Instant deposit is an additional feature that was rolled out on the app in late 2021. The instant deposit allows app users to purchase Cryptocurrency once their bank is linked to the app. This feature is only available for users in the US now; however, more regions will be added with time.

The instant deposit feature allows to credit you funds that will reflect in your fiat wallet in less than 30 minutes. However, you must have more than the amount you want to deposit in your linked account. A transaction of the exact amount credited by will be initiated in your bank and will take seven days to clear. 

Depositing funds from your bank take 3-5 days to reflect in your fiat wallet, with an instant deposit, you only have to wait less than 30 minutes to receive the funds. The instant deposit feature gives crypto investors access to funds at all times. You can access up to $50,000 daily and $500,000 monthly with the instant deposit feature. 

Now, let’s look at the steps to set up your instant deposit.

How to set up your instant deposit?

Setting up your instant deposit requires you to link your bank account to your fiat wallet. You can add up to five bank accounts to your fiat wallet.  

Enabling instant deposit in your account requires you to carry out three simple steps. The steps are; to create a USD fiat wallet, Link your fiat wallet to your bank account, and activate an instant deposit on your account

  1. The first step to enabling instant deposit is to set up a USD fiat wallet.  To be eligible for a USD fiat wallet, you need to have your verification document (US ID or driving license), Social Security Number, U.S Residential address, and a bank account that is located within the U.S. 

To set up a USD fiat wallet, you are only required to follow a few simple steps.

  • Go to “Accounts” on the bottom navigation bar
  • Tap on “Fiat Wallet
  • Tap on “Set Up New Currency
  • Select “USD
  • Read through the instructions and terms and conditions
  • Check the box to agree to the Terms and Conditions and tap “Next”
  • Submit your residential address and Social Security Number (SSN)

You will have your USD fiat wallet once the team reviews and approve your application. Dropping your SSN will not trigger a credit check.

  • The second step involves linking your fiat wallet with your bank. Once you have your USD fiat wallet, you will have all the required information (Routing Number, Account Number, Account type, Bank, and Bank Address) to link your bank account to your fiat wallet. To link your fiat wallet to your bank, check the steps in our last article
  • Once the linking is done, you are now ready to enable instant deposit for your account. To enable the Instant Deposit Feature:
  1. Click on “Transfer”
  2. Select “Fiat
  3. Select “Deposit
  4. Accept the Terms and Conditions
  5. Click “Link Bank Account”
  6. Enter your bank credential via Plaid

Your request to activate instant deposit will only be rejected if the name on your bank account differs from the name that appears on your app KYC documents

How to deposit funds using instant deposit

After the request to enable instant deposit has been approved, you can now enjoy the benefits of instant deposit. To deposit funds using an instant deposit,

  • Click “Transfer
  • Select “Fiat
  • Select “Link Bank Account
  • Click on “Deposit Now
  • Enter the amount you want to deposit in USD
  • Select the source bank account
  • Confirm the deposit

For instant deposit, you can make a minimum of $20 deposit, a daily cap of $50,000, and a monthly cap of $500,000. You can only make five instant deposits a day and a total of 30 instant deposit transactions in a month. 

For instance, I can make five instant deposits of $10,000, $5,000, $8,000, $1000, and $20,000 in a day. This is allowed because it doesn’t exceed the daily cap of a total of $50,000 daily. The same rule applies to the monthly deposit cap.

What are the pros and cons of instant deposit?

While all the information about the instant deposit you have read about might look too interesting to be real, we advise you to read this section to decide “if you need this feature.”

What are the pros of instant deposit?

  1. You will receive funds faster than using a Bank deposit
  2. It is safe and doesn’t compromise your bank account
  3. You can make more than one deposit in a day based on your need for funds

What are the cons of instant deposit

  1. You need to wait for seven days before you can make any withdrawal out of your wallets.

The untold truth about Instant deposit’s instant deposit feature is a feature all crypto investors will look to leverage. However, the untold truth is, that this feature is not for everyone. You might have come across users complaining about this feature in any blog, this is because they made the mistake of assuming that they need to use instant deposit.

You end up waiting longer than other deposit

The first thing you should know about the instant deposit is though you are not losing any money as a transaction fee, you end up having to wait longer than you would withdraw your funds. So, if you are one to invest and withdraw your profits immediately then, this feature is not for you. 

For bank deposits, you have to wait for 3-5 days to receive your funds, after which you can do as you please with your funds. However, with the instant deposit, you will receive your funds in less than 30 minutes, but all withdrawal transactions will be blocked for the next seven days. The seven days waiting period is called the settlement time.

You cannot use instant deposit funds to stake on DeFi and App

You can purchase any token listed on the exchange with your instant deposit funds. However, you will be unable to send the funds out of your App, even to your DeFi wallet. So, if your aim of using the instant deposit feature is to stake in the DeFi wallet then, you have to wait for the settlement time (seven days) before you can do that.

To get visa cards, you need to stake CRO on your app. If your intention of using instant deposit is to stake for any of the cards, then you are using it wrongly. You will receive an error message that will prevent you from staking the funds till the settlement period

It can lead to an outstanding balance

When you initiate an instant deposit, a transaction of the same amount you deposited will be initiated from your bank. Therefore, to initiate an initial deposit transaction, you must have up to that amount in the chosen bank. You will have an outstanding payment if the pending transaction initiated from your bank fails after the seven days settlement period.

Outstanding payment results from having less than the initial deposit amount in your bank within the seven day settlement period. The first day the transaction is initiated is regarded as day 0 so, the seven day period starts counting on the second day.

In conclusion

The fact is that instant deposit doesn’t have any disadvantages if it is used with the right intention it was created. This feature is major to allow you to invest without having to lose entry positions due to a lack of funds. While the app looks to enhance the user’s experience on its platform, it is imminent that they also looks for ways to block all means through which the instant deposit feature can be abused.’s instant deposit feature is one that any crypto investor would love to have as a backup means to secure funds faster. However, before you use this feature, you need to contemplate if it is necessary, can it serves the purpose for which you need funds, and if you can wait for the settlement period.

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