Buy & Sell Tokens on Decentralized Exchange – IDEX Tutorial – Cryptocurrency Explained – Free Course


welcome to cryptocurrency explained in this lesson I’ll be showing you how to use idec’s a decentralized exchange for aetherium based assets there is an ever-increasing range of decentralized exchanges for most major block chains stellar has a dex neo has Dex’s Yost has Nexus Tron has Dex’s etc etc etc though the idea is largely the same and it is this that you trade assets from your wallet back to your wallet without needing to trust a centralized exchange with your keys idec’s has a great range of aetherium based assets as it lists many under-the-radar tokens first whereas khyber lists many of the more popular tokens idec’s will often be one of the first places where you can find these new tokens and it can provide a way for investors to get cheaper tokens before they become popular and get on bigger exchanges and some tokens might only be listed on idec’s for many many months so it is important to understand how to use an exchange like this now there are many different login options for ID X I will be connecting and using the ledger nano it’s the most secure option out there so let’s get into it so we’re going to want to navigate to a Dex dot market ID X dot market so we’re gonna go over here and click on the little head icon and click on change wallet so we’re going to go ahead and connect with a ledger wallet and click unlock then of course we are going to select the top address which is the address that we have been using to do our trade so far and click on lock wallet now we are signed in using our ledger wallet so we can start training for aetherium based tokens idec’s is great because there is a lot of stuff on here that is not listed anywhere else so there’s some really great opportunities for traders coming here using idec’s but first we are going to have to do some deposits so we’re gonna go over to our balances full balances and we can see that we have our ether here so we can deposit some aetherium so we’ll go ahead and deposit 0.5 aetherium and confirm preparing to send transaction you have to review the transaction and of course confirm it on your ledger wallet every time you want to send a transaction you have to confirm it this is the security feature this is what makes the ledger so powerful is that nobody can send a transaction without having this device in their hand now the money that I’m sending to I Dex it’s not going to I Dex this is the thing to understand with a decentralized exchange I am in control of my keys at all time this is going to a smart contract so at any time I can withdraw my funds because they’re in a smart contract they are not sitting on idec’s exchange like when I use by Nance for example or when I use coinbase or any of the other exchanges they’re holding on to my crypto currencies they control my private keys in this situation I’m using the ledger I control my private keys I’m simply interacting with this decentralized exchange in order to do trading and using smart contracts so I Dex does not have my aetherium they do not have my private keys coming back over here to the trade section we can see that we have aetherium markets we also have wrapped Bitcoin so this is Bitcoin that is locked up and is exists as an aetherium based token we also have true USD markets we have US DC markets and we have dye which is a dollar pegged stable coin so there’s all these different markets that you can trade on using idec’s where are we using aetherium markets though and we can for example come here and buy some phantom or any of the other cryptocurrency some of them are very rare and are only listed on idec’s and some of them are only listed on a couple of different exchanges but instead of having to go and sign up for all these different exchange accounts so we can just come over to idec’s link our wallet start trading and get these tokens to positive it straight into our wallets so we’re gonna go ahead and get some phantom here so we can see the phantom aetherium chart just here and we can go down below here and place our order so if we can of course do a limit order or a market order we’ll just keep it really simple and do a market order but if you want to do a limit order you could definitely do that as well so it’s not a problem to do a limit order you can just put in that specific price and it might take weeks or months to fill that order but it’ll just be sitting there in the smart contract very safe for you at any given time here we go so we can let’s not even do that we’re gonna put in 5,000 phantom at this price so we’re gonna put that order through now it’s gonna ask me to sign message so what I’m doing here is I’m signing the order so I’m saying yes I agree to placing this order on idec’s so that order has been placed now of course we can also come over here and do a market order so we’re gonna do the whole amount that we can get with that market order and we’re gonna click on buy again it’s going to ask us to sign a message so remember we’re not sending on chain transactions now that we’re here in the exchange we’re using smart contracts so I’m gonna sign that message again click sign message and I’ve just bought my phantom so now you can see I’ve got my phantom I can withdraw if I want to but it’s just sitting here and I can of course make a limit order to sell that back maybe I want to sell it for more than I bought it for and so I can do that trade here on idec’s or if I just want to do a market sell to sell it back I can also do that that’s we’re gonna do real quick just to show you how it works so again the ledger nano X is asking us to sign the message that’s what we’re gonna do click on sign message and I have sold my phantom and it’s really that easy it doesn’t take very long to do any of these things it actually asked me to sign two different messages there because it was taking out two different orders from the market sale but it’s very easy to do and it does not take long to do any of these orders so now that we have come over here to ID X we’ve made a trade we’ve bought some phantom we’ve sold some phantom and now we are ready to move forward and withdraw our aetherium back over to our wallet so we’re gonna go over here to balances full balances and we are going to withdraw the ether that is on idec’s you can see here this is my ID X balance so we’re going to click on withdrawal remember we’re not withdrawing it from ID X necessarily ID X doesn’t actually have our etherium we are still in control that aetherium is just in a smart contract at the moment we’re gonna click on withdraw withdraw the entire balance you see it’s not asking me for an address to withdraw to because that’s already linked to my ledger nano X I just need to confirm that I am ending the smart contracts amount click on withdraw click confirm of course it’s going to ask me to sign that message again on the ledger nano X and I’ll click sign message and that’s it thank you so much for watching check out the next video in this series to learn more about crypto currency and feel free to post any questions that you may have down below in the comment section there you will also find my recommended list of wallets and exchanges to get signed up for and of course if you found this information useful leave a thumbs up on the video you can also subscribe to the channel if you are new around here long live the blockchain and peace out til next time

11 thoughts on “Buy & Sell Tokens on Decentralized Exchange – IDEX Tutorial – Cryptocurrency Explained – Free Course”

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    The Course Includes
    Full playlist – https://www.youtube.com/watch?v=r49B6GsLy94&list=PLzaAzw5kr19i8wBjNYT98_47qyAb7T-po
    What is Bitcoin? – https://youtu.be/e5jt0U_MESs
    How to Buy, Send, & Store Bitcoin – https://youtu.be/KbTcwbhSDT8
    Best Bitcoin & Crypto Wallets – https://youtu.be/1ZhWFCcDdag
    Ledger Nano Tutorial – https://youtu.be/zueydcO6NHo
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    Idex Tutorial – https://youtu.be/oGh_QFIiF6o
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    Fundamental Analysis – https://youtu.be/pgDj4gPw2Cc
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    How to Use CoinMarketCap – https://youtu.be/xPKjsHhCrIE
    How to Make a Portfolio – https://youtu.be/um49a6YYsbc
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    Top Resources – https://youtu.be/GNWxxw0yuoY

  2. Maybe I need to use IDEX one day! Thanks for the video!
    It's a bit hard to fallow still for a new user I think cause all your video are using a Ledger, but most new people invest less in crypto than the price of the ledger… (EDIT: hum, seem like your link at the end of the video are not in order, I receive notification for many video but not the first one so, didn't see you speak about the Ledger before… now I am starting the playlist from the beginning! 😉 )

  3. Great work. I use IDEX all the time, definitely a much needed tutorial for many !

  4. Dude! I'm subscribed but what an obnoxious thing to do?!? Take over my fees with TWENTY TWO VIDS! Really? Each to their own but for me this is extremely annoying.

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