top of page

The Crypto Journey: A Guide for New DEX traders

Remember your first crypto purchase? You had no idea what it was or how to get it but you had to have it. Fear Of Missing Out or FOMO, in its earliest stages. A co-worker “knows a little about crypto ‘’ and has given you a hot tip on a new coin launching. He said it was “a little complicated” but you’re smart enough to figure it out. You’re going to risk 1k but it’ll be worth millions, who wouldn’t do this? Your kids have a soccer game in an hour but you’ll be finished by then. So begins your journey into the crypto frontier. How do you buy it? Where do you buy it? What do you mean I have to exchange my money for Ethereum? What’s that? Where do you do that and how? What’s a wallet? When you think back, it’s amazing that we even got past that. Give yourself a pat on the back for your persistence. Forget doing any research, you’re brain dead just setting up to buy the token. (Our swap/portfolio places all the information you need at your fingertips, you can seamlessly trade across multiple blockchains. Simple. Easy. Effective. SEE )

The token, the very thing that was going to change your life. Dreams filled your mind as you planned how to spend the untold millions that you were sure you’d make. Ideas like “Why am I paying so much in gas fees, swap fees, and buy / sell taxes?” (Our swap informs you of buy and sell taxes instantly as well as checking for the lowest swap fees.) You brushed these concerns aside secure in the knowledge that you would make so much money that these “little things” would not matter. For you to learn what and how these miniscule issues might affect you and would slow your purchase. Nothing matters but the purchase as a vague thought of picking sodas up for the concession stand at your kids soccer match briefly enters your mind but you brush it aside. And.You.Must.Purchase. NOW!

And. Transaction failed? What the heck is slippage? “Wait, I have to pay money because it failed but why did it fail?” (Our smart slippage feature would have saved you this money, time and frustration.) “This transaction fee is huge and I didn’t even complete a transaction.” (Did I mention our swap checks for the lowest fees?)

You– feeling the pressure as you watch the price rise (later learning that this is called “mooning”) fingers fumbling as you once more into the breach and charge ahead, ignorant but determined. As you resubmit your trade, you notice that not only are you getting less coins now, you have no idea how many you’re getting. “Where the hell are the commas and how many zeros are in a… wait, what comes after a trillion?” (Our swap has commas and quadrillion, you’re welcome.) Which comes to mind as you think of the quickest place to pick up soda. “Does Warren Buffet worry about sodas for his kids’ soccer matches? I think not, he does what he must!”

Must. NONE of these things matter, you have built a veritable dream life on this venture and to fail now would be the death of this wonderous new life you’re going to enjoy. The train is leaving the station and you’re not on it! Finally, frustration turns to joy as you submit your transaction and “What the hell is this checkmark? What does it mean? If I leave this window to find out will it void my transaction? I’d better wait.” (We have an animation of a miner popping up to indicate the status and progress of your transaction; he stops mining when your transaction is completed.) You wait– anxiously and nervously. A reminder phone call from the wife… you were supposed to be at the kids soccer game to help set up the concession booth 15 minutes ago and don’t forget the soda… is but a minor concern. You’re going to be a crypto czar and will provide the team with new kits and equipment, the concession stand is peanuts compared to your crypto fortune. You’ll build them the greatest concession stand the world has ever seen! You check the time but your transaction has not been completed. They don’t understand, I have to buy this!

Purchase. Success! You have bought your first crypto and are on your way to untold riches. “Wait, where’s the token symbol and I thought I was getting this many and I only got this many?” (Our swap enters the token symbol automatically as you enter the contract. It also updates to reflect price changes that affect your token amount.) You bask in the glory of a job well done, taking a moment to finally breathe and gather your thoughts. “Wait, why is the price dropping? It’s supposed to go up, what’s my cost? I don’t even know how much I own, let alone the cost.”(Did I mention we have commas? We also enjoy a Trading View integration so if you’re a chartist coming over from stocks, we have you covered.)

Now. You rush out of the house hurrying to the kids soccer match. Your wife is none too pleased with your tardiness or the lack of sodas. Funny, she’s not even the least bit interested in the millions on their way to you. You’re also not gaining any points as you’re more interested in the price of your new coin than anything else and you stay glued to your phone monitoring it’s progress, well actually lack of… (Our swap/portfolio would allow you to accomplish this at a glance and our soon to be released app “Codenamed: Unrekt” will allow you to set stops and sells.) The price has dropped to levels you didn’t even know existed. “A millionth of a cent?” You’ve almost lost everything and call your friend in a panic. He informs you that it was a “rug” and he got “rekt”, you can try to sell but it looks like they’ve pulled the liquidity. You have no idea what he’s talking about. (It’s called a “honeypot” and our swap/portfolio has a honeypot detector that will alert you in advance if a token is a honeypot.) You rush to the bathroom to attempt to sell and waste more money in gas fees on a transaction (or 6) that did not go through due to no liquidity. (The swap/portfolio would have told you this was a honeypot simply, easily and effectively and you’d have avoided it entirely!) You’d have saved your 1k, made your kids soccer match on time. I have a feeling you’d have forgotten the soda no matter what was happening.

This is a story familiar to all of us in the crypto sphere. We’re a tech company that has identified the pitfalls that await anyone who has ventured or is venturing into the world of crypto and more importantly created a suite of tools to help you avoid the horror stories that we all have. Come SEE the DEXANI platform– Simple, Easy, and Effective.

Share your crypto story here now!

22 views0 comments


bottom of page