Getting started: Scallop Exchange
Your step-by-step guide to getting started on the exchange
Scallop exchange is a cutting edge new platform that adds to the Scallop ecosystem. Today we will cover how to open and account and start making trades...
3. Enter your details
4. Verify you're a human
5. Once your email is verified, you will have completed your registration. Go to the top right
Your account has now been created, let's deposit some crypto next...
- 1.Go to Balances > Spot Account
Click Spot account to view available cryptocurrencies
2. We will deposit some scallop for this example, but you can transfer any currency by choosing the relevant address..
Press Deposit to reveal your SCLP deposit address
3. Copy your address and send from the wallet or exchange of your choice
Transfer to this address to get SCLP onto the exchange
Make sure you choose the right chain when you make your transfers, different chains have different addresses, so be careful!
5. Your tokens will have arrived on exchange within a few minutes..
Your SCLP should have arrived on exchange!
- 1.If you'd like on on-ramp fiat currency by buying with a credit card, simply click on 'buy crypto'
Simply put in your purchase quantity and click buy!
A market order is an order that allows you to buy or sell a token at 'the best available price' - this means that you buy or sell immediately at the nearest prices.
Market orders may experience slippage - which happens when the amount of tokens available at the price you press buy or sell is less than the amount you want and you get the next best price.
- 1.Go to Trade > Classic
Here is a breakdown of the window that you see...
The simple market breakdown looks like this - we will explain each part in the following section
Orderbook - This shows all orders that are in the market for the selected token. TOu can see prices and quantities
Chart Window - Here you can see a candlestick chart that shows the market movements over time
Markets - This is where you search for the different markets you would like to trade
Buy and Sell dialogue boxes - this is where you place buy and sell orders
Latest Trades - This is where you can look at all the trades taking place in your selected market
2. Select the market you want to trade in from the markets section, we will choose SCLP/USDT for this example
Type your chosen market into the search box
3. Go to the Buy and Sell Dialogue Box and choose 'Market' order
4. Choose the amount you would like to buy
Here we have chosen $50 of SCLP
You will recieve a confirmation for your buy, and the tokens will be available to trade further in your trading account!
You can see your purchases by scrolling down and looking at your trade history...
you can see your orders by scrolling down!
So far we have
- Created an account
- Deposited crypto / bought with a credit card
- Bought / sold on the market
That is the most basic function of an exchange. Next we will cover how to place limit buy/sell orders and how to trade using futures contracts as well as how to withdraw!