How it works
How do I create an account?
If you have an Ethereum wallet, you already have an account! You are given three options to deposit funds to your TREX balance. There is no need for going through superfluous registration steps, you can just simply
- link your Ethereum wallet using either MetaMask, or
- importing your existing account, or
- create a new Ethereum address with a single click.
We are highly recommend using MetaMask for your secure of trading!
I haven’t got an Ethereum address. Should I create a new one?
If you haven’t got an Ethereum address, you should choose to create a new one for yourself. Just click on the “New address” button on the left and your Ethereum account is being generated immediately.
After successfully created a new Ethereum address please save your address and private key safely. If you ever lose them, you will not be able to restore your wallet, and will lose all your Ethereum and Ethereum tokens.
Your new Ethereum address will be a 42 characters and the private key a 64 characters long hash.
I do have an Ethereum address. What should I do?
In case you already have an existing wallet the best choice for you is importing it to TREX. Click “Import address” and enter your address and private key into the input fields on the appearing popup. Your wallet is being loaded, so you will be able to deposit funds and start trading your Ethereum and Ethereum tokens.
Is security a key question for you? Choose Metamask!
You can also use MetaMask as extension for your favourite browser:
- Chrome: https://chrome.google.com/webstore/detail/metamask/nkbihfbeogaeaoehlefnkodbefgpgknn
- Firefox: https://addons.mozilla.org/en-US/firefox/addon/ether-metamask/
- Opera: https://addons.opera.com/en/extensions/details/metamask/
After adding MetaMask extension to your browser you will need to set a new identity, that can be done by clicking the fox. Then comes the usual, accepting Terms & Conditions and setting a password, and finally you get a twelve word phrase which can help you in the future to restore your vault in case you forget your password. It is highly recommended to secure this phrase really carefully since nothing else can help you to get back to your wallet once you got locked out.
How do I deposit funds?
After you've selected an account, depositing funds is easy! Go to our exchange interface: Check “My Balance” on the left and turn on the switch. Now you wallet appears in another coloumn next to your Trex exchange balance and you can see Deposit and Withdraw buttons in the lines of each token. Click Deposit, enter the amount of either Ethereum or tokens you would like to deposit. After clicking Deposit you will see all accuring fees and be asked to confirm the deposit. Once the transaction has been sent, your funds are deposited securely into the smart contract on the Ethereum network. Then, you'll be able to trade on our exchange with those funds!
How do i withdraw funds?
The withdrawal process is very similar to the deposit process. Go to our exchange interface: Check “My Balance” on the left and turn on the switch. Now you wallet appears in another coloumn next to your Trex exchange balance and you can see Deposit and Withdraw buttons in the lines of each token. Click Withdraw, enter the amount of either Ethereum or tokens you would like to withdraw into the connected Ethereum account. After clicking Deposit you will see all accuring fees and be asked to confirm the deposit. Once the transaction has been sent, your funds are withdrawn securely into your Ethereum external account.
How long does it take to withdraw or deposit funds?
As our decentralized exchange depends on a smart contract hosted on the Ethereum network, the speed of transactions depends entirely on the speed of the Ethereum network. If you would like deposits, withdrawals, trades, or orders to be processed faster, you can increase the gas price for your transactions. Under normal loads, with a normal gas price, deposits and withdrawals shouldn't take longer than 5 minutes. However, when the Ethereum network is clogged, transactions could be delayed.
For more information of the current state of the Ethereum network please check: https://ethgasstation.info/
How do i select a token?
On TREX Exchange you can trade Trex Coin, Ethereum, Wrapped Ethereum and more than 500 ERC20 tokens that are available on the Ethereum network. We do our best to list as many tokens as possible. We have more than 500 tokens at your disposal at the moment, but we plan to expand. The listed tokens can be found in the searchbox at the “My Balance” section of our exchange surface or in the “Markets” dropdown list.
What are TREX Coins?
Trex Coins (TREX) are the native currency of the TREX Decentralized Exchange platform that allows holders to profit from the success of the exchange. Thus, becoming a sustainable token that'll grow in value over time as the TREX DEX eco-system becomes more widespread.
How to Start Trading?
Check “My Balance” on the left and use the switch if you want to see your external wallet. Click the Deposit button, then select the amount of either Ethereum or tokens you would like to deposit. You will then be asked to sign or accept the transaction. Once the transaction has been sent, your funds are deposited securely into the smart contract on the Ethereum network. Then, you'll be able to trade on our exchange with those funds! Select or Search the required token in the searchbox at the “My Balance” window in the upper left section of our exchange or in the “Markets” window dropdown list and click “Trade” button.
How platform fees work?
For the Grand Opening period of Trex Exchange all fees are ZERO! The only stakeholders benefit from fees on Trex are Ethereum miners who process your transactions!
How gas (transaction) fees work?
Every Ethereum transaction involves a gas fee which is paid to miners on the Ethereum network. On TREX, Ethereum transactions are required for depositing, withdrawing, and trading.
If you're using TREX with MetaMask, you can lower the gas price when you accept a transaction to pay a lower gas fee. We recommend a gas fee of 4 gwei if you don't mind waiting a few blocks for your transaction to confirm. If you're using TREX without MetaMask, the gas price is set at 4 gwei by default.
If you're not using MetaMask, you can set the gas price from the "Gas price" item in the top left dropdown.
Without getting into too much technical detail, a 4 gwei gas price corresponds to the following overall transaction fees:
|Deposit ETH||~0.0003 ETH|
|Withdraw ETH||~0.0001 ETH|
|Deposit Token||~0.0001 ETH|
|Withdraw Token||~0.0002 ETH|
|Cancel order||~0.0002 ETH|
What is Wrapped Ethereum - WETH?
ERC20 tokens implement a standard token contract widely used in the Ethereum network. However, Ether itself doesn't implement the ERC20 standard, which means that Ether and ERC20 tokens can't be traded directly. To deal with this, we use the Wrapped Ether Token, a standard contract used by many dApps and all 0x based relayers. Ether to Wrapped Ether is 1 to 1 and WETH can be converted back to ETH at any time.
- Wrapping Ether may not be necessary if you only wish to sell tokens, but Wrapped Ether will probably be necessary if you're doing much trading on the platform.
What is W-ETH (WETH)? Put plainly, W-ETH is "wrapped ETH" but let's start by introducing the players:
Ether or ETH is the native currency built on the Ethereum blockchain.
When a dApp (decentralized app - like this exchange TREX) is built off of the Ethereum Blockchain it usually implements its own form of Token. Think Augur’s REP Token, or Bancor's BNT Token, and of course TREX’s TREX Token.
The ERC-20 Standard
ERC20 is a standard developed after the release of ETH that defines how tokens are transferred and how to keep a consistent record of those transfers among tokens in the Ethereum Network.
Why do you need W-ETH?
ETH does not conform to its own ERC20 standard. As we mentioned above, ETH was the proto-token of the Ethereum Alt tokens, which means it was built before the ERC20 standard existed. Wrapping ETH allows you to trade directly with Alt Tokens. WETH stays in your wallet and can be converted back and forth between ETH and WETH at anytime.
Wrapping ETH allows you to trade directly with Alt Tokens
The reason you need W-ETH is to be able to trade ETH for other ERC20 tokens on decentralized platforms like TREX and other decentralized exchanges. Because decentralized platforms running on Ethereum use smart contracts to facilitate trades directly between users, every user needs to have the same standardized format for every token they trade. This ensures tokens do not get lost in translation.
Actually, you don’t actually wrap anything.When you "wrap" ETH, you are not really wrapping so much as trading via a smart contract for an equal token called W-ETH. If you want to get plain ETH back you need to "unwrap" it. AKA trade it back for plain ETH. Once you have the W-ETH you can freely trade with anyone holding an ERC-20 token.
The future of W-ETH
Steps are being taken to update the ETH codebase to make it compliant with its own ERC20 standards. Weird, we know. Additionally, ERC20 may be replaced by other standards as problems and solutions arise. There's already an ERC223 in the works.
Wrapping ETH and Unwrapping WETH
In order to safely trade ETH for ERC20 tokens in a decentralized environment without a third party holding your ETH, users need to first "wrap" ETH into an ERC20 standard - this prevents the need to ever deposit ETH into the exchange.