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BitSwap Exchange Guide

How to Use BitSwap to Buy and Sell BitClout

By @sigil and @HughJiang  •  Updated June 11, 2021





BitSwap is a BitClout exchange that allows you to buy BitClout and sell BitClout on a secondary exchange market.

 

The following is a user guide and tutorial on how to use BitSwap Exchange. 



If you ever run into any problems while following this guide or if something doesn’t work as expected, please contact us for support on our Discord Channel, or by emailing support@bitswap.network.

 

Also, for now we recommend using BitSwap only on a desktop or laptop device. We do not recommend using a mobile phone.



Table of Contents

Video Overview

Getting Started

How to Sell BitClout 

How to Buy BitClout

Withdrawing Funds



Video Overview

Here's a quick video from Sigil explaining how to use BitSwap V1 to buy and sell BitClout.



If you'd like a more detailed written guide, you can read on below.



Getting Started

Register with a BitClout Account

Prerequisites: To register and log in to BitSwap, you will need an existing BitClout account. If you don't have a BitClout account, you'll have to make one first. Otherwise, you can continue following the instructions below.

 

1) Visit app.bitswap.network/login to reach the registration/login page.

 

2) Click the “Login with Bitclout” button. 

 

3) A BitClout identity window will pop up. Click on the BitClout account you want to use with BitSwap Exchange. 

 

If you don’t see the BitClout account you want to use (or if you don’t see your account at all) then you will first need to log in to bitclout.com. Then you can continue the BitSwap Exchange registration process.

 

4) Enter your name and email address. Then click “Finish”.



5) Verify your email address, then login!

 

You will be sent an email with a verification link to verify your email address. Open the email (sent from support@bitswap.network) and click the link to verify your email.



If you do not see the email, check your spam or junk inbox. If you still don’t see an email after a few minutes, contact the BitSwap team on our Discord channel or by email.



Your email will be used to send notifications of your ongoing transactions, and for occasional marketing and feature updates.



After confirming your email, you will be able to login to app.bitswap.network/login using your BitClout account.

 

Get an Ethereum Wallet 

If you already have an Ethereum wallet, you can skip this step. 

 

An Ethereum wallet is used to store and transfer Ethereum. You can use BitSwap without an Ethereum wallet, but you’ll need one if you want to withdraw Ethereum from the platform (i.e. after you sell BitClout).

 

For these reasons, I recommend you get an Ethereum wallet before or shortly after you start using BitSwap. It’s super simple and should only take a minute or two!



Personally, I use the Metamask wallet through its Chrome extension. To set one up, you’ll want to install the Metamask Chrome extension and register for an account following the instructions after installing the extension.

 

If you need more detailed instructions, you can check out this article on the BitSwap Knowledge Base: How to get an Ethereum Wallet (with Metamask)



How Pricing Works on BitSwap

If you’re not interested in how prices are determined and would rather like to buy or sell BitClout right away, you can skip this section and just scroll down below.

 

Prices on BitSwap exchange are set by the free market (in other words, BitSwap does NOT fix or set prices). 

 

If buyers are willing to buy at higher prices and there aren't enough sellers, then the BitClout price on BitSwap will increase. Likewise, if sellers become more willing to sell at lower prices and there aren't enough buyers, then the price will decrease.

 

You can view the current live prices on the homepage or in the right sidebar of the Orders page. Here’s a summary of the information you’ll see:

 

Market Bid: The highest current offer to buy BitClout. This is approximately the price you would receive if you wanted to sell BitClout immediately.

 

Market Ask: The lowest current offer to sell BitClout. This is approximately the price you would have to pay if you wanted to buy BitClout immediately.

 

Price Chart Data: Prices on the price chart are determined by a weighted average of successful transactions. This means we take into account the volume of each transaction when we calculate the average price. 

 

Don’t worry if the prices are a little bit confusing right now. We’ll display prices again when you are creating your order (and it’ll be a lot less confusing when you see prices there).

 

 

How to Sell BitClout 

Selling and withdrawing BitClout using BitSwap’s exchange platform is super simple. 



Follow these steps to get started selling your BitClout for Ethereum!



1) Deposit $BitClout into your BitSwap Wallet

Before you can create a sell order, you’ll need to deposit BitClout into your BitSwap account balance. Then, you can take BitClout from your account balance and sell it on BitSwap.



You can withdraw your BitClout balance from BitSwap at any time.



Here’s how to deposit BitClout into your BitSwap Account:



1) Visit your BitSwap Wallet

 

2) Select the BitClout tab, and then click on the “Deposit” button.



3) Enter the amount of BitClout you’d like to deposit, and click continue.

 

4) Review the deposit and then click confirm if you’d like to proceed with the deposit. Otherwise, click modify to modify the amount, or click the “X” to cancel the deposit.

 

Note: $BitClout deposits are taken from the BitClout address associated with your BitSwap account. If your balance is insufficient for your deposit amount, then the transaction will fail and you will need to try again.

 

2) Create a Sell Order 

Now that you have some $BitClout in your BitSwap balance, you can create sell listings to sell your BitClout. 



Note that the minimum sell order is 0.01 BitClout. 



How to Create a Sell Order:



1) Click the “New Order” button in the top-right corner of app.bitswap.network



2) Select the “Sell” tab in the popup window 

 

3) Choose the type of sell order you’d like to make: a Market Sell, or a Limit Sell order. The default sell order is a Market Sell Order.

 

Market Sell Order: instantly sells your $BitClout at the best available market price. 

 

Limit Sell Order: you set the minimum price you’d like to receive per $BitClout. Then your $BitClout will only sell when that price is met (or if you get a better price). 



Note: For most people who want to sell BitClout right away, I recommend selecting the default market order (because it’s the fastest and easiest way to sell BitClout). 

 

4) Enter your order information (like the quantity of $BitClout you want to sell)

 

5) Review your order, and then click the “Continue” button. Then, you’ll have one final chance to review your order - if everything looks good, click “Confirm” and your order will be active!

 

When you review your sell order, you’ll see the total US Dollar amount of the order, along with the equivalent amount in Ethereum (ETH). You will be receiving ETH in your BitSwap Wallet, so keep in mind that fluctuations in the ETH price after you receive payment may change the equivalent amount in USD.

 

 

3) Wait for Your Order to be Filled!

You can check the status of your orders by going to the Orders page and clicking on the order you want to check.

 

If you set a market sell order (like I recommended) then your order should execute right away. 

 

If you set a limit order you may have to wait for the proper market pricing conditions before your order is filled. 



Once your order executes, you’ll be sent an email notification and Ethereum will automatically be deposited into your BitSwap Wallet. 

 

To withdraw your funds, you can read the instructions at the end of this article.



How to Buy BitClout

Buying BitClout using BitSwap’s exchange platform is super simple. 



Follow these steps to get started buying BitClout using Ethereum!

 

1) Deposit Ethereum into your BitSwap Wallet

Before you can create a buy order, you’ll need to deposit Ethereum into your BitSwap Wallet balance. Then, you can use that Ethereum to buy BitClout on our exchange.

 

You can withdraw your Ethereum balance from BitSwap at any time.

 

1) Visit your BitSwap Wallet

 

2) Select the Ethereum tab, and then click on the “Deposit” button.



3) Enter the amount of Ethereum you’d like to deposit, and click continue.

 

4) Review the deposit and then click confirm if you’d like to proceed with the deposit. Otherwise, click modify to modify the amount, or click the “X” to cancel the deposit.



2) Create a Buy Order

Now, you can use the Ethereum in your BitSwap Wallet to buy $BitClout on our exchange.

 

Note that the minimum buy order is 0.01 BitClout.

 

How to Create a Buy Order:

1) Click the “New Order” button in the top-right corner of app.bitswap.network



2) Select the “Buy” tab in the popup window 

 

3) Choose the type of buy order you’d like to make: a Market Buy, or a Limit Buy order. The default buy order is a Market Buy Order.

 

Market Buy Order: instantly buys $BitClout at the lowest available market price. 

 

Limit Buy Order: you set the maximum price you’d like to pay per $BitClout. Then your order will only fulfill once that price is met (or if you get a better buy price). 



Note: For most people who want to buy BitClout right away, I recommend selecting the default market order (because it’s the fastest and easiest way to buy BitClout). 

 

4) Enter your order information (like the quantity of $BitClout you want to buy)

 

5) Review your order, and then click the “Continue” button. Then, you’ll have one final chance to review your order - if everything looks good, click “Confirm” and your order will be active!



When you review your buy order, you’ll see the total US Dollar cost, along with the equivalent amount in Ethereum (ETH). You will be paying ETH from your BitSwap Wallet when your buy order goes through. 

 

3) Wait for Your Order to be Filled! 

You can check the status of your orders by going to the Orders page and clicking on the order you want to check.

 

If you set a market buy order (like I recommended) then your order should execute right away. 

 

If you set a limit order you may have to wait for the proper market pricing conditions before your order is filled. 

 

Once your order executes, you’ll be sent an email notification and BitClout will automatically be deposited into your BitSwap Wallet. 

 

To withdraw your funds, you can read the instructions below.

 

Withdrawing Funds from BitSwap

To withdraw funds, visit your BitSwap Wallet page and select on the currency you would like to withdraw (BitClout or Ethereum).

 

Then, click the “Withdraw” button and follow the instructions to withdraw your funds. 

 

For BitClout, it’s as simple as entering the quantity you would like to withdraw and clicking confirm. Then, your funds will be sent to your BitClout account.

 

For Ethereum, you’ll have to also enter an Ethereum wallet address where you would like to withdraw your funds. Make sure you double check this address because once funds are sent, we can’t reverse the transaction.

 

Note: The minimum Ethereum withdrawal is 0.04 ETH to cover gas fees. You’re responsible for covering your own gas fees.



Contact our Support

You can contact support on our Discord channel or by emailing support@bitswap.network. You can also use our live chat on app.bitswap.network.

 

 



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