Zeus Crypto FAQ
About the converter
What is Zeus Crypto?
Zeus Crypto is a simple and convenient crypto to crypto exchange at a favorable rate with minimal costs, with user-friendly interface and ability of the client to control the exchange process.
Why should I trust Zeus Crypto?
Zeus Crypto is part of the Zeus.exchange ecosystem that connects global financial markets and crypto-market.
- The conversion service, Zeus Crypto:
- does not store your crypto assets,
- does not request your private keys,
- securely protects the data you enter,
- carries out secure and fast exchange operations with a minimum fixed fee,
- the technical support is always available to help solve any problem.
As part of the overall ecosystem, Zeus Crypto is or will be embedded directly or through modifications in virtually all software products in the Zeus.exchange ecosystem, which guarantees the efficiency of the converter and interaction with the technical support team.
What does Zeus Crypto offer?
Zeus Crypto facilitates conversion transactions that exchange crypto-asset for another crypto-asset at market rates, with a transparent mechanism of exchange rate formation. If you are not pleased with the exchange rate, you can cancel the conversion.
What is the 'Agent Reward' partner program and what does it provide for a participant?
Zeus Crypto implemented a Partner program 'Reward Agent'. As part of this program, the payment of remuneration is made to an Agent. An agent is a person or company who has recommended our service to their friend or client. The payment is made from the exchange commission in XEM cryptocurrency and to the XEM wallet address.
How to become a participant of the 'Agent Reward' program?
Any market participant can become an Agent if he / she contributes to the exchange operation and the exchange participant specifies the address of the agent's XEM wallet in the fields of the exchange details (1).
Zeus Crypto, as a fully automated resource, does not participate in the agreement between the Agent and the exchange participant. The introduction of the agent's XEM wallet address is an action of the exchange participant. Zeus Crypto sends payment of remuneration to the Agent to the agent’s address, if it was inputted into the field.
What is the reward for participating in the 'Agent Reward' program?
For participation in the 'Agent Reward' program, Zeus Crypto pays the Agent a reward of 25% (one quarter) of its commission for the exchange operation to the address of agent’s XEM wallet. The remuneration is paid immediately after the exchange operation in which the agent’s wallet was involved is complete.
Terms of exchange
How does Zeus Crypto work?
Through its interface Zeus Crypto keeps communicating with you throughout the process of exchange. The fully automated system instantly determines the exchange price available in the markets and calculates the exchange rate taking into account all possible expenses. If during the transaction, the rate has changed significantly or you change your mind, you can cancel the exchange operation online and get your money back. Otherwise, the exchange is completed automatically.
What assets can be exchanged via Zeus Crypto?
Zeus Crypto services the exchange of one crypto-asset on another crypto-asset in the ecosystem of Zeus.exchange, connecting global financial markets and crypto-market. As of now, during the beta-testing stage, these are crypto-assets like BTC (Bitcoin blockchain) and XEM (NEM blockchain). In the future, the list of exchange assets will be expanded as well as the list if fiat currencies.
What are Zeus Crypto fees?
Zeus Crypto fees for the exchange operation is 1% of the exchange amount in the currency being exchanged. The algorithm of calculation is built to include the fixed fee into the exchange rate and can’t be changed.
What expenses arise for me from the exchange operation via Zeus Crypto?
Your expenses consist of the Zeus Crypto fee and the blockchain fee. Zeus Crypto fee is calculated from the currency amount you are exchanging and does not lead to the increase of the transaction amount on your end. Blockchain fee is a third party fee set by blockchain. This is a standard sum charged by the blockchain when you send transactions, including to a Zeus Crypto address. Usually that is a small amount that doesn’t require significant additional financial contributions.
How to conduct the exchange?
- Open the main page Zeus Crypto: http://crypto.zeus.exchange or http://swap.zeus.exchange
- In the field on the left select the asset you want to send (sell), for example BTC. In the field on the right - the asset you want to receive (buy), for example XEM.
- Enter the amount of the asset you want to exchange in the empty field:
- For example, if you want to know how much you will get for 0.01 BTC, enter 0.01 BTC in the field on the left (1), in the field on the right you will see how much XEM you will get.
- For example, if you want to know how much you need to send BTC to get 10,000 XEM, enter 10,000 XEM in the field on the right (1), in the field on the left you will see how many BTC you will need to send.
- Click the 'Calculate' button (2)
- On the next page you will see the exchange rate (1) and fees (2). Here, you can make changes to the inputted assets and the amounts for exchange.
- On the next page, enter the wallet address from which you will send the asset (1) and the wallet address to which you will expect to receive the new asset (2). Be careful when entering addresses, incorrectly provided receiving address will result in loss of funds. Agree to the terms of the exchange (3) and click 'Exchange' (4).
- After that you will be reminded that it is important to fill out all the fields correctly when initiating a transaction. Click “I understand” (1) to proceed.
- On the next page, you will see the summary of the information about the planned exchange transaction: ID and PIN code of the transaction (1), amount of the asset being sent and amount of the asset expected for receiving (2), exchange rate and fees (3), time stamps for the transaction (4).
- Below you will see the address (1) to which you will need to send the crypto asset, the exact amount of crypto asset (2) and the value for the 'Message' field (2*) (it is required if you send XEM). Be careful and use the 'Copy' buttons to avoid errors. If you are sending XEM, the transaction ID (2*) is copied and pasted in the 'Message' of your crypto-wallet. Without an ID, the transaction will be lost.
- Enter all the necessary parameters for the transaction in your wallet and send the funds according to the instructions of your wallet. Click on the 'Notify for shipment' (3).
- You will land on a page where you can see the progress of the transaction and the exchange process.
- You can, up to a certain point in time, cancel an already started exchange operation by clicking on the 'Cancel exchange' button. In this case, you will be refunded, minus the fees of the exchange and blockchain.
- If during your transaction there was a significant change in the market rate, Zeus Crypto will recalculate the exchange transaction for you at the new rate and will offer to decide whether to ACCEPT the new rate or CANCEL the exchange.
- If you cancel the exchange, you will be refunded your money, minus the fees of the exchange and blockchain.
- After receiving confirmation of your transaction in the blockchain network to the address of the converter and compliance with the terms of the exchange rate, Zeus Crypto instantly sends the converted crypto-asset to the specified receiving address.
- The exchange operation is complete. You can always review the history of operations, using the ID and PIN transactions.
Why would the exchange rate change?
The crypto-currency market is characterized by increased volatility and rapid changes in exchange rates. The execution time of crypto-currency transactions is different in different blockchains. The transaction can be both instant and time-delayed from 3-5 minutes to 3-5 hours or more. During this time, the market can change dramatically. It is possible to guarantee freezing of any exchange rates for an indefinite period only at the expense of a significantly higher fees. This is not in the rules of our product. Zeus Crypto does not shift market risk to you at the expense of a significant fee. The fee remains consistently low. Instead, Zeus Crypto automatically calculates the exchange rate, taking into account the built-in algorithm, and, if it changes, gives you the right to decide whether to continue the exchange or cancel it and get a refund.
What is the blockchain fee?
In almost all blockchains, there is a fee for sending crypto from one address to another address. Blockchain fee is always paid by the sender of the asset. Usually, the fee of the blockchain is held in excess of the amount of the payment. That is, if you send 100 XEM, then the blockchain will send 100 XEM from your wallet and take its fee from the remaining amount, for example in the amount of 0.5 XEM. Thus, the total amount withdrawn from your digital wallet will be 100.5 XEM. When calculating the exchange rate, Zeus Crypto does not specify the amount of blockchain fee for the cryptocurrency you send. The amount specified for the exchange is sent by you in full, while you should take into account that you should have a sufficient amount on your wallet to pay the blockchain fee for the transaction to complete successfully. When you expect the result of an exchange transaction to be credited to your wallet, the blockchain fee is paid by the transaction sender, i.e. Zeus Crypto. This fee is included in the calculation of the total Zeus Crypto fee for the exchange transaction. You will receive as much money as was indicated to you at the beginning of the exchange and confirmed by you during the exchange operation.
Can the blockchain fee change?
In most blockchains the fee is fixed and does not change at all, or changes very rarely and on pre-agreed public terms. With the exception of blockchains like Bitcoin (BTC) and Ethereum (ETH). In these blockchains, the speed of transaction processing depends on the size of the fee and, as a result, the time between sending and receiving crypto-assets depends on the size of the fee. When working with Bitcoin and Ethereum blockchains, Zeus Crypto can offer you to increase the speed of the transaction by increasing the size of the blockchain fee. The additional fee amount will be simply deducted from the transaction volume in your direction and paid to the blockchain network.
What are the minimum and maximum limits for the exchange operation?
Zeus Crypto does not set a minimum limit on the transaction size. During the beta-testing phase, Zeus Exchange does not set minimum transaction limit. However, you should understand that the amount you send or expect to receive must cover all blockchain fees for incoming and outgoing transaction. In the case when the amount is too small, the blockchain can ignore the transaction, which could lead to loss of funds because is would be impossible to cancel the transaction, and the transaction nodes of the blockchain will not be validated. Zeus Crypto recommends to carry out an exchange transaction of at least 10 USD. Zeus Crypto can set the maximum limit for a transaction. The maximum limit depends on the workload of the blockchain network, legal restrictions, and other circumstances. Any limitation on the volume of the exchange transaction is announced before the start of the exchange operation. During the beta-testing phase, Zeus Crypto set a maximum transaction limit in the equivalent of 50 USD.
What is wallet address?
Wallet address is a digital code consisting of a unique combination of numbers and letters, which is associated with a specific blockchain. Each user, for each type of cryptocurrency, has its own unique combination of public address code. It is the public address that is indicated everywhere for exchange operations and for receiving or sending digital assets. Zeus Crypto never generates any addresses for anyone, in no way stores your deposits on your addresses and has no access to them. The wallet address is the property of its user. The public address can be specified when sending and receiving digital assets (this is like a mail address for letters).
What is a private key of the wallet?
A wallet private key is a unique combination of letters and numbers generated simultaneously with a specific wallet address for a particular blockchain. Each individual wallet generates its own private key code. The private key cannot be published or sent to anyone. This is your 'key to the apartment where the money lies'. Keep the private keys to your wallets in a safe place and do not send them to anyone, and do not lose. Zeus Crypto will never ask for your private keys.
Where can i get wallet address?
Every digital asset exists within a unique blockchain. Each blockchain has many versions of crypto-wallets (programs with a convenient interface for storing crypto-assets). Choose the most reliable and proven one. Follow the instructions to install and operate them. Everything else is no more complicated than working with your email address, or your actions when sending emails or mail through post offices.
What is the recipient address and the sender address?
When you make an exchange transaction, you want to exchange one asset for another. For the correct operation of Zeus Crypto, at the stage of entering preliminary data, you need to specify your crypto-wallet address from which you will send one crypto-asset (sender address), and the address to which you will expect the receipt of another crypto-asset (recipient address). Zeus Crypto, upon completion of the exchange transaction, will forward the crypto asset only to the recipient's address!
What is transaction ID?
The transaction ID is the unique ID of the exchange transaction generated by the Zeus Crypto program. It is necessary to identify the exchange operation, communicate with the user, and enter in the Message field (Tag, memos) when sending some crypto-assets.
What is transaction PIN?
The transaction PIN is an additional security code that is provided with the transaction ID to view the transaction history.
What is transaction Hash?
Hash (or Txid) is a unique address of a transaction in the blockchain. Each transaction becomes operational after the record of it gets to the blockchain for further confirmation. The appearance of the transaction’s Hash in the blockchain network is proof of recording and the beginning of the process of transition of a crypto-asset from one address to another. Using Hash code, you can view the parameters of the transaction: the amount of sent/received crypto-assets, address of departure, address of receipt, the blockchain fee. Hash is usually a combination of numbers and letters.
How can I cancel a blockchain transaction?
You should understand that when making an exchange transaction using the blockchain the transaction in the blockchain network is irreversible. Once the funds have been sent to an address, the transaction cannot be cancelled. You should carefully check the address where you are sending the crypto asset, and correctly fill in all the necessary payment parameters. For your convenience, Zeus Crypto offers to use the <Copy> button when entering the required information.
Can I cancel the exchange operation?
The Zeus Crypto interface gives you the ability to cancel an exchange transaction in a strictly limited period of time or under strictly defined conditions. Canceling the exchange transaction is not the cancelation of the blockchain-transaction - these are not the same thing. If you cancel the exchange operation, you pay the blockchain fee for the transaction by the sending and receiving crypto assets.
How can I cancel the exchange operation?
- Zeus Crypto identifies two reasons for canceling an exchange transaction:
- Time delay in the transfer of the transaction coming from you,
- Changes in the exchange rate at a disadvantage for you.
In the first case, if the execution time of the blockchain transaction coming from you exceeds the acceptable time for you, or in the course of this transaction you have taken the decision to cancel the exchange operation, you can use the special option provided by Zeus Crypto and active at this moment, and cancel the exchange operation. In this case, Zeus Crypto, after receiving confirmations from the blockchain on the incoming transaction from you, will send the crypto-assets that came from you to the sending address, minus all the fees due. In the second case, if during the execution of the exchange operation there was a change in the exchange rate at a disadvantage for you due to market volatility or a long time of transactions, Zeus Crypto will make you an offer to ACCEPT the change in the exchange rate or CANCEL the exchange transaction. In the latter case, Zeus Crypto will send the crypto assets that came from you to the sending address, minus all the fees due. In both cases, Zeus Crypto will deduct the blockchain fee from the amount of the transaction that came from you in the course of this exchange transaction. Zeus Crypto will notify you about this fee in the program interface.
Will the received sum be different from the calculated sum?
Zeus Crypto uses the automatic algorithm and the procedure of conversion management, which clearly define the exchange rate for you. If you have sent one cryptocurrency in the specified amount, you will receive another cryptocurrency exactly in the amount that Zeus Crypto has indicated to you. If during the exchange transaction, for reasons independent of Zeus Crypto, there is a fundamental change in the exchange rate, and for you the exchange conditions will be worse than the original conditions, then you will be able to either refuse the exchange transaction (the cryptocurrency you transferred will be returned to the wallet of the sender, minus all the fees due), or agree to the change in the rate and get the changed amount of cryptocurrency at the agreed rate with you.
How long after the start of the exchange operation will I receive my crypto-assets?
Zeus Crypto automatically begins the exchange procedure immediately and ONLY after the appearance of your outgoing transaction in the blockchain network and receiving confirmation of the transaction to the address specified to you. From the moment these events are identified, the exchange operation starts immediately. Further, the time to receive your crypto assets depends on the speed of the blockchain in which you expect the arrival of the crypto asset. Zeus Crypto cannot influence this process in any way. Note that when Zeus Crypto receives Bitcoin (BTC) from you, it expects 2 (two) confirmations from the blockchain network.
Why does transaction can take a long time sometimes?
Zeus Crypto cannot guarantee the correctness and speed of any blockchain. When performing exchange operation, both you and Zeus Crypto use a third party - Blockchain. The speed of operation and transactions processing is different in each blockchain. Transaction time can take from 1 minute to several hours. But if the transaction has already entered the blockchain, then you just have to wait for it to receive confirmation and the crypto asset will reach the appointed address. The time of the exchange operation itself in the environment of Zeus Crypto takes from a moment to 1-3 minutes.
What is Message, Tag, Memos etc. and when is it necessary?
Some blockchains, such as NEM (XEM currency), EOSIO (EOS currency), Ripple (XRP) and a number of others, contain an additional option in their transactions in the form of Message, Tag, Memos or other function. I.e., the transfer of such assets, in addition to addresses, you must specify an additional parameter. Usually, during the direct transfer from address to address, it is not necessary to specify such parameters. BUT when working with public resources, with payment systems, with exchanges, with converters, this parameter is mandatory. Without it, your transaction will be lost and will not reach the addressee. Be very careful when filling out all the Zeus Crypto fields in your digital wallet when sending transactions! For your convenience, the Zeus Crypto offers to use the <Copy> button at the point of providing the required information.
Can I lose my crypto assets by making a payment through Zeus Crypto?
Zeus Crypto does not store your crypto assets, and does not query the private keys from your wallet. Automatic algorithm of Zeus Crypto configured to complete either the exchange operation and send you your expected crypto asset, or to refund your crypto asset to the original address. In exceptional cases, your payment remains in the Zeus Crypto system and does not go anywhere. After your contact with technical support, the situation is always resolved and does not remain in a suspended state.
Dictionary of crypto-terms
Crypto currency is a secure digital code that exists in any blockchain and has a recognized price value.
Fiat currency – generally recognized money, such as: dollar, euro, yuan, franc, ruble, etc.
Blockchain - nodes (servers) connected in a single chain, independent of each other, each of which stores a complete register of all records of the digital network.
Bitcoin is the very first cryptocurrency to receive a generally recognized price value.
Altcoin – other cryptocurrencies, in addition to bitcoin, that exists in their blockchain and have recognized price value.
A coin is an encrypted digital unit of any blockchain that performs a specific function within a given network or connects a network to certain external functionality.
A token is a digital asset created by the algorithms of any blockchain and usually has only a price estimate.
Cryptocurrency wallet is a program with a user interface that allows you to store, receive and send cryptocurrency.
Wallet address is a public unique digital code that connects a specific coin or token in the blockchain with the place of their identification in the network.
The public key one key from the key pair, which is known to all participants of the system.
Private key – a unique digital code, to which transactions are assigned and which is not to be shown or shared with anyone.
A transaction is a process of transferring something from the sender to the recipient that consists of several atomic operations in some network.
Transaction Hash is a public unique digital code that determines that the transaction in the blockchain network took place.
Transaction confirmation – receipt of confirmation from the holders of blockchain nodes that they have recorded data on token or coin transfer from the sender to the recipient to the network on all its nodes.
Blockchain fee – payment to the nodes of the blockchain for their work.
Block Explorer is a program with a user interface that displays everything that happens in the blockchain as in the ledger.
Crypto-exchange is a place where cryptocurrencies are traded.
Crypto-converter (crypto-exchanger / crypto-shapeshifter) – a program in which you can exchange cryptocurrency for cryptocurrency or fiat money, without the need to participate in exchange trading.
Pump and dump – artificial manipulation of cryptocurrency prices with sharp price movements up and down.
A smart contract is an action, task or condition written in a programming language and existing within the blockchain.
Tag, messages, memos – an additional input field in the implementation of the transaction to make it successful.