How to do External Withdrawal
External Transfer
Wallet Selection: External transfers are permitted to Metamask & other exchange wallets added by you to the platform.
Favorites: Select a wallet from your list of favorite wallets (For sLYK, covered in subsequent section).
Withdraw Amount
Input Field: Enter the withdrawal amount.
Balance Display: Your existing balance will be displayed and validated against the entered amount.
Minimum Limit: The minimum withdrawal limit will be displayed and validated.
Remarks
Field: An optional field for custom remarks for the transaction will be provided.
Network Fee and Commission
Network Fee: A flat network fee will be displayed.
Commission: A percentage-based commission on the withdrawal amount will be displayed.
Total Charge: Ensure the sum of the withdrawal amount, fee, and commission does not exceed your total balance.
Understanding Transfer Fees
Before confirming the transfer, the platform transparently displays any applicable fees.
This is the way fees are calculated, with commissions deducted first and fees subtracted from the remaining total amount.
Example of Fee Deduction:
A user withdrawing 100 LYK-W receives a breakdown:
Initial Amount: 100 LYK-W
Minus 3% Commission: 97 LYK-W
Minus 10 sLYK Fee: 87 LYK-W transferred to the user.
If any issues arise, such as "insufficient Tokens" or "invalid address," the platform will provide clear and informative error messages.
Confirm the External Withdrawal:
Before completing the external transfer, review and confirm all the entered data.
This step ensures accuracy and prevents accidental errors in the transfer process.
Confirm Authentication OTP
Open your authenticator app (e.g., Google Authenticator, Authy) and retrieve the authentication OTP.
Enter the OTP in the designated field on the withdrawal page.
After you have added the required information, please click on the "submit" button to complete the process.
The withdrawal process can take up to 24-48 hours to complete. Please be patient and check your wallet after this period.
Congratulations! You have successfully navigated the External Transfers feature. For further assistance or inquiries, consult our customer support team. Happy transferring!
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