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How to trade OKEx DEX

The decentralized exchange has gained in importance in the crypto community after the decentralized financial boom of 2020. As of July this year, DEXs set a record high of $ 4.3 billion in trading volume - an increase of 174% from June.

Decentralized exchanges serve as trading platforms for assets and play a vital role in providing liquidity to the DeFi ecosystem. In OKEx's continued efforts to fuel the growth of the DeFi ecosystem, we launched the OKEx DEX test network to bring our users a seamless, decentralized trading experience.

If you want to learn how cryptocurrencies are traded on a decentralized exchange, this guide will help you get started with OKEx DEX.

Contents

What is OKEx DEX?

OKEx DEX is a decentralized exchange that is supported by our own blockchain called OKExChain. OKExChain is a series of open source public blockchains aimed at promoting large-scale commercial applications. As the first application in OKExChain, OKEx DEX offers a limitless, decentralized trading platform with the following functions:

  • security:: Secp256k1 elliptic curve algorithm is introduced to provide a highly secure environment for OKEx DEX.
  • Not in custody: Users have full access and control over their assets and wallets.
  • Order matching: OKEx DEX handles an auction calling mechanism that ensures that a trading pair only has one traded price in a block.

Users enjoy a more seamless trading experience and lower trading fees when trading OKEx DEX. Compared to public blockchains like Ethereum, OKExChain focuses on providing better, dedicated infrastructure for trading DApps and DEXs. This translates directly into lower costs for developers deploying their trading DApps and indirectly, lower trading fees for users.

Follow the steps below to start trading OKEx DEX.

Step 1: Sign in to your OKEx account

Go to the OKEx homepage and click Registration in the upper right corner to enter your account information.

Step 2: Open the OKEx DEX test network

Navigate to trade in the upper menu on the OKEx homepage and select DEX trading under "Position" to open the OKEx DEX test network.

Step 3: create your OKExChain wallet


You need to create or import a wallet before trading OKEx DEX. Scroll down to the "Quick Start" section of the OKEx DEX page and click Create a wallet under "1. Create an OKExChain Wallet."

Next, you need to create a password of at least 10 characters. The password must contain at least one uppercase letter, one lowercase letter and one number. Click after confirming that OKEx DEX is not storing any of your passwords or related data Next Continue.

In the next step you can generate and download / save your mnemonic phrase. click I understand Continue. Click after you've saved your mnemonic in a safe place I copied it. Check now Continue.

In the next step, perform the mnemonic phrase verification and click To confirm.

Once verified, you can verify and save your private key. Please note that users are fully responsible for protecting their private keys.

Step 4: Request your DEX test token

Users can request free trial tokens before they can try OKEx DEX.

You can either visit the claims page from the OKEx DEX page by clicking Test currencies or by clicking on this link.

Now you need to enter the address of your OKExChain wallet (which you created in the previous step) and click on To confirm to receive your test tokens.

Step 5: review your assets

You can now open the DEX Trading Dashboard from the main page by clicking Start trading or by visiting this link.

You can move the mouse pointer over on this screen wallet in the upper right corner and click Balance sheet to view your test tokens.

All users receive 1 test network Bitcoin (TBTC), 1,000 test network OKB (TOKB), 1,000 test network OK Token (TOKT), 100 test network USDK (TUSDK) - as shown below.

Step 6: initiate a transaction

To trade these test tokens, go to the OKEx DEX trading dashboard and select the trade pair in the top bar to initiate a transaction. For this tutorial we selected "TOKB / TUSDK."

Step 7: Enter the transaction details and proceed

In this case we will use TUSDK to buy TOKB. You can enter the transaction details in the lower right corner of the trading page and click Buy TOKB Continue.

As shown below, in this example we will buy 10 TOKB by setting a limit order at 4,177. This means that the cost of buying 1 TOKB is 4.177 TUSDK. The total cost of our order is 41.77 TUSDK.

Finally, you will need to enter the password for your wallet (which you created earlier) to confirm the transaction.

Step 8: review your transaction

Go to Balance sheet from the "Wallet" drop-down list in the top menu and select Transactions recording Review completed transactions.

Build your own DEX

In addition to trading with OKEx DEX, you can set up your own decentralized exchange via OpenDEX. OpenDEX is based on OKExChain and enables full synchronization in the chain and management of the order book in the chain in order to make the synchronization information more transparent.

For more information on OpenDEX, see This Post.

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