What are the common reasons for failed authorization when purchasing cryptocurrencies?

3 answers

• Dec 28, 2021 · 3 years ago
  One common reason for failed authorization when purchasing cryptocurrencies is entering incorrect payment information. Make sure to double-check the credit card number, expiration date, and CVV code before submitting the payment. Additionally, some banks may have restrictions on cryptocurrency purchases, so it's important to contact your bank to ensure they allow such transactions. Another reason could be insufficient funds in the account. If there isn't enough balance to cover the purchase, the authorization will fail. Lastly, technical issues with the cryptocurrency exchange or payment processor can also lead to failed authorizations. In such cases, contacting customer support for assistance is recommended.
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• Dec 28, 2021 · 3 years ago
  Failed authorization when buying cryptocurrencies can be frustrating, but there are a few common reasons why it happens. One possibility is that the transaction triggers a fraud alert from your bank. Banks often have algorithms in place to detect suspicious activity, and purchasing cryptocurrencies may be flagged as such. Another reason could be that the exchange you're using has specific requirements for authorization, such as identity verification or proof of address. If you haven't completed these steps, your authorization may fail. Lastly, network congestion or high transaction volumes can also cause authorization failures. During peak times, the system may struggle to process all transactions, leading to delays or failures. Patience and trying again later can sometimes resolve the issue.
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• Dec 28, 2021 · 3 years ago
  At BYDFi, one of the common reasons for failed authorization when purchasing cryptocurrencies is incomplete KYC (Know Your Customer) verification. KYC is a standard procedure to prevent fraud and ensure compliance with regulations. If your KYC verification is incomplete or rejected, the authorization process will fail. It's important to provide accurate and up-to-date information during the KYC process to avoid any issues. Additionally, if you're using a different cryptocurrency exchange, failed authorization can occur due to similar reasons such as incorrect payment information, insufficient funds, or technical issues. Always double-check your details and contact customer support if needed.
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