OTC transactions are particularly advantageous when it comes to large volumes, especially in the crypto market
The term OTC has a special meaning for exchanges and in the crypto market in general. Find out why and how to access Young Platform’s OTC Desk.
OTC: what is it?
The meaning of OTC is Over-the-Counter and refers to financial transactions that take place directly between the parties involved, outside aregulated or public market. These transactions are not executed on the market of an exchange, but take place privately between counterparties. OTC transactions commonly occur in the equity, bond, derivatives and currency markets.
In them, there are two parties involved: the buyer and the seller. These parties negotiate directly with each other or through intermediaries such as banks, dealers or brokers.
The parties agree on the terms of the transaction, including price, quantity, maturity date (if applicable) and other relevant terms. The negotiation may be conducted verbally, by telephone, by e-mail or through a dedicated platform.
Even if OTC transactions take place outside a regulated market, they are still subject to the general financial regulations in force in their country.
The advantages of OTC in the crypto market
In the case of the crypto market, OTC trading has particular advantages. These mainly concernliquidity.
This type of service is often used by institutional investors, high-volume traders and individuals who wish to trade significant amounts of cryptocurrencies outside of the open exchange market. In general, we are talking about amounts over EUR 50,000.
Trading such figures on an exchange, in fact, can bring disadvantages to both the trader and the rest of the market participants.
Being a relatively illiquid market compared to financial instruments, large-volume transactions in crypto can create excessive volatility. These momentary price spikes could cause price slippage for other traders or even give false trend signals (bull traps).
Furthermore, there is usually not enough liquidity available on an exchange to fill a large order at a single price. In fact, in order to execute a large order, the exchange must take the bids (or asks)in the order book, in ascending order of price, and add them up to the desired amount. If the latter is excessive, the order may even be only partially executed, or it may not be allowed.
Young Platform’s OTC Desk
Young Platform’s OTC service is aimed at all investors or entrepreneurs who want to buy or sell large quantities of cryptocurrencies.
Our customers’ needs are not only for trading: we have business accounts that want to diversify their business liquidity, or convert large payments received into euros. A particular example of this might be a capital increase in cryptocurrencies. Since this has to be notarised in fiat, it needs to first be converted.
Our OTC Desk offers:
Over 70 pairs, both crypto-fiat and crypto-crypto
Transactions from €50,000 upwards, with no limit in amount
1-to-1 contact by telephone
How does an OTC transaction work?
Contact the team by email;
You will receive instructions on how to access the Desk;
Our OTC Desk will propose a price and the hypothetical countervalue you will receive. The offer lasts for one minute, within which you can accept or decline and wait for a new proposal;
As soon as you accept a price, the order will be set and the corresponding amount will be credited to your Young Platform account.
It is also possible to set up limit orders on demand and request support for transfers or other operations related to the main one.
Two new spaces dedicated to the Young Platform community have arrived. Here are the new Telegram and WhatsApp channels
In August 2022, Young Platform’s official Discord server was launched and from then on we started using the Telegram group as just a channel. Today, due to the large number of malicious actors who are trying to scam our users, we have decided to create a new member space within the messaging app.
Why a new Telegram channel?
The main reason that led us to make this decision is related to the increase in reports of attempted scams against our users. As of today, malicious actors can view phone numbers and then contact members in private.
Young Platform’s new Telegram channel solves this problem. It is to all intents and purposes a channel (and not a group where admins are the only ones who can post) and so the username and phone number of the members are hidden. This way, nobody can contact them and trick them through practices such as phone phishing or smishing.
We would like to point out that the Telegram group you have been using to read the news, announcements and analyses up to now will be DEFINITELY CLOSED in a few weeks. We therefore invite you to join the new one, so that you can follow all updates safely.
The messaging app recently introduced Whatsapp Communities. These are larger and more articulated discussion groups than those normally used to communicate with friends or family. This new type of channel allows administrators to connect related groups in one virtual place.
Young Platform’s WhatsApp group will, for now, serve the same purpose as the Telegram channel. It will only be one more option for those who want to stay up-to-date and will not be able to send messages but only read them. One more way to learn about all the news concerning our ecosystem and the crypto world.
The main space dedicated to our community will remain the official Young Platform Discord server, which has recently been completely redesigned. We want to focus the discussion on Discord because we believe it is the perfect place to encourage participation and dialogue between us and our users.
The messaging app, thanks to the almost infinite number of integrations it allows, is perfect for architecting gamification logics that make the user experience more fun. If you haven’t joined our server yet, we recommend you do so, it’s worth it!
Bot Only Euro: the solution for companies that want to receive crypto payments without worries
Young Platform has developed a number of crypto services dedicated tocompanies and businesses, one of which is BOE, Bot Only Euro. With this automated functionality, companies receiving cryptocurrency revenues can automatically convert these into euros and thus simplify their operations.
A new revenue stream: crypto
More and more companies are accepting payments in cryptocurrencies, either because of the needs of their customers, who often demand to be able to spend their crypto-assets, or for internal predisposition. Indeed, some even choose to diversify their liquidity with cryptocurrencies, or include them in their investment portfolios. Consequently, accepting payments in crypto does not become a problem, but a plus.
There are numerous businesses to which the Bot Only Euro is dedicated, just think of import-export. Accepting Bitcoin and other virtual currencies can make international trade cheaper. If, for example, a partner company is based in a non-European country, where the currency has an inconvenient exchange rate, or whose banking system is inefficient, payment on blockchain cancircumvent these obstacles.
Payments on blockchain are instantaneous, traceable, global, andtherefore not limited by the banking or monetary system of the country in which one operates.
Moreover, on blockchain there is also the possibility of using cryptocurrencies with a stable price pegged to the dollar (thestablecoins), avoiding excessive volatility.
There is another frequent case of cryptocurrency adoption by companies: NFTs.
In 2020, the trend of Non Fungible Tokens was all the rage. These are blockchain-based digital objects that can represent works of art, collectibles or certificates. Thus, many brands and artists started to create their own collections: from fashion houses, to singers, to video games, these tokens have become a must-have for any entertainment brand identity.
But what does this have to do with cryptocurrency payments?
NFTs in most cases are purchased with cryptocurrencies, which go to the author, i.e. in this case the company or artist. In addition, they can generateroyalties, as they secure copyright on the blockchain and the corresponding remuneration for the use of the artwork.
Consequently, any company that issued one or more NFTs could receive payments and revenues in cryptocurrencies.
These are just a few cases, but the development of Web3 holds many new scenarios, which we have yet to imagine.
Young Platform’s Bot Only Euro
Due to the success of the crypto and NFT market, the need to create support services for companies that want to seize these opportunities has emerged.
This is why Young Platform first introduced the Business Account on its exchange, so that any company can buy or sell crypto. To receive cryptocurrency payments on the Young Platform account, any company can simply share itswallet address with the customer. To generate your address you just need to initiate the deposit process.
Once you start receiving cryptos, however, you have to take into account that they vary in price and may therefore lose or gain value over time. As a result, they may complicate business accounting, and you may also have to pay taxes on them depending on your country’s regulation.
Because of this, many enterprises prefer to convert the cryptocurrencies they receive into euros, so that they also have more liquidity and can reuse it for operational expenses.
The BOE (Bot Only Euro) service does exactly that: every payment received on the company account is automatically and immediately converted into euros at the market price. The solution is flexible: you can select which cryptocurrencies toconvert automatically, leaving open the possibility of not converting all of them.
Activating the BOE feature on cryptos avoids the fluctuation of their value, no capital gains or losses are generated, and consequently no incometaxes are required to be paid on these crypto-assets (but be sure to check your country’s tax law). It also speeds up operations, as there is no need for manual sales transactions.
The advantages of the Only Euro Bot are plain to see! Find out how to activate the functionality by contacting the Business Services team now at [email protected].
Everything you need to know about the GMX crypto to decide whether and how to buy it!
The GMX crypto is available on Young Platform for purchase, storage and sale.
After dYdX (DYDX) comes the token of the most widely used decentralised application (dapp) in the DeFi’s derivatives sector. Find out all about GMX and assess whether this crypto is right for you!
GMX: all you need to know
GMX is a decentralised exchange for derivatives trading. On this platform, you can trade perpetual futures with up to 50x leverage. GMX was initially launched on the Binance Smart Chain under the name Gambit Financial, but later changed its name and migrated to Arbitrum, Ethereum’s most widely used Layer 2. Since the beginning of 2023, it has also been available on Avalanche, the blockchain founded by Emin Gün Sirer.
GMX has destroyed its competition, becoming the most widely used derivatives protocol. It is also the most popular dapp on Arbitrum and 22nd in the global ranking. The token of the same name is required to participate in the project’s governancedecisions but also allows those who stake it to receive a share of the platform’s earnings.
How to use GMX on Young Platform?
Here are all the features available for GMX on Young Platform and Young Platform Pro:
Buying and selling with EUR
Recurring purchase
Depositing from another wallet or sending via the Arbitrum network
Creating a Single Currency or Customised Money Box
All information on the DYDX crypto to decide whether and how to buy
As of today, the crypto of dYdX (DYDX) is available on Young Platform for purchase, storage and sale, however and whenever you want.
Read the short profile of this DeFi token to find out if it is right for you and see all the ways to use it on Young Platform!
DYdX: all you need to know
When we talk about dYdX, we’re definitely in DeFi territory: it is the first decentralised exchange dedicated to derivative instruments.
The first version was launched back in 2017 and was an immediate success, attracting the biggest investors inthe industry, including a16z and Polychain capital.
Its token also featured in one of the largest crypto airdrops in 2021. DYDX is an ERC-20, and is used both for voting in project governance, staking, but also for obtaining discounts on DEX fees.
In the last period, dYdX faced competition froma similar service on Arbitrum, GMX, which took its place at the top. However, the launch of version 4.0 ofthe protocol, which includes migration to a native blockchain and complete decentralisation at the technical level, is imminent.
Decentralisation at governance level is also planned in the near future, with the implementation of aDAO to replace the Foundation.
How to use DYDX on Young Platform?
Here are all the features available for dYdX on Young Platform and Young Platform Pro:
Buying and selling with EUR
Recurring purchase
Deposit from another wallet or send via the Ethereum network
August is coming and you still don’t know where to go on holiday? Discover WeRoad trips with Club Benefits!
Planning holidays at the last minute is never a good idea. Luckily, Young Platform can save your holiday with WeRoad trips!
What is WeRoad?
As well as being one of the most important Italian Tour Operators, also present in France, the UK, Germany and Spain, WeRoad is the largest community of travellers in Italy.
Forget the old agencies that print your tickets by fax, crumpled brochures or buses full of tourists: with WeRoad you book and manage your entire trip online!
On WeRoad you find trips for curious and adventurous spirits, who want to discover the world with new people and an experienced travel coordinator without having to worry about the organisational side.
How does the benefit work?
Thanks to the partnership with Young Platform, Club members can enjoy a unique advantage on WeRoad travels.
This is a coupon that can be used for 3different trips, the value of which varies depending on the Club:
The report for the second quarter of the YNG token, featuring an in-depth look at the Clubs and the latest news!
In June, the Young (YNG) token celebrated its first anniversary. What happened in the last quarter? How many tokens were issued, bought, and sold? What goals have we achieved, and what are the next steps? You can find a comprehensive overview in this report, prepared in early July 2023.
Numbers of Young Platform Clubs
YNG is Young Platform’s utility token, granting access to the Clubs: subscription plans offering exclusive benefits to our most dedicated supporters.
Currently, the Clubs include 1525 people overall, distributed as follows:
1099 in the Bronze Club;
220 in the Silver Club;
133 in the Gold Club;
73 in the Platinum Club.
To join a Club, it is necessary to lock a certain amount of YNG on the Young Platform exchange. For this reason, the number of members provides relevant data regarding the token distribution. In other words, the more people join a Club, the lower the selling pressure on YNG, as a greater quantity of tokens is locked. What is the main consequence? Greater price stability for YNG. Compared to the last report, Club membership has grown by 12%.
Distribution of the YNG Token
The number of YNG tokens in circulation at the end of March was approximately 22 million. The circulating supply at the beginning of July amounts to around 22.7 million, indicating a net increase of about 700,000 tokens, or 3.1%.
These tokens have been distributed through the Young Platform Step app in various ways:
15,840 through Quizzes won;
400,157 through completed Quests;
270,250 through Up&Downs won.
The YNG token market is managed through an algorithm that determines the exchange rate using two underlying liquidity pools, one in EUR and one in YNG. Initially, these pools contained:
1 million Euros;
4 million YNG.
Considering the token sales and purchases managed in previous months, the pools contained the following at the beginning of July 2023:
695.3K Euros;
6.01 million YNG.
This configuration is the result of purchases and sales made during the first quarter, summarized below along with the price trend:
Achieved Goals and Next Steps
We have accomplished numerous goals in this second quarter. We released the Fiscal Report in Italy, a tool that greatly simplifies the tax declaration of crypto assets. The new version of Step has arrived, and we have resumed listing other cryptocurrencies on our exchange. Additionally, we have completely revamped our Discord server and are about to release new benefits in the form of coupons. The spoilers end here; discover in detail all the goals we have achieved during this quarter and what lies ahead in the next.
Discord
Our Discord server was initially created primarily as an assistance channel, but given the tremendous potential of the platform, we have decided to completely restructure it. For a few weeks now, the Young Platform Discord server has been dedicated to our community. The keywords of the new version are simplicity, discussion, and gamification.
Users who are already on the server may have noticed the presence of a leaderboard, ranking server members based on their XP (experience points).
To earn experience points, for now, you can:
Participate in conversations;
Assist other users;
Post memes on the dedicated channel;
Guess the survey answers.
But we have many other ways in store to earn XP, including:
Winning meme contests or quizzes;
Interacting with our social media content;
Inviting friends to join the server.
Now, let’s get to the most interesting part and answer the main question: what is the purpose of this ranking? We will use the leaderboard to reward the most active users of the server, those who are most committed to growing our ecosystem.
Some of the rewards that may arrive during this quarter include:
YNG Airdrop;
One month of free Club membership;
Exclusive merchandise.
But the surprises don’t end there! We are creating an exclusive Discord role for Club Platinum members. In case you are unfamiliar with it, the role is like a pass that allows access to normally invisible sections. Thanks to this status, you can use the dedicated channel to communicate directly with our team and other major supporters of Young Platform.
Twitter
Twitter will become the primary social platform for promoting the YNG token. It will be the place where we strengthen collaboration with prominent industry members who already support us and establish new collaborations. Additionally, we are implementing an automatic reward system (connecting Twitter and Discord) to reward users who help us grow on the platform.
We post daily content and memes on our Twitter profile. Don’t forget to follow us!
Buyback
Buyback operations to incentivise the YNG token exchange will begin next week! Two different types of interventions will be executed. The first will be a “one-shot” repurchase operation aimed at balancing the amount of EUR allocated to the pool. The second is a mixed operation involving periodic token repurchases.
Through the first buyback, which will last four weeks, four weekly purchases of €15,500 will be made, totalling €62,000. Immediately after, we will place a limit order to use the remaining half. We have planned this type of buyback to support the price achieved through the first purchase and avoid the pump and dump phenomenon. If, at the end of the week, the limit order is not completed 100%, we will market buy the remaining token portion to complete the operation.
A portion of the tokens repurchased will be used to finance campaigns aimed primarily at rewarding the community and its most active members.
Fiscal Report
In May, we introduced the “Fiscal Report” feature for Italy, which simplifies the declaration of capital gains and losses by providing the document for tax filing in PDF format. The Fiscal Report was developed in collaboration with Taxtris.
The New Version of Step
The release of the new version of Step, which we have been working on since last year, is closely tied to the future of our token. This update, through new token issuance methods, will gradually reduce the selling pressure on YNG, which is already much milder compared to the post-launch period.
Airdrops & Coupons
In the third quarter of 2023, other incredible benefits will be available to Club members in the form of coupons. The announcement of the first collaboration is imminent (presumably next week), so follow our blog and social channels.
Another goal we have is the redistribution of Young tokens repurchased through the Buyback. This will also be achieved through airdrops designed to reward members of our community.
Token tracking (CoinMarketCap and CoinGecko)
In this quarter, we have continued to prompt CoinMarketCap and CoinGecko every week. This activity has yielded some results, although to a lesser extent than expected. We are currently listed as an exchange on CoinMarketCap, while the YNG token appears on CoinGecko, although trade volumes are not available for both pages at the moment. We are in contact with the respective teams and believe it will be possible to complete this activity by the end of this quarter.
YNG Listing
Thanks to the initiatives that have allowed us to mitigate selling pressure, we are evaluating listing our token on other exchanges. As mentioned in the previous report, we have engaged with several centralized exchanges. However, we do not expect to conclude this activity before the end of the quarter because we are simultaneously considering entering the decentralised market (DEX).
Earning Wallet
The Product team is working on the new version of the “Earning Wallet” feature, as The Product team is working on the new version of the “Earning Wallet” feature, as previously mentioned in our last report. Our goal is to provide a decentralised solution so that we can manage the service without the help of intermediaries or external providers. The technology solution to be integrated has already been identified; however, the implementation timeline is dependent on the outcome of regulatory bodies, namely the AdE (Italian Revenue Agency), which evaluates the tax and regulatory aspects, and the CONSOB (Italian National Commission for Companies and the Stock Exchange), responsible for implementing the Fintech decree.
You can now buy Optimism (OP) on Young Platform! Here’s all you need to know
On Young Platform and Young Platform Pro comes Optimism (OP), available immediately for purchase, custody and sale.
We continue the summer listings with another Ethereum Layer-2 project (the first was Arbitrum). So let’s see what you need to know about Optimism, and how you can use it on Young Platform.
Optimism (OP): all you need to know
Let’s start with a bit of history: the idea of building Optimism was born within the ETH community, and even more precisely by collaborators of the Ethereum Foundation. It was in this environment that the members of the first core research team met. These are the people who invented the optimistic rollup.
In fact, this is the first protocol to use these rollups to execute Ethereum transactions in a fast, convenient, congestion-free manner, in a word: scalably.
OP is thenetwork token with which you can participate in thegovernance of the project. In other words, if you have OP you can contribute to decisions on Optimism updates and the use of community funds, using tokens to vote.
In concrete terms, what are the main advantages ofusing Optimism (OP) for you?
Transferring OP and other ERC-20 tokens via the OP Mainnet instead of the Ethereum network will cost you less, especially at times when the latter is particularly busy.
You can use the main Dapps built on Ethereum (and others) while spending much less for token swaps or other transactions
If you do not like something about Optimism, you can use OP to propose and vote for changes to its ecosystem. You have the right to speak up!
How to use Optimism (OP) on Young Platform?
Here are all the features available for Optimism (OP) on Young Platform and Young Platform Pro:
ARB, the Arbitrum token, is now available on the Young Platform exchange! Here is all the info you need
As of today, the Arbitrum token (ARB) is available on Young Platform for purchase, custody and sale, whenever you want.
Yes, we’re finally resuming with new listings! We’ve chosen to start things off with ARB, a token that was recently launched and has been enthusiastically received by the crypto community in recent months.
Learn all about this cutting-edge project, what its benefits are and how to use it on Young Platform.
Arbitrum (ARB): the benefits and use cases
Arbitrum (ARB) is a project created to increase the scalability ofEthereum, and is built on top of the latter. This means that with its Layer 2 blockchain it is possible to carry out all the activities that are normally carried out on Ethereum, such as sending transactions or using decentralised applications, but in a cheaper and faster way.
Similar projects to Arbitrum (ARB) are Polygon (MATIC) and Optimism (OP), also Ethereum Layer-2s. Although Polygon has a very strong market capitalisation and innovation capacity, Arbitrum has a higher TVL, i.e. value locked on the chain (at the time of writing). Compared to Optimism’s token, on the other hand, ARB immediately ranked higher on the market, as well as for TVL.
Arbitrum bases its security system on Ethereum and is highly compatible with its applications, programming languages and smart contracts. This is why it has enormous adoption potential and already demonstrates high volumes: on the one hand, it is very easy and convenient for developers already familiar with Ethereum to switch to Arbitrum and thus enrich its ecosystem of services; on the other hand, crypto users using its network save on all transactions and can use a large number of apps with agility.
The advantages ofthis blockchain are clear: low fees, speed and flexibility. Let’s see now how to use the ARB token.
The main purpose with which it was launched in March 2023 is governance. It can be used to vote on decisions about the future of the project, such as protocol updates, use of the treasury and more.
The way this governance token works is simple: the more ARB tokens you have, the more power your vote will have, and you can delegate your tokens to allow other people to vote.
This is possible because, along with the ARB token, a DAO was also established to begin decentralising themanagement of the ecosystem, which was previously in the hands of just Offchain Labs and the Arbitrum Foundation.
Let us now see for which operations Arbitrum (ARB) is available on Young Platform.
How to use Arbitrum (ARB) on Young Platform?
Here are all the features available for Arbitrum (ARB) on Young Platform and Young Platform Pro:
Do you have any doubts or questions about the new Moneyboxes? Here’s a summary of what’s new, straight to the point!
You can find all the important information in the official announcement about the Moneyboxes, but if you missed any details or want more, here is a list of possible questions and their answers.
What does the promotion on Moneyboxes consist of?
Until 30 June, purchases via Bundles are free of charge: this means that you pay no purchase fees for both recurring and one-off purchases made to top-up the Bundles.
The discount does not apply to Single Coin Moneyboxes.
If you already have a discount on purchases, they cannot be added up.
Why has the balance of my old Moneyboxes been reset?
In order to implement the new Moneyboxes, some changes had to be made to the existing Moneyboxes.
If you had a Moneybox with an associated active recurring purchase, the balance set aside until 4 May 2023 was transferred to the Spot Wallet of the respective cryptocurrency. The Moneybox remains active, as does the associated recurring purchase. Recurring purchases will restart at the set frequency.
If you had a Moneybox without an associated recurring purchase, the total balance of the Moneybox was transferred to the Spot Wallet of the respective cryptocurrency and the Moneybox was closed.
What has changed from the old Moneyboxes?
The main change is the possibility of building a Moneybox containing more than one cryptocurrency. The possibility of including only one, however, is still available with the ‘Single Coin Moneybox’.
Which cryptocurrencies are compatible with the Moneybox?
Bitcoin (BTC)
Ethereum (ETH)
Young (YNG)
Ripple (XRP)
Cardano (ADA)
Polygon (MATIC)
Dogecoin (DOGE)
Polkadot (DOT)
Uniswap (UNI)
Decentraland (MANA)
The Sandbox (SAND)
Aave (AAVE)
Chainlink (LINK)
Litecoin (LTC)
Avalanche (AVAX)
Axie Infinity (AXS)
Basic Attention Token (BAT)
Solana (SOL)
Pax Gold (PAXG)
Fantom (FTM)
Arbitrum (ARB)
Optimism (OP)
What are Curated Bundles?
Curated bundles are ready-made mixes of cryptocurrencies, united by structure and application of the associated crypto projects.
The available Curated bundles are the following:
Web3 (DOT, LINK, UNI, BAT, MANA)
Metaverse (SAND, MANA, AXS)
PoW (BTC, LTC, DOGE)
Smart Contracts (AVAX, ADA, ETH, DOT, MATIC)
DeFi (AAVE, UNI, LINK)
Popular (BTC, ETH, YNG, XRP)
Artificial Intelligence (NEAR, RNDR, GRT)
How many Moneyboxes can I create?
Single Coin Moneybox: 1 per available cryptocurrency
Curated bundle: 1 per type
Bespoke bundle: no limits
How many cryptos can I put in one Bespoke bundle?
2 to 5.
How do I decide the percentages to be allocated to each cryptocurrency in the Bespoke or Curated bundles?
There is no one-size-fits-all method: study the cryptocurrencies you choose to put in, their risk and return, and how much you are willing to spend on each. If in doubt, you can always choose Single Coin Moneyboxes.
How do you create a Curated bundle?
Access the Moneyboxes section;
Press the green ‘+ New Moneybox’ button;
Select ‘The Curated Bundle’;
Choose the bundle you prefer;
Select the percentage that each cryptocurrency will occupy within the new bundle;
An indication of the minimum amount to be respected will appear, remember it for the next steps;
Choose the frequency of recurring purchase;
Select the payment method for recurring purchase;
Enter the amount of the recurring purchase, respecting the minimum amount specified previously. The amount entered will be distributed over the different cryptocurrencies according to the percentages you specified previously;
Press ‘Moneybox Preview’ and check that all details are correct;
Press ‘Create Moneybox’ to confirm and proceed with the first purchase.
How do you create a Bespoke bundle?
Access the Moneyboxes section;
Press the green ‘+ New Moneybox’ button;
Select ‘The Bespoke Bundle’;
Select the cryptocurrencies to be included
Proceed by clicking on ‘Set Distribution’.
Select the percentage that each cryptocurrency will occupy within the new bundle;
An indication of the minimum amount to be respected will appear, remember it for the next steps;
Choose the frequency of recurring purchase;
Select the payment method for recurring purchase;
Enter the amount of the recurring purchase, respecting the minimum amount specified previously. The amount entered will be distributed over the different cryptocurrencies according to the percentages you specified previously;
Press ‘Moneybox Preview’ and check that all details are correct;
Press ‘Create Moneybox’ to confirm and proceed with the first purchase.
What payment methods can I use to create Moneyboxes?
You can top up your Moneybox via Young Platform’s EUR Wallet or by payment card.
What is the minimum amount with which I can create a Moneybox?
Single Coin Moneybox: 20€
Curated bundle and Bespoke bundle: variable according to the cryptocurrencies chosen and their minimum amount. It will be indicated when the chosen cryptocurrencies are distributed.
What is the maximum amount I can put in a Moneybox?
The maximum amount that can be selected for a single or recurring purchase is 250€, however the total balance of the Moneybox has no limit.
How do you edit a Moneybox?
Changing the recurring purchase: from the relevant Moneybox page you can change the recurring purchase by deactivating and reactivating it.
Adding or removing cryptocurrencies: from the relevant Moneybox page, press the ‘Transfer’ button
Changing percentages, cryptocurrencies or other changes: from the relevant Moneybox page, deactivate the recurring purchase, then go to the Moneybox settings by clicking on the wheel icon and close the Moneybox to reopen it with the desired settings.
How do you close a Moneybox?
From the relevant Moneybox page, deactivate the recurring purchase, then go to the Moneybox settings by clicking on the wheel icon and confirm deletion.
What happens if I close a Moneybox?
The cryptocurrencies contained in the Moneybox will be moved to the Spot Wallet. They will neither be sold nor converted.
Is recurring purchase activation compulsory?
Activation is automatic when the Moneybox is created, but you can deactivate it whenever you wish. Simply go to the specific Moneybox page and click on the tick next to ‘Recurring Purchase’ and confirm to deactivate it.
What is the difference between Moneyboxes and recurring purchase?
Recurring purchase is the ability to automate a purchase of any cryptocurrency or Moneybox, regularly. While the Moneybox is simply the section in which to store cryptocurrencies without trading them, recurring purchase is the functionality that allows you to top-up a Moneybox constantly. However, recurring purchases can also be set up on the Spot Wallet.
What is the difference between Spot Wallet and Moneyboxes?
From the Moneybox you cannot sell cryptocurrencies: you must first move them to the Spot Wallet.
Furthermore, in the Spot Wallet it is not possible to create groups of cryptocurrencies and buy them together automatically following their statistics.
What is the difference between the Single Coin Moneybox and the old Moneyboxes?
There are no substantial differences: both allow you to create a Moneybox containing a single cryptocurrency.
The changes applied since the 4 May 2023 update consist of the addition of more supported cryptocurrencies and the improvement of the overall experience.
