How To Trade NAV with Komodo Wallet (FKA AtomicDEX)

Closely aligned with the Navcoin ethos, let us introduce you to Komodo Wallet: a secure wallet and non-custodial decentralized exchange rolled into one application. All transactions on the platform are secured using cryptographic protocols, so that the control over your funds remains solely in your hands. No intermediary. No custodian.

In this guide we will show you how to create a Komodo wallet, how to deposit or send funds and how to perform a NAV swap.

How To Use Komodo Wallet

Download and Install

First things first. A web version is available, which does not require any prior installation and can be used with any device via Chrome, Brave, Safari, and other common web browsers.

Besides that you can download the mobile app here (iOS & Android) and the desktop wallet here (Windows, Mac & Linux).

Should you encounter any regional or token-dependent restrictions, download the desktop community edition here to bypass them.

1. Wallet Setup

The process of setting up a new wallet is virtually the same on desktop and mobile. Click “Create Wallet”, give it a name and you will get a generated Seed Phrase.

We strongly recommend you store your seed phrase offline. It secures your access to your Komodo wallet and will allow you to restore it on other devices. Never give it away, under any circumstances. You will then be asked to confirm your seed by typing in certain requested words from it. On mobile, choose a six-digit PIN code to protect your wallet as your final step.

Should you already have a wallet, go to “Restore” (mobile) or “Import Wallet” (desktop) and restore it by typing in your seed phrase. Now you can fully access your wallet, displaying your portfolio value, single positions and the main menu at the bottom.

2. Wallet and Assets Overview

Komodo wallet comes with two (mobile) and three (desktop) default assets. To manually add NAV to the list in your portfolio, click “+ Add Asset” in the top right corner, search for NAV in the menu and enable.

Note that Navcoin (NAV-BEP20) is the equivalent for WNAV.

On mobile, tap the round “+” button under your positions and check for NAV in the search bar. Tick the box and “Done” — now you have NAV in your portfolio overview to deposit, send or swap. Repeat these steps for any other tokens you wish to trade with.

3. Depositing Funds

Time to make your first deposit. Go to your portfolio, select NAV from the list and click receive. A QR-code and the typed-out address will pop up. Use either one you prefer to transfer the funds to, just make sure you are only sending NAV to that address and make sure the selected chain matches up.

4. Swapping

Once your deposit has arrived, you can begin swapping on the platform. On mobile, tap “DEX” in the bottom menu and on desktop select “DEX” in the left side bar. Under “Swap”, choose which pairs you want to trade and the respective amount. Shown below is a NAV / BTC-BEP20 example swap.

Note that each swap will require a small fee, which will be denominated in a token dependent on the trading pairs. For NAV / BTC-BEP20 the fee will be in NAV and the transaction gas in BNB. Exchange fees will be on the taker side so make sure you have enough in your wallet to cover the cost.

Due to the trading speed and fees being determined by the involved chains, some transactions could take longer and become more expensive than others. For this reason we recommend trading with BTC-BEP20 instead of BTC for smaller sizes.

Since Komodo wallet is uniquely offering a liquidity and a P2P order book exchange system, users can also perform a swap at a specific price. To do so, go to the DEX section of your desktop app and select “Pro” in the top left corner of the screen. Choose the desired trading pairs and manually input the price and volume at which the transaction should be executed. On the community edition app, make sure to have the “Place Order” window active by selecting it in the settings menu in the top right corner. Ensure you have enough balance to cover the fee and confirm.

To perform a swap at a specific price on mobile, tap “DEX” and select the “Advanced” trading mode in the top menu bar. Choose the two currencies you want to trade and type in the amount of the token you wish to sell. You will get a pop-up showing you whether there are active orders for your desired pairs or not. “Click to see orders” to see what other offers are open, how much liquidity they provide and what exchange rate they present. Either choose to swap at their defined conditions or “Click to create an order”. By doing this, you will have to manually put in the amount of the other coin you want to receive. Setting the amount you seek to swap for also determines the execution price. Once confirmed, wait for another user to accept your terms and the swap will take place.

Komodo wallet does not charge fees for market makers. However, it does take 0.13% of the total value of the transaction for market takers. Additionally, a small deduction will be made in the native token of the blockchain it is taking place on. For the NAV / BTC-BEP20 swap shown here, the DEX fee will be denominated in NAV and the transaction gas in BNB.

Done. Enjoy your Dexperience!

Tips and Tricks

• The pairs with the best liquidity at the moment are often NAV / BTC-BEP20 and NAV / KMD
• For finding pairs with liquidity, this sites can be helpful markets.atomicdex.io/currencies/NAV & Dexstats.info
• A cost-effective way without KYC to swap BTC for BTC-BEP20 is via SafePal, for only 0.00001 BTC as a fee, or as alternative EasyBit with a ~0.27% fee.