DEX Trading Introduction
Did you know that you can already make quick trades via Trust Wallet?
The development team has designed two easy ways to buy and sell crypto. Just open up your app and access the built-in DEX.
As of the moment, you can trade your ERC20 tokens to ETH, as well as BEP2 tokens to BNB, and vice versa. You need to have a Multi-Coin Wallet in order to access the DEX.
Trust Wallet connects directly to Binance DEX in order to make the trade happen.
This looks and feels like a traditional crypto exchange where you can see an order book and you can set your Buy and Sell orders. The Exchange Option is only available for BNB to BEP2 tokens trading.
Trading on the Exchange requires a network fee. Learn more about it here.
How to Place a BUY Order
Step 1. Access the DEX
Open Trust Wallet and tap on DEX at the bottom. Next, tap on EXCHANGE tab at the top.
Step 2. Select a Trading Pair
Tap on trading pair on the upper left. It usually has MITH/BNB by default. Search for the token in the available markets. Tap on the trading pair to select it.
Make sure that you type the name of token properly If it does not show up then it could mean that the token is not yet listed on the DEX.
Step 3. Checking the Order Book
Now, you will see the order book for the token. On the right side pane, both Buy and Sell orders are visible. The orders in Red are the Sell orders while the ones on Green are the Buy orders.
Step 4. Creating an Order
By default you will be on the Buy order screen. If you do not intend to buy the lowest Sell order, just indicate the price per token and the amount on the space provided. You can also tap any existing Sell order to automatically indicate the price.
Step 5. Confirm your Trade
After you have made a decision on the price and amount of tokens that you want to buy, tap the Buy button. Then on the next screen, tap on Send to confirm the transaction. You will then be prompted that the transaction is successful and the token will be sent directly to your wallet. All done!
How to Place a SELL Order
The first 3 steps in creating a Sell Order is just the same as above. The only difference is that starting from Step 4, tap on the Sell tab under the desired trading pair. Indicate the price per token and the amount on the space provided. Alternatively, you can also tap on an existing Buy order to automatically indicate the price.
The Swap Option is a more simplified method of buying and selling tokens which is fully integrated on Trust Wallet. You can do ETH Swaps, via the Kyber Network integration, as well as BNB Swaps which goes thru Binance DEX. The cool thing about this is that you can do swaps to any token of the same chain.
Swap transactions requires a network fee. Learn more about it here.
How to do a Swap:
Step 1. Access the DEX
Open Trust Wallet and tap on DEX at the bottom right. Tap on SWAP tab at the top of the screen.
Step 2. Set the Parameters
You need to set here 2 things:
- You Pay - This is the Token that you currently have.
- You Get - This is the Token that you want to receive.
Then tap on the arrow pointing to the right of each item and then search for the token.
Step 3. Set the Amount
At this point, you can decide on how much tokens you would like to swap. There will be an automatic conversion rate that will give you an idea on how much tokens you will receive.
You can set the amount on either the “You Pay” or “You Get” Field. Just enter the amount of the token you want to pay/get and the app will automatically compute the cost.
There are limits on the amount you can buy/sell. For example, you can only buy in multiples of 10, 100, etc.
Step 4. Confirm the Transaction
After putting in the amount, tap on Next. You will now be on the Confirm screen. Once you are ready to proceed, tap on Send to process the transaction.
Step 5. Wait for Swap to Complete
The confirmation time will depend on the swap you are trying to do. ETH swaps usually needs confirmation from the miners. BNB swaps will be instantaneous. You will get a notification once the swap is complete. The tokens will be sent directly to your wallet.
My Token is Not Listed, What Should I Do?
These two methods are fairly easy and allows anyone to freely trade on the DEX. However, newer tokens will take time before they get listed. This depends on the actual DEX that handles the listing process. You can try contacting the exchanges to inquire about listing your token.
How to Determine if My Token Can Be Traded?
Best way to check is by going to CoinMarketCap: https://coinmarketcap.com/ and search for your token.
Eventually, more pairs will soon be added on these exchanges and thus will result in more liquidity.