What is Token in EZDEX?

One of the common terms you will encounter when placing cash deposit and withdrawal orders in EZDEX is the word “token.” In this article, you will get familiar with the importance and use case of the token when using EZDEX services.

What does Token mean?

A token, or access token, acts as a temporary and secure code for identifying and authenticating transactions or users.

When you intend to make a cash deposit or withdrawal, a special code, or token, is generated for your transaction. This token is actually a temporary code or digital receipt that is used to confirm the operation and match it with the transaction data at the time of receiving or delivering cash.

• The token is actually a multi-digit number used in cash deposits and withdrawals.
• The party intending to receive the funds must always provide the related token of that transaction to the other party.

Token in Cash Deposit

In a cash deposit, after the user visits the exchange office and hands over the cash, the exchange agent must provide them with a token. The user then enters this token into their account, after which the deposit is confirmed and their EZDEX balance is updated accordingly.

For example, if you are a regular customer and wish to deposit cash, when visiting the exchange office, the exchange agent must give you a token. Check the accuracy of this token at the exchange office; otherwise, your cash deposit transaction will not be approved in the system.

Token in Cash Withdrawal

In a cash withdrawal, the user visits the exchange office and presents the token to the exchange agent. Once the token is verified, the agent hands over the cash and the corresponding amount is deducted from the user’s account.

In other words, if you intend to withdraw cash, when visiting the specified exchange address, you must receive the cash in exchange for providing the token and the exchange agent is obliged to verify the token’s accuracy before making the payment or handing over the cash to the customer. Otherwise, their transaction will not be approved.

Important Notes about the Token

1. Never share your order’s token to anyone.
2. In a cash withdrawal, the user visits the exchange office and presents the transaction token to the exchange agent. Once the token is verified, the agent hands over the cash and the corresponding amount is deducted from the user’s account.
3. Only hand over the token in exchange for the exact amount stated in the order, as doing so is considered confirmation that you’ve received the specified amount.
4. If you pay a higher amount but receive a token that corresponds to an order amount less than what you paid, your account will be credited only for the declared amount, not more.
5. In on-site cash withdrawals, the token must be handed over to the courier.