to keep up with the latest developments, tools, and best practices to get the most out of your digital assets.
Trust Wallet is just one of the many cryptocurrency wallets available, so explore the different options and find one that best suits your needs and preferences.