Toobit Cash Voucher usage guide

What is Cash Voucher?

Cash vouchers are rewards issued by Toobit that appear as funds in your contract account. These can be used alongside your own funds as margin for contract trading or to offset trading losses. Upon meeting specific conditions, the vouchers will convert into actual assets, enabling you to transfer or withdraw them. Until those conditions are met, the vouchers cannot be withdrawn or transferred. However, any profits made using the vouchers are yours to keep.

How to use Cash Vouchers?

1. Locating your Cash Vouchers

   • Once issued, cash vouchers will automatically transfer to your contract account, becoming available as contract funds.
   • However, certain conditions must be met for this automatic transfer: no active perpetual contract positions or open orders, and no existing trial funds or active cash vouchers in use. If these conditions are not met, you will need to manually claim your voucher.
   • Manual Claim: Click on your profile picture and navigate to [Rewards Center] to manually claim your cash voucher.

   

2. Unlocking and claiming Cash Vouchers

   After a cash voucher is issued, it will automatically transfer to your contract account if your account meets the required conditions.

   If the voucher has unlocking criteria (e.g., requiring a minimum contract account balance), you will need to fulfill these criteria before the voucher can be claimed. Unlocking criteria generally include having sufficient own funds (wallet balance - trial funds - other cash vouchers, excluding unrealized PnL) that meet or exceed the voucher's threshold.

   • No unlocking criteria: The voucher will automatically transfer to your contract account if your account meets the necessary conditions.
   • With unlocking criteria: If the voucher requires unlocking, you must complete the unlocking process in [My Vouchers] according to the instructions before the voucher is automatically issued.

3. Using Cash Voucher funds

   • Validity period: Cash vouchers come with two deadlines: a redemption deadline and a usage deadline. Ensure to claim and use your voucher within these periods.
   • Voucher application: The voucher can offset losses, funding fees, and trading fees based on preset configurations. When applied, the system will proportionally deduct from both the voucher and your own funds. You can check the deduction details in the "Funds Flow" section on the trading or order pages. The deduction ratio for each of these categories depends on the specific configuration of the voucher at the time of issuance, please read carefully when using it. To make the voucher allocation and deductions easier to understand, here’s a simplified Example with a clear table:

     Principal Deduction	Voucher Deduction（Trading fee）	Deduction Details
     		PNL	Funding fee	Trading Fee
     0	YES	Voucher priority. Own funds to cover if the voucher balance is insufficient	Same	Same
     70%	YES	Own fund: 70% Voucher: 30%	Own fund: 70% Voucher: 30%	Own fund: 70% Voucher: 30%
     0	NO	Voucher: 100%	Voucher: 100%	Own fund: 100%
     40%	NO	Own fund: 40% Voucher: 60%	Own fund: 40% Voucher: 60%	Own fund: 100%
     100%	NO	Own fund: 100%	Own fund: 100%	Own fund: 100%

      
   • Opening cost: Whether you need to use your own funds when opening a position depends on the specific voucher conditions:
     • No opening cost: Some vouchers allow you to fully use the voucher amount.
     • Partial Opening Cost: Some vouchers may require you to contribute a percentage of the funds. For example, if a voucher requires 50% of your own funds for a 100 USDT position, you would need to contribute 50 USDT, with the voucher covering the other 50 USDT.
   • Usage limitations:
     • Only one voucher can be used at a time.
     • Transfer restrictions:
       • Based on the voucher type, certain restrictions may apply when transferring assets between your Spot Account and Futures Account. In this case, if a transfer is made while using a voucher, it could cause the voucher to become invalid immediately. Please read the prompt carefully when transferring.
     • Trading restrictions:
       • Applicable only for Contract Trading.
       • No pair restrictions: Vouchers can be used for ALL contract pairs.
       • No leverage restrictions: Vouchers can be applied to any leverage setting.

4. Cash Voucher redemption and reclamation:

   • Voucher redemption:

     • If your Profit and Loss (PnL) meets the required threshold during the voucher’s validity period, the equivalent USDT amount will be credited to your contract account. This amount becomes your own asset, which you can use for trading, transfer to a spot account, or withdraw.
     • Example: A 10 USDT voucher requires a PnL ≥ 300% of the voucher value or losses ≥ 200% of the voucher value to unlock the principal. If these conditions are met before expiration, the equivalent amount will be credited to your account, and the voucher will be marked as redeemed.

   • Voucher reclamation:

     • If the PnL threshold isn’t met by the expiration time, the voucher will be reclaimed, and you may risk forced liquidation of your positions. It’s important to manage your positions and margins carefully.

5. Cash Voucher expiration conditions:

   • Failure to claim:

     • If the voucher is not claimed and used within the claim period, it will expire.

   • Failure to use:

     • If the voucher is not used within its validity period, it will expire.

   • Unmet conditions:

     • If the PnL conditions aren’t met by expiration, the voucher will be reclaimed.

   • Asset transfer or withdrawal:

     • Transferring assets or making withdrawals from your contract account before the voucher is redeemed will invalidate the voucher. You’ll receive a prompt to confirm this action.

Additional notes:

1. Unlocked cash vouchers cannot be transferred or withdrawn until they have been fully redeemed, nor can they be used for grid trading.
2. Vouchers cannot be used for wash trading, self-trading, or reverse trading. Any suspicious activity will be subject to account action by the platform.
3. Invalidating vouchers through asset transfer may trigger liquidation or prevent position maintenance. Ensure sufficient funds before taking any action.
4. Vouchers will automatically expire after their validity period, so please ensure sufficient funds to avoid liquidation.
5. Cash vouchers cannot be transferred within the contract account.