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how_to_use_the_trade_portal

This is an old revision of the document!


How To Use The Trade Portal

The process is simple. First, you will send coin to your wallet, then make sure your node is fully synced to make use of the Trade Portal. Your node has to be fully synced the ENTIRE TIME in order to conduct peer-to-peer (P2P) trades, as this process is simply your node trading with the other peer's node.

Second, you can then choose to be the BUYER or SELLER. Buyers are users who browse the sell orders that are listed in the Trade Portal, then select an order to conduct a trade. Sellers are users who have listed a sell order based on the amount of coin and at what exchange rate they choose - their coin is then withdrawn from their wallet and put into a Trade Bot where it stays in a pending state until 1) a buyer selects the listing and begins the trade process, or 2) the seller cancels their listing and their coin is returned to their wallet.

Important Notes

  • The Trade Portal is designed only for direct trades with QORT. Meaning the Trade Portal has not yet been developed to allow third party coins to trade between another third party coin directly (BTC-LTC trade directly for example). The way this can be achieved currently, is QORT as the 'base pair' (BTC-QORT-LTC).
  • At the present time, you cannot partially buy an order within the Trade Portal. For example, if a seller has listed 100 QORT for x amount of LTC, you must have the enter x amount of LTC and you will be buying the entire 100 QORT in that listing.
  • There are plans to also have 'buy orders' where buyers will be able to list an order for a seller to choose, and conduct the trades in this fashion. This feature is not yet live. So at the present time, the Trade Portal only contains 'sell orders'.

Trading Other Coins For QORT

This walkthrough will show the general process for sending coin to your Qortal wallet, to then be able to utilize the Trade Portal to obtain QORT. In this case, you are the BUYER who will be selecting a 'sell order' from a SELLER. The example below is for using Coinbase to obtain LTC, then send to your Qortal wallet, then trade LTC for QORT using Qortal's Trade Portal.

Step 1: Buy Litecoin

1. First you need to make sure your Qortal core is installed correctly, and up and running, fully synced.

2. Next, you’ll need to go to a third-party exchange like Coinbase https://www.coinbase.com to buy some Litecoin (abbreviation LTC) with your ‘fiat’ currency such as USD.

3. On Coinbase, once you’ve purchased your Litecoin, go to SEND/RECEIVE and fill in the address of your Qortal Litecoin wallet. You’ll find this within the Qortal User Interface (Qortal UI).

Please note: your addresses for QORT, LTC, DOGE, BTC & other coins we will support are different addresses. The Litecoin address that Coinbase is asking for (long string of letters/numbers) will be found in the Qortal UI, by clicking on WALLET in the menu at left. Then click on LITECOIN. At the top of the page it says CURRENT WALLET, and the address is directly underneath. Copy the address, and go back to Coinbase, and fill in your Litecoin wallet address. Then send.

Step 2: Trade Litecoin or another supported coin for QORT

1. We will use LTC in this example, same process applies for all. Once your Litecoin shows up in your Qortal Litecoin wallet, you’re ready to trade it for some QORT. For a full explanation of what actually takes place during a trade, see Trade Portal Overview and How The Trade Portal Works

2. Click on TRADE PORTAL in the menu at left. At the top you’ll see a box marked SELECT YOUR COIN. Choose LTC.

3. Now look in the box of OPEN MARKET SELL ORDERS. Here you’ll see the current sell orders listed by other QORT holders. Please note: there are no sell walls; you can purchase any listing in any order. Pay attention to the cost per QORT as these listings are totally up to the seller to set, and for you as the buyer to select. The second column, which shows the price being asked by the seller, can be configured to show the offerings with their prices listed from low to high, or from high to low.

Take a look through the offerings and choose one that’s selling an amount of QORT that you want, for a price you want to pay. Click on that offering.

The field in the lower right hand BUY/SELL box will automatically populate with the price and quantity of the chosen offering. Click the BUY button.

4. Now you wait a bit, while the process completes. Meanwhile you’ll see your order listed in MY ORDERS (lower left), with the status of BUYING.

FYI: Pages don’t refresh automatically to show updated status. Click away then come back in a few minutes, and you should see your completed trade listed in MY TRADE HISTORY, with the status of BOUGHT. And that’s it! You now own some QORT! Otherwise, the order may be refunded due to someone else making the purchase before you did, or the seller’s node failed to stay online. Remember, this is blockchain technology and truly decentralized peer to peer, so these refunds can happen as it takes time for each block to process the transactions. This is the nature of the system, and will be further improved with time!

Trading QORT For Other Coins

If you'd like to trade your QORT for other coins in the Trade Portal, you will be the SELLER in this case.

1. Click on the market in which you are interested in trading your QORT for (such as LTC).

2. Scroll down to view the bottom right panel on the right side of the UI. It will be defaulted to the 'BUY' option (which is not yet live).

3. Click the 'SELL' button.

4. Enter the amount of QORT you're selling, then at what rate to the coin you're trading. As you see in the example below, we are selling 1 QORT, at an exchange rate of 0.01 LTC, which equals 0.01 LTC. Below those fields, we can see the total amount of QORT in this account's wallet is 1.251 QORT. So 1.251 QORT is the max we have to work with - minus the current 0.002 QORT fee. This means we have 1.249 QORT max to sell.

5. Click the sell button. The trade will display on the left under the 'MY ORDERS' section. The status will show as 'PENDING' until the order has been successfully listed.

6. Once the sell order has been successfully listed, the status will show as 'LISTED'. The order is now viewable to other peers and ready for a buyer to select! (Your coin has left your wallet, the coin is being held by the Trade Bot.)

Base Trades With QORT

(BTC-QORT-LTC)

how_to_use_the_trade_portal.1668603743.txt.gz · Last modified: 11/16/2022 08:02 by gfactor