There is an excellent review online about XBTS that you can read here https://bitcoin-trading.io/exchanges/xbts-crypto-exchange-review
It was very well written in depth review of the XBTS platform, however, I took a little issue with one of the "cons" which was, the ability to deposit only in cryptocurrencies. There is an amazing unique way to take your fiat exchange it for real sound money and send it right into your XBTS wallet. This can be done via UPMA and their partnership with Quintric. I have been personally using this method of exchanging fiat for gold and depositing into the XBTS exchange for over a year versus the traditional way of dealing with coinbase primarily. I will present a step-by step-guide here of how to accomplish this task showcasing XBTS' unique features. I have also created a 7 minute video that delves into further details, I will link at end of the steps.
STEP 1
Set up a UPMA (United Precious Metals Association) account sign up here: https://member.upma.org/#/signup
Note: When you set up your account , you will now have the ability to deposit fiat in exchange for either Gold dollars, Silver dollars, or Goldbacks.
STEP 2
- Once you have set up your account, you will go to the drop down menu and select "my profile" , from here you will see a tab for "external accounts" and you will link your Bitshares wallet right here. How cool is that!?
STEP 3
- In order to make a deposit, you will go to the drop down menu and select "deposit" , you will be able to make a purchase of either Gold or Silver dollars or Goldbacks.
- Note: You will receive an email shortly after requesting to make a deposit. The email will notify you that your invoice will be ready within one business day.
- So the next day when you receive your invoice via email you can finish your transaction. You will see your transaction pending for a day or two, then you will see your deposit reflected in your account.
- BIG NOTE HERE you have to wait 10 business days before you transfer your Gold dollars into your Bitshares wallet. This is just how it works. This is a professional serious entity and vaulting service, they are not playing games, we are talking 100% reserves. Unlike the over-leveraged fractional reserve clown show we have otherwise seen in most of the finance world.
STEP 4
First things first, make sure your BitShares Account is verified with UPMA. You can do this by selecting My Profile --> External Accounts --> click on the prompt to verify, the process will entail a transfer from your BitShares account with a small amount of BTS to the Quintric-Trust BitShares account.
After 10 business days you can now transfer, Go to the drop down menu, select "transfer" In the first field you will select the arrow and Quintric Trust will appear, select it, the second field is the amount you choose, then hit transfer funds.
Now the magic happens, your physical Gold Dollar will auto-convert to the Quint token and be available in your BitShares wallet. This token is a 100% physical backed cryptocurrency, as you can transfer it back to your UPMA account and it will auto-convert back to physical bullion in your account.
Step 5 (Sending Quint from BitShares back to UPMA account)
NOTE: Gold and Goldback transfers are working 100% fast and secure, but Silver is currently having technical difficulties. So stick to transferring Gold and Goldbacks for now, I will update ASAP when Silver gateway is 100% functional
- In your BitShares wallet go to your Quint token and click transfer, you will send to Quintric-Trust, you will see your Quint token auto-convert back to physical gold and be reflected in your secure UPMA account!
BIG NOTE : UPMA has an amazing customer service team should you have any questions or issues, you can contact them at info@upma.org They can handle any and all issues, should they arise. You can also reach out to XBTS and BEOS teams for help in the respective telegram groups linked below.
That's it folks ! Some really amazing technological developments that have gone largely unnoticed amidst all of the madness in the world and the crypto space in general.
So how awesome is XBTS! You can ditch coinbase and ditch your fiat today, and join the sound money crypto revolution! You can trade and stake Quint and Goldbacks in the XBTS DeFi AMMob with pairs like BTS and BEOS readily available. Note that the Silver Dollar (QuintS) pair is coming soon. So if you want to swap around you should buy Gold dollars and/or Goldbacks for now.
Here is the link to the 7 minute video I mentioned earlier that delves into some more details and information https://tv.gab.com/channel/highprsssuresteam/view/physical-gold-silver-goldback-backed-cryptocurrency-6265d5b41b35a47c8ecc8453
A special shout out is of course due to UPMA and the Quintric team of Michael Taggart and Stan Larimer for making this possible. You can learn more at https://quintric.com/ and/or the Telegram group page for BEOS https://t.me/officialbeos As well as a special shoutout to Europa and the top notch team with XBTS ! Follow them on their Telegram page as well https://t.me/xbtsio
Amazing development and progress so far, and the best is yet to come!
Disclaimer: Please be advised that I own a diverse portfolio of cryptocurrency assets, and anything written or discussed in connection to cryptocurrencies– regardless of the subject matter’s content– may represent a potential conflict of interest. I wish to remain transparent and impartial to the cryptocurrency community at all times, and therefore, the content of my media are intended FOR GENERAL INFORMATION PURPOSES ONLY. Nothing that I write or discuss should be construed, or relied upon, as investment, financial, legal, regulatory, accounting, tax or similar advice. Nothing should be interpreted as a solicitation to invest in any cryptocurrency, and nothing herein should be construed as a recommendation to engage in any investment strategy or transaction. Please be advised that is in your own best interests to consult with investment, legal, tax or similar professionals regarding any specific situations and any prospective transaction decisions.