ESR now live on MyTrade!
Fantastic news guys, the official token of esportsref.com, ESR, is now available to trade on https://mytrade.org
Now for those of you who are new to trading on a DEX, I thought it was worth providing a very quick user guide to get you started.
Firstly, one of the clear distinctions between trading on a standard “centralized” exchange (CEX) such as KuCoin or Bibox, versus trading on a “Decentralized” exchange (MyTrade) is that with a centralized exchange, you are trading with the exchanges “pooled” wallet. Th wallet is shared amongst many other users on the exchange, and is not a private wallet that you own, hence the reason that with a wallet on a centralized exchange, you don’t own the private key to your wallet. A centralized exchange is usually run by a large corporation.
In contrast, a decentralized exchange allows you to trade directly from your own personal wallet. Now in the case of MyTrade, which is still in Alpha launch, you will need to use a Metamask wallet, and you will need to run it from your PC or Laptop (mobile trading will be released in the coming weeks).
Setting up Metamask
So before we begin, if you want to trade ESR tokens on MyTrade, the first thing you’ll need is to setup your Metamask wallet either in Chrome, Edge, Firefox or Brave Browsers.
You can download Metamask from here if you don’t already have it.
Once you’ve got Metamask installed, you’ll need a wallet setup.
Now you will need to point Metamask to the HPB network, and in order to do this, you’ll need to go into “Settings” -> “Network” -> Add Network and you’ll need to add the following HPB network information:
Now you can either import your wallet from the HPB wallet app using your private key, or you can simply create a new wallet, and send your HPB coin to it.
If you want to sell ESR tokens, you can also send your ESR to the wallet. To view the ESR tokens, add in a “Custom Token” when you are already pointed to the HPB network.
The ESR custom token address is:
0xa7be5e053cb523585a63f8f78b7dbca68647442f
Once you’ve done that you should be able to see both your HPB and your ESR tokens (if you have any already) in your Metamask wallet.
Remember, if this is a new wallet, backup your private key, and NEVER share them with anyone!!!
Ok so with Metamask setup and the wallet pointing to the ESR custom token, you are ready to use MyTrade!
Using MyTrade Dex
With MyTrade you have a few options, but we’ll focus on trading specifically with ESR tokens for this guide.
When you first visit the site, you’ll want to connect your Metamask wallet to MyTrade, so hit the blue “Connect to Metamask” button on the left.
Now you can trade with various pairs on MyTrade, but for the purpose of this guide, we’ll be focusing on the ESR/HPB trading pair, so switch to the HPB trading option on the left column
You’ll then see an option for trading ESR. You can click on this to load up the ESR/HPB chart.
Once you click on this, the page will load up the ESR/HPB chart, and you’ll be able to buy and sell ESR tokens for HPB.
A couple of things to point out to you….
The column on the left will show you the current price to HPB and the price percentage change:
So in the image above, the price is showing as 0.1159903 — Basically this means that 1 ESR token is worth 0.1159903 HPB
The original pre-sale price of ESR tokens was 1 HPB = 10 ESR tokens, so in other words, the original price was 0.10 — So you can see that the value of ESR tokens has risen from the listing price.
Below this, you can see the amount of HPB coin you have in your wallet, and the amount of ESR tokens you have:
Ok so along the top of the graph you can see some market liquidity information:
Basically there is a total value of $105,071 liquidity in the market, and this is represented by 1,188,490 ESR tokens, and 137,853 HPB coin.
In the top right you can also see the current market value of both ESR and HPB to the $ US dollar.
In the main window you can see the price chart.
Each “candle” represents an amount of time. If the chart is set to th 5 minute (5m) chart, then each candle on screen represents a 5-minute period. If you switched to a 1hr chart, then each candle represents a 1-hour period.
If it’s not obvious, green bars represent upwards price movement of ESR, and red bars represent downward movement.
you can experiment with the mouse wheel to zoom in and out of the chart and move it around.
Actual Trading
Ok so you’re ready to trade, if you want to BUY ESR tokens, you hit the buy button (you’ll need HPB of course!) and if you want to SELL ESR tokens, then you’d use the Sell button.
Before you do that, you’ll need to decide if you want to trade at current market price (Market), or if instead you want to specify a price that you’d be willing to pay (Limit), and wait to see if that price is met.
It’s important to note that if you use the Limit option to set a price, your price may never be met, and the trade won’t happen. It’s something to consider carefully when using limit orders, because you might get a price better than market price, but if the price is going in the opposite direction you might miss your chance!
If you are planning to buy ESR tokens, then you can either type in the amount of HPB you want to spend in the “total” box, or you can also just use the slider to specify what percentage of your HPB stash you want to spend on ESR tokens.
Above this, it will show you how many ESR tokens you can expect to get when you buy.
So in this example, 10 HPB will get you 85.942 ESR tokens.
The sell option is the same process in reverse, although for this you will of course need to have ESR tokens to sell.
You actually specify how much HPB you want to earn when you sell your tokens…
So in this example, you are saying that you want to earn 10 HPB, which means that you basically need to sell 86.4797 ESR tokens, so you’ll need at leas this many tokens in your Metamask wallet to sell, in order to earn 10 HPB.
It’s important to note that when you SELL ESR tokens, this is actually a two-step process. You need to “approve” the token sale, and then actually sell the tokens. The reason for this is actually to do with ERC20/HRC20 token standards. You need to approve the DEX to sell those tokens before you actually sell them.
It’s nothing major, just remember when buying ESR, it’s one thing to click on, and when selling ESR it’s two buttons to click on.
So that is trading on MyTrade! Very simple.
Earning by adding exchange liquidity!
This next part is VERY interesting. Did you know that you can borrow the Mytrade exchange some of your HPB and ESR tokens to act as part of the liquidity pool. You basically deposit both HPB AND ESR (You cannot just deposit one, you need to provide liquidity on BOTH sides) but if you do this, you’ll earn part of the commission on all trades made! You earn 0.3% commission, just by adding liquidity, and you can withdraw some or all of your liquidity whenever you want.
Head to the Liquidity tab, and click on the ESR/HPB option
You then add as much ESR and HPB to the pool as you like:
Note that as you type in the amount of ESR you wish to add to the liquidity pool, it will automatically calculate how much HPB you’ll need to deposit as well. You’ll need both amounts to do this. So in the example below, I would deposit 1000 ESR tokens and 115.99 HPB.
Again, because you are dealing with ESR tokens, it’s a two step process where you “approve” first, and then supply the tokens.
Once added to the pool, you can check in the pool table how much you’ve deposited, and of course withdraw as much of that whenever you want.
So that’s it…MyTrade! Have fun trading!
