Switcheo Buy Order
Switcheo is the first NEO DEX (decentralized exchange). Switcheo is less than a week old as of this writing, so the NEO based token selection is limited. However, they will be continuously adding more NEP-5 tokens as the platform matures. This guide covers how to create a Switcheo Buy Order.
An important thing to understand with a DEX is the flow of funds. The flow is: Connect Your Wallet -> Deposit to Smart Contract -> Perform trading -> Withdraw from Smart Contract back to your wallet. This is how you are able to trade fractions of NEO, even though NEO is not divisible. More on that later.
Please note that you will need a NEO wallet to use Switcheo. The benefit of a DEX is that you can use your own personal wallet for trading. This means you do not have to sign up for an account! Check out this guide if you need help setting up a NEO wallet!
Steps to Place a Buy Order On Switcheo
1. Go to the Switcheo exchange website
2. Click the “Wallet Login” button in the top right corner
3. While “NEO/NEP5” is highlighted, choose an option for logging in. In this example I am using my encrypted key, so I (1) clicked the “Encrypted Key” button, (2) entered the encrypted key and passphrase, and (3) clicked “Login”.
- JSON File – This is a keystore file that you would have saved when creating your NEO wallet through a platform like NEO Tracker.
- Encrypted Key – This is a manually entered field and the encrypted version of your private key. This would have also been saved or written down when creating a NEO wallet.
- Private Key – This is also a manually entered field and is the raw private key. This would have been saved or written down when creating a NEO wallet.
4. There are 2 ways to verify the wallet is connected. One is by clicking the “Logged In” button in the top right corner (replaced the “wallet login” button). You should see your public NEO address displayed in the box (top screenshot). The other is to check the “Wallet Balance” section (bottom screenshot).
5. Select the trading pair you want to use. In this example, I want to trade NEO for SWH, so I chose the “SWH/NEO” pair.
6. In this example, I want to buy 1,000 SWH at a price of 0.00025 NEO per SWH. Make sure the “Buy SWH” option under “Order Entry” is highlighted. Enter 0.00025 in the “Price” field and 1,000 in the “QTY” field. The “Total” field will auto-populate with the total cost (in NEO) for the order. Verify the details are correct and click “Buy SWH”. You could also click a sell order in the “Order Book” section to pre-populate the fields.
NOTE: NEO is not divisible, but you can use fractions of NEO when trading. However, you will not be able to withdraw fractions of a NEO back to your wallet. In my example, my order is for 0.25 NEO worth of SWH, so I will be transferring 1 NEO to the smart contract. The smart contract allocates 0.25 NEO to the order book, leaving 0.75 NEO in the smart contract. I would need to purchase 0.25 NEO to be able to withdraw my NEO back out of the smart contract. Remember that GAS is divisible, so you may prefer to use that when trading instead of NEO.
7. Verify the details of your order and click “Place Order”
8. The details of your order should now appear under the “Your Transactions” section, which is located underneath the trading chart. At first, the status will say “Confirming”, and will update when the transaction has been confirmed. It did take 2 tries for this order, so notice 1 updated with “Failed” and the other with “Success”.
That’s it for placing a buy order on Switcheo. The “Percent” field will fill up as our order is filled and the “Contract Balance” will also update. If you want to cancel your order, simply click the red “X” beside the percent field of the order you want cancelled. Check out the guides for how to sell or withdraw on Switcheo as well!
Switcheo has first mover advantage in the NEO DEX space. Despite some minor issues at launch, they are resolving things quickly. This will likely become the spot to get new NEP-5 tokens as soon as they are released, so I recommend getting familiar with the platform! Check out the tutorials page for more guides!