How to Get Started with Set Social Trading
A step by step guide on how to go from zero to Set hero
The Set Social Trading platform on TokenSets is an easy way to leverage experienced traders to automate informed crypto trading decisions. Getting started is simple— all you need is a Web3 account (MetaMask, Coinbase Wallet, etc.) and some ETH to start buying Social Trader Sets.
Prerequisites
Totally new to Set Protocol and TokenSets? Read our beginners guide here.
If you want to learn more about Social Trading, check out this article here.
In order to buy Sets, you’ll need a Web3-enabled account along with some ETH, WBTC, DAI or USDC. You can check out this article on how to get your TokenSets account up and running.
Browsing Social Trading Sets
On the TokenSets Explore page, you can view all of the available Sets. The Sets under the ‘Social Trading Sets’ category use signals from traders to initiate their trades (rebalances). Once you find a Set that you like, simply click one of them to view the Set’s landing page.
Set Details
On each Set’s landing page you can see a more in-depth view of the Set’s information that can help you make an informed decision about which Set is the most appealing to you. Important information that might help inform your buy/sell decision for a Set:
- A description about the Set’s strategy
- 1 Time Buy fee
- Inception date
- Market cap
- Price chart data
- Number of Set holders
- A feed of posts about rebalances
- and more!
Buying Sets
When you have enough information to make an informed buy decision, you can click on the Buy button at the top of the Set’s landing page. You’ll see a window displayed where you can input how many Sets you’d like to buy.
You can use ETH, WBTC, DAI or USDC to purchase a Set. If the Set is currently positioned in 100% USDC and you decide to pay using ETH, our smart contracts will automatically exchange your ETH for USDC using Kyber Network and 0x. Once the exchange is complete, your funds will be deposited into the Set Protocol Vault smart contract and then your Sets will be issued to your wallet as ERC20 tokens.
Once you’ve decided on how many Sets you’d like to buy, you can click Preview Buy to bring up the next window.
If everything look goods, you can click Submit and confirm your transaction on your Web3 wallet.
The window will show a pending state once you’ve initialized the transaction.
Your transaction should succeed and show a success state if everything goes to plan.
After that, your Set will be viewable in your account page on TokenSets. Congrats, you’ve just bought your first Set!
Have questions? Our team is happy to answer them in our Discord channel.
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