Many of you don't fully trust centralized exchanges for whatever reason. Maybe you don't like giving them your personal information, as many require KYC (Know Your Customer) or basically "Hey please send us all your information like your ID, your picture, your address & hope we never get hacked." Maybe you don't trust centralized exchanges because they have lost user funds in the past. Or maybe you don't feel like signing up for a new exchange because you are already on 20 of them. Whatever reason it is, look no further! Get trading on Loopring.io today! It's actually rather simple & if you follow my instructions, you'll be trading within 30 minutes or less!
First & foremost make sure you have your either hardware or software wallet around, whichever one you choose. I'm using Metamask for this because it's one of my favorite wallets to use, is easy & reliable, & you use it right from your web browser. Pretty cool right?! Type in Loopring.io. If you see this you are in the right place.
It starts you off at trading LRC-USDT, but you can change it to whatever pair you'd like to trade. Let's worry about that after though. First to connect your wallet & get started. If you guessed that you have to click "Connect Wallet" you must be some sort of genius but let's not jump the gun. Click connect wallet & choose whether you'd like to use Metamask (HIGHLY recommended if you already are using it) or WalletConnect. Didn't choose that option or look into it but I'm assuming that's for other wallets like Ledger or Trezor, etc. We'll go with Metamask here. Click Metamask and you'll see this pop up. Click connect.
So that's it right? You are now connected to Loopring.io & ready to trade? WRONG. Sorry you have like one more easy step. Very easy. There is a small fee to connect your wallet so that you don't have to reconnect every time, it'll simply grab your information & I like this- it has you set a password. Automatically connecting to an exchange could see shady at best so you'll want to set a strong password, 12+ characters, numbers, symbols, the whole 9 yards. Make sure you write it down somewhere, just not on like twitter or the cloud. That's how you get hacked. Once you have your password set up, it'll ask for one more confirmation transaction via Metamask or whatever wallet you are using. It's currently about 50 cents so really nothing. If you can't afford 50 cents, you probably shouldn't be trading cryptocurrency to begin with, and should start looking for a job. (Sorry for sounding like a disappointed parent but it's true). Click confirm on the transaction & it should go through rather quickly. Just wrote an article here ---> https://www.publish0x.com/crypto-owen/why-ethereum-will-succeed-xqxjpq about why I love Ethereum & why it will succeed. One of the reasons is that IT CONFIRMS QUICKLY. Much quicker than Bitcoin although btc is always king. Remember that.
The above image is what I confirmed, less than 50 cents. No biggie. Always have a few extra bucks stored on your ETH/erc20 wallets for times such as these. Once you click confirm, the transaction should confirm on the network rather quickly. Mine confirmed within a minute. You'll now have to wait until your account is fully set up. It says it could take up to 30 minutes, waiting for the tx to have enough block confirmations, but more than likely, you'll be able to trade within 5 minutes or less, which is what I found to be the case. It'll say "Your account is being registered yadda yadda."
Go to the bathroom, take your doge outside, eat a late night snack, chug a beer, whatever. By the time you are done with said activity, your account will be registered & fully ready to use! Just MAKE SURE you remember your password or you won't be able to log back into your account without (assumably) paying the 50 cent transaction fee again or something like that.
Once you are ready to trade, you'll see this. That means everything is ready to go, your account is setup, & next I'll walk you through depositing some cryptocurrency of choice to trade into something else with! You ready? Hopefully you are or why did you read all the way until this point? Maybe my impeccable linguistics drew you in. Maybe you are bored being quarantined for what seems like a full year now. Whatever the reason, bear with me because we are almost there!
You'll see that you can either logout or switch wallets but don't do that unless you really need to. We're so close, you're ready to trade! Next you'll hover over your wallet address at the top right corner, and scroll down to where it says "Deposit." You'll need to deposit the crypto into the exchange to start trading on it. For this I'm going to deposit some Ethereum. I'll decide what I buy with my $3 when we get there. Big decisions, big decisions.
Click the deposit button when you have chosen which crypto you'd like to deposit (can be any number of different ones like USDT, DAI, LRC, the list goes on.) Doesn't really matter what you deposit, that's up to you. Once you have clicked deposit, your wallet or Metamask app will pop up with a message for you to confirm the deposit & the gas fee. Click confirm once you are sure everything looks good. Not too much could possibly go wrong here so don't worry about clicking that confirm button unless you are a whale sending over thousands of dollars. Then I probably double check everything. This is what I got.
This part seems to take the longest, took approximately 10 minutes for the transaction to confirm for me but it shows up after 30 block confirmations so I'd say that's probably about 20-30 minutes tops. Feel free to refer to my list of activities above that you could do, to eat up 20-30 minutes of your time, so you aren't sitting at your computer thinking you did something wrong. You didn't, no worries. Mine just went through.
**Note if you are scared something went wrong, it didn't. Just click "deposits" and it should show that your deposit is still going through the 30 block confirmations as shown below**
Once you can verify that your crypto is on Loopring.io, NOW it's time to get trading. This is the easy part! Navigate back to the homepage or Loopring.io. From there you simply click the upper left hand corner where it shows LRC-USDT & you can choose exactly which crypto you'd like to trade, the pair that is. There aren't all that many pairs for now but I'm sure more pairs get added in the future, as this exchange is pretty new. For this I'm going to trade my ETH into LRC because I'm always trying to stack more Loopring as a long term believer, so I think I can afford a few bucks worth of my sweet, sweet Ethereum.
Once you choose your pair, then we are NOW FINALLY ready to ACTUALLY trade. Actually not. Slight speed bump, not editing the article. Orders for ETH-LRC (or I suppose any pair for that matter) need to be at least 0.05 ETH So quick deposit again. Back to killing a few minutes. MAKE SURE YOU DEPOSIT AT LEAST 0.05 ETH OR YOU'LL WIND UP NEEDING TO DEPOSIT MORE & WASTING GAS. This has been a public service announcement.
From there once you have at least 0.05 ETH, you simply choose your pair, click buy or sell depending on what you want to buy into or sell into, then either let you order fill by choosing the price it will fill at, or you can make it fill right away by choosing an amount that is already up for buying or selling (kind of like market buying/selling but it's different on a dex). DONE, you've made your first Loopring.io dex transaction! Cool right? But how do you withdraw?
Easy! Just click the withdraw button, submit the amount to withdraw (costs a fee on their side plus the gas from the transaction), then you just click confirm when your wallet shows the transaction. Should go through fast or maybe slow, depending on how clogged or unclogged the ETH network is. That's about it!
If you have any more questions about using Loopring.io, feel free to ask me but probably ask the people who made it. Hope you had fun & hope you learned a thing or two! If you did please tip this post because it costs you nothing & I spent time writing this quality article. Thanks & enjoy your weekend!