Could you please give more explaination about this:
How do I perform my first trade?
You either need some ERC20 token to sell or ETC/ETH to buy them. Let’s assume you are selling your tokens. At first, you need to set token allowance for the exchange. Once allowance is set you can put a sell order which will be recorded on the exchange.
For you it seems perhaps clear...but for newbies who have token not listed,it is not so.
Thanks for your feedback! Yes, sure, let me try to explain it better. Let's assume you are buying MANA coins. Here are the steps:
1. Login on exchange with Metamask account which you would like to use to buy MANA
2. To buy MANA you need to set a price (for example, 0.00012 ETH) and amount of coins you would like to buy (for example, 0.1 MANA) and hit "OK" button.
3. Metamask Window will popup and you will be asked to enter transaction details and sign the transaction
4. At the end, exchange will give you a link to block explorer to see how your transaction is going
5. Once trade is executed you will get 0.1 MANA coin on your account (or you can cancel the order at any time)
Now, let's assume you would like to sell 1 MANA coin. Here are the steps:
Background: Exchange never keeps your money, except for open orders. Once you set an open order, exchange transact from coin contract to exchange contract to lock coins for a trade (as long as it is not cancelled).
1. Login on exchange with Metamask account which you would like to use to sell MANA
2. Set MANA allowance to 1 (this is a call to MANA contract to set amount of coins available for the exchange). Basically, it is upper limit on how many MANA coins exchange can transfer from your account to an exchange contract. Hit "OK".
3. To sell MANA you need to set a price (for example, 0.00012 ETH) and amount of coins you would like to sell (for example, 0.1 MANA) and hit "OK" button.
4. Metamask Window will popup and you will be asked to enter transaction details and sign the transaction
5. At the end, exchange will give you a link to block explorer to see how your transaction is going.
Please let me know if you see any issues with this instruction. As you pointed out, some aspects may be not very clear for users who just start and we will be working to make things in a better way. Thanks for giving it a try!