How to use Radex? Step by step tutorial

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#1

First steps

Visit the exchange website with an Ethereum-compatible browser. We currently support Saturn Wallet, Mist browser, MetaMask and Brave Browser. If you don’t have any of these installed we recommend using Brave as the most tested and secure option. We assume that you’re using Brave for the remainder of the tutorial.

If you see this screen it means that you did not visit Radex with a properly configured Brave browser, please go back to installing Brave tutorial.

If you visited Radex with a properly configured Ethereum browser you should see this screen.

If you’re here it means your browser is downloading the trade data directly from the blockchain and is reconstructing the order book right in your browser. On slow internet connection this can take a couple minutes, please be patient the first time.

Once the download has finished and you’re fully synchronized you should see this screen.

If you see this it means your browser has finished downloading data from the blockchain and has stored it on your hard drive. The next time you visit Radex you will only have to download the events that you’ve missed since your last visit. If you trade regularly downloading times will be orders of magnitude faster than the first download.

Note that unlike other exchanges we do not have a central server that hosts the trade data. This means that Radex is truly unstoppable, uncensorable and trustless.

Click Happy Trading! in order to access the exchange.

Depositing and withdrawing funds

In order to trade on Radex you first need to add funds to your balance on the exchange.

Notice the three different balances that the exchange shows: Balance corresponds to your balance on the exchange, Wallet is how much you have on your personal wallet, and Open is how much money is locked in your limit orders.

Click Deposit in order to top up your balance and you’ll end up on this screen.

Select the token you want to deposit from a dropdown menu and enter the desired amount. Click deposit when you’re ready. This will trigger MetaMask to prompt you to confirm an Ethereum transaction. Under the hood this transaction sends you desired amount of ETH or tokens to the Radex smart contract.

It will look like this in your browser.

The field to pay attention to is Gas Price. MetaMask typically suggests a safe gas price that’s usually higher than normally needed. You can find a safe gas price to use on EthGasStation. For this transaction I’ve used 5 Gwei, which resulted in $0.15 fee for the transaction.

Click Submit to send the transaction to the blockchain.

You should see a confirmation in the top righthand corner.
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Now you need to wait for your transaction to get mined by Ethereum miners. Typically, the higher the gas price the faster your transaction goes through. Again, consult EthGasStation in order to pick the optimal gas price.

You can monitor your transaction if you find it on Etherscan.

Close the popup window. Once your transaction is mined you should see your balance updated on the exchange. Deposits and Withdrawals are also reflected in My Transactions screen on Radex, along with links to corresponding transactions on Etherscan.

How to Buy or Sell a token

Scroll down to see the order book.

  • Tx is the link to the transaction that created this order.
  • Price is the price of the token in ETH.
  • Amount is how many tokens are locked into this order, i.e. how many you can buy from this one person. If you need to buy more than that you’ll have to make more than one purchase.
  • Traded shows how many tokens this order has already sold.

Pick an order and click Buy. A pop-up window will display the purchase screen.

Enter the desired Amount that you want to buy. The total price will be quoted, i.e. how much ETH you have to pay for that many STN. The Fee is 0.1% of your purchase and it goes to the market maker. Radex charges nothing extra.

Click the green Buy button in order to create and sign the transaction. Don’t forget to adjust the gas price according to your preference and click Submit.

Once you send the transaction you can watch it get mined by finding it in your metamask window (click on the orange fox in the top righthand corner of your browser), or on Etherscan.

Once the transaction is included in a block you should see your balance updated on Radex. In case of this transaction, I ended up paying $0.23 in ethereum transaction fees and 0.1% of STN I purchased as a tip to the market maker.

NOTE: the market maker fee is calculated differently on the frontend and in the smart contract, and the smart contract has the right info. The difference is in the precision of the fee taken. This transaction is perfect example. The website shows 0.0000333 STN as the fee. But in reality, because the transaction amount is so small, and STN has only 4 digits of precision, the market maker fee will be 0 STN. If STN had 5 digits of precision the fee would have been 0.00003 STN. If it had 6 digits of precision the fee would have been 0.000033 STN and so on, until the amount shown on the website is reached. While in theory it’s possible to transact this way and buy a lot of tiny amounts in order to not pay fees, it will not be economically reasonable because you’ll have to pay a lot for ETH transactions.

How to place a limit order

In order to place a buy sell order and earn market making rebates click Create order.

You’ll see the following popup window in which you’ll need to enter the order’s details.

I’m going to be very optimistic and place a buy order for all the ETH I have on my account balance for the price of 1 ETH = 100 STN. Maybe somebody will sell me for cheap :wink:

Let’s break down every line on the menu.

  • Action dropdown menu lets you choose whether it’s a Buy or a Sell order.
  • Token lets you choose the token you’re trying to buy for your ETH. You can vote for more tokens to be added to this list here and suggest new tokens to be added to the voting here.
  • Amount lets you specify how much you’re willing to spend on this purchase. For Buy orders this is ETH, for Sell this is denominated in the token you’ve chosen.
  • Price is where you specify the price for the order, denominated in 1 ETH = ??? token. In my case, I want to buy low (and sell high later), so I choose 1 ETH = 100 STN.
  • Total shows how many tokens I’m going to buy.
  • Reward shows how big my rebate will be once this order gets filled. This is equal to 0.1% of the value that you lock in this order.

Fill out the form and click Create order. Sign the transaction, submit it to the blockchain, and wait for it to get mined. Once your transaction is mined you should see your order appear in My open orders and in the order book.

How to cancel an order

In My open order click on the :x: button and submit the transaction to the blockchain. Once your transaction is mined and included in a block the order will be cancelled and the funds that were locked into the order will be released and reflected in your balance.

How to place a market order

For now there are only limit orders on this exchange. If you need to buy more tokens that are available in one order please manually purchase the desired amount from multiple orders.

What to do when I encounter a bug

You should ask for help in our telegram chat and file the bug in this thread.

I want to suggest a new feature

Suggest it in this thread.

I want you to list a token

Please suggest adding the token in the token suggestions thread. And don’t forget to vote in the active election!


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#3

Thanks to this super easy to follow guide I was able to test the exchange and add some Ethereum and purchase a small amount of STN… This might be the best exchange built to date. Plus the social aspect of the forums. The whole look and feel is great!