Welcome to the Lesson 9 recap! In this lesson, we cover how to buy coins on decentralized exchanges (DEXs)—a crucial skill for crypto investors who want full control over their assets and access to a wider range of tokens.
Mastering Decentralized Trading
Decentralized exchanges (DEXs) allow users to trade cryptocurrencies without relying on intermediaries. This lesson teaches you how to navigate DEXs, swap tokens, and stay secure while trading.
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Key Topics Covered in Lesson 9
Understanding DEX Trading Basics
What is a DEX?
A Decentralized Exchange (DEX) is a peer-to-peer marketplace that enables users to swap cryptocurrencies without a central authority. Unlike centralized exchanges (CEXs), DEXs are non-custodial, meaning you have complete control over your funds.
Popular DEXs:
- Uniswap (Ethereum-based)
- PancakeSwap (BNB Chain-based)
- Radium (solana-based)
Pro Tip: Always research a DEX before trading to ensure liquidity and security.
How to Buy Coins on a DEX
Step 1: Connect Your Wallet
- Use MetaMask, Trust Wallet, or any Web3 wallet to connect to the DEX.
- Ensure your wallet is on the correct blockchain network (Ethereum, BNB Chain, etc.).
Step 2: Select the Token to Swap
- Choose the token you want to buy and the token you will use to pay.
- Check contract addresses to avoid fake tokens.
Step 3: Adjust Slippage & Confirm Swap
- Slippage tolerance ensures your transaction doesn’t fail due to price changes.
- Confirm the transaction in your wallet and wait for blockchain confirmation.
Step 4: Verify the Transaction
- Check the transaction on a blockchain explorer (Etherscan, BscScan, etc.).
Security Tip: Always verify token contract addresses on official sources to avoid scams!
Benefits of Buying on DEXs
No KYC Requirements – Trade anonymously without ID verification. Access to New & Exclusive Tokens – Find new altcoins before they list on centralized exchanges. Full Control Over Your Assets – No need to trust third parties with your funds.
Missed Previous Lessons? Catch Up Now!
Lesson 1: Introduction to Crypto & Blockchain Lesson 2: Understanding Cryptocurrency & Wallet Security Lesson 3: Navigating Trust Wallet & Transactions Lesson 4: Understanding Crypto Exchanges, Binance, and Security Measures Lesson 5: How to Analyze Crypto Metrics & Navigate Aggregators Lesson 6: How to Acquire Crypto & Buy/Sell on Binance Lesson 7: How to Set Ads on Binance P2P, Become a Verified Merchant & Avoid Scams Lesson 8: Setting Up MetaMask on phone and pc & Introduction to DEXs
Stay tuned for Lesson 10, where we explore FACTORS AFFECTING THE RISE AND FALL OF CRYPTO PRICES!
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