How to buy and sell Ethereum and ERC-20 tokens in a decentralized exchange

20 Jul 2018

Traditional centralized exchanges play a big role in the crypto space, allowing users to buy and sell cryptocurrencies quickly and intuitively. However, with the convenience that a centralized service provides, a few disadvantages come along. Traditional exchanges have shown that they are prone to security failures like hacks and exit scams, an issue that has cost investors and traders millions of dollars and has deterred would-be crypto enthusiasts from joining the scene.

Luckily, there is an alternative that is becoming more popular every day. Decentralized crypto exchanges like allow users to buy and sell Ethereum and ERC-20 tokens in a convenient manner while still giving them the ability to hold on to their funds in their own wallet. Today, we’re going to learn about the exchange and how to use it so that you too can protect yourself from the woes of centralized exchanges.

Incubated by Bitmain itself, is a decentralized exchange based on the Ethereum network. Unlike others, deposits made on the exchange are sent to a smart contract that requires orders to be signed off with your associated wallet’s private key. This method ensures others cannot withdraw funds or execute trades without your permission, even if the exchange itself was compromised. The official website reads:

“ has no custody of or access to your funds, nor your private key. It is just a service of order matching and a source of liquidity.”

While the exchange of funds takes place on the Ethereum blockchain, all other activities are handled by the exchange’s off-chain ledger which provides instant order placing, canceling, matching and executing.

Since leverages the Ethereum blockchain for decentralized trading, it is only possible to trade Ethereum-based tokens which means that other cryptocurrencies like BTC and LTC or fiat currencies like USD and EUR are currently not available. However, has plans to add BCH, EOS, RSK and other ecosystems along with other cross-chain solutions.

Given that interacts directly with the blockchain, you’ll need to access it through an Ethereum wallet. This can be easily done using the MetaMask Ethereum wallet extension which will allow you to interact with and other dApps through your current browser.

Let’s see how works!

Part 1 - Install Metamask

The first thing you’ll need to do in order to start using the exchange is to download and install MetaMask. We have a great guide on how to use MetaMask, so click here to learn “How to use MetaMask".

Part 2 - Register an account

Once you’ve set up MetaMask, it’s time to register your account.

Step 1: Go to or click here
Step 2: Click “Sign up” to create a new account

Step 3: Fill in the gaps with your relevant information

Step 4: Agree to the terms and conditions and click “Sign up

Step 5: You will receive a confirmation email in your inbox. Click “Confirm your account” to confirm your email address activate your newly created account.

Part 3 - Log in

Step 1: Once you have verified your email address, click “Sign in

Step 2: Fill in your email and password and click “Sign in” again

You’ll be taken to your account dashboard.

Part 4 - Bind your wallet

Now that you’ve set up your account, you’ll want to deposit funds. Unlike traditional exchanges, does not have access to your funds. Instead, you must bind your own MetaMask wallet address or addresses to a smart contract in which you’ll need to sign off every transaction with your private key. Once you’ve binded an address, said address cannot be used in another account.

Step 1: Click “Balances

Step 2: Now, to bind your address, click “Go Binding Address

Step 3: Click “Binding new address

Step 4: Enter your Ethereum address (MetaMask will likely fill this in automatically) and click “Binding new address”

Step 5: A MetaMask window will pop up to prompt you about the address you wish to bind. Click “Sign” to confirm this

You can now see that your address has been successfully bound on the Balances page. Now it’s time to deposit your funds into  If you haven’t funded your MetaMask wallet, now it’s the time to do so. You can send ETH and ERC-20 tokens to the wallet in order to start trading them.

Part 5 - Deposit funds

Step 1: Choose your preferred token or ETH and click “deposit

Step 2: Enter the amount your want to transfer to the smart contract and click “Deposit”

Step 3: A MetaMask popup will prompt you to accept the transaction. Click “Submit

You can see that the transaction is now being confirmed in the Deposit history section

Part 6 - Trade cryptos (Buy&Sell)

Now that your wallet is funded and bound with the exchange, it’s time to start trading! It’s important to note that, unlike other decentralized exchanges, the deposit gas fee is covered by itself.

Step 1: Click “Trade

Step 2: Select the market in which you want to trade. To do so, select one of the tokens on the right-end column. allows you to trade ERC-20 tokens for ETH, so by selecting any pair, you’ll be buying or selling said token with/for ETH. In this example we’re choosing PAL (the first on the list) which means we can either buy PAL with ETH or sell it for ETH.


Below the markets section and the chart, you’ll see a Buy column (1) and a Sell column (2). If you want to buy an ERC-20 token with ETH, use the Buy section and if you want to sell an ERC-20 token for ETH, use the Sell section. We’re going to buy an ERC-20 token.

Step 3: Add the price you want to pay (You can click the "Lowest Sell" option to choose the price of the lowest sell order or highest buy order). Choose the amount you want to buy or sell. The total field will be calculated from the previous two fields. Lastly, choose the time that you want the order to be valid for. Once this is all done, click "Buy" or "Sell"

Part 7 - Withdraw funds

Once you’ve bought your preferred token or cryptocurrency, you can withdraw your funds back to the wallet on the balances page. Gas fees for withdrawals are currently absorbed by to encourage early use.

Step 1: Once again, go to the “Balances” section

Step 2: Choose the currency you want to withdraw and click “Withdraw

Step 3: Enter the amount you want to withdraw and click “Withdraw

Step 4: A MetaMask popup will prompt you to accept the transaction. Click “Submit

Once the withdraw starts you’ll also be able to see it in the Withdraw History section.

That’s it for how to buy and sell Ethereum and ERC-20 tokens on the exchange. If you have any additional questions, feel free to contact their customer support which is active 24/7 on their Telegram channel.


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