Topic: How to trade erc-20 tokens on the Bancor Network (Read 179 times)
Thanks for the guide. I love DEX's and find Bancor to be one of the most simple, fastest, and anonymous-friendly one there is.
A few weeks ago I used the Bancor Network for the very first time when exchanging some tokens I got from a bounty campaign and since I couldn't find a thread about this exchange here on the Forum I decided to write this tutorial on how to trade erc-20 tokens on Bancor. If you think it should be posted in a different section do let me know and I can move it there!
PLEASE NOTE: I wrote this thread based on my experience doing the exchange. Its not copy/pasted from anywhere. The only source I used before doing my trade was this video which is quite informative and you should watch it if you are interested >>>https://www.youtube.com/watch?v=NmCudCh2FUo<<<
So any similarities you find here with some other tutorials on the web or that video is normal since that is the way you do the trade there.
Bancor Network https://www.bancor.network/discover is an exchange where you can trade different erc-20 tokens and exchange them for ETH. In some ways it reminds me of Etherdelta/Forkdelta but with a much better interface and its easier to use. Another difference is that the Bancor Network charges no fees for the transactions! All exchanges are free and you only pay the gas fees like on other exchanges.
You should use MetaMask just like on Ether/Forkdelta for your own safety. Bancor gives you an option to open an account on the exchange but for trading tokens you dont need to have an account although it was suggested to me by another user that having an account improves your chances of the transaction going through.
Lets Begin.
Go to the website https://www.bancor.network/discover
From that page you can buy/sell your tokens. This can be done in two ways:
1 On the top of the page in the fields From Token and To Token select the token you want to buy or sell. Simply click on the small arrow and make your selection. For this video I will buy Bancor BNT in exchange for ETH.
2 The 2nd way to buy/sell tokens is by clicking directly on Buy/Sell for the token you are interested in.
After that the following window will open up and all you need to do is click on MetaMask and then on Next
After hitting Next another window opens up and you need to enter the amount you are buying/selling. For ex, I am buying BNT tokens for 0.06 ETH and for that amount I will get 10 BNT tokens. Once you enter the amount you are willing to pay the Receive field will automatically fill up with the amount of tokens you will get.
Click on Buy
After clicking on Buy a new window will open up where you can double check your entries for any mistakes + you see the gas fees you need to pay for the transaction to go through.
Bancor automatically puts the Gas at 5 GWEI and I suggest you dont change this amount because you are running a risk that your transaction will get rejected but you will still lose the fees for GAS. For your safety check on https://ethgasstation.info/ to make sure that the current minimum gas fees you should use are not above 5 GWEI but in the last weeks that has not been the case.
When I was trying to exchange my bounty tokens my transaction was rejected twice. I used 1 GWEI which was the current Safe Low at the time and the transaction was rejected. So I doubled the Gas on 2 GWEI and the transaction was rejected again. The 3rd time I didnt make any changes and used 5 GWEI for GAS and the transaction went through in a few minutes. To avoid paying the gas fees over and over again and having your transaction declined just use the recommended 5 GWEI.
Click on Proceed after checking your entries.
The MetaMask window will then open up and you need to confirm your transaction. You are again given the option to change the Gas fees but leave it at 5 and click on Submit
Thats it. After you click on Submit a new window opens up with the info that the transaction is in progress and you can view your transaction on Etherscan to check if it went through or not. Once the exchange is done your new tokens will be credited to your MEW/MetaMask wallet.
In case your transaction fails its probably due to insufficient GAS and in that case Etherscan will show the following error. Try one more time and use 5 GWEI and it should go through.
PLEASE NOTE: I wrote this thread based on my experience doing the exchange. Its not copy/pasted from anywhere. The only source I used before doing my trade was this video which is quite informative and you should watch it if you are interested >>>https://www.youtube.com/watch?v=NmCudCh2FUo<<<
So any similarities you find here with some other tutorials on the web or that video is normal since that is the way you do the trade there.
Bancor Network https://www.bancor.network/discover is an exchange where you can trade different erc-20 tokens and exchange them for ETH. In some ways it reminds me of Etherdelta/Forkdelta but with a much better interface and its easier to use. Another difference is that the Bancor Network charges no fees for the transactions! All exchanges are free and you only pay the gas fees like on other exchanges.
You should use MetaMask just like on Ether/Forkdelta for your own safety. Bancor gives you an option to open an account on the exchange but for trading tokens you dont need to have an account although it was suggested to me by another user that having an account improves your chances of the transaction going through.
Lets Begin.
Go to the website https://www.bancor.network/discover
From that page you can buy/sell your tokens. This can be done in two ways:
1 On the top of the page in the fields From Token and To Token select the token you want to buy or sell. Simply click on the small arrow and make your selection. For this video I will buy Bancor BNT in exchange for ETH.
2 The 2nd way to buy/sell tokens is by clicking directly on Buy/Sell for the token you are interested in.
After that the following window will open up and all you need to do is click on MetaMask and then on Next
After hitting Next another window opens up and you need to enter the amount you are buying/selling. For ex, I am buying BNT tokens for 0.06 ETH and for that amount I will get 10 BNT tokens. Once you enter the amount you are willing to pay the Receive field will automatically fill up with the amount of tokens you will get.
Click on Buy
After clicking on Buy a new window will open up where you can double check your entries for any mistakes + you see the gas fees you need to pay for the transaction to go through.
Bancor automatically puts the Gas at 5 GWEI and I suggest you dont change this amount because you are running a risk that your transaction will get rejected but you will still lose the fees for GAS. For your safety check on https://ethgasstation.info/ to make sure that the current minimum gas fees you should use are not above 5 GWEI but in the last weeks that has not been the case.
When I was trying to exchange my bounty tokens my transaction was rejected twice. I used 1 GWEI which was the current Safe Low at the time and the transaction was rejected. So I doubled the Gas on 2 GWEI and the transaction was rejected again. The 3rd time I didnt make any changes and used 5 GWEI for GAS and the transaction went through in a few minutes. To avoid paying the gas fees over and over again and having your transaction declined just use the recommended 5 GWEI.
Click on Proceed after checking your entries.
The MetaMask window will then open up and you need to confirm your transaction. You are again given the option to change the Gas fees but leave it at 5 and click on Submit
Thats it. After you click on Submit a new window opens up with the info that the transaction is in progress and you can view your transaction on Etherscan to check if it went through or not. Once the exchange is done your new tokens will be credited to your MEW/MetaMask wallet.
In case your transaction fails its probably due to insufficient GAS and in that case Etherscan will show the following error. Try one more time and use 5 GWEI and it should go through.
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