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Spot & Wallet Accounts


Related type: Others

2023-08-25 14:34

Overview On LATOKEN platform, each user has access to two accounts in his profile - Spot and Wallet. This article will explain what each of them is used for and how to transfer the funds, depending on your need. Wallet account Think of it as your "storage". It is used for deposits, storage and withdrawal of your funds. So when you make a deposit to LATOKEN, your coins will arrive to the Wallet account and if you withdraw your coins, they also need to be available on the Wallet account balance. Spot account This account can be best described as trading or active account. Coins that are on your Spot account balance can be used to make trades on LATOKEN platform. Why not have just one account? There are many usecases where this account split comes useful, mainly in letting you choose which part of your funds is kept passive/safe and which can be involved in placing orders/trading. Take api trading bot for example, permission set can be selected to only let the bot use funds available on your trading account, without possibility that your spot balance is affected in any way. However if you don't require having separate Spot and Wallet accounts, you can enable Autotransfer feature in settings or upon your first trade. This will enable you to place trade orders while only having funds on Wallet account . Transferring funds between Spot and Wallet accounts !! Transfers between Spot and Wallet accounts have no fees and are processed almost immediately without delay. There are two ways you can transfer funds between Spot and Wallet accounts: Manual and Autotransfer. We will cover both methods below. Autotransfer 1. When making a trade with currency, that you have insufficient amount present on your Spot account, the system will ask if you want automatically transfer the necessary amount to place your trade request. As you can see from the gray box, it will show exactly how much currency is going to be transferred from Wallet to Spot. Note the "autotransfer without notice slider" at the bottom. If you leave it enabled before confirming the trade order, your future orders will automatically transfer needed amount from spot account. This feature can be disabled in settings at any time. 2. Cofirm the details and click "Confirm and sell/buy" at the bottom to complete the trade. Needed funds will be automatically transferred from your Wallet to Spot and trade order will be placed. Manual transfer 1. Click "Total account value" from the main page. 2. Here you can see the balances of both Spot and Wallet accounts . To transfer between the accounts, click "Transfer" icon on the far right. 3. Now you can select a coin, amount and make the transfer between your two accounts. 4. Once you have filled in the info, press "Transfer" to confirm. Your funds will be available on your Spot/Wallet account shortly. .