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Limits and restrictions for a deal participant

Written by Deniss
Updated 4 months ago

Are there any time restrictions when making a deal?

You have 4 hours to perform a deal. Within this time frame you need to:Provide an address that you will be using as the confirmation address and the destination address, where your funds will arrive once the deal is successful.
Upload funds to the smart contract
Approve the releasing transaction

Why there is a 4 hour time limit on deal process?

This time is just enough to perform deal related routine even on such slow blockchains as Bitcoin and yet to reasonably alleviate risks associated with rates fluctuations. 

Why are there user rating limits?

 User rating assures diligent user behaviour on the platform. It protects platform users from harmful or disrespectful behaviour, by limiting those who intended to act maliciously.

Can I participate in deals over my current user rating?

Such an option is among planned features of the platform and allows users to raise their upper limits much faster. In case a user wants to participate in an auction that is above their upper limit they would have to upload funds on a multisig prior to creating an auction or placing a bid. In case such a deal fails due to user error a 5% commission will be withheld from uploaded funds as a compensation for the platform’s reputation damage.

What are current swapping limits?

Currently, users may swap upto 30 million USD in one deal. For security measures any deal larger than 10 000 USD will be split into multiple transactions, to neglect any risks associated with loss of funds.

How many transactions will a deal be split into in case of a large transaction?

An actual amount of transactions is calculated by platform’s algorithm, but a simple rule is: two more transactions per each additional digit for deals larger than 9,999 USD, but always less than 10. 

What if I want to swap a very large transaction?

WhalesHeaven is currently in beta stage. With respect to this we have a limitation for transactions over 30 million USD. Please contact a WhalesHeaven representative to conduct such deals.

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