The future of cryptocurrency trading is here. This Step-By-Step Guide to Radar Relay shows how to trade cryptocurrencies directly wallet-to-wallet on the decentralized exchange Radar Relay. Decentralized exchanges will revolutionize cryptocurrency trading because users do not give up control of their cryptocurrency and private keys to a third party, the centralized exchange. Radar Relay does not hold assets or execute trades. It uses the 0x Protocal to display and manage orders. When users find and complete orders they are settled on the ethereum blockchain via 0x smart contracts. Radar Relay allows users to trade between dozens of cryptocurrencies that are built on ethereum’s ERC20 token standard. Radar Relay works with wallets from Ledger, Trezor, and Metamask.
This eliminates the most hyped problem in cryptocurrency today — that a centralized exchange holds your private keys and has control of any cryptocurrency kept on that exchange. Hackers have breached the security measures of centralized exchanges and stolen hundreds of millions of dollars from regular investors. Those days are over with decentralized exchanges. Let’s get started!
The first step is to open the Radar Relay exchange. There are no accounts or logins on Radar Relay because all trading occurs peer-to-peer without any third-party holding assets. Simply visit https://radarrelay.com/ and select open app.
The trading screen opens immediately upon opening Radar Relay. It includes a drop-down menu to select a cryptocurrency trading pair, order box for placing market and limit orders, order book, price chart, depth chart, and trade history. The far left is a clickable tray to open your connected wallet. The upper right shows the status of your connected wallet and has links to more information about trading volume and your account. Let’s cover each of the features on the trading screen.
The Radar Relay trading screen includes a drop-down box in the upper left to select your trading pair. Radar Relay currently supports trading between wrapped ETH (WETH) and a few dozen ERC20 tokens, such as REQ, ZRX, HOT, DAI, WAX, and more. WETH is a version of ETH that you can trade with ERC20 tokens. WETH is necessary because the 0x protocol and ethereum blockchain do not currently support trading ETH for ERC20 tokens. Therefore, to trade ETH on Radar Relay, you need to first convert (also called “wrap”) your ETH into WETH. It is simple process covered in later sections of this guide.
Radar Relay also supports trading between Dai and a few dozen ERC20 tokens, but the volume is still very low. Dai claims to be “a cryptocurrency that is price stabilized against the value of the U.S. Dollar.” It is one of several projects aiming to create a “stablecoin.”
The Radar Relay trading screen includes a box on the left to place buy and sell orders. Radar Relay supports market orders and limit orders. Market orders buy or sell at the then-current price and are considered “taker” orders. Limit orders are placed on the order book to buy or sell at a specified price and are usually “maker” orders. The order type is important because Radar Relay plans to eventually charge higher fees on taker orders than maker orders. However, Radar Relay does not currently charge trading fees.
The Radar Relay trading screen includes an order book with current sell and buy orders. It shows the amount, price/unit in cryptocurrency, and the total order amount in your reference currency (which is set in your connected wallet tray). The order book works well. One potential improvement is to list the price/unit in both the cryptocurrency and fiat currency prices to accommodate users who prefer to trade on fiat currency values.
The Radar Relay trading screen includes a price chart showing the price change and volume. There are options to show price and volume for the last hour, day, week, or month. We expect that Radar Relay will improve the price chart’s capabilities when the exchange has greater volume because it is not currently as robust as most competitors.
The Radar Relay trading screen includes a depth chart to help compare the volume of buy and sell orders at each price point on the order book. You can zoom in or out of the depth chart using “-” and “+” buttons too.
The Radar Relay trading screen includes the trading history on the right side. This helps identify trends in price during the last several executed trades and recent trading volume.
The first time you open Radar Relay you will notice that there is no connected cryptocurrency wallet and the wallet tray on the left and upper right is pink. That’s because with Radar Relay you trade directly from your own wallet rather than a wallet controlled by the exchange. To connect your wallet, select the Not Connected message from the upper right. For this guide we will choose to connect a Ledger wallet because it is an amazing experience to trade cryptocurrency directly from a Ledger. You can learn more about a Ledger from our step-by-step guide to setup a Ledger. If you do not have a Ledger, you can also trade on Radar Relay using a Trezor hardware wallet or the Metamask extension for Google Chrome.
Plug your Ledger wallet into your computer, enter your pin, and open the ethereum app. If necessary, browse to the settings in the ethereum app on your Ledger and enable browser support.
Your Ledger should now be connected. Select open wallet from the left side to open the wallet tray.
The wallet tray includes three main sections. The top is your reference currency used in other sections of Radar Relay. Below that is your total holdings stated in your reference currency. Finally, the majority of the wallet tray is a tabbed section that displays your tokens, orders, trade history. The wallet tray is also where you will wrap ETH into WETH for trading on Radar Relay.
You also need to convert, called “wrap,” some of your ETH into WETH before you can trade it. WETH is a version of ETH that you can trade with ERC20 tokens. WETH is necessary because the 0x protocol and ethereum blockchain do not currently support a decentralized way to trade ETH for ERC20 tokens. Enter the amount of ETH you want to trade and select wrap. For example, we entered 0.01 ETH and selected wrap.
Almost every transaction on Radar Relay occurs on the ethereum network and requires a gas fee for the ethereum transaction. That includes wrapping ETH, unwrapping WETH, buying cryptocurrency, and enabling tokens. The gas fee is usually just cents in USD, unless there is congestion on the ethereum network. Radar Relay will display a box to set gas after you start the transaction, in this case our transaction to wrap ETH. The slider lets you adjust the gas fee from cheap, to fast, and fastest. You must set a gas price and press create transaction to wrap ETH. If you need help choosing a gas price, ETH Gas Station will provide a standard gas price for completing ethereum transactions in a reasonable time.
Use the physical buttons on your Ledger device to confirm your transaction to wrap ETH into WETH. Depending on the gas price you paid, your transaction to wrap ETH could take from a few seconds to a couple minutes. Note that every transaction on Radar Relay will require you to confirm the transaction on your Ledger.
Your WETH is now ready to trade with any of the cryptocurrencies supported by Radar Relay. If you decide not to trade your WETH, you can always unwrap it back into ETH by entering the amount to unwrap and selecting the unwrap button.
You also need to “enable” WETH and any other token you want to trade in your wallet. Enabling a token requires executing a transaction on the ethereum blockchain — pay the gas price and confirm the transaction on your Ledger as shown earlier in this guide. Select the slider next to the token to get started with enabling it. The slider next to your token will turn green once your transaction to enable the token is complete.
Now it’s time to execute some trades on Radar Relay. This guide will demonstrate how to place a limit order to buy ZRX. First, choose the tab for limit order and buy. Next, enter the price to pay for the limit order. We entered 0.0023118 WETH per ZRX for the price. Finally, enter the amount to purchase or select the max button to buy the maximum amount possible with your WETH. We selected max to place a buy order for 4.3256476 ZRX.
Radar Relay will summarize your buy limit order with the amount, price, fee, and total cost. Confirm the order information and then choose how long to keep the order open — 1 hour, 1 day, 1 week, or 1 month. Select continue to proceed with the buy limit order.
Confirm the transaction on your Ledger to finalize the buy limit order.
The buy limit order is promptly reflected in the order book. You can view additional order details by selecting view order or from the order tab in your wallet. You can also cancel the buy limit order from the order tab in your wallet. Your wallet balance will update once the buy limit order is filled.
This guide will also demonstrate how to place a market buy order for ZRX on Radar Relay. Let’s assume you have 0.01 WETH that you want to immediately trade for ZRX. First, select the tabs for market order and buy. Next, enter the amount you want to spend on ZRX. We entered 0.01 WETH. Radar Relay will then calculate the amount of ZRX you can purchase at the lowest available price. For example, we could trade 0.01 WETH for 3.9582901 ZRX at a price of 0.0025264 WETH/ZRX. Select buy, pay the gas transaction fee, and confirm the transaction on your Ledger to complete the market buy order.
Radar Relay will notify you that the market buy order is pending on the ethereum network and summarize your order. Your wallet balance will reflect a filled buy order once the ethereum network confirms the transaction.
We have one final time-saving tip for you. It is not necessary to drag out your Ledger and connect to Radar Relay to check your ERC20 token balance. Instead, you can view your ERC20 token balance on an ethereum address with EtherScan. Enter your ethereum address into the search box on EtherScan. Then select the drop-down box for View Tokens to see your balance. For example, etherscan shows the below the ethereum address below with 77.4688244 ZRX.