CoinPoker Changed The Way Rakeback Is Paid: Pokeroff Guide

At the beginning of October 2024, CoinPoker updated the rakeback system and terms of using CHP. In this article we provide detailed information about changes, tutorial for CHP withdrawal and its exchange for USDT, and also answers to the most frequent questions.

CoinPoker Rakeback From October 2024

Weekly 33% rakeback on CoinPoker is available only for players who have not only USDT for buy-ins and rake but enough CHP to cover rake deduction as well. Rakeback is credited the following way:

1. Each player pays the rake / fee in USDT — these commissions are called Community Contributions in the room.
2. When a player leaves the table / finishes the tournament, the room converts the amount of paid rake from USDT to CHP.
3. Half of the converted sum is withheld in CHP by the room.
4. The other half of the converted sum is then returned to the player’s account in USDT.
5. On Monday, 33% rakeback in CHP is credited to the player’s account.

If a player doesn’t have CHP on their balance at the moment of payment of rake, the whole amount of rake will be withheld in USDT without rakeback.

Polygon vs Etherum: Which Blockchain Is Better For CHP

While CoinPoker allows CHP transactions on Ethereum and Polygon, the room’s support recommends players to use PoS for several important reasons:

1. CHP liquidity on Ethereum blockchain is much lower than on Polygon blockchain. It restricts players’ limits on the volume of CHP transactions on Ethereum network.
2. CHP withdrawal from CoinPoker through the Ethereum network is subject to a $5 fee while using Polygon will cost you only $1.
3. Transactions through  the Polygon network are cheaper than through Ethereum. According to Etherscan on October 4th, miner’s fee on Polygon was between $0.00025 and $0.00051 per transaction, while on Ethereum it was between $0.29 and $0.41.

Another important reason to choose Polygon for CHP transactions is the opportunity to swap CHP via QuickSwap for any other token and cryptocurrencies working on Polygon with a more beneficial exchange rate than via crypto wallet.

Where To Buy CHP to Deposit on CoinPoker

Before depositing CHP to your CoinPoker account, you need to create a crypto wallet account first. The best choice will be the wallet that supports CHP on Polygon blockchain.

Pokeroff recommends using Metamask since it allows customers to swap tokens in its own interface without leaving the app.

CHP liquidity isn’t very high, so the easiest and the most convenient way to deposit it on your CoinPoker account is by internal swap of USDT for CHP.

First step is to deposit USDT on your Metamask account through Polygon or Ethereum blockchain, then deposit USDT to room and finally swap it to CHP in the «Buy CHP» cashier tab. This operation is taxed with a 5% fee by the room.

Note! Metamask doesn’t work with Polygon by default. After you create an account on Metamask, you should add this network to your account. Open Metamask in your browser, click on the blockchain sign in the left upper corner and then on the “Add network” button.

After that Metamask redirects you to the browser page where you need to find Polygon Mainnet and click the “Add” button.

When you  see a confirmation window, click the “Approve” button and then the “Switch to Polygon Mainnet” button.

Remember that transactions through Metamask on the Polygon network require you to have enough native token of this blockchain — POL token — to cover gas.

How to Swap CHP to USDT on CoinPoker Wallet

In Autumn 2024, CoinPoker stopped offering the swap of CHP to USDT. But the opposite option is still available — players can exchange USDT to CHP with a 5% transaction fee. You can make it in your CoinPoker wallet in the “Buy CHP” tab.

How to Withdraw CHP from CoinPoker and Swap CHP to USDT

Before you can withdraw CHP from your CoinPoker account, you need to verify your wallet in the room. It can be done by deposit, the simplest way is send USDT through Polygon or Ethereum blockchain. It doesn’t matter which one because they will have the same address.

You should use only a personal wallet for transactions with CoinPoker but avoid transactions via any exchange.

After the first deposit your wallet becomes verified in CoinPoker. Any questions related to this matter need to be addressed to CoinPoker Support: support@coinpoker.com.

When verification is done, you can withdraw CHP following these instructions:

1. Open CoinPoker wallet —> “Withdrawal” tab
2. Choose CHP token and Polygon network
3. Specify the withdrawal amount. CoinPoker will charge you a $1 fee in USDT.

Important! Pokeroff doesn’t recommend our players to hold CHP on their CoinPoker account, especially large sums. If possible, withdraw the token and exchange it at least once a week, but avoiding Tuesday, since on this day, according to our observations, CHP drops a little. Probably the reason for this is the mass withdrawal of rakeback by the room’s players.

Swap CHP on MetaMask

MetaMask allows customers to swap CHP to any other Polygon tokens but its rate is slightly lower than the market rate. For example, on October 4th CoinmarketCap rate was 500 CHP = 27.06 USDT, while MetMask had 500 CHP = 26.8 USDT not counting fees.

Guide for CHP swap via MetaMask:

1. Open MetaMask account and click the “Swap” button.
2. When a new window is open, choose CHP in the upper line and USDT or any other tokens in the lower line.
3. Fill in the upper line with the amount of CHP for swap. The wallet will determine the rate and then you can click the “Swap” button again.

Swap CHP on QuickSwap

QuickSwap requires more steps for swapping than MetMask but it has a more favorable rate — on October 4th it was 500 CHP = 27 USDT not counting fees.

Guide for CHP swap via QuickSwap:

1. Open quickswap.exchange and click the “Swap” button.
2. Make sure that the Polygon network is chosen.
3. Click the “Best Trade” tab and choose “Market (V2)”.
4. Choose CHP in the “Pay” line and USDT or any other Polygon token in the “Receive” line.
5. Fill in the upper line the amount of CHP to swap.
6. Click the “Connect Wallet” button and connect your wallet.
7. Click the “Approve CHP” button to confirm the swap.

!! Do not forget to deposit Polygon native token POL on your wallet before any other transactions. You can’t make swaps, deposits, withdrawals and transfers without enough POL to cover gas.

Help with CHP for Pokeroff Players

Pokeroff Customer Support is ready to help our players with POL deposits for gas. You can ask for help in your personal chat with Pokeroff managers and they will send you $1 POL to cover around 30 transactions via Polygon blockchain.

If you swap CHP on Polygon blockchain to USDT, Pokeroff Support is here to receive transactions from you in this stablecoin. Minimal sum for transaction is $100, but you also need to be ready to cover the miner’s fee around $1.

For more information about terms for Pokeroff players on CoinPoker reach out to Pokeroff support team.