That is correct! When you transfer funds from Personal > Trading, you are establishing the trading channels and calling the corresponding smart contracts to allocate the funds. As this happens on the blockchain, moving data requires a network fee.
This is also true for transactions from Trading > Personal. Fees are paid from your personal account, hence why you need some ETH in your personal account if you want to move ETH from Trading > Personal.
We cannot just change any number in the “database” as a CEX can do.
On a CEX, you transfer funds from your main wallet to the CEX and start trading. Your main wallet is your external wallet.
On Nash, your portfolio wallet can be your main wallet instead of an external wallet. You can safely keep your funds in your non-custodial wallet, and only pay fees when you want to trade some of the coins held in your wallet.
In both cases, on a CEX or Nash, you pay a network fee when moving funds from your personal/main wallet to your trading/CEX wallet and when moving funds back out.
Please be aware that this is a network fee of the blockchain you transact on and not a Nash fee.
I hope I was able to shine some clarity on this! Feel free to contact me if you need further info.
If you prefer to access your funds through your favorite mobile/desktop wallet, that is possible in many cases!
When you transfer funds to your Nash account, you don’t transfer your funds to Nash. You transfer them to a wallet created on our platform. A wallet you are the owner of, not Nash, as you control the private keys/secret words.
You can import those keys in a supported wallet, and have access to your non-custodial wallet from your phone. In this case, it is easier to see your Nash wallet as a primary/external wallet you are more familiar with.
I just wanna point how new concept this is. i understand how it’s work. i am big Nash supporter and investor. I will be hard to explain new people that comes in that only Nash trading wallet is “exchange wallet” and personal i one user controls. This is whole new concept in crypto world and this is why i am here. keep up the work guys. We all wait BTC pairs
We’re all in agreement here! The funds manager is a powerful idea and it will get more interesting as Nash supports more wallet types.
I agree that for someone not familiar with Nash, it’s a pretty new concept. And we’re so accustomed to everyone saying “don’t leave your crypto on exchanges” that one might move their funds back out of the personal account to an “external” wallet after having traded.
Note that it’s also unpleasantthe first time you use Nash, since you have to pay network fees twice: once from your external wallet, then again from your personal account to your trading account.
I therefore have 2 suggestions (not the first one to make those, I know):
Make it possible to transfer from an external wallet directly to your trading account
Allow choosing between Normal | Fast | Very fast in network fees in some advanced settings of any transfer
We always appreciate useful feedback @Oldsport, thank you! Various things are subject to change on our MVP. We are actively listening to the needs of the community and gather many good suggestions we encounter
This kind of confusion that I am seeing repeatedly is why I have always been against the Trading account term, people wanting keys for it, or transfer to it. It is not an actual account, it is calling functions on a smart contract, so you cannot simply open a wallet and send to an address. We will fix this cognitive dissonance.
i suggested that above but was stupid suggestion really
unless that external address is listed in Nash’s sc’s then a channel cant be opened.
… but if that was the case it wouldnt be considered an external address :)
Thanks for the clarification Fabio. I just noticed this image and indeed saying “Trading account” makes you wonder why you can’t go directly from External to Trading.
We already decided to make this exact change, which should be deployed soon. There are couple of other UI tweaks lined up that should clarify the process in the short term.
In the slightly longer term, we have other ideas on how to make interacting with the contract totally seamless and more accessible for inexperienced users.
Nash should be promoted as “most secure” Exchange/Bank in the world once all is in its place. All this stuff is super technical for the avg Joe. Nobody really cares about it…needs to be communicated by plenty of Blogs & News sites while also building offsite SEO.
In my opinion the key would be to show the community how can we move funds back from the smart contract (called trading account) to our personal account without using the nash platform.
That would give anyone FULL control of our funds .If that is going to happen then it can be a massive game changer.Otherwise if we are unable for any reason to use the nash platform (maintenance,login problems by loosing the mobile with your google authenticator, etc…) then we are not in control of our funds when they are in the bad called trading account and if we cannot change the smart contract to get our funds back to our personal account .
Not sure how the smart contract works, Does it work in any blockchain (Neo,ETH,Eos,…) Nash is going to use only NEO blockchain for the smart contracts?
Is Nash thinking to build something to manage this outside the Nash platform just for security reasons?
