At WhalesHeaven we are constantly working to find the simplest and easiest way for our users to create a selling offer. After you’ve downloaded our WH cypher wallet extension, all you need to do is follow these simple steps:
1. After logging in using WH cypher, navigate to the "I am selling" button on top of the page.
2. You will be directed to the offer creation page where you will be able to list both the currency and amount that you want to sell:
2.1 You can then select the currency (or currencies) that you’re looking to trade for in exchange:
2.2 Set the buyout percentage of gain/loss (offer margin or discount).
This percentage will determine the amount of gain or loss that you would like to have from your offer. The final rate will be locked once the buyer clicks the proceed button on your offer and this percentage will be either added or deducted from the coinmarketcap.com rate at that moment.
2.3 You will also be required to set your offer duration in the “Offer available for” section. This duration will determine the length of time for which your offer will be listed on our platform for buyers to participate in.
2.4 Finally, under advanced settings, you can set a forensic check limit for the coins you want to accept, if enabled, traders with currencies under your specified minimum quality will not be able to participate in your offer.
Learn more about forensic checks here.
You can also optionally select your offer's buying limits, by select the minimum and maximum amount of coins or tokens that one buyer can exchange with you.
3. Once you have satisfied all the required options and clicked the preview button, you are then asked to provide your receiving address. This is where you will be receiving your exchanged funds.
Learn more about receiving addresses here.
To confirm the insertion of the receiving address, the WH cypher extension then asks you to sign and verify the process.
4. Once your receiving address is confirmed by WH cypher, you will then be asked to generate a Threshold signature (TS) wallet or select from existing ones.
Threshold signature (TS) wallets
A threshold signature wallet is a tool that is used to ensure that a trade process is conducted in an appropriate manner. This means that once a user is ready to trade on our platform, they top-up their account on WhalesHeaven and this top-up is then sent directly to the threshold signature vault that ensures no one, including us, has any access to these funds. Once the user finds a buyer on our platform, the buyer will be asked to provide their funds in another threshold signature vault under the same terms. Only once both the buyer and seller confirm and sign the release of these funds from the WH cypher extension will the transaction go through. This confirmation has to happen within a 1-hour time frame after a buyer is found, otherwise the transaction will be considered unsuccessful. Learn more about the time limit here.
This is where you can select your preferred payment method. However, If you can’t find the payment option you are looking for, you can simply perform the top-up manually by copying the address shown as an example on the page below and sending the amount specified on the top-up page from your private wallet.
5. After you have topped-up your selling offer, a message confirming that it has been sent to the blockchain will pop up. We will then start scanning the blockchain to verify that the correct amount has been sent.
6. Once the scan is finished, you will be directed to a page confirming that you have topped-up your offer.
7. After you our platform discovers the two confirmations you will be directed to a new page where it shows that your selling offer is live. Here you will see how your potential buyers will see your offer.
8. Providing approval
Once a buyer discovers your offer, you will receive a notification from the WH cypher extension asking you to join as a co-signer and approve your spending. The buyer will not have access to these funds until they too have confirmed the release from their side.
Learn more about our deal protection here.
Once your release is confirmed, a similar page will appear, as shown below:
Once you're on this page, this means that your process has been successful and the buyer has already done the approval from their side too. Once this is done, you will then be able to see your exchanged funds in your private wallet that you have assigned as your receiving address.