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How to Buy or Sell on Flux?

This guide will demonstrate a detailed description of Buying and Selling Cryptocurrencies using Flux in India

Buyer

A person wants to buy 1 Bitcoin(BTC) for Rs.5,00,000/- There are two possible cases to buy 1 Bitcoin. Let's discuss the case sets:

Case:1 Buyer finds a Sell Order in the Market at this price. A seller wants to sell 1BTC for Rs.5,00,000/-

  • Buyer picks up that particular order from the Market
  • The Seller's Order moves from Market to the "Locked Orders" section of both Buyer as well as Seller.
  • Before proceeding for payment details Buyer needs to confirm that She/He is "Ready to make Payment". Once confirmed the Buyer will be able to see the Payment details of Seller's Bank Account.
  • Then the Buyer makes Payment directly to the Seller's Bank Account before the Payment Time Window Expires.
  • After the Buyer transfers the amount of INR to Seller's Bank Account. The Buyer confirms the payment through Flux Platform.
  • Once the Seller receives the INR to Her/His Bank Account. The Seller also confirms that Payment has been made by the Buyer through Flux Platform.
  • After the confirmation of Payment from both Buyer and Seller. Seller's 1 Bitcoin(BTC) gets transferred from the Seller's wallet to Buyer's wallet on Flux.
  • Trade between both the parties gets executed successfully.

Case:2 Buyer doesn't find any Sell Order in the Market at this price.

  • Buyer places a Buy Order in the Market with Asset(Cryptocurrency) as Bitcoin Amount as 1 and Price as Rs.5,00,000/-
  • A Seller who is willing to Sell 1BTC for Rs.5,00,000/- picks up the Buyer's Buy Order and the Buyer get notified that Her/His order is picked.
  • The Buyer's Order moves from Market to the "Locked Orders" section of both Buyer as well as Seller.
  • Before proceeding for payment details Buyer needs to confirm that She/He is "Ready to make Payment". Once confirmed the Buyer will be able to see the Payment details of Seller's Bank Account.
  • Then the Buyer makes Payment directly to the Seller's Bank Account before the Payment Time Window Expires.
  • After the Buyer transfers the amount of INR to Seller's Bank Account. The Buyer confirms the payment through Flux Platform.
  • Once the Seller receives the INR to Her/His Bank Account. The Seller also confirms that Payment has been made by the Buyer through Flux Platform.
  • After the confirmation of Payment from both Buyer and Seller. Seller's 1 Bitcoin(BTC) gets transferred from the Seller's wallet to Buyer's wallet on Flux.
  • Trade between both the parties gets executed successfully.

Seller

A Person wants to Sell 1 Bitcoin for Rs.5,00,000/- There are two possible cases to sell 1 Bitcoin. Let's Discuss the case sets:

Note: In order to Sell Bitcoin or any other cryptocurrency on Flux the Seller first needs to deposit that particular cryptocurrency to the Flux Wallet

Case:1 Seller finds a Buy Order in the Market at this price. A Buyer wants to buy 1BTC for Rs.5,00,000/-

  • Let's assume that the Seller has transferred 2BTC to Flux Wallet. Now Sellers Flux Wallet has 2BTC.
  • The Seller picks the order from the Market and the Buyer gets notified that Her/His order is picked.
  • The Buyer's Order moves from Market to the "Locked Orders" section of both Buyer as well as Seller.
  • Seller's Wallet status is Available BTC : 1 | Onhold BTC : 1
  • Before proceeding for payment details Buyer needs to confirm that She/He is "Ready to make Payment". Once confirmed the Buyer will be able to see the Payment details of Seller's Bank Account.
  • Then the Buyer makes Payment directly to the Seller's Bank Account before the Payment Time Window Expires.
  • After the Buyer transfers the amount of INR to Seller's Bank Account. The Buyer confirms the payment through Flux Platform.
  • Once the Seller receives the INR to Her/His Bank Account. The Seller also confirms that Payment has been made by the Buyer through Flux Platform.
  • After the confirmation of Payment from both Buyer and Seller. Seller's 1 Bitcoin(BTC) gets transferred from the Seller's wallet to Buyer's wallet on Flux.
  • Trade between both the parties gets executed successfully.

Case:2 Seller doesn't find any Buy Order in the Market at this price.

  • Let's assume that the Seller has transferred 2BTC to Flux Wallet. Now Sellers Flux Wallet has 2BTC.
  • Seller places a Sell Order in the Market with Asset(Cryptocurrency) as Bitcoin Amount as 1 and Price as Rs.5,00,000/-
  • Seller's Wallet status is Available BTC : 1 | Onhold BTC : 1
  • A Buyer picks the order from the Market and the Seller gets notified that Her/His order is picked.
  • Before proceeding for payment details Buyer needs to confirm that She/He is "Ready to make Payment". Once confirmed the Buyer will be able to see the Payment details of Seller's Bank Account.
  • Then the Buyer makes Payment directly to the Seller's Bank Account before the Payment Time Window Expires.
  • After the Buyer transfers the amount of INR to Seller's Bank Account. The Buyer confirms the payment through Flux Platform.
  • Once the Seller receives the INR to Her/His Bank Account. The Seller also confirms that Payment has been made by the Buyer through Flux Platform.
  • After the confirmation of Payment from both Buyer and Seller. Seller's 1 Bitcoin(BTC) gets transferred from the Seller's wallet to Buyer's wallet on Flux.
  • Trade between both the parties gets executed successfully.