Recently we introduced the withdrawal feature to Socios.com, allowing users to withdraw their $CHZ tokens to external wallets and exchanges, as well as allowing users to withdraw the Juventus Fan Token ($JUV) to the Chiliz.net exchange which also recently launched.
Please note: The withdrawal feature is intended to allow users to withdraw tokens for trading purposes. For those unfamiliar with how to transfer tokens / currencies from one wallet to another, we advise caution; improper use of this feature could result in the loss of your tokens (both $CHZ and $JUV).
1) Navigate to your wallet on the Socios.com app.
2) Press ‘Withdraw’.
3) You will be presented with a page that looks like this:
4) Take note of your withdrawal balance. If you have obtained $CHZ or $JUV within the last 90 days, your tokens are locked and you will not be able to withdraw them until the 90 day period is over.
5) Select the token that you wish to withdraw by pressing the down arrow next to $CHZ. You will then be given the option to either withdraw $CHZ, or a Fan Token. Also note that whilst a Fan Token Offering is ongoing, it is not possible to withdraw those tokens as they are locked. For this example, we will use $CHZ.
6) After selecting $CHZ, you will be asked for the amount of tokens that you wish to withdraw.
7) Once again, take note of the withdrawal balance as if the $CHZ amount you are trying to withdraw exceeds your withdrawal balance, you will be unable to proceed with the withdrawal process.
8) Please note that minimum withdrawal amounts apply. In the case of Fan Tokens, you can withdraw a minimum of 5; in the case of $CHZ, you can withdraw a minimum of 1500.
9) It’s time to add a recipient! The recipient is the wallet address where you intend to send your tokens. As stated earlier in the guide, the Withdrawal feature is intended for those that are familiar with cryptocurrencies. You can assign a name to the recipient (in the example below, the recipient is Joe) and you will need to input a wallet address, which is a random string of numbers/letters (as in the example below).
10) The recipient address of $CHZ should be either a ERC-20 compliant wallet that has support for $CHZ such as ZenGo, Trust Wallet, etc. or a cryptocurrency exchange which has listed ERC-20 $CHZ for example Binance, Upbit and more. Wallet address’ are for cryptocurrency wallets, it does not refer to your email address of Paypal, or your bank information. If the wallet you are withdrawing to is not ERC-20 on Ethereum Mainnet, your tokens WILL be lost and they will NOT be recoverable. A standard ERC-20 address looks like this: 0x3f5ce5fbfe3e9af3971dd833d26ba9b5c936f0be View the example below.
Please Note: Recipients are bound to each token, this means that recipients are saved for each different token. If we wanted to withdraw $JUV, we would have to add a new recipient, and the ones below would not be shown.
11) Once you have added a recipient, you will be taken back to the recipient page, displaying a list of recipients you have added to that token.
12) Now you can select the recipient to whom you wish to send the tokens. For this example, we will use ‘Joe’, the recipient that we just added. Simply press anywhere in the grey box of the recipient, and you will be taken to the final page to confirm withdrawal.
13) Review the information on your screen to ensure the amount you are withdrawing is correct and that the recipient information is correct. It is your responsibility to ensure the information you have entered is correct. If the information you enter is incorrect, this may result in loss of funds. If you are confident that the information is correct, press the proceed button.
14) If you have set a password in your profile settings, you will be asked to confirm your password to process the withdrawal. If not, you will be faced with a screen like the one below:
Take note of the warning on the screen, as mentioned previously, tokens sent to invalid addresses are not recoverable.
Thank you for following this guide. Please understand that withdrawals can take some time to process due to AML/KYC procedures. These processing times are usually longer outside of standard working hours, such as evenings and weekends.
-The Socios Team