Q: What can I do after depositing USD? I can't see any USD trading pairs on the Exchange?
A: USD is one-to-one fungible with USDC. Any USD funds deposited to your account can be used to trade USDC denominated pairs such as BTC/USDC and ETH/USDC.
Q: My account shows my USD balance and USDC balances as an aggregated balance: "USD/USDC", how can I know how much USD or USDC I'm holding and how much I can withdraw for each?
A: USD and USDC funds are aggregated into a single balance. For example, if you deposited $100 USD and $200 of USDC your balance will be $300 USD/USDC. You may then withdraw up to $300 of either USD or USDC and in any combination, for example, all 300 USD, all 300 USDC, or 200 USDC and 100 USD.
Q: What's the rate for USD to USDC conversion, is it a fixed rate?
A: The rate is $1 USD for $1 worth of USDC (one token). This rate will remain fixed so long as Coinbase/Circle continues to honor a 1-to-1 conversation.
Q: For my USD deposits that get converted to USDC, can I convert it back to USD upon withdrawal? For my USDC deposits, can I choose to also convert them to USD upon withdrawal? What will be the rate?
A: In both cases, the answer is yes. The rate for these conversions will be 1-to-1.
Q. Do I have the option of not converting USD to USDC? Can I decide when and how much I can convert?
A: You must either choose to be a native USD or USDC account. If you choose to be a native USD account all USDC funds deposited will be credited as USD in your account. This will not affect your ability to withdraw USDC at 1-to-1. This is still always possible provided that Coinbase and Circle continue to honor the 1-to-1 stable coin conversion.
Q: Is there any commission charged for this conversion?
A: There is no conversion charge. However, if you make a withdrawal request, normal withdrawal fees apply.
Q: I'm new to the crypto world, can you tell me more about "USDC"?
A: Further information on USDC can be found at https://www.coinbase.com/usdc
For further assistance or more information, please reach out to our Customer Support team via email@example.com or click on the chat widget at the bottom right-hand side of the EQONEX page.