Wm.exchanger section

These rules are part of the general service rules wm.Exchanger

This section facilitates secure and guaranteed online exchanges of various WM-Currencies (WMZ, WME, WMG, WMX, WMF, WMH, WML, WMT, WMM) between WebMoney Transfer members.

Each participant of wm exchange are only permitted to make these exchanges within the purses contained in their own account. For example, when a customer pays for exchange from WMZ to WMP, WMP will be added to the R-Purse, belonging to that WMID, from which the WMZ payment has been initiated. Exchange transactions can not be paid to any third party, this is not possible.

Currency exchanges between customers are performed without any extra fees or commissions (the exception is the trader mode) under the conditions which are agreed on when an offer is listed (standard WebMoney Outgoing Transaction Fee (0.8%), still applies to these transactions)

To guarantee successful and secure exchange transactions the following procedures are in place:

• automated payment from each exchange member is transferred to the specially dedicated Purses, belonging to the Service. This motivates all exchange participants to follow the agreed terms and exchange rates accurate;
  
  
• exchanged amounts are paid out automatically immediately upon receiving the funds from the counter-exchange party (last in the sequence of payments for counter bids).
  
  

How the Section works:

• The first participant places a new bid to exchange WMZ, WME, WMG, WMX, WMF, WMH, WML, WMT, WMM (in any direction). Amount of the bid is taken automatically via merchant.webmoney.com. As soon as it is processed, new bid appears in the List.
  
  
• The second participant, who wants to make an exchange, places a cross (counter)- bid, agreeing to the terms and exchange rates at the bid, chosen by him from the list and paid in the same method. When the bids are processed both parties receive exchanged funds to their Purses, according to their WMID, which was used when placing that bid.
  
  
• Every participant can trace and control his bid at any time during this process.
  
  
• Any new bid (not a counter-bid) can be deleted before the exchange is performed. Please note that the fee of the System of 0.8% is not refunded.
  
  
• If no actions were performed for the bid put into queue (e.g. exchange rate update, merger with another bid, partial exchange) within 180 days from bid's publication, amount will be returned to the owner's purse. The System's commission (0.8% but not more than USD/Eur 50) that was charged when the bid was placed is not returned. If any action or change in the bid by the user is executed, bid's validity is prolonged starting from the action date.
  
  

Information for developers and programmers (XML-api description)