How to trade on the new Incognito exchange

[alias]

Welcome to the cross-chain privacy marketplace of web3!

Here you get to buy and sell whatever you want, however you like. You can even (anonymously) access liquidity from other exchange platforms, starting with PancakeSwap!

In this tutorial, we’ll walk you through the different ways you can trade on the Incognito exchange. Choose your own adventure:

Place a decentralized limit order.

Simply set your limit price to place an order. Your limit price is the exact price you want to buy or sell at. Your order will only execute when your price is met, and will remain open until it is fully filled. Once an order is filled, its order placer will earn liquidity mining rewards in PRV (this is only applied for whitelisted pairs).

The percentage buttons are just shortcuts to select a part of your balance to trade, from 25% up to 100% (total balance).

If you’d like to change anything, you can easily cancel any unfilled parts of your order when you scroll down to the ‘Orders’ tab. You’ll be able to see if all or part of your order is unfilled from the order details screen.

Limit orders are great for uh… limiting price risks, making sure you get exactly the price you were expecting to buy or sell at. It’s also low maintenance – just set your price and go play outside.

However, sometimes you just want to buy or sell immediately at market price, without waiting for your order to be filled. In that case:

Just swap.

Enter the amount and currency you want to swap. The estimated amount you’ll receive takes into account a max 1% slippage, so your swap should complete at that price or better.

If you’d like to adjust your slippage tolerance or your trading fee so that your swap is executed faster, open the ‘Advanced’ settings. Oh, and now you’ll also be able to switch between DEXes to find the best prices. This release comes with PancakeSwap!

More DEX integrations coming soon, along with new bridges to Polygon and Solana.

Happy trading!

[yoo]

I realize that in the world of crypto, I’m new - but the new app (which sounds and looks great!) so far is way more difficult to use for me. I’m not a whale, but I was doing a lot of trading (# of small transactions, every single day) before the upgrade. Now, I’m just lost.

I used to simply hit the trade button, pick a coin for the top half which I wanted to “sell”, then pick the coin I wanted to “buy” in the bottom section. I could see the exchange rate and fee clearly - It was easy to understand and use. As long as there was liquidity in the pdex for both coins, you could do the trade.

I cannot even do what’s shown above in the example - buy bitcoin with usdt. I don’t get that option. When I go to the Buy screen, I can’t get BTC in the top half - it doesn’t show in the list and when I type it in to search, it doesn’t show up.

I have a ton of different coins in my wallet that I can’t do anything (can’t buy/sell/swap) with (like: KNC, HOT, DCN, TOMO, KEY, LINK, ZIL, MATIC, BAT, HEX, USDP, XYO, OXT, REN). I didn’t shield any of these in - I bought them all in pdex - can’t transfer them out because the fees are too high (ERC20 fees are higher than the coins are worth).

What I would like to be able to do is what I always did trade any coin to/for a stablecoin (I always preferred DAI, but I don’t really care if it’s USDT, USDC, or BUSD). Is this going to be possible again or is that no longer a use for incognito (really primarily more of a wallet than an exchange)?

Apologies if I am mis-understanding something (I am not a crypto pro and don’t understand a lot of the technical details in some of the posts I’ve tried to read) - or if you’re still working on it.

Also, often in the app I have to hit a “button” several times (sometimes 5-6 times) before it responds. I’m using a new Google Pixel 5a phone - clean/pure android and I don’t have this trouble with any other app (It’s not a $1000+ flagship phone, but it’s certainly not an old junker). Is it just me or is there an Android or Incognito issue?

Thank you! (I really don’t mean this as a negative post, the app looks great - I’m just confused as things don’t work for me the way they used to. I’m not sure if I’m not understanding, if things won’t work that way anymore, or if they will work that way again eventually).

[SPAddict25]

I found that some coins weren’t originally shown in the list but have since come through in the swap area. I can see LINK and TOMO as examples. Just be wary about pricing when executing your trade.

I don’t think most people were aware but the devs indicated the release of pdex v3 was a soft launch not the full release so there’s still stuff being added. The full release is scheduled for this month as per the original roadmap. I think some of the coins you mentioned may be addressed over time with liquidity pools. Would be good to get clarification from the team though.

I do agree with you that the app is not the most intuitive at first but it’s grown on me.

[abduraman]

@yoo

I cannot even do what’s shown above in the example - buy bitcoin with usdt. I don’t get that option. When I go to the Buy screen, I can’t get BTC in the top half - it doesn’t show in the list and when I type it in to search, it doesn’t show up.

Buy and Sell screens are not for trading. Confused? Actually, not for active trading (taker orders in CEX like Binance) but for passive trading (similar (not same) to maker orders in CEX). So when you put an order on those pages, you cannot buy/sell anything until someone fills your order “completely”. For example, when someone puts a sell order with 0.1 BTC at 40000 PRV price, you cannot buy that 0.1 BTC at 40000 PRV price. If you put a buy order with 0.1 BTC at 40000, now there are two orders for BTCPRV pair. In Binance, those orders match and not in pDEX. Surprise Initially, the buttons had Buy and Sell titles. Upon my suggestion, they have found new names for them (“Place buy order” and “Place sell order”) in order to refer to the situation I’m explaining now.

The second point is that Buy/Sell pages are not transitive like Swap page. So if there are liquidities just for ETH_PRV and LTC_PRV pair in pDEX, you cannot put buy/sell orders for ETH_LTC index. In your case, there is no liquidity for BTC_USDT pair “yet”. There are just PRV_BTC and PRV_USDT pairs. Well, you may ask why you cannot put orders at these pairs. At this point, the team deserves some critics It is a UX issue. To put some orders on those pairs, first, you have to select PRV for the top-half, then select BTC or USDT for the bottom-half. Traditionally, those coins/tokens are quote coins. As it seems, the team has decided to follow this tradition. Anyway, for example, in Binance, you buy or sell ZEC for ZEC_BTC pair. The buttons’ titles are “Buy ZEC” and “Sell ZEC”. Let’s go back to pDEX. So (up to now) just for BTC and USDT, you may buy/sell PRV in exchange for BTC or USDT. For others (ZEC, ETH, DASH etc.), you may buy/sell ZEC/ETH etc in exchange for PRV.

In sum, if you don’t want to perform passive trading or farming PDEX tokens later, you have nothing to do with those pages. You should use Swap pages as you did in the old app/pDEX.

@yoo

I have a ton of different coins in my wallet that I can’t do anything (can’t buy/sell/swap) with (like: KNC, HOT, DCN, TOMO, KEY, LINK, ZIL, MATIC, BAT, HEX, USDP, XYO, OXT, REN). I didn’t shield any of these in - I bought them all in pdex - can’t transfer them out because the fees are too high (ERC20 fees are higher than the coins are worth).

What I would like to be able to do is what I always did trade any coin to/for a stablecoin (I always preferred DAI, but I don’t really care if it’s USDT, USDC, or BUSD). Is this going to be possible again or is that no longer a use for incognito (really primarily more of a wallet than an exchange)?

Until someone provides some liquidity for those coins or ETH fees lower, you have only one option: pDEX hacking You will put tiny liquidity to create a pool for each coin. For example, you will create a HOT_USDT pair with 1 HOT and 0.007 USDT liquidity by Wallet > Pools > (+) icon > Contribute Liquidity. Then you will put sell limit orders as I explained above and wait for someone to buy your coins If you don’t want your coins to be sold at a cheap price, you should follow the market and update your orders time-to-time.

@yoo

Also, often in the app I have to hit a “button” several times (sometimes 5-6 times) before it responds. I’m using a new Google Pixel 5a phone - clean/pure android and I don’t have this trouble with any other app (It’s not a $1000+ flagship phone, but it’s certainly not an old junker). Is it just me or is there an Android or Incognito issue?

Certainly, Incognito issue Kidding to some extent. Your phone also may have some contribution to this issue. Although the team has made many improvements up to now, the app still has some performance/responsiveness problems. This is probably because they use React Native (a cross-platform app development ecosystem). The cross-platform tools make the devs’ life easier in developing the apps for different platforms such iOS, Android but also put some burdens on the apps’ performance/responsiveness. This is an engineering/money/time/usage etc. choice. Some companies prefer exclusive teams for Android and iOS, some prefer this way.

[yoo]

If I understand you correct, every possible pair combination that anyone might want to trade directly would have to have it’s own liquidity pool? BTC-USDT, BTC-USDC, BTC-BUSD, BTC-DAI - four stablecoin pairs with BTC all would have to have their own liquidity pools to facilitate direct stablecoin trades?? (forget the less common but still were available in pdex 2 - USDP, BUSD (BEP2), and BUSD (BEP20). and every other coin combination.

Won’t this be a much bigger issue unless we have a TON of new people providing liquidity for all these new pools? Otherwise every trade will be multiple steps (coin you want to sell to PRV, then PRV to the coin you want to buy) and the deal you think you were getting might be lost due to price movement during your trade times (not to mention the extra math of figuring the conversions of PRV price to $USD). Two chances for slippage to alter the deal you want instead of one.

The old way was so easy. Let’s say I have 10 DAI, I want to buy BTC. I see the conversion rate on the trade page - if I’m happy with the quoted price (let’s say $47,500), I make the trade. boom, done.

I’m relatively new to crypto, and I’m in the US (can’t use the “main” binance) and all trades on Binance.US is a buy with $USD, or a sell to $USD. If PRV was a stablecoin - always worth $1 USD, or if we only had liquidity pools for every coin with USDT (or whatever chosen stablecoin), I guess that would make more sense to me. (or the old way where I could trade any coin with liquidity for any other coin with prv liquidity was ideal)…

[abduraman]

@yoo

If I understand you correct, every possible pair combination that anyone might want to trade directly would have to have it’s own liquidity pool? BTC-USDT, BTC-USDC, BTC-BUSD, BTC-DAI - four stablecoin pairs with BTC all would have to have their own liquidity pools to facilitate direct stablecoin trades?? (forget the less common but still were available in pdex 2 - USDP, BUSD (BEP2), and BUSD (BEP20). and every other coin combination.

No. It is valid for “passive trading/limit orders”. Please read below again. Swap page in the old app and Swap page in the new app have the “same” functionality.

@abduraman

In sum, if you don’t want to perform passive trading or farming PDEX tokens later, you have nothing to do with those pages. You should use Swap pages as you did in the old app/pDEX.

[yoo]

OK, thank you for your help. I guess a lot of coins still have no liquidity at all yet? For example I can’t trade for straight BNB yet (I thought that was big enough that it would be there from the start)… and lots of other coins I get “no trade route” messages… when I try to buy (swap for) with DAI.

Also is there any incentive/reward for providing liquidity pools (aside from those that are already listed with %)? I kept hearing that you can lose $ by providing liquidity if the values of the coins change - I don’t fully understand that and don’t have a lot of funds to begin with, so I figured I could help a little - but that obviously needs a lot more people to make the pool useable.

[duc]

Hello @yoo,

Thanks so much for your feedback, they are very meaningful to us then we can understand how users feel about our product and what issues you guys encountered.

If you wanted to experience the same trading flow as in the previous version, just go to Trade > Swap screen, you could swap DAI for BTC there as before (for more details, this is a cross pool trading: DAI > PRV > BTC), and no need to exist an direct BTC/DAI pair.

By far we’ve only created pools for PRV and big coins such (BTC, ETH, XMR, LTC, DASH, ZEC and USDT) plus 2 stable coin pools are USDT/USDC, USDT/DAI. These allow users to make cross-pool swap between those big coins. We will keep creating pools for other coins such as KNC, HOT, MATIC, etc. Again, this process is permissionless, anyone can do it.

About limit orders, it’s required to exist a direct pool between 2 coins to be able to place a buy/sell order, that’s why you couldn’t place a order to buy BTC with USDT for example since the pool isn’t existed yet. As mentioned above, we are still working on it.

Lastly, app responsiveness issue is a thing we totally agree with you, especially on Android phones. This is a thing that must absolutely be solved.

[yoo]

Thanks so much for your response and what you’re doing. I don’t fully get the Buy/Sell yet, but Swap does work for coins with liquidity - I was trying a lot of coins that didn’t have any. I have been experimenting and added very small liquidity pools for PRV/BUSD-BD1, PRV/ZIL, and PRV/HOT. It does work - I just don’t have enough funds to make them actually useable. Hopefully much more liquidity will be added for those and many other coins!

[SPAddict25]

Just think of Buy and Sell as placing a limit order for a trade. It’s technically a way to provide liquidity by way of an order book (like you would for stocks on an exchange) instead of providing liquidity directly in a pool.

A buy or sell limit order doesn’t give you exposure to impermanent loss etc. Like you are exposed to in a liquidity pool. It allows you to instead stipulate a price you are happy to execute on a trade in advance.

Placing limit orders is a new feature under pdex v3.0

[yoo]

Limit Orders I understand - at least I thought I did, I have done them many times on BinanceUS.

@abduraman

For example, when someone puts a sell order with 0.1 BTC at 40000 PRV price, you cannot buy that 0.1 BTC at 40000 PRV price. If you put a buy order with 0.1 BTC at 40000, now there are two orders for BTCPRV pair. In Binance, those orders match and not in pDEX.

^^ This I don’t get. Isn’t that the point - someone wants to buy 1/10th of a Bitcoin and they’re willing to spend up to 4000 PRV for it. Someone else wants to sell 1/10th of a Bitcoin as long as they get at least 4000 PRV for it. shouldn’t both orders fill?

Also, the Buy/Sell screens are confusing. On the Buy screen, I put 4000 PRV and .1 BTC … and the total shows 400BTC. On the Sell screen, same thing 4000 PRV and .1 BTC, and the total shows 400BTC. I can’t figure how to say I want to Buy 1/10th of a BTC coin and I’m willing to pay up to 4000 PRV (or the opposite - sell 1/10th of a BTC as long as I get at least 4000 PRV).

On BinanceUS if I want to put in a Limit Order to Buy BTC, I select the BTC price I want - let’s say $47,000 USD, I put in the amount of BTC I want 0.1 BTC, it shows me my Total purchase price will be $4,700 USD. This is logical to me.

Again, thanks all for helping this “noob.”

[abduraman]

@yoo

^^ This I don’t get. Isn’t that the point - someone wants to buy 1/10th of a Bitcoin and they’re willing to spend up to 4000 PRV for it. Someone else wants to sell 1/10th of a Bitcoin as long as they get at least 4000 PRV for it. shouldn’t both orders fill?

@abduraman

In Binance, those orders match and not in pDEX. Surprise

Since this is the team’s choice I don’t know the exact reason. That’s why I call this type of limit orders “pure” maker orders which cannot remove/match any liquidity. The default limit orders of Binance or other CEXes are limit-maker orders. When you put a limit order, if it matches any orders in the orderbook, your order is filled. If it doesn’t match, it behaves as a maker order and waits for someone to post a taker order to be matched with yours.

As I said, Buy/Sell pages are “not” for “active” trading. So you will put your limit order and wait for someone to fill it by “Swap” (remember, not Buy/Sell pages) page.

@yoo

Also, the Buy/Sell screens are confusing. On the Buy screen, I put 4000 PRV and .1 BTC … and the total shows 400BTC. On the Sell screen, same thing 4000 PRV and .1 BTC, and the total shows 400BTC. I can’t figure how to say I want to Buy 1/10th of a BTC coin and I’m willing to pay up to 4000 PRV (or the opposite - sell 1/10th of a BTC as long as I get at least 4000 PRV).

Top half is the amount you want to buy or sell. Bottom half is the price. In your case, you want to buy/sell 0.1 BTC in exchange for 4000 PRV. So the price is 4000/0.1=40k PRV. So top half will be 0.1 BTC and bottom half will 40k PRV. Total will be seen as 4000 (=40k * 0.1) PRV as you expect.

[yoo]

Thank you again @abduraman - This make much more sense now.

[Chriseidan]

If I should cancel buy order what happens do I keep the part of the order that has been bought or does the whole exchange get cancelled, been holding at 44.56% of the buy order for a long time now, I and ideally I would just keep what part of the order that’s been fulfilled and swap for the rest of the order. Any help would be greatly appreciated

[abduraman]

Like in CEXs, you get the filled part and the remaining unfilled part is canceled.

[Chriseidan]

This is what comes up after I’ve pressed yes to cancel
Seems to be some sort of issue with cancelling the buy order… Any idea guys?

[abduraman]

Do you have enough PRV for the network fee? If not, you cannot cancel it since Cancel is also a Tx that requires some fee.

[Chriseidan]

That might be the issue yeah I’ll drop some prv in my wallet and see if that solve it I’ll shall return. Thanks a bunch for sharing knowledge abduraman how your Sunday has been great so far