OpenOcean — Beginner’s DEX Guide
How to use OpenOcean — Step by Step Guide to Swapping Tokens
OpenOcean is a centralized / decentralized exchange aggregator which helps you find tokens to swap for at the best price and.
All you need is any of the 20+ supported wallets. Metamask is the one most recommended for its reliability, security, and popularity.
Get a MetaMask Wallet
Head over to https://metamask.io/ and download a wallet. Install it on the chrome browser. Remember your security back up information.
Buy some ETH
Use a popular trusted exchange to buy ethereum. Ethereum (not Ethereum classic) is a cryptocurrency that is used to trade and access all other coins.
Head to http://www.openocean.finance
Select either pro or classic.
We will start with classic.
These are the network settings. Make sure to be on the Ethereum network for this example.
Connect your wallet in the top right
The top right corner should show your address if you’re connected.
How to do the swap
Click on the token that you have (ether).
Now click on the drop down under the To field. Adjust it to the coin you want. In this example, we want USDC. So leave it as is.
OpenOcean’s intelligent routing algorithm will find the best price for you. Click on Swap now.
Price Tolerance: This is the acceptable % price difference you’re willing to accept from the price you’re quoted. OpenOcean’s intelligent routing algorithm will try to find you the best price but it depends on the platforms that OpenOcean connects to and those platforms often have slippage due to the nature of how decentralized exchanges work.
Confirm the swap
Some additional definitions to know about.
MetaMask should open up a dialogue. You can go ahead and click on “confirm” if you’re okay with the gas fees. If you need to make it go faster, click on edit and change the settings.
This is how to edit to different speeds. It’s okay to set to “slow”. Don’t try to go lower, or if the transaction fails, you will lose your gas fee.
Go ahead and confirm it.
You should now see your USDC when you check for it by clicking the drop down arrow.
Other settings to be mindful of
Click on the gear to see the following options:
You can adjust price tolerance, gas price (amount of gas to speed up your transaction), spread across DEXes (1 selected). You can select many DEXes.
How to use Pro
Start by collecting your wallet at the top right
Same procedure as before except you toggle the coins you want on the left side, and the coin you want to use for swapping on the right side.
The very left side below the eth/dai function has different chain options to select from.
Green bar: You can select which chains you want to transact on.
Red bar: You can select the pairs you want to trade which will affect the yellow portion.
Purple bar: You can see the price information and details and trends on the price. You can set different settings on the graph to see different charts.
Yellow bar: This is where you do your actual trades. You can click on the settings gear at the top right.
Everything is the same as the classic but with an extra graph.
Now you have what you need to get started in the defi world! Come support us and help spread the word.
OpenOcean is the world’s first and only full dex/cex aggregator. OpenOcean finds the best price, no additional fees, and lowest slippage for traders on aggregated DeFi and CeFi by applying a deeply optimized intelligent routing algorithm. OpenOcean also provides users with APIs to support their specific investment strategy, and provide institutional investors with tailor-made user interfaces.