Payouts How-To

What Are Payouts?

Payouts are requests made to Coindirect API to send cryptocurrency transactions from your wallets on Coindirect to external wallets.

Once a payout request is received, Coindirect debits fiat funds from a wallet that your Merchant ID is configured to in order to convert those funds to cryptocurrency and then send that cryptocurrency to a destination wallet address.

Create a Payout

Payout Workflow

Payouts have two final statuses: COMPLETE and CANCELLED. Check the link below to understand the payout workflow.

Payout Workflow

Payout Webhooks

Coindirect sends webhooks to your Webhook URL for every status update.

Payout Webhooks

You can set up your Webhook URL on the Manage Merchants page in your business account.

Merchant IDs

IMPORTANT

There are several things to make sure of to avoid issues while creating payouts:

When creating USDT payouts, please always specify a relevant protocol in a "payOutDetails.protocol" field in your POST /api/v1/pay/summary call.

The field value can be either "ERC20" or "TRC20" depending on what destination address you submit in an "address" field.

When sending USDT to the Ethereum network, specify ERC20.

When sending USDT to the Tron network, specify TRC20.

SENDING FUNDS TO THE WRONG NETWORK WILL RESULT IN THE TOTAL LOSS OF YOUR FUNDS.

Please deem the payout finalized on the Coindirect side once you receive from us a webhook which payload contains "status": "complete"

Once you receive "status": "complete" please finalize the payout on your side

Once you finalize the payout on your side, please ensure that no more API calls will be made to duplicate the withdrawal.