Business and Finance

How to Cancel Pending Transaction on Trust Wallet in 2024

Trust Wallet has gained immense popularity as a secure and user-friendly mobile cryptocurrency wallet, allowing users to manage and trade various cryptocurrencies seamlessly. However, users may encounter the challenge of pending transactions, causing concerns about the successful completion of their transactions. This article aims to provide an updated guide on how to cancel pending transactions on Trust Wallet in 2024, drawing insights from previous references.

What is Trust Wallet

Before delving into the cancellation process, it’s essential to understand how Trust Wallet operates. Trust Wallet is a multi-chain self-custody Bitcoin wallet that serves as a secure gateway to numerous Web3 decentralized apps (dApps). With over 60 million users, Trust Wallet supports a vast array of digital assets, NFTs, and more than 70 blockchains.

Common Causes of Pending Transactions:

Network Congestion: Pending transactions often occur during periods of high network congestion. Increased transaction volumes during peak times or high demand for popular dApps can lead to delays in transaction confirmations.
Insufficient Gas Price: Each transaction requires a certain amount of gas for processing. If the gas price set for a transaction is too low, miners may prioritize other transactions with higher gas prices, causing delays in confirmation.
Network Issues: Connectivity disruptions related to the blockchain network, Trust Wallet app, or the device’s internet connection can result in pending transactions.
Smart Contract Interactions: Transactions involving smart contracts with complex logic or additional verification steps may experience longer processing times, leading to pending transactions.
Nonce Conflicts: Conflicting nonces, especially when a previous transaction is pending, can cause subsequent transactions to remain pending until conflicts are resolved.
Incorrect Gas Limit or Data: Setting an insufficient gas limit or including incorrect data in a transaction may lead to transaction failures or pending status.

Methods to Cancel Pending Transactions:

Method 1: Wait Patiently

Advantages:

Recommended if there’s no urgency.
Allows the transaction to process naturally as network congestion subsides.

Disadvantages:

Method 2: Canceling the Transaction

Locate Pending Transaction:

Identify the pending transaction in your wallet and note down the nonce value representing the transaction’s sequence.

Initiate New Transaction:

Create a new transaction with your wallet address as the recipient and set the amount to 0 ETH.

Modify Nonce Value:

Access settings during the transaction confirmation, replace the nonce value with the recorded one, and set a higher gas price.

Complete the Transaction:

Confirm the transaction, and the new transaction will be prioritized due to the higher gas price.

Method 3: Recreate or Resend the Transaction

Identify Stuck Transaction:

Identify the oldest pending transaction and note its nonce value.

Create a New Transaction:

Create a new transaction with the original recipient address and intended amount.

Modify Nonce and Gas Price:

During confirmation, replace the nonce value, set a higher gas price, and ensure the Transaction Data field is correctly filled.

Complete the Transaction:

Confirm the transaction, and miners will prioritize the new transaction over the stuck one.

F.A.Q

How do I cancel a pending transaction on Trust?

To cancel a pending transaction on Trust Wallet, follow these steps:

Click on the pending transaction and locate the field called “nonce” on the screen.
Record the value in that field (a number).
Start a new transaction and in the “Recipient address,” put your own public wallet address (the same one you are sending the transaction from).

Can I cancel a pending BTC transaction?

No, you cannot cancel a cryptocurrency transaction once it has been initiated. Once a transaction is sent, it is broadcasted to the network, and miners start verifying it. Cryptocurrency transactions are irreversible by design.

How do I reverse money from my Trust Wallet?

Trust Wallet, being a decentralized wallet, does not have the authority to reverse transactions once they are executed on the blockchain. Once a transaction is confirmed on the blockchain, it cannot be reversed.

Why is my BTC still pending?

If your Bitcoin (BTC) transaction is showing as pending, it is normal, especially if you just sent the transaction. It takes time for transactions to be confirmed on the blockchain, and the duration depends on the fees you selected, ranging from 1 minute to several hours.

How do you resolve a pending transaction?

If you suspect a problem with a pending transaction on your credit card, your first course of action should be to contact the merchant directly. They may be able to cancel or refund the transaction or address any questions you may have about the charge.

How long does a pending transaction take to cancel?

Many pending charges typically disappear within around 5 days or less, although some institutions may have a longer period. The duration depends on factors such as the type of transaction, credit card program processor settings, and the terms stated in your agreement.

How do you cancel a Bitcoin transaction if it is unconfirmed?

To cancel an unconfirmed Bitcoin transaction, you can use Replace-By-Fee (RBF). RBF allows the creation of a new transaction that replaces the unconfirmed one, providing a method to cancel and replace the initial transaction.

How do I reverse a USDT transaction?

It is not possible to reverse a USDT transaction once it has been sent. Transactions on the USDT blockchain are irreversible, and users should exercise caution and ensure the accuracy of recipient addresses before sending USDT.

Can you reverse a crypto transaction on Trust Wallet?

No, crypto transactions on Trust Wallet, like most blockchain transactions, cannot be reversed. It is crucial to double-check the recipient wallet address before confirming the transaction, as once initiated, cryptocurrency transactions are irreversible.

How long does a Trust Wallet transaction take?

After confirming the transaction on Trust Wallet, the fund transfer usually takes anywhere from 0 to 20 minutes, depending on the blockchain networks involved in the transaction.

Conclusion

In 2024, Trust Wallet continues to be a reliable choice for cryptocurrency enthusiasts. However, users may encounter pending transaction issues, which can be addressed using the methods outlined above. Whether choosing to wait patiently, cancel the transaction, or recreate it, users can navigate through these steps to resolve pending transaction concerns and ensure a smoother crypto experience with Trust Wallet.