TokenPocket, one of the most popular EOSIO wallet, now has an exchange called the TPExchange. A cryptocurrency exchange is an app or website where you can trade digital currencies.
Through the TPExchange, users can buy and sell digital currencies, in a convenient and secure manner and with the combined liquidity of Huobi, OKEx and Binance. The TPExchange also serves as a wallet where users can store their digital currencies. This TPExchange wallet is different from the non-custodial TP wallet and the differences are documented in this post.
Due to its low transaction fees, high liquidity and convenience, people would rather trade on TPExchange when they discover it. The following tutorial demonstrates how to trade on TPExchange.
Before you Trade
It’s necessary to do the following before you start to trade.
Step 1: Get on TPExchange via TokenPocket app
- Click on the shiny orange TPExchange icon on your TokenPocket app and it would take you to TPExchange.
- If you don’t have the TokenPocket app, you can download it from Play Store or App Store and learn more about its robust features in this post.
Step 2: Complete the KYC
- Complete the Identity verification. Without doing that, you won’t be allowed to withdraw from the exchange.
Step 3: Complete the security protocol
- Beef up the security of your TPExchange account by confirming your phone number and email address and then set up two-factor authentication and a “fund password”.
- With hackers lurking around every corner, this is an important step. TPExchange is secure but you should also play your role in ensuring your security.
Step 4: Set up your preferred currency unit
- Set your currency unit to dollars. This is because the default currency for the exchange is Yuan.
Step 5: Fund your wallet
- Fund your account. You can fund your TPExchange account by sending directly from your TokenPocket wallet or from any other exchange or wallet.
Time to Exchange
Step 6: Trade
- Click on trade
Step 7: Select the trading pair
- Select the trading pair that you want to trade with. In this case of this tutorial, I wish to trade EOS for some USDT. So I choose the EOS/USDT trading pair. There are many other trading pairs to choose from.
Step 8: Buy or Sell
- You can buy or sell cryptocurrencies based on the chosen trading pair.
- Buy is usually represented with green and sell is represented with red
Step 8: Limit or market order
- You can choose to place a limit order or a market order.
- A market order allows you to buy/sell at the current market price while a limit order allows you to buy/sell at a different price which may be lower than the market price or higher, if you want to buy or sell respectively.
- For the sake of this tutorial, I'm selling 4 EOS. but I'm not using the market price. I'm setting limit order to price of $4 so when the price goes up, my order will be executed.
Step 9: Do one more check.
- You can check your orders at the "open orders".
- You can cancel your orders, provided that the order has not been executed.
This is part 5 of a series where I take a deep dive into the TPExchange. Click on the following links for the other parts.
Part One: “Why you should create an account on TPEXchange”
Part Two: “How to create an account on TPEXchange”
Part Three: “TokenPocket Wallet VS TPExchange”
Part Four: “How to Deposit Cryptocurrency to TPExchange”
Part Five: “How to Trade on TPExchange”
Part Six: “A weird post about $10”
Part Seven: “Arbitrage on TokenPocket Wallet and TPExchange”
