August 5, 2021 at 12:29 am #10849TopicxchangetraderParticipant
Is it possible to the exchange rate and write our own exchange rate?
And i still don’t understand how transactions works between the fiat currency and crypto currency.
Like, when fiat currency is finally approved and credited by admin, where will the crypto that will be credited to the users crypto wallet be debited from and added to users crypto balance?, and how does it also works for when a user tries selling the crypto currency for fiat.
Please i will like a detailed explanation/structure.August 5, 2021 at 9:30 am #10850PlugParticipant
Let me help you with this…
You can write your own exchange rate but first, install any of the hot wallet adapters like the coinpayments (best choice) or the blockio dot io adapter to setup the wallets nodes. Then install the airdrop extension, use it and airdrop sone coin of your choice to your admin account, then install exchange extension to setup market orders so that your users can buy coin you set up from you and it will be deposited into their own wallet automatically from any wallet adapter you setup, then same way they can sell and it comes back to you. If they will do external withdrawal of coins, you will have to buy real coins somewhere and send them into your wallet so that the Blockchain can confirm the transaction. Most of the extensions above are paid subscription of a token. My website https://sendrix.xyz was built on top of this.August 9, 2021 at 8:33 am #10867alexgKeymaster
It is not possible to set an exchange rate. This is not really a swapping feature, it is simply a frontend to the Exchange’s markets.
To set an exchange rate, you, or others, must first place limit buy/sell orders on the orderbook. Therefore, the exchange rate is derived from these orders.
Once a user deposits a Fiat currency via bank transfer and the admin inserts the fiat deposit, the user’s fiat balance is updated.
Then, the user can trade on markets involving that fiat currency.
If the market on which the user trades is against a cryptocurrency, selling that fiat currency will result in the user having more balance on that cryptocurrency.
The user can later choose to withdraw that cryptocurrency using the
Please let me know if you have any more questions about all this.
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