We’ve gotten many requests for a clean step by step guide on how to buy and sell CrowdstartCoins XSC on EtherDelta and ForkDelta. Decentralized exchanges are awesome but often hard to use. We want to improve this with our trading guide.
There are two ways to get XSC, either you create value for the advancement of the blockchain ecosystem and receive XSC as a reward or you buy XSC in the open market. In the initial phase, we at Crowdstart Capital determine who receives XSC but we are hard at work on the CrowdVote DAPP which will allow XSC holders to directly and decentrally decide who deserves XSC for their contributions to the blockchain ecosystem.
This guide is for everyone. Regardless of whether you want to buy XSC to use in our upcoming CrowdVote DAPP or you have received XSC as a reward and want to sell, this step by step guide will show you the way.
What are EtherDelta and Metamask?
As most of you know, EtherDelta is a decentralized trading platform for Ether and Ethereum-based tokens. Many of you may also be familiar with the EtherDelta fork ForkDelta. The latter offers an offchain orderbook but is otherwise functionally identical to its parent, Etherdelta. For this reason, our guide can currently be used for both exchanges. This could change in the future as ForkDelta is planning upgrades to the user interface.
XSC is traded on four decentral exchanges at the moment. Decentralization means that your funds are held in a smart contract so that you are the only person who can deposit, withdraw or trade. This doesn’t require trusting an administrator or any centralized service provider. This also means that there’s no password reset and no undo button.
There’s a huge variety of different wallets out there with which you can send, receive or save your funds but the safest and most user-friendly way to interact with decentral applications is by using the MetaMask-extension. That’ll be our first step. MetaMask offers a secure identity vault allowing for easy management of private keys and for the signing of blockchain transactions without exposing your keys directly in the DAPP. If you already have the MetaMask-extension installed or decided to go without it you can skip the following step.
Set Up MetaMask
The MetaMask extension is available for many browsers like Mozilla Firefox, Opera or Chrome. In this documentation, we use the extension for Google Chrome. To add the MetaMask extension to Chrome you can use this link. By clicking on “add to Chrome” the extension should be visible on the top right of your browser, right next to the URL field.
After clicking on the extension and accepting the terms of conditions you can now import your existing account or create a new one by setting a new password that you won’t forget. (There’s no password reset functionality here by design.)
Create MetaMask Account
At this point, MetaMask informs you that your vault was created and gives you 12 random seed words which you need if you want to restore it or to transfer your account into other wallets or devices. Save these words somewhere safeand secret, e.g. write it down on a piece of paper and store it securely. After you’ve done this, click on “I’ve copied it somewhere safe” in order to continue.
Now you have your first MetaMask-vault. If you received XSC in another wallet you may want to import your tokens into Metamask. To import a wallet into MetaMask you’ll need your private key or your JSON keystore file. To do this click on the account settings as shown in the following screenshot and click on “Import Account”.
In the next step either select “Private Key“ or „JSON File“ in the dropdown and enter your private key or import your JSON file. If you use a private key it should look like shown in the next screenshot. Finish importing your account by clicking on „Import“.
As you can see MetaMask created a new account (Here: Account 2) which contains your funds. Your wallet is now successfully synced with MetaMask. At this point, you need to add the Crowdstart Coin (XSC) contract address so you can see your tokens both in MetaMask and on EtherDelta. To add a token, click on the tab „tokens“ on the button and click on „add token“.
To successfully add a token you need the token contact address, the token symbol and the decimals of precision. We’ve included these details below so you can just cut and paste.
XSC Contact Address: 0x0f513ffb4926ff82d7f60a05069047aca295c413
Token symbol: XSC
Decimals of Precision: 18
If you entered the contact address successfully it should look like this:
After adding your XSC and syncing your wallet, your MetaMask account will now display your tokens like this:
Now you can safely and securely trade with EtherDelta.
Import Your Wallet Into EtherDelta
If you use MetaMask, the wallet is already synced and you just need to select your preferred account in the dropdown as shown below.
If you don’t use MetaMask you need to import your file using your private key. To do so click on the upper right corner to „Select account“ and „Import account“ in the dropdown menu.
Afterward, EtherDelta asks for your wallet information. In the first input box, you need to enter your public key while your private key belongs to the second input box. The private key is stored locally in your browser and is not communicated to EtherDelta or stored on any server. That said, this login method is generally considered as risky due to the fact that many phishing sites pose impersonate EtherDelta. If you enter your private keys somewhere malicious it’s game over. For this reason, we vastly prefer MetaMask. If you want even more security you can use a Ledger hardware wallet but that’s beyond the scope of this guide.
After clicking on „Import account“, EtherDelta displays your account like this:
After your wallet is imported and synced to EtherDelta it’s time to trade XSC on EtherDelta. This chapter will describe the process in detail.
First of all, you need to tell EtherDelta that you want to trade XSC. To do so, you need to click in the dropdown in the top middle of the page and select XSC as shown. After selecting XSC the page reloads and shows the dashboard for XSC to ETH trades.
Deposit ETH to the Smart Contract
In the account dropdown (upper right), next to the account address is your wallet balance. If your wallet balance is 0 you need to send some ETH to that wallet. Do that before proceeding to the next step.
Now that you have some Ether in your wallet, you need to deposit from your wallet to the EtherDelta smart contract to start trading. By doing this the funds will be available to any purchase at EtherDelta.
In the upper left, there is a “Balance” panel as shown below. There are three columns, “Token,” “Wallet,” and “EtherDelta.” The first column, “Token”, will have a row for XSC and a row for ETH. The “Wallet” column shows the balance held in the account you have selected in the account dropdown. Notice that the balance shown in the ETH row under “Wallet” matches the balance shown in the account dropdown.
When you deposit, you will move funds from your “Wallet” to the EtherDelta exchange smart contract. To do this, enter the amount you want to deposit and press “Deposit”. Don’t deposit all of your ETH though. You need to leave some behind in your “Wallet” to cover gas fees. A good rule of thumb is to leave 0.05 ETH in your “Wallet” to cover gas fees for future transactions you will do (trading, depositing, withdrawing).
After you press the “Deposit” button, if you’re using MetaMask you’ll have a transaction to approve. You can reduce the gas price from the default (~4 gwei) if you’re willing to wait longer for your transaction to confirm but pay a lower fee. It’s generally a good idea to check the gas prices at ethgasstation and use either the standard price or the safe low price listed there. If you’re not using MetaMask, you can set the gas price from the “Gas price” item in the account dropdown (upper right). If you are depositing a token (not ETH), depositing will involve two back-to-back transactions. The first one approves the EtherDelta smart contract to transfer the deposit on your behalf. The second one is the actual deposit. You must approve both.
After your transaction has been sent, EtherDelta will tell you that you generated a transaction. You can click the link to track your transaction on Etherscan.io.
Once your transaction confirms, you should see funds move from the “Wallet” column to the “EtherDelta” column. In our case, you can see that the “Wallet” column reduced by 0.005 while the “EtherDelta” column raised by 0.005.
The Withdraw tab is the opposite of the Deposit tab. It will move funds from the “EtherDelta” column back to the “Wallet” column. Remember that in order to withdraw, you need to pay a gas fee, and the gas fee comes from your “Wallet.”
If you want to transfer your tokens then the “Transfer” tab is for you. The Deposit tab moves funds from your wallet to EtherDelta. The Withdraw tab moves funds from EtherDelta to your wallet. The Transfer tab moves funds from your wallet to another wallet address. If you want to “withdraw to another Ethereum address,” you need to withdraw and then transfer.
On the Transfer tab, the first box is the amount you want to transfer. The second box is the address you want to transfer to. By default, the address you want to transfer to is pre-filled in with your existing address. Overwrite this with another address of your choice and then press “Transfer.”
You have now accomplished the last step needed to trade XSC by depositing ETH to the EtherDelta smart contract. To buy XSC you need to place a buy order in the order book panel in the center of the EtherDelta interface.
You can choose which way you want to buy your XSC tokens. One option is to post a new buy order to the order book and wait for someone to fill the order. This method requires no fees at EtherDelta. On the other hand, you can choose an existing sell order to buy the XSC at a price already offered in the order book. This method has the advantage of executing immediately.
Placing a Buy Order
If you don’t want to trade immediately or don’t like the prices you see in the order book, you can place your own order. To place a buy order you need to click on the “Buy” tab in the “NEW ORDER” panel. There are 4 input boxes to fill. The first is how many XSC you want to buy (in this example 10 XSC). The second describes at which price you want the XSC to be purchased (here 0.0005 XSC/ETH). The next box is filled automatically depending on your entries above. So in our case, the transaction would cost 0.005 ETH. The box “Expires” describes the timeframe in blocks that your order is being active. The EtherDelta timeframe is based on ether blocks, which means that each block takes about 14 seconds. A 10000 block limit should last about two days.
After clicking on “buy” EtherDelta adds your order to the order book and will inform you via two notifications. One says “You sent an order” the second one will say “Your order was received”.
Don’t panic if the order isn’t shown immediately in the order book, it can take up to a minute. From now on you can see your order highlighted blue in the “order book” and in the “MY TRANSACTIONS” panel under the tag “Orders”. Your balance will not change when you place an order, it will only change when your order is executed.
If your order was successfully executed, you can find the order in the tag “trades” together with a link to the transaction on Etherscan.io as shown:
You can also cancel your order if you want to. Go to the “MY TRANSACTIONS” panel in the lower center of the EtherDelta interface and go to the tap “Orders”. Here you can click on “Cancel” which triggers a new transaction.
Buying a “Sell” Order
As mentioned above, you can buy XSC by buying a sell order. You can find the sell orders in the order book panel in the upper center of the EtherDelta interface. Here you can see buy offers, which are green, and sell offers, which are red. Both of them show the price where they are willing to buy or sell, the amount of XSC they are willing to trade and the total amount of ETH that this transaction would cost. The orders are ordered depending on their price. If you want to buy ether, look at the lowest sell order (the red ones) to get the cheapest price.
Now just choose your preferred sell order by clicking it. EtherDelta will then open a new dialog to confirm your purchase.
As you can see in the dialog, you can buy less XSC than offered. So it’s up to you if you want to buy all XSC offered or less. Keep in mind that the more XSC you buy, the higher the value of the transaction.
Click on “Buy” if you entered your preferred amount of XSC to buy. After this, your transaction will be triggered. As in the steps before, EtherDelta will provide a link to the transaction on Etherscan.io to track the transaction. After a few minutes, you should see your XSC in your wallet.
Deposit XSC to EtherDelta
If you have XSC in your wallet you can sell them on EtherDelta as well. It is basically the same process as buying XSC, just the other way around.
So in the first step, you need to deposit XSC to the EtherDelta smart contract. You are doing this by entering the amount of XSC that you want to deposit in the “Balance” panel on the upper left in the interface. In our case, we want to add 10 XSC to the smart contract.
Once again, set the gas price on the MetaMask dialog that will prompt and confirm the transaction by clicking on submit. This will once again trigger a transaction and an etherscan.io link to track the transaction will be provided.
After your transaction was successfully executed, you can see the chances in the “Balance” panel and on your MetaMask account.
Selling XSC by Creating an Order
Now that there are XSC on the EtherDelta smart contract you can create a sell order. Therefore go to the “New order” panel in the lower center of the EtherDelta interface and click on the “sell” tab. Now you can enter the amount of XSC you are willing to sell and set a price at which you want to sell each XSC. Here we want to sell 10 XSC at the price of 0.03 XSC/ETH. The box “Expires” describes the timeframe in blocks that your order will be active. It’s the same as with a buy order in that a 10000 block limit should last about 2 days. Finally, click on sell to publish your order to the order book. MetaMask will ask you to confirm the transaction by signing it.
Now you can see your order in the “MY TRANSACTIONS” panel in the tab “orders” as shown below.
Selling XSC by Choosing Buy Order
The second option is to sell XSC by selecting an already existing buy order. You can find the buy orders in the “ORDER BOOK” panel in the upper center of the EtherDelta interface. To sell your XSC you need to look at the green offers in the order book. The first green order from above represents the highest price that somebody is willing to buy your XSC.
Now just choose your preferred buy order by clicking it. EtherDelta will then open a new dialog to confirm your transaction.
As you can see in the dialog, you can sell less XSC than offered. So it’s up to you if you want to sell all the XSC the buyer wants or less. As you can see, there are no fees because you sell your XSC. Confirm your transaction by clicking on “sell”.
After this, your transaction will be executed. Like in the steps before, EtherDelta will provide a link to the transaction on Etherscan.io to track the transaction. After a few minutes, you should see the changed value in your wallet.
Credit Where Credit is Due:
Also, a big thanks goes out to our working student Martin Schäffner who did all of the legwork to make this post happen.