Many IQ Option traders have been asking about the process of OTN mining and why the number of expected OTN tokens they see at the beginning of the week does not correspond to the number at its end.
You must be thinking IQ Option is up to something evil here. This article will show you the facts.
First thing first: how can you mine OTN tokens?
- Go to the IQ Option platform, find Crypto or CFD(crypto) assets on the top left panel of your trade room;
- Pick an asset, determine the investment amount, agree to the commission you will pay for the trade;
- Once the purchase is made, a corresponding number of OTN tokens gets added to your OTN balance.
How to locate them?
- Find the OTN image on the left panel, scroll down to the Expected OTN amount section;
- Check how much commission you have paid this week and how many OTN tokens this will give you;
- Hit the light green amount of expected tokens, it will show you how we calculate your expected amount of OTN.
Is there a secret way of counting these?
Not really, we use the following formula: your OTN = (your commissions/total commissions)*OTN amount to be released at the end of the current week.
Thus, if you trade on Monday, pay little commission but the expected OTN amount is 200,789 tokens, please be aware that this is correct only for the present time.
With the growth of total commissions, your share will be diminishing and may turn out to be 100 OTN instead of 200,789 once the emission takes place.
Here is an example:
- The total amount of commissions charged to traders on the Crypto instruments on the IQ Option platform was $1,000,000 for the calculated week.
- The amount of commissions paid by you on the Crypto instruments for the same week amounted to $2,000.
- According to the emission schedule, 350,000 OTN tokens are being released this week.
- The number of OTN tokens you receive = (2000/1,000,000)*350,000=700.
- Withdraw OTN tokens to your Ethereum wallet and sell them on exchanges. Livecoin exchange for now;
- Pay commissions for trading on the IQ Option platform;
- Wait for the OTN to launch and exchange OTN tokens to OTN coins at 1 to 1 ratio.
We will talk about the latter in our future materials. Let us know in the comments if you’ve found this article useful.
*IQ Option is a brokerage company and does not provide OTN tokens to clients. All tokens are provided by the OTN foundation. The OTN foundation confirms that it does not sell OTN tokens and that the activity is non- commercial.
OTN token is already skyrocketing on the IQ Option platform. Register and join existing traders in the third emission week: