This Step-by-Step Guide to DDEX shows how to use DDEX to trade ethereum-based cryptoassets directly from a wallet with this fast, easy-to-use, and full-scale decentralized exchange. DDEX does not hold user funds or have deposits, withdrawals, or deposit/withdrawal fees. Rather, all trades on DDEX happen between user wallets directly on the ethereum blockchain using the 0x protocol. That means DDEX offers more secure and safe trading than centralized exchanges that hold user funds. DDEX stands out among decentralized exchanges because its team consistently upgrades the trading platform. DDEX’s engine is also excellent at keeping trading spreads low and prices consistent with the overall market, even on low liquidity cryptoassets. Any cryptoasset traders thinking about making the switch to decentralized exchanges should try DDEX first. In this guide, we will review how to connect your wallet to DDEX and execute trades. Let’s get started!
DDEX does not require users to create accounts with usernames and passwords. Just visit DDEX and select start trading. If you like the content on Crypto Space Guides, please visit DDEX from a link on Crypto Space Guides. You will receive $5 in free ETH (as will we) if you buy or sell at least 0.5 ETH worth of tokens on DDEX. Users will arrive at the trading interface with a “no accounts detected” notice and a connect wallet button displayed.
Trading on DDEX happens wallet-to-wallet without any centralized entity holding user funds. Users can connect a cryptocurrency wallet from Ledger or Metamask to DDEX for trading. Select the connect wallet button. For Ledger, users connect a hardware wallet via USB, open the the ethereum app, and confirm that contract data is enabled. For Metamask, users log into an account via the Metamask browser extension. In this guide, we connected a Ledger hardware wallet.
After connecting a wallet, users must also “enable” any tokens they want to trade on DDEX. Simply click the enable slider on the token and confirm it on your ledger device or in your metamask wallet.
Finally, users must “wrap” ETH into WETH for trading on DDEX. To explain, DDEX currently supports trading dozens of ethereum-based assets with wrapped ETH (WETH), DAI and TUSD. WETH is a version of ETH that users can trade with ethereum-based assets. It is not currently possible to trade ordinary ETH for ethereum-based assets. Therefore, to trade ETH on DDEX, users first convert (also called “wrap”) ETH into WETH.
Select wrap ETH to get started. Then fill out the amount of ETH to wrap, select the wrap button, and confirm the transaction on the ledger device or in metamask. The transaction to wrap ETH into WETH occurs on the ethereum network, which can take several seconds or more. DDEX will display a message once a user successfully wraps ETH into WETH. In addition, DDEX will update the token balances in the upper left to reflect that a user now has WETH.
Let’s walk through the the key features of DDEX’s trading platform. We love DDEX’s trading platform because it provides everything needed to trade in one simple, clean, and easy-to-read screen. To start, the trading chart is front and center. DDEX’s trading chart is a smooth interface to track price and volume. Advanced traders on DDEX also have access to many of the technical analysis tools and advanced indicators that professional traders use.
The upper left is the markets section where users select, search for, and filter through trading pairs. It’s easy to view each coin’s price, 24-hour price change, and 24-hour volume. DDEX supports trading markets for ETH/WETH, DAI and TUSD.
Cryptocurrency balances are displayed in the upper left, which includes the total balance, amount available for trading, and whether it is enabled for trading. As shown above, this is also where users wrap ETH into WETH.
Users enter buy and sell orders in trade box on the left side of the screen. DDEX uses an order matching model to execute trades. This means that DDEX matches the buyer and seller to make the trade. There are pros and cons to the matching model. Users give more control on DDEX than other decentralized exchanges with an open order book model like Radar Relay.
DDEX displays your open and filled orders just below the trading chart. Users can choose to display their orders for only the selected market or all markets.
The order book for the trading pair is displayed on the upper right. The top of the order book displays orders to sell the token to other traders for WETH in red text. The bottom of the order book displays orders to buy the token from other users for WETH in green.
The trade history in the lower right can display all the trades for the selected trading pair or just your trades. It is an easy way to see how frequently the market is trading on DDEX.
Let’s next show how to buy cryptocurrency on DDEX. This Step-by-Step Guide will show how to buy the LOOM token, which powers the Loom Network. First, we enter the price to pay in WETH per a token. There are three ways to do this: (1) manually enter a limit price in the order box, (2) select the best ask or best bid price from the order box, or (3) click any price from the order book. While we are placing a buy order, the process for entering a price on a sell order is the same.
Next enter the amount to trade. There are two ways to do this: (1) enter the amount manually or (2) select to trade 25%, 50%. or 100% of your WETH. We selected to trade 100% of our WETH for LOOM, which resulted in DDEX auto-filling the amount of LOOM for the order. The process for entering an amount on a sell order is the same as a buy order.
DDEX displays the fee for your trade next to the total amount traded. The fee covers a 0.1% transaction fee and gas costs for the ethereum network. Review the fee and then select the buy button to continue placing an order.
An order on DDEX is processed as a transaction on the ethereum network. Therefore, you need to confirm a limit order from your Ledger hardware wallet or your Metamask extension.
DDEX displays a pop-up box with the details of your placed order. For example, DDEX confirmed that we placed a buy order of 448.12285599 LOOM with a limit price of 0.00058110 WETH/LOOM. The order will also display in the order book assuming it is not filled immediately.
Token balances in the lower left and trade history in the lower right will update once an order is filled. For example, our LOOM balance increased by 448.12285599 LOOM and our trade history shows we bought 448.12285599 LOOM. This trade is particularly interesting because between the time we entered the price to pay and finalized the order, someone else entered a lower price into the order book. As a result, notice that the order actually filled almost immediately at the lower price of 0.00057554 WETH/LOOM.
We have now reviewed the trading platform, connecting a wallet to DDEX, wrapping ETH into WETH, and placing an order. You are now ready to start trading on DDEX. If you encounter any issue, DDEX says that you can always contact them via the DDEX team’s Hydro Protocol account on twitter or Hydro Protocol telegram chat.
Learn More About DDEX and Get Started Trading.