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wrapped ether

How to use CryptorDex (DEX)

Tools you need to use the DEX

You need ether (ETH) and wrapped Ether (wETH) to buy & sell on the exchange, as ETH and wETH is how you pay for transactions. Learn more about wrapped tokens here. You also need an ERC20 compatible wallet in order to use the DEX. We recommend Metamask.

Log into your wallet and connect it to the DEX by clicking on your wallet address that should occur in the menu at top right corner of the DEX. (Note: You need to be logged into your wallet in order to use the DEX.) You will then get a new menu, at the top of the menu click on “my wallet”. You should now see the listed tokens and your holdings of each of them.

If you already have ETH and wETH in your wallet, you are already set to begin. If not, this guide will explain how to buy both ETH and wETH under.

You are now ready to do transactions like buying and selling tokens on the DEX.

How to Unlock tokens in your wallet

You will need to unlock the token you want to sell so the system can take it from your wallet. On the 3rd row in the menu from the right you have “Locked?”. Click on the “lock” symbol beside the token you want to unlock. Your wallet will ask for a confirmation of the unlock, and you will need to confirm in order to complete the unlock. The lock symbol should now disappear from that token.

How to buy / sell ETH and wETH

If you have ETH, you can then buy wETH on the DEX by converting ETH to wETH by using the mall menu that now should be present up in the top left corner of the DEX. 1 wETH has the same value as 1 ETH. fill out how many ETH you want to convert to wETH, it will then give you the total transaction value including commission. Complete the transaction by clicking on “convert’. If you have wETH you can also convert to ETH using this menu.

How to send tokens

On the right side you have buttons for sending tokens or buying tokens. If you want to send some of your BIB tokens to another wallet, click the “send” button beside your holding of BIB tokens, and you get up a small form where you fill out the address of the wallet you want to send your BIB token, as well as the number of BIB tokens you want to send. The necessary ETH gas will be taken from your wallet when you initiate the transaction.

How to buy tokens

If you want to buy tokens click on the “buy” button beside the tokens listed that you want to buy, you will then get up a small form where you fill out the order details like the number of tokens you want to buy. To complete the transaction click on the “buy” button at the bottom of the form.

Buy ETH using credit card (with KYC)

How to buy ETH on CryptorDex using your credit card (Will include KYC – Know Your Client to be filled out) In the top right corner, 2nd from right, click on “Buy ETH” and you will get up a small form where you fill out the amount of USD you want to use for buying ETH. A summary will show the exchange rate of ETH and how much ETH you get. Follow the guidance in order to fill out the KYC information.

How to swap tokens and tokens that are listed on the exchange?

On the menu up in the top right corner click on “swap”. You get a new screen where you can swap ETH with any of the tokens. Select the token you want to swap buy using the menu up in the top left corner. A small form in the middle of the screen shows the price used and how many tokens you get for the swap. Fill out how many tokens you want to send, and the number of tokens you receive will occur on the form. Click “swap” to complete the transaction.

Decentralized Finance (DEFI)

On the menu up in the top right corner click on “DEFI” and you get up a new screen with options to borrow tokens and put up tokens as collateral, giving you the possibility to leverage your trade. Unless you are a skilled trader, we do not recommend that you use leverage in your trading. 

Buy crypto to your wallet using bank transfer (Includes KYC)

On the menu up in the top right corner click on “FIAT” and you get up a new screen / form where you can buy crypto currencies. At the top of the form select the currency you want to use for purchasing crypto currencies, like USD, GBP, etc. as well as the amount you want to use for buying crypto. 

Next choose the crypto currency you want to buy like BAT, BTC, ETH, USDT, etc. In the form, the amount you get of your selected crypto currency that you want to buy should now occur. Click the “buy now” button to complete the transaction.

Price chart of your token

Click on “CryptorDEX” up in the top right corner and you get a screen of the listed tokens. Click on the token you want displayed with a price chart. You will then get a price chart covering the last 3 months of trading.

Over the price chart you have a menu with the following items Day, Candles, Compare, and Indicators (Technical Indicators).

Technical Indicators

Click on “Indicators” if you want to select the technical indicators to use in order to analyze the price chart like “accumulation / distribution”, “average true range”, etc. in alphabetic order. Search for the indicator you are looking for like RSI (Relative Strength Indicator”. You can learn more about technical indicators used for analyzing price structure on our investment website Elliott Wave Technician here.

Buy or Sell tokens

On the right side at the bottom, you should now see a form where you can initiate a “buy” or “sell” transaction for the token you look at in the price chart. The current order book / transactions occurs in the top half of the form.

In the form for ‘buy’ and “sell” orders, fill out the number of tokens you want to buy or sell, and the price in ETH. The calculated price should now occur at the bottom line. Remember to choose if you order is at “market” or on “limit”.

Market orders allow you to trade a token for the going price, while limit orders allow you to name your price. However, remember that newly listed tokens has yet to establish a market and the liquidity is low, then prices can swing widely. In this case use “limit” in order to control the price you buy or sell for. Click on the buy / sell button to complete the transaction. Remember if you are buying using ETH to pay, ETH need to be unlocked in your wallet before you initiate the transaction. If you are selling a token it needs to be unlocked before you can initiate a sell transactions.

Geir Solem

Overview of wrapped tokens

Description of wrapped token

A wrapped token is an asset hosted on the Ethereum blockchain with a price that is the same as another underlying asset, even if it’s not on the same blockchain or on a blockchain at all.

A wrapped token is an ERC-20 compatible token with a value identical to another asset that it represents, either through a smart contract or by being backed one-to-one with the underlying asset. 

Wrapped Bitcoin, for instance, is a token worth the same as one BTC at any given moment, as a smart contract algorithm reproduces its price in real time and regulates the underlying fund with supply and demand information gleaned from user transactions. In exchange for their money, wrapped token users get an equivalent amount of value “wrapped up” in an asset that’s more easily mobilized by decentralized applications (DApps).

Wrapped Ether, is a token worth the same as one ETH.

Types of wrapped tokens ?

Because Ethereum is the biggest DeFi ecosystem, wrapped tokens are often those hosted on other blockchains but are also stablecoins that are pegged to the dollar.

Many of the first wrapped assets were, in fact, fiat-backed stablecoins, such as tokens with prices pegged to the dollar — Tether, Coinbase’s USDC or TrueUSD. There are also euro, yen, yuan and countless other fiat stablecoins that are mostly based on the Ethereum blockchain. 

The Wrapped Zcash token (coming), a privacy coin, will provide Ethereum DApp users with the coin’s anonymity advantages, plus a reliable way to invest in Zcoin, thereby boosting its market.

Wrapped Zcash is a way for Zcash to be used within financial applications built on Ethereum — it opens a bridge from one ecosystem to the other. This two-way street benefits both Zcash and Ethereum users, as Zcash users are able to transact and invest within the many decentralized financial applications built on ETH.

This integration also brings an effect on the supply and demand for Zcash, which could prove a significant tailwind. For Ethereum users, the privacy benefits of Zcash enabled by its z-addresses and t-addresses provide new ways for decentralized finance (DeFi) applications to limit the publication of identifying information held in transaction data while still passing auditory and compliance standards.

These are backed accordingly via the reserves, with coins fed in according to the demand of online crypto exchanges and larger institutional investors who want to quickly exchange fiat money into crypto and manage their money within a given platform. This makes it as easy to deposit dollars into DeFi applications and blockchain wallets as it does to have a reliable counter currency providing traders relief from crypto asset volatility.

Blockchain interoperability

Other cryptocurrencies are beginning to launch wrapped versions of their tokens on Ethereum in larger numbers, with interoperability (The ability to share information across different blockchain networks, without restrictions) a vital consideration for solutions that want to be taken seriously.

Currently, one blockchain has no knowledge of information that might exist in a different blockchain. For instance, the Bitcoin (BTC) blockchain exists fully independently of the Ethereum (ETH) blockchain — in the sense that it has no knowledge of any information recorded there — and vice versa. Blockchain-based projects are isolated from each other, despite existing within the same industry and working with the same technology.

The crypto industry involves “a series of unconnected systems operating alongside, but walled from each other”. Blockchain interoperability is the ability to exchange data between different blockchains seamlessly, as if there were no boundaries.

Geir Solem