My First Trade on Loopring.io no KYC DEX Exchange

My First Trade on Loopring.io no KYC DEX Exchange


Hi all, this is my first trading experience on the loopring.io DEX Exchange. I did the entire process via my phone (yes in smartphone). As you might know loopring.io not yet compatible to use via smartphone. This article might help you.

Since I'm solely going to perform trade via smartphone It involves additional tweaks to get loopring.io working so please follow me carefully.

PRE-REQUISITES

  • Browser with extension (add-on) support preferably Firefox browser
  • Install MetaMask extension and create wallet (if you have one already just import it)
  • You need to have minimum balance of 5 $DAI or 5 $USDT or 0.05 $ETH or 100 $LRC. (You can pick anyone of your choice)

REGISTRATION

Login to your MetaMask wallet. Open Loopring.io in new tab. Tap on connect then select MetaMask wallet extension. Registration window will pop-up in MetaMask accept it (it may cost you). That's it wait for a while the process will complete.

TRADING ON LOOPRING

Click on deposit option for token of your choice (don't forget it requires minimum balance as stated above). Note that loopring will charge 0.0001 ETH for deposits. After successful deposit perform trade.

That's it is as easy as that. No KYC approval headaches. Keep your privacy intact.

CONCLUSION

Loopring is for those who give utmost importance to privacy. The whole process of trading in DEX Exchange requires extra effort to register and to trade. Also It involves various fees like deposit fee and gas fee for deposit from wallet to DEX Exchange ($0.20), withdrawal fee and gas fee for withdrawal to withdraw to MetaMask ($0.40). If you don't use MetaMask then gas fee for withdrawal to your wallet so take note of that.

Note: The above stated value of fee is incurred by me as on the date of writing this article. These fee may vary, for more information you should look into Loopring.io.

DISCLAIMER

I'm not endorsing to make any sort of investment. The purpose of this article is to guide and educate others like me. If you consider investing in it do your research, learn about the project and then take the decision.



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