Setup
- In order to get started on Algodex, you’ll need to set up a My Algo wallet at https://wallet.myalgo.com/.
- Connect to Testnet on My Algo in the top right-hand corner.
- Go to the Algorand Testnet Dispenser at https://bank.testnet.algorand.network or https://testnet.algoexplorer.io/dispenser and enter your My Algo wallet address to claim some free Testnet algos.
- Connect your My Algo wallet to Algodex in the top right-hand corner of the Algodex “Trade” page where it says “Connect Wallet”
Trading
To place a limit order on Algodex you must first decide which Algorand Standard Asset (ASA) to trade. Search between Testnet ASAs in the top left-hand search bar. ASAs can be searched for via the asset ID or the asset name.
Once you decide the ASA to trade, find the order selection tab on the right-hand side of the page.
- Decide the “Price” (denominated in ALGOS) to execute the trade at.
- Next, the number of assets to purchase in the “Amount” field. Note: The “Total” field will be auto-calculated to show you the total price in algos.
- Press “Buy or Sell” at the bottom of the page to execute your order.
- **Please disable your popup blocker**
The “My Algo” signing window will appear for you to sign the transaction from your wallet. By default, you will be in “Both” mode meaning you will first take from existing orders on the order book and then make a new order for remaining amounts. In advanced options you can specify if you only want to place Maker or Taker orders.
Definitions
- Maker: Create (or make) a new order on the order book.
- Taker: Withdraw (or take) from existing orders on the order book.
- Both: First take from existing orders – then create a new order for remaining amount.
IMPORTANT NOTE
To place trades, even sell orders, you will need to maintain a minimum balance of algos in your wallet at all times due to the Algorand protocol. The UI does not currently warn you of this. Please keep at least 10 algos in your wallet.