How to use <<Convert>>

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Last updated 11 months ago

How to use <<Convert>>

With your wallet connected to Ion Finance, it's time to start our first transaction (Yay! ). On ION Finance, <<Convert>> 🔄 is used to swap one token for another, instantly. You just need to choose the token you want to give and the one you want to get in exchange. Make sure you have some tokens in your wallet to make the swap.

To begin with, click on <<Convert>> feature.

Once you click on <<Convert>> this screen shown on the pic will appear. You can choose between <<Market>> order or <<Limit>> order.

<<Market>> order 💱

Convert=> Market order tutorial

1️⃣Use the drop-down menu to choose a token pair for your swap.

2️⃣If you desire, you can use the arrow button between the tokens to switch the direction of your swap (from <=> to)

3️⃣ Here is possible to use the numeric input, to choose the amount of tokens you want to swap. Suppose you edit the input or the output value, in that case, the AMM (Automated Market Maker) will update the other value to the corresponding amount based on the current price of the targeted token. If you input an amount superior to the amount you hold in your wallet, the message Insufficient Balance will appear.

4️⃣If you desire to swap all of the tokens you hold, simply click the MAX button. This way, you will choose the maximum amount of tokens you have available in your connected wallet.

5️⃣In this part, you will be able to see the current balance of each token that is currently in your wallet.

6️⃣ If you want to adjust your swap settings, you can click on the <<gear>> icon in the top right corner of the window. From there, you can choose how much price variation you're okay with (slippage tolerance).

7️⃣Once you have chosen your tokens and token amounts, the button <<Swap>> will appear. Press it and let's move to the next step!

On the <<Confirm order>> screen is possible to see info such as a) token pair that is being swapped, b) transaction fee, and c) order type.

Be attentive to the fact that the amount and price of the order may be adjusted due to slippage which in ION is minimized (as mentioned on <<Market Order tutorial>> above).

To begin with, click on <<Convert>> feature.

Once you click on <<Convert>> this screen shown on the pic will appear. You can choose between <<Market>> order or <<Limit>> order.

<<Limit>> order 🏬

Convert 🔄=> Limit order tutorial

1️⃣Use the drop-down menu to choose a token pair to <<Place Order>>.

2️⃣If you desire, you can use the arrow button between the tokens to switch the direction of your <<Place Order>> (from <=> to)

3️⃣ Here is possible to use the numeric input, to choose the amount of tokens you want to <<Place Order>>. Suppose you edit the input or the output value, in that case, the AMM (Automated Market Maker) will update the other value to the corresponding amount based on the current price of the targeted token. If you input an amount superior to the amount you hold in your wallet, the message Insufficient Balance will appear.

4️⃣If you desire to swap all of the tokens you hold, simply click the MAX button. This way, you will choose the maximum amount of tokens you have available in your connected wallet.

5️⃣In this part, you will be able to see the current balance of each token that is currently in your wallet.

6️⃣ Click on this icon to show the Real-time graph of the token pair price. Similar to those found on centralized Exchanges (CEXs), this graph provides valuable insight into market trends, helping you to make informed decisions.

7️⃣In this field you can specify the price at which you wish to sell or buy your token. By entering a value in this field, you indicate the maximum price you are willing to pay when buying or the minimum price you are willing to accept when selling. It's an important component of the limit order process, as it allows you to set a fixed price for your transaction rather than accepting the current market price.

8️⃣<<Open Orders>> displays all your currently active orders that have yet to be filled. Each order lists the type (buy or sell), the pair being traded, the date of order creation, the price set by the trader, and the amount they wish to buy or sell. It's a quick reference for traders to manage their open positions, adjust strategies, or cancel orders if needed.

9️⃣<<Order History>> provides a detailed log of all completed transactions. It shows past orders that have been executed, including the type, trading pair, creation date, execution price, and the quantities bought or sold. This historical data is essential for you to analyze past trades, understand market movements, and refine your trading strategies based on the transaction history.

🔟Once you have chosen your tokens and token amounts, and set your desired price, the button <<Sell>> will appear. Press it and let's move to the next step!

On the <<Confirm order>> screen is possible to see info such as a) token pair that is being swapped, b) transaction fee, and c) order type.

Be attentive to the fact that the amount and price of the order may be adjusted due to slippage which in ION is minimized (as mentioned on <<Market Order tutorial>> above).

PreviousFor Traders NextHow to use <<Trade>>

Last updated 11 months ago