What is YDX?

YDX is a semi-automated escrow service that enables the trading of supported cryptocurrencies through a dedicated Slack team: ydx.slack.com.

For details on how to get an invitation, please click here.

YDX has successfully escrowed over 3100 BTC. This new service will enable quicker and easier trades with no limits on the escrowed amount and no documentation required.

Supported Tokens


The following tokens can be traded to and from BTC:
IOTA - KMD - NXT - ARDR - ETH - GB - GBB - WAVES - WLC - SuperNET - PANGEA - DEX - DASH

Deposits


To deposit Bitcoin, type DEPOSIT followed by the amount of microBTC you with to deposit.
This step must be complete in the channel: #iota_btc

For example, to deposit 1 BTC:
   DEPOSIT 1000000

The bookkeeper will then provide further instructions - follow them exactly.
1 BTC = 1,000,000 microBTC.

IOTA Withdrawals


IOTA withdrawals are currently on hold until the release of the new IOTA software. There is no ETA for this other than “soon”. You can still buy IOTA and hold them here until withdrawals are available again.

2FA


Please can everyone that hasn't already add Two Factor Authentication! It is so easy to set up and is the most effective way to secure your funds. There is a simple guide to make the simple steps required even easier here: http://iotasupport.com/2fa.shtml

You can change your 2FA settings here: https://ydx.slack.com/account/settings/2fa_app

Here are some links to the Authy app:
https://itunes.apple.com/us/app/authy/id494168017
https://play.google.com/store/apps/details?id=com.authy.authy

Username Policy


All members must *not* change their username as this prevents the bot from correctly issuing commands related to your account.

Trolling


YDX does not censor people unless they are being personally insulting or have extremist views. This means that you need to take everything that is said with a grain of salt - people may try to manipulate you into buying/selling coins for their own advantage.

How it Works


  1. You send BTC or altcoin tokens to an address provided by @ydx.
  2. @ydx executes a command to deposit the amount to your balance tracked by @bookkeeper
  3. You buy/sell tokens as many times as you like.
  4. You send @ydx an address to withdraw the earned BTC/tokens
  5. @ydx adjusts your balance and sends real tokens to your address
  6. Trades are taxed with 0% fee.
  7. Deposits/withdrawals are charged with 1% fee (rounded up).
  8. Min amount of a deposit/withdrawal is 20'000 microBTC/100 tokens.
  9. For instructions on how to trade once you have your tokens credited, type "HELP" in the #iota_btc channel.
  10. Provide @ydx with a BTC and IOTA address so you can receive your funds in case the slack cannot be reached.
  11. For each deposit, a new address is generated. This is required so @bookkeeper can keep track of balances.
  12. Tokens and microBTC for fees are always rounded up. (1 unit for 2-100 units, 2 units for 101-200 units etc.)

Buying IOTA Example


  -Alice contacts @ydx and says "I want to deposit 50 BTC"
  -She sends 50 BTC to an address provided by @ydx
  - Once 50 BTC are confirmed, @ydx types "GIVE 49.5 BTC TO @Alice (1% fee included)
  -Alice's balance is increased to 49,500,000 microBTC
  -To see the current BIDs and ASKs, Alice types the following command in #iota_btc: ORDERS
  -She checks the orderbook and decides she would like to buy at 45 Miota per MicroBTC
  -Alice works out how many Miota she can buy with the following math: 49,500,000 / 45
  -The result is that Alice can buy 1,100,000 Miota
  -Alice types the following command in #iota_btc: BID 1100000 45
  -The trade goes through and Alice's balance now has 1,100,000 Miota

Deposit/Withdrawal Examples


  -Alice contacts @ydx and says "I want to deposit 50 BTC"
  -She sends 50 BTC to an address provided by @ydx
  - Once 50 BTC are confirmed, @ydx types "GIVE 49.5 BTC TO @Alice (1% fee included)
  --------------------------------------------------------------------------------------------------------
  -Alice contacts @ydx and says "I want to withdraw 200 Miota"
  -@ydx executes "TAKE 200 Miota FROM @Alice"
  -@ydx sends 198 Miota to Alice (1% fee included)

Important: you can choose any name on slack, only the @-names are unique.
Make sure that you are talking to @ydx!

Live IOTA Orders

Automatically updates every second.

Latest IOTA Trades

Automatically updates every second.

Get invited to YDX

If you need an invitation to join YDX, you have the following options:
  • contact @yassinnxt on the offical IOTA Slack
  • send yassin54 a message on Bitcointalk
  • send a DM on Twitter
  • you can ask an existing member to e-mail you an invite.

Referral Program

YDX has launched a referral program which allows you to receive 0.1% of the amount deposited and withdrawn by members who add you as their referrer.

Type "BALANCE" on #iota_btc to get instructions on how to add your referrer.