How To Trade Gold On the Digital Gold Marketplace
Digital Gold is an Ethereum based blockchain project enabling users to purchase gold in its digital form with the help of the native ERC-20 token called GOLD token. Each GOLD token is backed by 1 gram of 99.99% fine gold that is stored in the company's vaults. Please refer to my other article, Digital Gold - Trade Gold Without Limitations, for more information about the Digital Gold project and its underlying GOLD token.
In this article, I will shift my focus on the Digital Gold Marketplace. The marketplace enables an easy way to buy and sell GOLD tokens without the need to fill out a registration form or going through a lengthy KYC procedure, which has become standard for digital currency exchanges nowadays. Using the official Marketplace is faster and safer compared to other digital exchanges and all transactions are carried out instantly. All transactions are free of charge and the users only need to pay the standard blockchain fees. There are no restrictions and investors can buy and sell any quantity they want.
The GOLD token can be purchased on Cryptex, Livecoin, and BitForex but the Gold Storage Marketplace is Digital Gold's Officially Supported Marketplace.
The site is very easy to understand and navigate. It contains current price information for purchases and sales of the GOLD token in Bitcoin and Ethereum. The indicated price is for 1 GOLD token which is equivalent to 1 gram of physical gold.
The right side features a chart with daily spot prices of gold per gram. Users can switch between displaying prices in Bitcoin, Ethereum or USD. Monitoring the chart offers traders valuable information about when to buy or sell GOLD tokens.
Just below the chart is the form that needs to be filled out to buy, sell or convert GOLD tokens into other currencies.
If a user wants to purchase GOLD tokens all he needs to do is to select the currency he intends to pay with by clicking on the correct logo on the left side of the form. In this example, I will use Ethereum but payments via Bitcoin are also supported. 1 Ethereum is currently equal to 3.875 GOLD tokens. That is the number of tokens that will be sent to the user's wallet upon completing the payment.
When you are ready to continue with the purchase click on 'Exchange'.
The 2nd part of the form will now be displayed.
The most important field here is the one on the right - 'To Wallet'. You need to enter the correct receiving address of your ERC-20 supported Ethereum wallet where your purchased tokens will be sent.
In the 'Your e-mail' field you can enter your email address and a copy of the transaction details will be sent to you via email. This is an optional feature and you can leave it blank if you want.
Once all the details have been entered correctly click on the 'Submit exchange operation' slider at the end of the form and then the 'Submit Exchange' button will turn to orange and become clickable. Click on it to continue.
After a few seconds, your exchange order will be displayed. Double-check to make sure that your address and amount of coins you are about to receive are correct. On the left is the address where you need to send the ETH and on the right side is your ETH address that will be credited with the GOLD tokens once the transaction has been completed.
You have 15 minutes to complete the payment. If you are not already logged in then this is the time when you need to login to your Ethereum account and send the requested coins (in this example 1 ETH) to the address on the left.
Once the payment has been received you will receive feedback on the site that your payment has been confirmed and the smart contract will then credit your account with the appropriate amount of GOLD tokens.
In case you have any questions or concerns you can always contact the Support team of the Digital Gold Marketplace by clicking on the support button at the bottom of the page. Several support agents are available 24/7 and they can help you with any issues you might have. Phone-based support is also available Monday - Friday between 09:00 - 17:00 CET. The number is posted at the bottom of the site https://gold.storage/en/ and on https://gold.storage/en/support. If you are not in a hurry you can also send an email by filling out the following contact form.
Website: https://gold.storage/en/home
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=2437930
Sources:
https://gold.storage/en/market
https://gold.storage/wp.pdf