BitShares Online Exchange Tutorial: Deposit & Withdraw - Part 1

What's the point of having a wallet if there's nothing in it right? So today we will be learning how to deposit money to our wallet and how to withdraw as well.

Interface

So first we'll be talking about the essential things in the interface of the deposit and withdraw page. These two things are Transfer Service and Receiving BTS as these are the only two that doesn't change.

• Transfer Service
  
  In the transfer service you can choose on which platform you want to deposit or withdraw your money. Currently they have 4 options, namely: Openledger, RuDEX, BlockTrades and BitKapital. In this tutorial, I will be using BlockTrades as from my knowledge the mostly used out of the four.

• Receiving BTS
  

In order to receive BTS from another person or from an exchange, simply give them your account name.

As stated on their website, if and when you start trading within BitShares you will only need to give your account name as an address to where others can send money to.

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When you select BlockTrades as your transfer service the bottom half of the page will look like this. This is because per option in the drop down has its own way. Like I said, I will be using BlockTrades one because it's more widely used and two I have more knowledge with BlockTrades.

Deposit

To deposit money into your account you need three things.

1. A Receiving account.
2. A Sending account.
3. Access to the BlockTrades website.

Since you have the 1st one, all you need is the other two. A sending account is basically just any account that has crypto which you can use to send money from, for this tutorial I will be using steemit. The last thing you'll need is to go the BlockTrades website which you can find right here. Now that you've got all three ready we can start!

The Process

So the first thing you do is head on over to BlockTrades then change the Send to Steem Dollar and Receive (estimated amount) to BitShares. It should look like this when your done. This is so that you can see how much you are getting per 1 Steem Dollar this is applicable to any crypto you want to trade, it's kinda like a good practice for me and I just wanted to share that :D

Next, Fill up the receive address with your BitShares account.

For the memo, go back to your BitShares and look at the memo provided. It should look like this.

Copy the link and paste it on the memo on the BlockTrades site and click Get Deposit Address and you should end up with something like this.

We're almost done, Again copy the memo and head over to Steemit.

On Steemit go to your wallet and choose Transfer on Steem Dollar.

After clicking Transfer fill in the necessary fields with Account Name as blocktrades(case sensitive), the amount you wish to send and the Memo as the memo you copied from BlockTrades.

Click on Submit and you'll be prompted with a verification modal. Just input your password and Sign In :)

Now, if you look at your history you would see a confirmation like this.

There you go! You've just successfully transferred some SBD to your account :) As you can see it isn't the exact amount you gave, this is because of the fees from Blocktrades. Also, do note that it may take a few minutes to process the request when transferring.

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If you guys have any questions feel free to leave a comment down below.Thanks for reading and see you guys in the next one :D

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Posted on Utopian.io - Rewarding Open Source Contributors

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