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How to get started on Aldrin DEX
Unlike a Centralised Exchange, your money never really lives on a Dex completely. By connecting a Solana Wallet, you connect your funds to our DEX for trading purposes.
An easy and simple analogy would be how users purchase video game discs and gaming consoles. The game console is the enabler for the game, but the game disc doesn’t solely exist on the console, and you can take your gaming disc and insert into another compatible console.
This brings us to the abundance of Solana based wallets on the market. If you already have one and would like to check if our DEX supports it, kindly go to the “Connect” option on the right top corner of the Aldrin terminal. A dropdown will reveal supported wallets.
If you do not have a wallet and would like to create one, we do recommend our browser embedded Aldrin Wallet. You can gain access through our Main Dex Page>Top Banner>More> Wallet. We also have our native wallet called "Buzz Wallet" coming soon that shall be a browser plug in and a mobile App for both Android/iOS. Updates can be found on https://twitter.com/thebuzzwallet?s=21&t=1AXUKwn2pQsBspxhIzEyJg
You can choose any Solana Wallet supported by Aldrin, or create a native Aldrin wallet. Let's take a look at creating an Aldrin wallet in a few simple steps!
Here you will be given two options: create a new wallet or restore the existing wallet. If you already have a Solana Wallet as mentioned above, you can paste your seed phrase to transfer your keys to the Aldrin wallet.
Creating a new Aldrin wallet would make you go through 3 steps.
This password will be used to gain access to the wallet on your device, in order to protect your wallet if the device is compromised.
Check several times that you have stored the phrase securely. Remember that your seed phrase is your identity and Aldrin would be unable to help you recover if you mistakenly lose it.
It could result in loss of funds. We recommend noting it as a soft and hard copy to be extra sure.
You will then need to confirm to the wallet that you have saved the Seed Phrase by arranging its parts in the correct order. An extra security measure. For your convenience, you will only need to enter half of the phrase. When you regain access to your wallet, you will need all 24 words.
Adding tokens may sound somewhat tricky but it is an industry DEX standard to arrange tokens from another source such as a Centralised Exchange. The fuel for all Solana DEXs is the native Solana Token $SOL. We all need to keep a decent amount of SOL on any Solana Wallet for transaction fees.
You can skip this step to deposit SOL and create a token accounts later just click "Skip for Now".
The address used to deposit $SOL is circled in red. You can deposit SOL from any Exchange that supports SOL, for example, Binance, FTX, etc. Make sure that the “Network” selected for transferring $SOL from that platform is Solana and NOT something such as ERC-20, BEP20, BEP2, etc. You may get in touch with us for further help on this. Our team is easily accessible.
Due to the nature of DeFi services, funds incorrectly sent may not be recovered.
Once your wallet has gained some $SOL, it’s time to trade. Open terminal using header menu.
1) Connect Wallet
Make sure your browser allows pop-ups from this site and look for any pop-ups in the background that may need your attention to grant security access.
Hurray if you have made it so far. By default, our homepage will take you to the RIN/USDC market. You may access other markets through the drop-down menu on the far left top.
Once you are in your desired market, you have two options on the order type you would like to place. You can either select Market or Limit order.
See Tabs on the bottom right of the page. The simple difference being that by selecting Market for either buying or selling, you chose to execute order on the current applicable price, keep in mind it may fluctuate depending on the spread of the market.
A different option is to choose the Limit order where you chose the price of the trade. Selection of type will trigger a market transaction which will sit in the Open Orders Tab, bottom right until executed. Orders can be canceled only PRIOR to execution.
Note, every time you create an order, a pop-up will appear from your wallet asking for permission. If it does not appear, try looking for it in another window or tab. When trading on iPhone/iPad pop-ups do not appear due to the iOS architecture, you can find them in another tab.
If you have enabled auto-confirmation of transactions when connecting the wallet, you do not need to look for the popup and confirm them manually, they will be confirmed by the wallet itself. But there are exceptions.
In the trade time, the funds are on an additional trading account and need to be given permission to add back to your wallet. So, once your trade is executed you have to Settle funds into your wallet.
To settle your funds you have to press the "Settle" button on the section with your balances. You can notice these funds as "Unsettled Balances"
Don't forget to confirm the transaction in your wallet pop-up.
In the dashboard tab (Dex page top banner>More>Dashboard), you can find all your open orders and/or balances to settle. Action to cancel and/or settle funds is available to wallet holder ONLY due to the nature of DeFi and Aldrin would have no direct access.