Yesterday, OneChain team was pround to annonce that on May 31st, we are going to launch the trading on our internal Exchange, that is to say we can trade on ONE tokens. Many users asked me about the deposit and withdraw and how to trade, therefore I wrote this short article and hopefully to answer your questions.
- How to withdraw USDA and exchange to fiat currency (CNY and USD)
According to OneChain’s social media, we plan to release at least two trading pairs by tomorrow: ONE/USDA and ONE/ETH. If you are an owner of ONE tokens, you can sell ONE to USDA at a real time rate.
Note: USDA is equivalent to the US dollar by mortgage. For every 1 USDA generated, it should be mortgaged by cryptocurrency whose value is at least 10 times than its current value. This is similar with a real estate mortgage loan, the mortgaged house’s value is always higher than the loan amount. The cryptocurrencies involved in the mortgage should be market-tested assets, also known as Reserve Cryptocurrency. The reserve cryptocurrency supported now include: BTC, EOS, ETH, BTS, BitCNY and LTC.
Once you have changed ONE to USDA, please click “Me” — “More” — “Deposit and withdraw”, as shown in the following figure (on the left). Go to publish order, and fill the order, you have to complete the order type(sell), amount, currency type, etc. then wait for broker to take the order.
Order type: Sell USDA to fiat currency
Currency type: USD (equivalent to US dollar)
When the broker or the service provider receives the order, join the chatroom and communicate with them regarding the payment method. Then you can transfer the USDA to broker or service provider , waiting their confirmation of receiving digital asset. During the process the platform will froze the counterpart’s equivalent asset, please don’t worry about the transaction.
When the broker or service provider confirms, wait for the service provider to transfer the fiat currency. After receiving the fiat currency, please make sure you have received the fiat currency and complete the transaction. (Note: please remember to click “confirm the broker has transferred the fiat currency”, otherwise you can no longer publish order.
I repeat the withdraw procedure:
- Publish order
- Broker or service provider receives the order, the platform freezes the equivalent assets in the Red packet account.
- You transfer the digital currency to service provider through trade account.
- The service provider transfer money to you.
- The transaction has completed, the platform will unfreeze the service providers assets stored in his red packet account.
I hope that I made myself clear, if you have any questions, feel free to contact me through our telegram channel. https://t.me/onechain1
Download our app here:
http://app.onechain.one/appstart_en.html