How to trade Bone ShibaSwap (BONE) coins to others

Trading BONE coins on ShibaSwap provides users with the opportunity to participate in the governance of the decentralized exchange and exchange value for other cryptocurrencies or fiat currencies.

Dec 13, 2024 at 08:46 pm

How to Trade Bone ShibaSwap (BONE) Coins to Others

Introduction:

BONE is the governance token of ShibaSwap, a decentralized exchange on the Ethereum blockchain. It grants holders voting rights on proposals that shape the future of the platform. Trading BONE allows users to buy, sell, or exchange it for other cryptocurrencies or fiat currencies.

Prerequisites:

• Create a ShibaSwap account.
• Fund your account with ETH or other supported cryptocurrencies.
• Obtain BONE coins.

Step-by-Step Guide:

1. Access the ShibaSwap Exchange:

• Navigate to the ShibaSwap website and connect your wallet.
• Select the "Swap" option from the top menu.

2. Select Trading Pairs:

• In the "From" field, choose the cryptocurrency you want to trade for BONE (e.g., ETH, USDT).
• In the "To" field, select BONE.

3. Enter Trade Details:

• Enter the amount of the trading asset you want to swap for BONE.
• Set the slippage tolerance, which determines the maximum allowable price fluctuation that will trigger the trade.

4. Review and Execute Trade:

• Check the estimated exchange rate and transaction details.
• Click "Swap" to initiate the trade.

5. Monitor the Transaction:

• The trade will be processed on the blockchain, and the transaction status can be tracked in your wallet or on Etherscan.
• Once the trade is complete, the BONE coins will be deposited into your wallet.

6. Store Your BONE Coins:

• Store your BONE coins in a secure wallet that supports ERC-20 tokens.
• Consider using hardware wallets or self-custodial wallets for enhanced security.

Additional Tips:

• Research the current market conditions and trading fees to maximize your trading efficiency.
• Set realistic slippage tolerances to avoid failed trades due to excessive price fluctuations.
• Use limit orders to trade at specific price levels.
• Consider using a limit order if you are transferring a large amount of BONE coins.