Step by Step Guide on How to use CoinChangeX
Maybe you have already tried out different cryptocurrency trading platforms. And indeed most decentralized trading platforms offer great coin offerings, low fees as well as opportunities to margin trade.One of the options you will find quite exciting is our platform — CoinChangeX.
CoinChangeX is a decentralized exchange that supports ERC20 tokens (Ether based tokens). If by any chance you missed an ICO, and you are looking to buy the tokens, CoinChangeX is a great choice for you. You will find most of those tokens listed there.
Waiting for the tokens to be listed on major centralized exchanges would be a bad idea because by then, prices would possibly be much higher. Therefore, CoinChangeX enables you to invest earlier than the crypto mass market, consequently stand a better chance of getting more returns on your investment.
However, compared to Binance and Bittrex, CoinChangeX user interface may be slightly challenging for beginners. In this post, we will provide in-depth insights on how to use the CoinChangeX Platform in seven simple steps.
So, let’s delve in and explore.
Step 1: Create an account
First, visit the official website https://Coinchangex.com/ and create an account. To create a new wallet, simply click on the “Select Account” section (located at the upper right corner) and then click on “New Account”.
Once you create your Ethereum wallet, a pop-up that contains your private key and public key will appear.
Your private key and public key is simply a bunch of alpha numerals. The public key, as illustrated above starts with 0x1c0………D39, on the other hand, the private key, starts with 6b0e…..c051.
As you already know, security of your private key is very important. Endeavor to keep your private key safe and be sure that no one except you has access to it. Remember if you lose your private key you cannot access your funds. You will use your public key to receive funds.
Step 2: Transfer some ETH to your CoinChangeX Wallet
There are many ERC20 token wallets out there to choose from, but one of the most popular one is MyEtherWallet . In the example below, we have used MyCrypto to send some ETH to the CoinChangeX wallet.
Step 3: Select the token you intend to trade
Check the drop-down menu and choose the token you would like to purchase. In this case, we have selected FYN.
Step 4: Deposit funds to the CoinChangeX smart contract
Now that you have a CoinChangeX wallet and you have some ETH in it, all you now need to do is deposit funds to the smart contract in order to start trading.
Checking on the “Balance” section of CoinChangeX you will see 3 columns: Transfer, Withdraw and Deposit.
Click on the “Deposit” column and type in the quantity of ETH you would like to deposit into the CoinChangeX smart contract.
As you can see in the above example we are transferring 0.3 ETH from the CoinChangeX wallet (yellow box) to the CoinChangeX smart contract (red box).
Our transaction was successful as you see below. Now we can trade.
Step 5: Execute a buy Order
This where the rubber meets the road, pay more attention. There are two ways through which you can execute a buy order:
First, you can place a buy order manually by typing in the number of tokens you would like to buy, desired price and quantity of ETH that will be used.
Alternatively, you can purchase directly from the order book. The order book contains sell as well as buy orders waiting to find a corresponding buyer or seller. Most traders opt for the order book since it is much easier to execute, so this is what we shall exactly do — buy from an order book.
Sell Orders (red in color): They are usually listed with the cheapest asking price at the bottom and the most expensive at the top.
Buy Orders (green in color): The case is not any different here; highest bid price comes at the top and the cheapest at the bottom.
As a buyer, you would want to purchase your tokens at the cheapest price possible. From the order book above you can see that the lowest price was from a user looking to sell
16 FYN at a price of 0.003 FYN/ETH, and this will earn him 0.049 ETH.
Next, you will see a “Buy order” pop-up already filled up with the complete order as shown below.
But we only have 0.3 ETH and we would like to buy FYN worth that amount; therefore, we will need to edit this order and then buy. Once your order has been successfully executed, you will see it on your trading history.
Sometimes transactions can be slow. If you realize that your transaction is taking too long to be confirmed (possibly because the Ethereum network is clogged up at that time), you can increase your gas fee to speed up the process.
Step 6: How to make a withdrawal
You have successfully made a purchase, now let’s make a withdrawal, or if you like transfer tokens to the CoinChangeX wallet. Go to the “BALANCE” section and click “Withdraw”.
In our example above, we have transferred 10 FYN you purchased to your CoinChangeX wallet. We have also transferred 0.294 of ETH that remained.
The screenshot below, show what it looks like after you have made a successful withdrawal.
Final Step: Transfer Funds to your Personal Wallet
To transfer funds from your CoinChangeX Wallet eventually into your Personal Wallet, under your “Balance” area you will see “Transfer” column.
Just enter the number of tokens you want to transfer, paste the address for the receiving wallet, and then click “Transfer”.
In this case, we have successfully transferred 10 FYN and 0.293 ETH. We intentionally left some ETH to enable you to pay the transaction fees.
Final Word
CoinChangeX is a decentralized exchange built on the Ethereum Network. Decentralized here simply implies that there is no intermediary company holding your funds. Your digital assets are held in a Blockchain smart contract that enables only you as an individual to make deposits, trade and withdraw.
While trading on CoinChangeX can be exciting, getting started on the platform can be a pain especially for beginners. Hopefully, the insights in this article were helpful in enabling use CoinChangeX. If you have any questions, feel free to leave a comment below.
