Intermediate’s Guide — How to start trading cryptocurrencies (DEX)

The cryptocurrency market can be daunting for beginners and seasoned traders alike due to the vast amount of jargon and processes involved.

IFOSwap mission is to create a safe Defi space for all investors, and the best way to be safe, is through knowledge & education. Here are IFOSwap’s recommended ways to start trading cryptocurrencies.

Trading Though Decentralized Exchanges (DEX)

What are DEX

DEX is short for decentralized exchange, which is a Decentralized App (dApp) that allows users to retain control of their funds while converting one token for another.

As the name suggests, DEX eliminates the need of an intermediary or custodian to supervise and approve trades. While providing more security and privacy than their centralized counterparts, DEX have seen a substantial increase in activity in recent years.

What you need

1. Metamask Wallet extension
2. A DEX just like IFOSwap
3. Binance INT Account

Using IFOSwap to swap coins

Metamask

Metamask is one of the most popular digital currency wallets. Designed as a web browser plugin, users can send cryptocurrency in standard transactions and interact with various decentralized apps.

Step 1.

Setup Metamask Wallet(link here)

1. Install Metamask from the project’s official website or an app store.
2. Once you have installed Metamask, click on the Metamask icon in your browser’s toolbar to open the app. Then, click on “Get Started.”
3. Click on “Create a Wallet” to make a new Ethereum wallet. (Or, if you have created one already, follow these instructions to restore your wallet and access your existing funds.)
4. After creating your password, Unlock your Secret Seed Phrase. BE SURE TO STORE THIS SEED PHRASE SAFELY.
5. Complete the Seed Phrase to complete the setup

Anyone who knows it will be able to access your Ethereum wallet, and you will not be able to recover your wallet without it. You can safely store your seed phrase by making multiple backups or storing the phrase in a durable metal wallet.

Step 2.

Receive cryptocurrencies from other wallets (i.e. Binance International Wallet)

1. Receive cryptocurrencies with your Metamask Address

2. Send coins from your Binance INT Wallet to your Metamask Wallet.

Please ensure you are connected to the right network while connecting to dApps

Step 3.

Connecting Metamask wallet with IFOSwap

1. Go to your preferred DEX, like us! ( IFOSwap ). Click on [Connect] on the top right.

2. Make sure Metamask is connected to the right network. ( Binance Smart Chain for IFOSwap )

3. Connect Metamask to IFOSwap

Step 4.

Swapping your coins for other coins

1. Navigate to [Exchange] on the right

2. Unlock and Approve your wallet with your Metamask

3. Select the coins you would like to swap.