FAQ
Q1: What is Pre-Market Trading? Pre-Market Trading is an over-the-counter (OTC) platform tailored for trading new tokens before their official listing. It enables buyers and sellers to establish quotes and execute trades at predetermined prices. If you plan to engage in pre-market trading, ensure you have adequate funds beforehand and can complete the transaction within the specified timeframe. Failing to meet your trading commitments promptly may lead to the forfeiture of your pledged collateral.
Q2: How is the price for Pre-Market Trading determined?
Prices for pre-market trades are determined by buyers and sellers. They can set a price quote.
Q3: Why do I encounter "No enough available UTXOs" when trading in the OTC market?
For assets that cannot be transferred, it falls under the pre-trading category. You can think of it as futures trading. Both buyers and sellers need to deposit an equivalent amount of BTC into the multisig address. "No enough available UTXOs" means there isn't enough BTC in the address. So, just ensure there's enough BTC in the address.
Q4: If transfer is not possible, will I lose my deposit (collateral) after 48 hours?
Don't worry, you won't lose your collateral. For assets that cannot be transferred, platform will prompt "Waiting transfer function activation." We will start the delivery at a unified time.
Q5: Is the multisig address secure?
Bitcoin multisig is a mature technology. For any operation involving funds in the address, two out of three keys are required. These three keys are held by the buyer, seller, and platform. Usually, funds are released upon confirmation by the buyer and seller. The platform only intervenes in case of disputes.
Q6: How does OTC Market Pre-Trading work?
On SatsX OTC Market, users can buy or sell a particular asset before its official release. Sellers and buyers create orders and set quotes in advance. All transactions are denominated in BTC.
Q7: How do I complete the delivery?
To complete the delivery, you will need to ensure that your address holds sufficient assets before the settlement time. At settlement, please initiate a transfer in "My Order"
Q8: Can I complete the delivery to the buyer before settlement time?
No, delivery will only take place at the settlement time, even if you have prepared the assets beforehand
Q9: Is it possible to cancel orders once they are matched?
No, only incomplete orders can be canceled. Once an order is matched with a counterparty, it cannot be canceled.
Q10: What are the risks associated with Pre-Market Trading?
All trades carry risks, and Pre-Market Trading is no exception.
For sellers, failure to deliver tokens in full and on time will result in the loss of collateral for the order.
For buyers, if the seller fails to deliver tokens in full or on time, compensation and a refund will be provided. If the seller delivers on time, you'll get the tokens that you paid for.
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