Deposits & Withdrawals
To interact with the Ethereum blockchain, users have to pay gas to have their transactions processed. This is true for any application built on Ethereum that is performing a transaction on the blockchain.
For Polymarket users, there are two times where they will have to pay gas fees: (1) when depositing funds and (2) when withdrawing funds. For more details, see the “Getting Started” section above.
If this was your first time using MetaMask on Polymarket, you paid a one-time fee to authorize USDC on Polymarket. Please initiate the deposit again!
If this is not your first time using MetaMask, check etherscan.io if your transaction was successful. If the transaction was confirmed, you will receive the USDC in approximately 10 minutes!
The Ethereum network can process a limited number of transactions per second. Those transactions are selected by the amount of gas the user is willing to pay from highest to lowest. Generally, the price of gas increases when there is greater demand across the network and decreases when the network is less congested.
The network fee is comprised of 1) the Ethereum gas fee and 2) the relayer fee. The Ethereum gas fee is a systematic fee that is required to send funds from one wallet address to another. This fee is traditionally paid in ETH and is an additional cost. Our deposit method takes a USDC fee from the existing deposit amount, saving you time and gets rid of the need to pay in an entirely separate currency.
Direct USDC deposits are fully decentralized, meaning that any person can decide to help Polymarket provide this service. People are incentivized to help through a relayer fee. The relayer fee will be either (1) $3 + the network fee or (2) 0.3%, depending on which is higher. If the gas fee is 10 USDC, that means that the relayer fee will default to 3 USDC unless the deposit is greater than 4,333.33 USDC (4,333 * 0.3% = 10 + 3).
There has been no report of a user scamming another user since we have implemented the peer-to-peer system. However, we strongly recommend that you search from:[username] in the top right of our Discord to check that they are an active participant and have completed a P2P transaction in the past.
Users located in the US cannot use this method. Check if you are able to use this method here.
We only accept debit and credit card payments in Euros because USD is restricted due to compliance issues.
We have recently upgraded our deposit processes to allow users to pay in USDC rather than ETH, which affects users who were using our legacy system involving the ETH network fee. Please head to https://manual.polymarket.com/ to process your deposit.
We apologize for the inconvenience and confusion this may have caused. Please message us on Intercom and we will reimburse you for the transaction.
