EFIN Decentralized Crypto Exchange Tutorial – Making Orders
In this guide, we’ll teach you how to trade and create orders on eFin dex. eFin is the decentralized crypto exchange powered by TokenPay. You can download eFin cryptocurrency wallet from eFin website to store your crypto currencies securely and can also use it as a cryptocurrency exchange to trade your crypto coins.
Keep in mind that with the TokenPay wallets, all of your funds and private signatures are yours, and yours only. We do not store any information about your seed phrases anywhere. This is why we urge everyone to keep them secure, even write your backup phrases on a physical piece of paper and keep it in your physical wallet. That way, you can treat it just like you would treat fiat currency: it’s all yours, in your pocket.
Hello everyone, welcome back to eFin. Today I’m going to show you how to trade. First off when you click on this trade tab right here, it will ask you to login using your blasts network account. If you don’t have one you can create one by clicking right here. Now once you log in, you will see this screen right here. This is how you can trade using eFin. On the right side you can see all the trading pairs currently available in the eFin. More are added over time, so if you don’t see your preferred crypto currency here chances are it will be added in the future.
Here you can select your base pair. what does that mean? eFin uses base pairs as currencies to pay the blockchain fees and to pay the withdrawal fees. Now there are two base pairs at the moment, which are Tpay and Bitcoin. In the alt tab you can see all of them and the bitcoin ones at the bottom. Now, what can you do using these? well you can make an order to either buy or sell this respective crypto currency or you can take already existing orders which will show right here in the order book.
Now you may ask, what does this mean? Well, the top ones which are displayed in red are orders to be able to buy the first crypto currency mentioned here, using the second crypto currency. The ones at the bottom which will be green, so that you can sell the first crypto currency and receive the second crypto currency. So for example, for Tpay and Litecoin right here, the red orders are so you can buy Litecoin using Tpay and the ones that would be right here are to buy Tpay using Litecoin but at the moment there are none.
Let’s say you want to make your own order. Well for that there are some prerequisites. First you need to have deposited some crypto currency of the base pair that you’re using. For example, if you use Tpay as your base pair, you need to have some Tpay in your wallet for the transaction and blockchain fees. Let’s say you have that already, how can you make an order? Well let’s say, I want to make an order using Ethereum and Tpay. Let’s say I want to buy Ethereum. Here you can select your price which by default is the market price.
So one Ethereum costs 400 Tpay but let’s say I want to trade using 401 Tpay and I want to buy one Ethereum. The total is calculated by multiplying the price by the amount. So if this would be two, would have to be 802 Tpay. Now you can also use the percentage buttons which retract a percentage of your total Tpay. So that, this total reflects that percentage. So 25% out of 2,000 would be 502. This also takes into account the fees right here, so you don’t have to do it manually and you can use any of these buttons as you wish.
Now this is a bit too much. Let’s say I want to buy just one Ethereum. I put it right here, actually change the price to whatever I want and I click buy Ethereum. As you can see, the order is already made right here. I can’t take it but I can see that it’s mine by the green circle that appears next to it. It’s also with the status waiting to be taken right here and I can cancel it using this tiny red button. If I click it, I get the confirmation window and clicking yes cancels my order.
Now I can also sell Ethereum if I have some and get Tpay in exchange. Let’s say I want some more Tpay for my Ethereum, let’s say I want 500 Tpay for one Ethereum and I have 0.4. So I’ll trade half of that 0.2. Again you can use these percentage buttons to input a percentage of your Ethereum in the amount field. So 25% would be 0.12, 50 percent would be 0.24 and so on but again, I want to sell just 0.2. That’s enough for now and I just click this button right here, sell Ethereum.
As you can see the order has been made in the red category and again it has the circle next to it indicating that it’s mine. If I want to cancel it before it’s taken, again I can press this button right here and confirm and as you can see it disappeared and the funds have already returned to me. That’s all you can do in this screen. You can trade using any of these pairs, any of these base pairs and take any order but I’m gonna show that in the next video. Thanks for watching.