OpenOcean's Trading Guide (Best Swap Rate)

tinakoya (41)in #trading • 3 years ago (edited)

Intro

OpenOcean is the world’s first full aggregation protocol for crypto trading that sources liquidity from DeFi and CeFi markets and enables cross-chain swaps. Their intelligent routing algorithm finds the best prices from DEXes and CEXes and splits the routes to provide traders with the best prices with low slippage and fast settlement. The product is free to use; OpenOcean users only need to pay the regular blockchain gas and exchange fees for the trades, which are charged by the exchanges and not OpenOcean.

OpenOcean currently aggregates major exchanges and supports 11 public chains based on community need and offers the best swap rate on Ethereum, Ethereum Layer 2, BSC, TRON, SOL, POLYGON, HECO, Avax, OKExChain, Fantom, Arbitrum as well as Binance CEX.

OpenOcean GO Swap Guide

Visit OpenOcean web (https://openocean.finance/) and click “Start trading”.

Click “Connect Wallet” to select chain.

Choose your wallet to connect

Select token pairs and enter desired swap amount.

Unlock tokens (except native tokens, such as ETH on Ethereum, BNB on BinanceSmartChain).
Read here to know more about why you need to unlock tokens.

Confirm the transaction in your wallet.

Once the tokens have been approved, the page will indicate that you can swap now.

On the top right "Advanced setting" the gear button, you can set “Price Tolerance” (default as 1%) and “Spread Across DEXes” which DEXes to compare the prices.

Click “Swap now”.

Please confirm the swap on both page and wallet.

Congratulations! Transactions submitted; click “View On…” to check the transaction details.

You can also click on the wallet drop down, then select “Transaction History” or "Transactions" on the left side under routing to view more details of your transaction history.

There is currently no aggregator that gives the best price like OpenOcean, do give it a try and you would never trade on any DEX again.

Note: The transaction cost shown is an estimation and not an exact transaction fee, the transaction usually costs way less fee than the estimation shown. OpenOcean also doesn't charge any protocol fee, it's literally free to use it's service as you only pay gas and liquidity fee for DEXes.