How to trade on DDEX
Trade directly from Ledger/Metamask! A DEX based on 0x and Hydro protocols.
Don’t trust centralized exchanges (CEX)? Tired of slow decentralized exchanges (DEX)? DDEX has been around for some time and is a pretty fast DEX that uses the 0x protocol and Hydro protocol.
The best part of DDEX, in my opinion, is that you can trade directly from your wallet. No more depositing into a CEX or a smart contract. No more paying high withdrawal fees (looking at you Binance).
This is a short overview of how to trade using DEX, directly from Ledger or Metamask. It has its own token (HOT) as well, but I’ll not go into that here.
Details
1: Connect Wallet
The first thing to do is to connect your wallet. On the menubar, click on the right-most button and connect either Ledger, Metamask or browser wallet (not recommended). If you’re using Metamask, you have to unlock it.
2: Enable Token
Next, find the token/market you want to trade. On the top left, under “Select Market”, find the trading pair (here I’m using KNC and Metamask as example).
Before being able to trade, you’ll have to “enable” the token for trading. This step is to allow the smart contract to exchange the tokens once a trade has gone through.
Click on the toggle button to enable the token. A Metamask popup will appear. Click on confirm (tweak gas price if you like) and wait for it to be mined.
Note: the warning “spend up to 1.158… of your token” sounds scary, but actually means that you allow the smart contract to move the tokens on your behalf, once a trade goes through.
You can now place an order! Place a buy/sell order as you would on any other exchange. Sign the appropriate Metamask dialogue and wait for takers. Once someone completes the trade, DDEX will exchange the tokens automatically and directly from your wallet. That’s it! You’ve completed a trade!
Misc
You’ll notice there is not ETH market but there is a WETH market. WETH (aka Wrapped ETH) is a ERC20 version of ETH (which is not ERC20-compliant) so that it can be exchanged automatically via smart contracts. 1 WETH equals 1 ETH. Find out more here. WETH is an industry standard and not a DDEX specific token.
Epilogue
If this article helped you, consider using my DDEX referral link here! (Disclosure: Invite some friends to DDEX and you will both get $5 of wrapped Ethereum (WETH) when you buy or sell at least 0.5 ETH worth of tokens on DDEX.)
If you’re interested in passive income from staking, check out my other posts:
