WhalesHeaven is a platform for trading various types of cryptocurrencies that are based on blockchains such as Ethereum and Bitcoin, Altogether it is suitable for buying and selling at large volumes and allows a number of one-to-many scenarios. these tradings are made by sellers listing auctions on the platform, and buyers bidding on or buying these auctions.
What is an auction?
An auction is an offer where users can participate to swap their desired cryptocurrency. The participants are consistent of sellers and buyers, while WhalesHeaven is the moderator of the transaction between these two or more users.
The process of swapping begins when the seller creates an auction to trade their cryptocurrency in exchange for another cryptocurrency.
When listing an auction the seller:
- Chooses the currency that they are willing to sell as well as the amount they are selling.
- Determines what currency/currencies will they be accepting in return.
- Determines if the auction is an instant buy or bids starting at percentages.
After the seller has provided the details of their auction, the seller is later asked to provide their multisig participant key.
Multisig participant keys
The trading process on our platform is done using Multisigniture wallets, these wallets are used to maximize the security of the deals done through our website. When you provide your Multisig participant key during the listing process this assures that the funds will not move from your account until you approve for them to do so from your crypto wallet, learn more about Multisig participant keys here.
A Multisigniture wallet is a tool that is used to ensure that a trade process is done the way it should be, which means that once a user is ready to trade on our platform, the user tops-up their account on WhalesHeaven, this top-up is then directly sent to a multisig wallet that ensures that no one including us has access to these funds. Once the user finds a buyer on our platform, the trading partner will be asked to provide their funds into another Multisig wallet under the same terms, only once both the buyer and the seller confirm the release of these funds from the Multisig wallet will the transaction go through, the confirmation has to happen in a 4-hour time frame after a buyer is found, otherwise, the transaction will be considered unsuccessful, learn more about the time limit here.
Will I be notified when to continue with my auction?
When you go through the auction process you would need to enable auto-publishing on the top-up page, learn more here.
You can also do so by navigating to the offline alerts settings in your account, you can learn more about it here.
What happens if I provide the release of the funds before the other party?
The transaction only occurs once both parties approve their funds’ release which means that you do not have to worry about losing your funds or receiving nothing in return since the Multisig wallet ensures that both parties must approve first before moving the funds to another party. In such cases, you have the freedom to choose between reverting your funds back into your crypto wallet or to participate in other auctions.
Getting started to open your account
Opening an account with WhalesHeaven will allow you to access features such as:
- Swapping (buying and selling) coins in a controlled and secure environment.
- A variety of cryptocurrencies such as BTC, LTC, BCH and ETH, USDT (Omni protocol), and ERC20 tokens.
- A deal process that is based on multisig wallets, that protects your funds.
- Easy negotiations on price, even on highly volatile markets.
- KYC is an option.
What do I need to start trading?
For the most part, you'll need a valid e-mail address where you can receive your notifications, you would also need a wallet that supports Multisig our platform currently supports the wallets that can be found here.