Bitball Dex Beginners guide
Connecting your Wallet - Getting started.
No MetaMask, Trustwallet app, Ledger nano or any other wallet providers- No problems, we got you covered.
Open your browser and go to https://Bitball-Dex.com
If you have MetaMask or Parity running, go to Window -> Extensions and disable them. Then refresh the window (Bitball DEX).
If you already have an Ethereum account, go to the account dropdown (upper right) and choose "Import account." Enter your address and private key. If you enter your private key incorrectly, you will get an error.
If you need a new Ethereum account, go to the account dropdown (upper right) and choose "New account." Write down the private key that has been generated for you and store it somewhere safe and secure.
Your private key is similar to a password which is never to be shared with anyone in any circumstances. Bitball DEX will store your address and private key in the browser. Your address and private key will not be stored on or sent to a server.
How to get started using MetaMask
Open Chrome or any other browser supporting plugins.
Install MetaMask. Go to https://metamask.io and click "Get Chrome Plugin."
Write down the recovery phrase MetaMask gives you and store it somewhere safe and secure. Do not skip this step.
Make sure you are logged into MetaMask.
Reload Bitball DEX or the webpage..
Your MetaMask account address should appear automatically in the Bitball DEX account dropdown (upper right). If it doesn't, something has gone wrong. If you have another Ethereum plugin running (Parity), go to Window -> Extensions and disable it.
Select your MetaMask account from the account dropdown (upper right).
How to get started using Parity
Open Chrome or supported browser..
Go to https://parity.io/ and install Parity. Open Parity and let the blockchain sync.
Install the Parity extension for Chrome.
Reload the webpage (Bitball DEX).
Your Parity account address should appear automatically in the Bitball DEX account dropdown (upper right). If it doesn't, something has gone wrong. If you have another Ethereum plugin running (MetaMask), go to Window -> Extensions and disable it.
Select your Parity account from the account dropdown (upper right).
Depositing, withdrawing, and trading
By now you should have an account selected in the account dropdown (upper right). Your account should be managed by either MetaMask, DEX's browser wallet, or Parity.
In the account dropdown (upper right), next to your account address is your wallet balance. If it's 0, you need to send some ETH to your wallet address. Do that before proceeding to the next step.
Now that you have some ETH in your wallet, you need to deposit from your wallet to the DEX smart contract so that you can start trading.
In the upper left, there is a Balance panel. There are three columns, "Token," "Wallet," and "Bitball DEX." The first column, "Token," will have a row for the token you're looking at 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 Bitball-DEX 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 (~21 gwei) to 4 gwei if you're willing to wait longer for your transaction to confirm but pay a lower fee. If you're not using MetaMask, you can set the gas price from the "Gas price" item in the account dropdown (upper right).
NOTE: If you are depositing a token (not ETH), depositing will involve two back-to-back transactions. The first one approves the Bitball-DEX 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, Bitball-DEX will tell you that you generated a transaction. You can click the link to track your transaction on Etherscan.
Once your transaction confirms, you should see funds move from the "Wallet" column to the "Bitball-DEX" column.
The Withdraw tab is the opposite of the Deposit tab. It will move funds from the "Bitball-DEX" 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 find yourself asking, "what if I want to move my funds to another Ethereum address?" then the Transfer tab is for you. The Deposit tab moves funds from your wallet to Bitball-DEX. The Withdraw tab moves funds from Bitball-DEX 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."
Deposit: "Wallet" --> "Bitball-DEX"
Withdraw: "Bitball-DEX" --> "Wallet"
Transfer: "Wallet" --> another wallet address
How to trade (execute a trade, place an order, cancel an order)
How to trade
This guide assumes you already have a working account and you have deposited to Bitball-DEX. This means you should have a balance in the "Bitball-DEX" column. You should also have some ETH in the "Wallet" column to pay for gas fees when you trade.
Pick a token to trade. This guide will assume you have chosen BTB.
Most tokens are listed in terms of ETH. For example, a price of 0.03 BTB/ETH means 1 BTBcosts 0.03 ETH.
In the order book, there are green orders and red orders stacked on top of each other. Green orders are people who want to buy BTB. Red orders are people who want to sell BTB. If you want to buy BTB, you can click a red order. If you want to sell BTB, you can click a green order.
Bitball-DEX only allows you to match against one order per transaction. You can't do a "market buy" that trades against multiple orders at once.
Partial fills are allowed. For example, if there is an order to sell 100 btb, you can click the order and choose to only trade 25 btb, leaving 75 btb behind for someone else to trade.
When you do a trade, a transaction will be generated.
If two people try to trade the same order at once, the first transaction to be confirmed will get the trade (unless both orders are partial fills).
A failed trade will show up as an error on Etherscan. No funds will be lost except the gas fee for the transaction.
How to place an 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.
An order doesn't involve a transaction. It involves signing a message. This means there is no gas fee for placing an order.
On the order form, select the Buy tab or the Sell tab depending on whether you want to buy or sell the token.
Let's assume you want to buy btb.
The first box is the amount of btb you want to buy.
The second box is the btb/ETH price.
The third box is the amount of ETH you will spend. This box will populate automatically so you can confirm that the price you entered makes sense.
The fourth box is the number of Ethereum blocks until your order automatically expires. The default, 10,000, is about two days. If you want your order to last forever, enter 1000000000, which corresponds to about 400 years.
After you submit the order, you should see two small green bubbles pop up in the lower right. The first one will say "You sent an order." The second one will say "Your order was received."
After your order was received, it can take about a minute for the order to appear in the order book.
Your order will be highlighted in blue so you can easily spot it.
The order book only displays the top 100 buy and sell orders. If your order is not in the top 100, it will not be displayed, but it will appear if enough orders trade.
Bitball-DEX does not do order matching. For example, if someone is offering btb for sale at a price of 0.03, and you place an order to buy for a price of 0.04, a trade will not automatically happen. The only way to make a trade happen is to click an order and trade it.
Your balance will not change when you place an order. Your balance will only change when your order trades.
Bitball-DEX checks to make sure each order is backed by an appropriate deposit, but it does not check to make sure the sum of each user's orders is backed by a deposit. If, when an order trades, it means other orders are no longer backed by an appropriate deposit, then those orders will disappear from the order book until more funds are added.
How to cancel an order
In the lower middle of the screen, under "My Transactions," click the Orders tab.
Find your order in the list of orders and press "Cancel."
This will trigger a transaction.
How gas (transaction) fees work
Every Ethereum transaction involves a gas fee which is paid to miners on the Ethereum network. On Bitball-DEX, Ethereum transactions are required for depositing, withdrawing, and trading.
If you're using Bitball-DEX with MetaMask, you can lower the gas price when you accept a transaction to pay a lower gas fee. We recommend a gas fee of 4 gwei if you don't mind waiting a few blocks for your transaction to confirm. If you're using Bitball-DEX without MetaMask, the gas price is fixed at 4 gwei.
If you're not using MetaMask, you can set the gas price from the "Gas price" item in the account dropdown (upper right).
Without getting into too much technical detail, a 4 gwei gas price corresponds to the following overall transaction fees:
|Deposit ETH||~0.0003 ETH|
|Withdraw ETH||~0.0001 ETH|
|Deposit token||~0.0001 ETH|
|Withdraw token||~0.0002 ETH|
|Cancel order||~0.0002 ETH|
|Place an order (add liquidity fee)||free|
|Execute against someone else's order (take liquidity fee)||0.5%|
How to disable and re-enable MetaMask
How to disable MetaMask
In case MetaMask has issues, you can always disable it and use Bitball-DEX's browser wallet. Here's how.
Go into MetaMask (orange fox icon in the upper right of Chrome) and click the three dots icon to get your private key. Paste it somewhere along with the address.
Disable MetaMask (under Chrome’s Window -> Extensions menu).
In the Bitball-DEX account dropdown (upper right), select "Forget account."
In the Bitball-DEX account dropdown (upper right), select "Import account." Enter your address and private key from MetaMask.
Now you can use Bitball-DEX without MetaMask.
How to enable MetaMask
In case Bitball-DEX's browser wallet has issues (due to the Etherscan API being down), you can always use MetaMask. Here's how.
Install or re-enable MetaMask.
In the Bitball-DEX account dropdown (upper right), select "Export private key." Find a text editor and paste your address and private key there.
In the Bitball-DEX account dropdown (upper right), select "Forget account."
If you just installed MetaMask, go into MetaMask's menu and choose "Import account." Import the private key you extracted from Bitball-DEX.
If you already had MetaMask from before, your account should appear in the Bitball-DEX account dropdown (upper right) automatically, and you should select it.
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