Withdrawal Rules & Formulas (also read our Charter in conjunction with these rules)
To make a withdrawal request a member must first have submitted and had accepted as valid his Know Your Customer (KYC) verification.
There are 2 levels of KYC verification; Level 1 (L1) is a simple ID verification with a Photo ID such as a driving licence, passport, official ID. Level 2 (L2) requires also an official document proving residential address; this van be inthe form of a notarised letter ot a bank statemnt or utility bill etc.
L1 verification will allow a maximum total of $150 to be paid to the citizen while L2 will allow unlimited withdrawals.
- Only one withdrawal per month per member is allowed.
The window for withdrawals will be from the 2nd of the month to the 21st of the month.
All withdrawals paid are paid in Bitcoins and calculated by using the market value of the Tokens as shown in CoinRanking.com and the Bitcoin value as shown in Coinbase.com Bitcoins are highly liquid and may be converted to almost any currency easily.
NOTE: Making a transfer of Bitcoins out of the Waves exchange attracts high fees and so it may be better to first trade them for another coin such as LTC or ETH where transaction fees are lower.
The payment of withdrawals is naturally based upon the principals of supply and demand through 4 above and if supply exceeds demand it will not be possible to pay all requests until demand increases. This is exactly the same as if you were personally trading Tokens directly on the Waves exchange.
Withdrawals will be paid in the order of the number of Tokens being withdrawn, the smallest number processed first. The reason is to pay as many people as possible and feed those in need, especially in 3rd world countries where little or no help is available from other sources.
The minimum withdrawal is set each month based on the WESA Token value and is usually about $10
There is no maximum withdrawal request but the higher the request the longer it will take to be paid out and the likelihood of not being paid increases.
The period at the end of the month when no withdrawal requests are allowed will help to clear any backlog of requests, but if any requests are unpaid at the end of a month they will be cancelled and the WESA Tokens returned to your internal wallet. You may then place a new request on the 2nd of the next month.
Until such time as there is a cancellation button in your account we will no longer accept withdrawal cancellations in support. We had over 700 in November 2020 and they simply take time away from other duties. So do not put in a withdrawal request unless you are sure you want it and at the level submitted.
These rules are in place to secure and maintain the value of WESA for the benefit of all our community members. As we grow it will naturally increase WESA demand and liquidity and we expect in the future to see withdrawal requests of any size promptly processed.
We encourage all our citizens to help our growth by introducing at least 1 Staked member a month and will reward members for doing so by implementing the following Bonus plan.....
Introduce just 1 new Pool Staked Citizen in the current month and receive an extra 10% on all your income when transferred to your WESA wallet at the month end. Read on it gets even better...
Introduce at least 1 new Pool Staked Citizen in consecutive months and receive the following total bonus at month end….
2nd consecutive month 15%
3rd consecutive month 20%
4th consecutive month 25%
5th consecutive month 30%
6th* consecutive month 50% (this level of bonus is still not programmed but will be available as soon as possible)
If any month you do not make a Staked referral then you will need to start all over again with no bonus until you again make a new Pool Staked introduction for an extra 10%.
Introduce a new citizen who stakes at Elite level in the same month as his registration and the above bonuses are DOUBLED for that month!
This means that as an Elite Member your income from just Staking can go from $150 a month to $240 a month and that will soon be $300 when the 6th month* is activated.
Anyone can do this!