How to trade

This guide assumes you already have a working account and you have deposited to Cryptomagz Dex. This means you should have a balance in the "Cryptomagz Dex" column. You should also have some ETH in the "Wallet" column to pay for gas fees when you trade.

  1. Pick a token to trade. This guide will assume you have chosen PLU.

  2. Most tokens are listed in terms of ETH. For example, a price of 0.03 PLU/ETH means 1 PLU costs 0.03 ETH.

  3. In the order book, there are green orders and red orders stacked on top of each other. Green orders are people who want to buy PLU. Red orders are people who want to sell PLU. If you want to buy PLU, you can click a red order. If you want to sell PLU, you can click a green order.

  4. Cryptomagz Dex only allows you to match against one order per transaction. You can't do a "market buy" that trades against multiple orders at once.

  5. Partial fills are allowed. For example, if there is an order to sell 100 PLU, you can click the order and choose to only trade 25 PLU, leaving 75 PLU behind for someone else to trade.

  6. When you do a trade, a transaction will be generated.

  7. If two people try to trade the same order at once, the first transaction to be confirmed will get the trade (unless both orders are partial fills).

  8. A failed trade will show up as an error on Etherscan. No funds will be lost except the gas fee for the transaction.

How to place an order

  1. If you don't want to trade immediately or don't like the prices you see in the order book, you can place your own order.

  2. An order doesn't involve a transaction. It involves signing a message. This means there is no gas fee for placing an order.

  3. On the order form, select the Buy tab or the Sell tab depending on whether you want to buy or sell the token.

  4. Let's assume you want to buy PLU.

  5. The first box is the amount of PLU you want to buy.

  6. The second box is the PLU/ETH price.

  7. The third box is the amount of ETH you will spend. This box will populate automatically so you can confirm that the price you entered makes sense.

  8. The fourth box is the number of Ethereum blocks until your order automatically expires. The default, 10,000, is about two days. If you want your order to last forever, enter 1000000000, which corresponds to about 400 years.

  9. After you submit the order, you should see two small green bubbles pop up in the lower right. The first one will say "You sent an order." The second one will say "Your order was received."

  10. After your order was received, it can take about a minute for the order to appear in the order book.

  11. Your order will be highlighted in blue so you can easily spot it.

  12. The order book only displays the top 100 buy and sell orders. If your order is not in the top 100, it will not be displayed, but it will appear if enough orders trade.

  13. Cryptomagz Dex does not do order matching. For example, if someone is offering PLU for sale at a price of 0.03, and you place an order to buy for a price of 0.04, a trade will not automatically happen. The only way to make a trade happen is to click an order and trade it.

  14. Your balance will not change when you place an order. Your balance will only change when your order trades.

  15. Cryptomagz Dex checks to make sure each order is backed by an appropriate deposit, but it does not check to make sure the sum of each user's orders is backed by a deposit. If, when an order trades, it means other orders are no longer backed by an appropriate deposit, then those orders will disappear from the order book until more funds are added.

How to cancel an order

  1. In the lower middle of the screen, under "My Transactions," click the Orders tab.

  2. Find your order in the list of orders and press "Cancel."

  3. This will trigger a transaction.