A guide to FTXchange

This is a basic article on how to use the FTXchange, please read the below article on more technical and specific details.

There are a few things to note that are limited by the technology and we’ll explain as we go along.

Previously within another article, we had the challenge to find NEP5 tokens that are transferrable between smart contracts.

If you want to trade with NEO or GAS, you’ll have to switch them into CGAS and CNEO at a ratio of 1:1 first, since NEO and GAS are not transferable between smart contracts. You can currently switch CGAS and CNEO tokens at a ratio of 1:1 via the FTXchange wallet section.

Currently, when you set an order, payments are accepted only in FTX, CGAS and CNEO as they are transferrable between smart contracts. This is only the start, and when things get more stable, others that comply with the challenge will also be added to the list.

Check out the article below for more information regarding CGAS and CNEO

When you set an order, your tokens for payment gets sent to the smart contract and locked until either you cancel or another person takes your order.

If you cancel, the tokens then move from the smart contract back to your wallet.

If someone takes the order, the tokens that you wanted to buy will be exchanged via the smart contract, and your locked tokens are unlocked and released from the smart contract and sent to the taker.

You’ll be prompted to login to your wallet, here you can choose to “Create a new wallet” or to “Import” a wallet.

For the sake of this guide, we’re going to “Import” our wallet and you can choose to import via your encrypted key, private key or a keystore file.

If you hover over Wallet, you’ll see a drop down menu, select “Balances”

From here you can switch to CNEO and CGAS using the two switch icons.

Here you’ll be prompted with how much do you want to switch, type in how much (you can double check your balance by clicking “Balances” via the menu)

A confirmation popup will appear after clicking Swap. Click “Confirm password”. (if you want to skip the queue and you have GAS in your wallet, you can select 0.00000001 GAS as a transaction fee)

A transaction confirmation should appear, you can then use the “x” in the top right corner to close the dialog and you’re done! Wait for a few blocks and your tokens would have swapped. You can access your wallet balance via the “Balance” within the menu to check.

If you hover over FTXchange, you’ll see a drop down menu, select “Make a new order”

From here you can make a new order, select the tokens you want to buy and how much you want to buy, and select what you want to trade with and how much and click order.

Confirm the order

Close the dialog and wait for a few blocks and your order should appear within the opening orders tab

Login to your wallet as shown above and click on “Opening orders”. Here you will see a bunch of orders that other people have made an order for.

Here you can choose to take an order providing you have the funds and a confirmation dialog will appear on what you’ll receive minus the fee.

and again, wait for a few blocks and your tokens should appear in your wallet.

NOTE: There is a possibility that two or more people could try to take the same order, in this scenario, whoever manages to take it first will take the order, whilst the others will get their tokens returned back to them.

Thank you for your patience!

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For more information on FTW, visit the following links

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