Step By Step Instructions On Withdrawing NOTES And Selling Them On A DEX
This post is NOT FINANCIAL ADVICE and is for INFORMATIONAL PURPOSES ONLY.
You should always do a test with a small amount of crypto that you are willing to lose if you make a mistake before trying to send large amounts.
- Before you get started you will need to install the Metamask Chrome extension. This is the only way to withdraw your NOTES at the time of writing.
Be sure to write down all the keys and phrases given to you during installation and store multiple copies of this in different secure locations. This is the only way to recover your account if you need to in the future.
- You will also need a small amount of ETH in the Metamask account that you wish to use to pay for "fuel", the fee for transferring your NOTES around. I would recommend you trade some STEEM or WLS for ETH and use that rather than buying it through somewhere like Coinbase as you will have to pay fees. If you need me to do a post and/or video showing you how to do this then please let me know in the comments.
Adding The NOTES Token To Your Metamask Account
Before you can transfer your NOTES into your Metamask account you will need to add the token information.
- Log in to your Metamask account
- Click on "Menu"
- Scroll down and click on "ADD TOKEN"
- Click on "Custom Token" and enter the following code:
- Click "NEXT"
Transferring NOTES To Your Metamask Account
- Go to your account in Choon and click on "Manage NOTES"
- You will be prompted to connect your Choon wallet to Metamask. Click "Connect".
- You will get a confirmation when this has completed
- Next enter the number of NOTES you would like to transfer. Remember there will be a fee (in ETH) to transfer the NOTES so bear this in mind when you calculate the value of the NOTES you are going to sell (see below).
- Click "Withdraw"
- Choon will prompt you to confirm the withdrawal. Read through so you understand what you are doing and if you are happy to continue then click "Yes, withdraw".
- You will now be shown the maximum "GAS" (fee) that will be applied to this transaction (this is where you need the ETH mentioned above).
- If you agree press "CONFIRM".
- The transaction will now be sent to the blockchain and will need confirmations by multiple nodes to be completed.
- If you would like to watch the confirmations take place you can check the status:
- Once all confirmations have gone through you will get a completion message on Choon:
- If you click on "Menu" and scroll down within Metamask you should now see your NOTES balance.
Congratulations! Step 1 is complete! Go and make yourself a cup of tea!!
Selling Your NOTES On a DEX (Decentralised Exchange)
At time of writing I am aware of two DEXs that have order books for NOTES:
They both function in similar ways.
Determining The Current Best Price
- You can see the current list of buy & sell orders in the "Order Book":
- If you want to sell immediately then you can use the top price(s) in green.
- If you want to sell at a higher price you can enter that price and your order will be added to the order book.
In the above example the best purchase price is 0.000012000 NOTES/ETH
If you go to Coin Market Cap you can see the current price of ETH so a quick calculation will give you an idea of what the current price equates to in $US as a guide.
So if we multiply the current ETH price by the NOTES/ETH price above we get 1 NOTE = approximately $0.00139.
So if you wanted to sell 100,000 NOTES you would get approximately $139 if the buy orders at 0.000012000 NOTES/ETH covered this quantity However the best purchase price is for 4000 NOTES so that is the most you could sell at that price. If you just wanted to sell the entire 100,000 regardless of the price then you can click further down the list and the system should automatically get the best price for each portion of the amount you are selling.
Transferring Your NOTES From MetaMask To The Exchange
So once you have decided on which exchange you want to use you need to transfer your NOTES from your MetaMask account to the exchange.
I am going to use ForkDelta as it seems to have the most volume at the moment.
Under "Balance" (top left) enter the quantity that you want to transfer (I had to refresh the page to get this to show up for some reason).
- When you click "Deposit" you will get 2 pop up boxes from Metamask. Again confirm you agree with the GAS fee and confirm both.
- You will need to wait for the confirmations again before you see your funds appear on the exchange.
- You can see the status of the transfer in Metamask:
If you want more detail (or you want to increase the GAS Limit to speed up the transaction) you can click on the entry:
- You can also click on the arrow to view the transaction on EtherScan to get even more detail:
- Once the confirmations have gone through you should see the NOTES balance in the DEX:
Creating A Sell Order
- If you click on any sell order you will get the sell box:
If you wanted to sell the full amount (4000 in this example) then you can just leave the values and click "Sell".
On ForkDelta you cannot modify the price in this box so if you want to put a sell order in for a higher price then you have to use the box below the order book.
Due to the number of decimal places involved it easy to make a mistake so I would highly recommend you click on an entry in the order book and copy & paste that price then modify it.
Once you have filled in the values and TRIPLE CHECKED that you have entered them correctly you can click "Sell" (note there there is a fee involved here too so it's important to take all the fees into account when you are selling your NOTES).
You will get this worrying looking pop up from Metamask but it seems to be a standard message. Do some research if you want to know more and only click if you are happy.
- Click SIGN and your order will go into the order book: