When you see a non-Stellar network token such as ETH or BTC on StellarX, it's what we call a tether or anchored token, which is essentially a credit that you can redeem with the issuer for the underlying asset it represents.
We’re working on better integrating anchors, and soon most of this process will happen in-app, but for now, if you hold one of those tokens and want to redeem it, you have to go to the issuer’s website, and follow their instructions for a withdrawal.
To show you what that’s like, I’ll walk through withdrawing apay.io BTC from my StellarX wallet to my Coinbase BTC wallet. The process will vary from anchor to anchor, and you need to make sure you’re careful to follow specific instructions on the issuer’s website, and to keep their specific fees and minimums in mind. But this will give you the gist.
First, I go to my StellarX wallet: https://www.stellarx.com/wallet
You can see that I hold 0.0061151 in apay.io BTC. When I click on that token, I get a detailed view, where I can find more information, including the issuer’s URL:
Clicking that URL opens the issuer’s website:
Once there, I look for instructions from the issuer explaining how to make a withdrawal. In this case, I see that apay.io tells me to choose the asset I’m interested in, and has a link to “Withdraw (from Stellar).” After choosing BTC, and clicking the withdraw link, I’m directed here:
It’s crucial to look for the anchor’s minimums and fees, and to make sure to take them into account as you redeem your tokens. Note, for instance, that if I send less than 0.001 BTC, I’ll likely lose my funds.
I’m going to withdraw to a BTC wallet in Coinbase, so my next step is to login to Coinbase, and get the address of my BTC wallet there. I navigate to “Accounts,” and click the “Receive” button for my BTC wallet:
When I do that, Coinbase tells me my BTC address, which I then copy:
Now I go back to apay.io, and paste that BTC address under “Your BTC address.”
Apay generates a Stellar-network payment address which is where I will send my apay.io BTC token. I copy that, return to StellarX, and navigate, via my wallet, to send tokens. (https://www.stellarx.com/send). I paste the Stellar-network payment address I just copied from apay.io into the “Recipient” field:
StellarX automatically generates the required memo. Since apay.io uses that memo to know where to credit my BTC, I don’t want to mess with it.
Clicking “Continue” brings me here:
I choose “BTC - apay.io” from the dropdown menu, and enter an amount in the “Amount” field. Here’s where it’s important to remember the apay.io required minimums: I need to send at least 0.001 BTC, or I’m just flushing Bitcoin down the tubes.
When I hit “Continue,” I get a confirmation screen:
After taking one last good look at my transaction to make sure everything’s kosher, I hit confirm and….wait for Bitcoin network confirmations.
The Stellar network side of things is fast: within seconds, my apay.io BTC transfers to apay.io. Apay.io immediately initiates a transfer on the Bitcoin network, but it can take a while for that transaction to go through. Exactly how long varies based on Bitcoin network activity.
StellarX has no insight into what’s happening on the Bitcoin network, but if you’re curious, you can use a Bitcoin block explorer to see for yourself. When I paste my Bitcoin wallet address in https://blockexplorer.com/, I can see the transaction waiting for miners:
When the transaction finally completes, I go back to Coinbase, check my history, and voila!
If you have any questions about that, or run into any issues with a withdrawal, please contact us: firstname.lastname@example.org.