Quick Start
Follow this tutorial to learn how to trade on the cutting-edge technology platform OpenDAX. For more detailed information about the platform's UI and features, please, explore the V4 Guide.
To use the trading platform, you need to log in via email and connect at least one crypto wallet to the account.
1.1 Log in with the button
1.2 Read the End User License Agreement and accept it
1.3 Choose to log in via email or your Google account
1.4 Follow the instructions to finish creating your account
For email sign-up, follow the link in the email message:
Logging in to your created account is the same.
To deposit and withdraw on OpenDAX, you need to connect a MetaMask crypto wallet to the account.
If you already have one — go to step 3 of this tutorial.
2.1 Set up a wallet
2.2 Top up your wallet
Like many wallets, MetaMask allows you to buy crypto directly from your bank credit card.
You are ready to go!
When you're exploring a demo version of OpenDAX, you need to use Goerli Test Network mode in MetaMask. You can gain some test ETH tokens from Goerli faucets.
Click the avatar pic in the bottom left corner and then click Connect Wallet.
Read the Terms of Service and click on Metamask.
You are now logged in and can work on the platform.
Now you need to protect your account and you'll be able to deposit on the platform.
Enable 2-step verification to grant only you can use your account.
You will need to enter an additional one-time password when depositing or withdrawing.
Go to Settings and Enable the 2-step verification method.
Follow the steps to install the Authenticator app if needed and connect it to the platform account.
After that, you will be able to deposit and withdraw on the platform.
The platform doesn’t hold your money, it locks funds in a so-called custody smart contract for use in your trades and unlocks the resulting amount when you withdraw your money back to your wallet.
Fund your third-party crypto wallet (if you haven’t yet) and click Deposit in the bottom-left corner of the page.
Select the Asset and amount, select the Network.
Also, you may change the Expiration time.
To finish, enter the one-time code from your Authenticator app and click Confirm deposit.
Note: Expiration time defines the time for the blockchain to provide the operation. Make sure you choose the proper fee when signing the transaction in the wallet. The higher the fee, the faster the transaction.
5.3 Sign on the wallet side
Note: The fee will be charged on the wallet side for this operation because it occurs on the blockchain.
Your asset is locked in the Vault smart contract and can be moved only with your sign (via MetaMask).
Note: If you Reject the transaction on the wallet side, the specified amount still be locked for the Expiration time.
Select the market in which you want to trade.
Before making orders, you can also examine the list of open orders on the market — the order book.
Select Buy or Sell order.
Market orders will be executed instantly, as long as it’s just responses to opened orders from the order book.
Limit orders will be placed in the order book, where other traders will be able to meet them.
You can put your price in the field or just click on the desired price in the order book.
You can put the amount manually or select one of the preset options: 25%, 50%, 75%, or 100% of the available assets.
Click Sell or Buy to place your order.
After that, the specified amount of the asset will be locked in the order (not available for making other orders). To unlock, you need to cancel the order before it was fulfilled by other traders.
The list of your open orders is displayed under the trading chart.
Click Cancel X to cancel a specific order, or Cancel All to cancel them all.
In the sidebar, you can open the list of orders and deposit/withdrawal history.
On the Balances page, you can see your estimated Portfolio balance and amounts by tokens. You can sort the list by each column.
The Locked Balance of a token displays the amount locked in ongoing orders. To unlock it you need to cancel these orders.
While trading, your assets are locked in the custody smart contract. To use them out of the exchange, you need to withdraw the assets to your wallet.
Click Withdraw in the bottom-left corner.
Select the Asset and amount, and select the Network.
Also, you may change the Expiration time.
To finish, enter the one-time code from your Authenticator app and click Confirm withdraw.
Note: The fee will be charged on the wallet side for this operation because it occurs on the blockchain.
You should confirm the transaction on the wallet side.
Note: If you Reject the transaction on the wallet side, the specified amount still be locked for the Expiration time.
After that asset arrives in the wallet as soon as the blockchain processes the transaction.
The vault smart contract stores funds as long as you want. During the next authorization via the same email, you will get access to the funds locked in the contract custody. Thus, your assets are safe when you leave the platform.
You can connect multiple wallets to one account but not the way around: one wallet can be linked to only one account.
If you want to log out of your account (for example, to connect to another one), click on the avatar pic in the bottom left corner and hit Logout.
Last modified 6mo ago