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Trading Cryptocurrency on Caldera: A Step-by-Step Guide
As cryptocurrency trading continues to gain popularity, many individuals are seeking out ways to invest in new and upcoming cryptocurrencies. If you're new to cryptocurrency trading, it can seem like a daunting task, but with the right tool, it can be simple and safe. Caldera is that tool, offering an easy-to-use platform for exchanging cryptocurrencies. In this guide, we'll walk you through the process of making your first trade on Caldera.
- Two crypto wallets of the coins you want to trade
- 1 for any supported network you wish to send to another user
- 1 from the supported network you wish to receive in return
- A partner to trade with
- A Discord Account
Step 1: Create a Trade Listing
To access the trade screen on Caldera, type
into the chat bar. In the trade command, you'll need to input the following details:
- The cryptocurrency you have for trade
- The cryptocurrency you wish to receive
- The desired amount of each currency
Step 2: Initiate Your Trade
- Now that you've created a trade listing, any user can discover and accept the terms of your trade.
- If you come across a trade listing that you're interested in, simply click the
Start Tradebutton to initiate the trade.
- On the other hand, another user can come along and accept the terms of your trade.
Step 3: Confirm Your Trade
- Caldera will confirm a summary of the trade details.
- Review this information and press the
Acceptbutton to confirm the trade, or press the
Denybutton to cancel it.
Step 4: Provide Wallet Details to Caldera
- After both users have accepted, Caldera will prompt each trader to provide wallet addresses via a modal.
*Caution* Specifying the wrong destination address will cause you to not receive any coins! This is irreversible.
A confirmation message will be sent.
After both sides have submitted a wallet, users will be prompted to begin the trade.
Step 5: Send to Caldera Address
- Both traders will be asked to send their portion of the trade to a specifically generated Caldera wallet.
- The transaction will not progress until Caldera has received the full amount in the correct denomination from both sides.
- Once Caldera receives both portions of the trade, it safely completes the trade, sending the coins after Caldera fees to the user's receiving address.
- If one user was not to provide their side of the bargain, then Caldera will not complete the trade.
- At any point before both users have submitted their correct amount, either user can decide to cancel the trade, in which case the funds will be returned to each user, minus the network fees.
- Caldera fees that are taken from successful transactions are used to cover gas and transaction costs for the specific networks being traded, as well as support the protocol in hosting costs and the integration of new networks.
Step 6: Review Your Trade Details
Once the trade is executed, you can review your receipt in the trade channel or DM's to see the trade details.
Congratulations! You've successfully made a trade on Caldera. With this guide, you now have a clear understanding of how to trade cryptocurrency on the platform, making it simple to invest in the future of this exciting asset class, whether you're an experienced trader or just starting out.
Below is a video of an example trade with KAS and LTC using Caldera.