WhalesHeaven is a platform for trading various types of cryptocurrencies that are based on blockchains such as Ethereum and Bitcoin. As a platform, it is suitable for buying and selling at large volumes, allowing a number of scenarios. These trades are made by sellers listing auctions on the platform, and buyers either bidding on or buying these auctions.
What is an auction?
An auction is an offer in which users can participate to swap for their desired cryptocurrency. The participants consist of sellers and buyers, with WhalesHeaven acting as moderator between these two (or sometimes more) users.
The process of swapping begins when a 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 along with the amount they would like to sell.
- Determines what currency/currencies they will be accepting in return.
- Decides if the auction will be an instant buy or support bids, starting at percentages.
After the seller has provided the details of their auction, they are then asked to provide their multisig participant key.
Multisig participant keys
The trading process on our platform is conducted using Multisigniture wallets. These are wallets used to maximize the security of the deals made through our website. When you provide your Multisig participant key during the listing process for an auction, this ensures that the funds will not move from your account until you specifically approve for them to do so directly 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 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 a Multisig wallet 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 Multisig wallet under the same terms. Only once both the buyer and seller confirm the release of these funds from the Multisig wallet will the transaction go through. This confirmation has to happen within 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 will 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 this here.
What happens if I provide the release of the funds before the other party?
The transaction can only occur once both parties have approved their funds’ release. This means 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 participating 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, and 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 as an option.
What do I need to start trading?
For the most part, you simply need a valid e-mail address where you can receive your notifications and a wallet that supports Multisig. ur platform currently supports the wallets that can be found here.