Withdrawing eQUAD to XSGD/XIDR via 1inch and StraitsX

In this guide, we will walk you through the process of withdrawing Equads to XSGD using 1inch and StraitsX, and transferring the funds to a local bank account. 

Introduction

If you are into the world of cryptocurrencies and geolancing, you’re probably aware of eQUADs and XSGD/XIDR. In this post, we’ll guide you on how to withdraw your eQUADs to XSGD/XIDR using 1inch and StraitsX, and then transfer these funds to a local bank. This process may seem daunting, but once you get the hang of it, it becomes a walk in the park. Let’s get started.

What are eQUAD, XSGD, XIDR, 1inch, and StraitsX?

Before diving into the process, it’s important to understand these four terms.

• eQUADs: A digital currency of Quadrant protocol that Geolancer app use.
• XSGD: A stablecoin pegged to the Singapore Dollar (SGD), used to facilitate transactions.
• XIDR: A stablecoin pegged to the Indonesia Dollar (SGD), used to facilitate transactions.
• USDC: A stablecoin backed by US Dollar (USD), used to facilitate transactions.
• 1inch: A decentralized exchange aggregator that sources liquidity from various exchanges.
• StraitsX: A platform that allows for the exchange of XSGD/USDC/USDT into fiat currency, like SGD.
• Matic: A coin that represents the Polygon network, which is also use for gas fees for eQUADs and other coins on the Polygon network.
• Geolancer: That’s how you get eQUAD in the first place….DUH!

Requirements

To follow this guide, you will need:

• An wallet on 1inch or digital wallet like Metamask.
• An account on the StraitsX platform.
• A local bank account. (Singapore or Indonesia bank)
• Some Matic for gas fees
• and of course eQUAD (hopefully lots of it from geolancing)

Preparation: Download 1inch Mobile app and Sign up for StraitsX account. 

Go to app store and download 1inch and connect your wallet to it. You can skip this step if you want to use Metamask or other Wallet Connect compatible wallet. But I find this much easier and better to use.

Sign up for a StraitsX account to be able to transfer XSGD, you will need your government ID. It might take a while for this to be approved.

Make sure you have some matic gas fee. We will not be going into this here. Beg borrow or steal. This was given out by Geolancer team , you can ask them for some and use the steps below to get more Matic from Equads conversion.

Step 1: Convert Equads to XSGD/XIDR using 1inch

1. Go to 1inch.exchange (www.1inch.io) and launch dApp.
2. Make sure you are on the polygon network. 

3. Choose Polygon here. *Important, else you will be converting on a different network or your won’t be able to see your token after you connecting your wallet.
4. Under the Swap section, choose the Buy and Sell token. For eg, you want to convert eQUAD to XIDR then you will choose the top as eQUAD and bottom as XIDR.

5. Connect your wallet.
6. Here’s why I ask you to create a 1inch acc first, and login to your other wallet via it. If it’s Metamask, you can use WalletConnect as well. I find 1inch much easer to use here.

7. You will see a QR code. You might need to authorised/signed the transaction on your mobile 1inch app or your choice of wallet if needs to be. And then your account is connected.
8. You will know this by the top right hand corner of your wallet number.And also you should be able to see the total number of eQUAD you have as you have preselected this prior.
9. Now for the fun part. Select “Swap” from the top menu and enter the amount of eQUADs you wish to convert to XSGD. Under “You Buy” change to XSGD. 
10. Use the fusion method to avoid frontrunning. (Just trust me). This can be toggle when you click the far right button on the “1 eQUAD = xxxxxx”.

8. Make sure Fusion is selected. It needs to be of a certain amount before.
9. Choose eQUADs as the input token and XSGD/XIDR or token as the output token.
10. You will need to allow it to “Give Permission to Swap”
11. Click “Swap” and confirm the transaction on your wallet. (if it’s on your phone)
    

12. You might need to go through a few confirmation – just follow the screen.
13. If at this stage, you run into out of gas fees (remember what I have said earlier).

Step 2: Deposit XSGD/XIDR to StraitsX

1. Go to StraitsX and create an account if you haven’t already.

2. Click on “Deposit” and select XSGD/XIDR or USDC as the currency.
3. Before doing that, you will need to whitelist the wallet account that will be transferring (depositing) into StraitsX. Otherwise it will not go through! 
4. Go to your Accounts. Click on Blockchain Addresses. Add manually. Trust me, it was a pain with the auto function. 

5. And make sure you select the right type of account – ERC20 / Polygon. 
6. Once that is whitelist, it will ask you to deposit a test transaction. You can use the wallet you want and transfer a small amount. I do not think you need me to teach you that right?
7. Follow the instructions to deposit your XSGD to your StraitsX account.

Step 3: Withdraw XSGD/XIDR to Your Local Bank Account

1. Once your XSGD/XIDR has been deposited to your StraitsX account, click on “Withdraw”.
2. Enter the amount of XSGD/XIDR you wish to withdraw and select “Bank Transfer” and XSGD/XIDR as the withdrawal method.It will convert to fiat currency.(SGD or IDR)
3. Follow the instructions to complete the withdrawal process.
4. It will take 45 minutes to 2 hours for the transfer to complete. 
5. Have patience!

Congratulations! You have successfully withdrawn your eQUADs to XSGD or XIDR and transferred the funds to your local bank account.

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