Autumn at CoinPoker come with a few changes to their rakeback and withdrawal policies that made transactions a little more difficult than we’ve grown accustomed to.
Since not all of these changes came with a heads up, people have started to ask a lot of questions on Reddit and other social outlets and in this article, PokerListings will answer the most frequent of them.
Autumn 2024 Changes in CoinPoker Cashier
Changes in the CoinPoker cashier section started on September 3rd, 2024.
Firstly, the room removed the internal option to swap the native CoinPoker token CHP to USDT but kept the opposite option available with a 5% fee — it can be found in Cashier’s “Buy CHP” tab.
Secondly, the room “simplified the withdrawal options” by basing them on two notions:
- If players make deposits in CHP — they can later withdraw only CHP
- If players make deposits in any other cryptocurrency — they can later withdraw only in CHP (ERC-20 and PoS), BTC and USDT (ERC-20, BEP-20, TRC-20, PoS).
These changes were announced in the form of email notification at the end of August 2024.
On the other hand, the third change was made without any noticeable notification. From the beginning of October 2024, CoinPoker began to credit its 33% weekly rakeback only in CHP.
From that moment, the room’s rakeback has been working according to the following algorithm:
This algorithm means two things:
- Players without CHP on their accounts can’t get rakeback on CoinPoker and pay the full amount of rake in USDT.
- Eligible players get rakeback only in CHP and can’t convert it to USDT without first withdrawing CHP.
The room’s FAQ section give details about the rakeback as follows:
“You’re at the cash table and are paying Community Contributions in USDT (but you have CHP in your balance, too). Once you leave the table the total USDT amount you paid as Contributions will be converted to CHP and will be deducted from your CHP balance, while the amount in USDT will automatically bounce back to your USDT wallet
Each Monday we calculate individual Community Contributions paid in CHP and players receive 33% back in a form of rakeback, which is paid also in CHP.”
Where to Get CHP For My CoinPoker Account
Of course, there is always the option of buying CHP on crypto exchanges. However, you need to be aware of some problems that may arise and cannot be overcome by players themselves:
- Not many crypto exchanges support operations with CHP
- CHP is quite cheap and unpopular, so you can almost never find a way to spend it besides CoinPoker
- CHP doesn’t have great liquidity, so even if your crypto exchange supports this token, it could still be unable to fulfill your request to buy or swap CHP
Because of these reasons we recommend you to top up your CoinPoker account by swapping USDT to CHP in the room’s cashier.
The Best Way to Deposit USDT on CoinPoker
When you try to make a deposit on CoinPoker for the first time, the room warns you that you need to verify your crypto wallet and you can have only one verified wallet at any given time.
You need to verify your wallet to be able to make withdrawals, so choose your blockchain and crypto wisely.
If you need to change your verified wallet or ask something regarding this issue, email CoinPoker support: [email protected].
If you plan to withdraw your CHP rakeback — and PokerListings recommends to do it at least once per every week — you should verify the crypto address from any blockchain that supports both CHP and USDT.
In the CoinPoker cashier section, there are only two options fitting this requirement: the Ethereum network and Polygon network. You can make deposit from either of them — since they have the same addresses — but we recommend choosing Polygon for four reasons:
- CHP has higher liquidity on Polygon that gives customers wider limits for transactions
- Withdrawal of CHP from CoinPoker is cheaper through Polygon. The room takes no fee when through Ethereum you will pay $5
- Transactions on Polygon blockchain are cheaper too. For example, on October 10th, 2024 Polygonscan showed average gas as $0.26, while Etherscan had $1.56.
- CHP can be exchange to USDT quickly and with enough liquidity through QuickSwap but only on Polygon
So, taking all this into account PokerListings recommends making USDT deposit on CoinPoker through Polygon.
!! To keep your funds secure, do not use any crypto exchanges to deposit and withdraw on CoinPoker except those you can find in the “Deposit From Exchange” tab in the room’s cashier — NACE and XGateaway.
How to Withdraw CHP from CoinPoker to Metamask
You need to use a crypto wallet that supports Polygon and CHP with USDT on this blockchain. The best choice as of October 2024 is the crypto wallet Metamask.
This wallet can be used for your transactions after some preparational steps.
Firstly, you need to add Polygon Network in your Metamask account where this blockchain is not active by default. To do so, open Metamask, click on the blockchain sign in the upper left corner and click on “Add network” there.
You will see a list of the most popular network available for adding — find Polygon Mainnet, click on “Add” and confirm this action:
Buy POL to cover your gas expenses — you can click on the eponymous button right on Metamask main page and choose the most convenient method to do so, or just make a deal on crypto or P2P exchanges, at this point it’s up to you.
After that follow these steps:
- Go into your CoinPoker account
- Open the cashier’s tab “Withdraw”
- Choose CHP in the “From Balance” line
- Choose Polygon in the “Network” line
- Copy and paste your wallet address from Metamask in the “Withdraw to address” line
- Specify the amount of withdrawal in the “CHP amount” line, It should be at least 1000 CHP
- Click on “Withdraw” and confirm operation
Before the last step, your “Withdraw” tab should look like the screenshot below with your own wallet address and correct CHP amount in the right places.
How to Swap CHP to USDT
Unlike CHP, USDT — even on PoS blockchain — is easier to trade, use to P2P deals, and swap to other crypto currencies that are more convenient for you.
The best and easiest way to exchange CHP to USDT on Polygon is by using QuickSwap service. Of course, you can try other swap services or even swap inside Metamask, but be ready to not see enough liquidity to fulfill your request.
The exchange through QuickSwap is a simple procedure — you just need to:
- Open quickswap.exchange
- Click on “Swap”
- Change network at the upper corner of the page to Polygon
- Click on “Best Trade” and switch to “Market (V2)”
- Choose CHP in the “From” line
- Choose USDT in the “To (estimate)” line
- Specify volume of swap and let service to calculate rate
- Click on “Connect Wallet” and connect your Metamask wallet
- Confirm the swap
The exchange will be done by smart-contract and take no more than 10 minutes.
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