Selling NEO Based Tokens on Switcheo
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 tokens as the platform matures. This guide covers how to sell NEO based tokens on Switcheo.
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 Sell 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 sell SWH for GAS, so I chose the “SWH/GAS” pair.
6. Click the “Sell SWH” button
7. In this example, I want to sell 1,000 SWH at a price of 1 GAS per SWH (a guy can dream right?). Enter 1 in the “Price” field and 1,000 in the “QTY” field. The “Total” field will auto-populate with the total amount (in GAS) I will receive when my order is filled. Verify your details are correct and click “Sell SWH”. You could also click a buy order in the “Order Book” section to pre-populate all of the fields.
NOTE: NEO is not divisible, but you can use fractions of NEO when trading on a DEX like you can when trading on a centralized exchange. However, you will not be able to withdraw fractions of a NEO back to your wallet. Let’s say I sold my SWH for 1.25 NEO. I would have 1.25 NEO in the smart contract and could only withdraw 1 to my wallet. The 0.25 NEO would be left in the smart contract until I sold something else to increase it to 1, or I could trade the 0.25 NEO for something else on Switcheo.
8. Verify the details of your order and click “Place Order”
9. 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” (top screenshot). If the order is added to the order book successfully, the status will show “Filling” (bottom screenshot).
That’s it for placing a sell 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 select the red “X” to the right of the “Percent” field. Check out the guides on how to buy and withdraw from 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 NEO based tokens as soon as they are released, so I recommend getting familiar with the platform! Check out the tutorials page for more guides!