How to delegate XTZ with BTC or ETH
At the end of 2018 Magnum Wallet released a built-in exchange that allows users to change coins directly in Magnum Wallet. It brings a new, more natural way to participate in the baking process of Tezos. There is no more need to use custodial exchanges where users don’t have control over their funds. To be on the safe side buy and delegate XTZ in Magnum Wallet.
This guide is created for those who don’t have XTZ yet, but want to delegate.
Step 1. Obtain XTZ using a built-in exchange
At first, visit app.magnumwallet.co to create a new wallet or restore an old one with the private keys.
Go to the “EXCHANGE” section to start and then choose one of your wallets from the list to exchange it. After that, choose the Tezos recipient address from the list or enter the public key manually.
Click “NEXT” to move to the next step where it’s possible to check the current rate and fees for an exchange. You can enter the amount that you would like to send in the field below “Amount to send” to see how much you will get in other currency. Press the “NEXT” button to move to the next step.
The Confirmation tab is created to familiarize you with the details on the exchange:
- The amount of sent and received coins
- Sender and recipient addresses
- Network and exchange fees
- The estimated time of an operation
You must enter your passphrase and click “CONFIRM” to perform an exchange.
Success! You did everything right. Magnum Wallet offers to you to claim forks while waiting for an exchange to proceed and for your funds to get back to the recipient wallet.
Step 2. Delegate your XTZ
Move to the Tezos wallet and find the delegation tab. To perform a delegation select a baker from the list or insert an address manually. Enter the amount you want to delegate and press “NEXT”. You need to enter your passphrase and press the “CONFIRM” button. You will be charged approximately 0.0014 XTZ and 0.257 XTZ for the network and storage fees which are required to create a new address and to send a transaction.
