Written by KomoDeFi Editorial Team on March 9, 2019

WAVES DEX & Multi Coin Wallet

Today we will review one of the really popular web wallets called WAVES. It is built on the crypto currency WAVES and their team.  It is a multi-currency wallet and an exchange as well.  Waves is available for web, desktop, iOS and Android as well. Waves web is really similar to waves desktop version and are connected to each other.

Waves is open source, good news and the exchange is (proxy token) DEX (Decentralized exchange), which makes the exchange easy but it is really not suitable for beginners or newbies to trading, Waves is a multi-coin wallet, listing 10 default coins which are the most used and popular coins, including Waves,BTC,LTC,XMR,ETH,DASH etc, waves also deals with Euro and USD which includes FIAT money such as Bank transfers and credit card purchases.

Setting up:

Signing up in Waves is pretty easy and basic on the main screen we click get started, the next screen is address and avatar generation, this address is for waves official coin, the next screen will be account name and password, after this process we get a 15 word seed auto generated randomly by waves (this is really important as almost every wallet uses backup seed), you have to download the seed or write it down physically on a piece of paper after copying or downloading the seed waves will ask you to confirm seed in the right order, and we are done creating a wallet here now we can send and receive coins easily. Here is a graphical representation of the process.

(Waves is available cross platform)
(The address in the picture is used as a username for login)
(Login can be done through password only address gets saved in the cache of browser)
(Backup phrase is 15 random words that are generated by every wallet in the world so that funds can be recover in case of loss of everything a new wallet gets generated and funds are generated of the same amount in the wallet)
(The main screen of waves wallet)

Navigating through waves wallet like sending, receiving coins is also really easy and basic, the assets section contains all the coins we have listed and option to add more coins, the portfolio section includes which of our coins have got balance in my case I have got LTC,

(The term porfolio refers to the coins in use or have some financial value)

The transaction page consists of all the transaction history including sent, received, exchanged, leased and issued. We will talk about the advanced terms in the next article on waves.

Sending and Receiving:
Let’s talk about now sending and receiving coins, waves has got two methods for sending coins a simple transfer and a mass transfer, to send coins we simply click on the send button and get a popup like this,

(Mass transfers are usually for full time and experienced traders)

This requires and address , amount in either USD or LTC , a  description which is an optional message and send ,however mass transfers may look like this,

(CSV file can be imported for mass transfers having the same format Amount1Address1)

In Mass transfer waves allows us to transfer to 100 people at a time, the format is simple for example,

LKqJHoXmNfHDhkUX5mi5MYYS1rkhwQDFLP , 0.10

LKqJHoXmNfHDhkUX5mi5MYYS1rkhwQDFLP,  0.20

Using this format we can transfer to 100 people at one time each recipient shall be entered in a new line a CSV file can also be imported for Mass transfers.

Receiving coins is also really easy in waves just simply click on the receive button and there will be another popup screen, in waves we have got two kinds of receiving options, first is by copying the address and sharing it to the sender, which looks like this,

(Payment received through invoices are much more easier and excludes risk factors of wrong address sharings and etc)

The other one is invoice, just like Paypal receiver gets a payment page made and can be shared to the sender, which then has to login to his account to pay on the address,

(A web address is created each time receiving a coin)

Waves with FIAT:
Waves works with FIAT currency as well, USD in your account can be loaded by creating invoice or by loading your account through Bank transfers, however there are some terms to accept before accessing this feature, a user must be ID verified and must be from somewhere in Europe as Waves doesn’t accept USD or Canadian bank transfers.

(Sorry no American Bank transfers!!)

Apart from Banks,waves allows buying crypto using credit cards but only waves can be bought from credit cards, that is really not an issue and waves can be exchanged into a coin of your choice using the same portal through Waves DEX, it really is good for people looking to buy coins instantly.

(Waves can be bought by any VISA and MASTERCARD and can be converted through WAVES DEX into any cryptocurrency listed on WAVES platform)

Security and Support:
The security setting can be accessed through the settings icon and we can see our private keys and backup seed, the private key is stored in the browser and the backup seed is stored offline into our disks or papers, Waves can also be connected with other hardware wallets.

(Download Backup keys if you haven't saved it yet)

Waves has a huge support forum, which includes FAQs, how to on using waves and its DEX and script transactions, support is available on Discord, Telegram (US,CHINA,RUSSIA and GLOBAL), Reddit community, Waves forum, Waves blog, links can be accessed through.

https://support.wavesplatform.com

This article was about accessing waves navigating through the options, sending and receiving coins, basically for newcomers in the world of crypto currency. In the next article we will explain you the technical side of Waves platform which includes DEX on how to exchange coins, everything you need to know about it, what is leasing, how to add tokens on Waves, scripted transactions for more crypto enthusiasts.

 

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