My Trading Experience with Loopring DEX (Loopring.io)

Well, to start to talk about Loopring.ioexchange let's understand better what it is Loopring (LRC). Loopring is an open-sourced, audited, and non-custodial exchange protocol, which means nobody in the Loopring ecosystem needs to trust others. Cryptoassets are always under users' own control, with 100% Ethereum-level security guarantees.

Let's get it on!

When I saw the trade contest in the loopring on the homepage, I said: oops good opportunity, but in the course of the process we bumpinto some obstacles, but that do not disdeserve the effort of the welcome initiative of Publish0x.

So, let's uderstand better the way to making the trade, but, before that i'll explain a little bit about how to setup and ERC-20 wallet to be able to do that and after that i'll talk about the Loopring.io interface.

The wallet that i'm actually using is MetaMask, Loopring.io recommends MetaMask or WalletConnect to integration, but there's another kind of ERC20 like MyEtherWallet, TrustWallet or the embedded wallet on Brave Browser (brave://wallet/), so my tutorial will be through MetaMask.

Steps to setup MetaMask ERC20 wallet

• Install the browser extension: either in the Web Store (Chrome), Web Store (Brave) or Add-ons Manager (Firefox) you will find the installer, this being the first step for configuration;

  

In case you want to go directly to the app just click the link above.

• Create/import your seed phrase: once installed, you will be asked to create your new wallet or import your recovery phrase from a pre-existing wallet (if applicable);

Fill up ethereum and use it: after creation, you can check the wallet address, send ETH to address to start using it, since if you add BAT, LRC tokens or some customizable tokem you will use your Ethereum as gas to cover network fees.

Below you can check the main exchange panel, with a button for displaying exchange pairs, order book, graphs of trading view and recent exchanges. In the button to the side we have the orders (historical and open) and in the section about your account you can your balance in portfolio (MetaMask) and the balance available on the Loopring exchange, since you will need to do this sending to be able to use the platform, so I’ll explain in more detail when reporting my experience.

My trading experience

As we all know, first-timer always get troubles and with me wasn't different. When I read first time the post about the trading I was joyful, I was already using the MetaMask so I thought to myself: "it's gonna be easy, just send some Ethereum to cover gas fees and trade some amount on the exchange. I was deeply mistaken. First amount that I send was enough to cover the first contract interaction to creating account. So far so good.

The next step was making the trade, so I sent another amount, covered the gas fees and I got around 0,025 ETH, but the low amount to trade was 0,05. I exchange my assets again, sent the third shipment to finally trade the Ethereum for Link. And that was my trade, and after I received 170 LRC airdrop and traded all again for Ethereum and I got it.loopring.io/invite/1555loopring.io/invite/1555

It was a hard but nice experience.