In today’s rapidly evolving cryptocurrency landscape, traders are seeking secure and efficient platforms that offer the benefits of both centralized and decentralized exchanges. Proton DEX is uniquely positioned to meet these needs by providing a seamless trading experience with no intermediaries, attractive fee discounts when staking XPR, instant transactions, and zero gas fees for on-chain transactions.
Proton DEX combines the trading features of a centralized exchange with the security of decentralized trading, offering an order book, different types of orders (limit, market, stop loss, and take profit), and TradingView chart integration. Users can also manage their orders, view or cancel active orders, and view their order history.
To trade on Proton DEX, you’ll need a WebAuth Wallet, the new industry standard for device authentication, identity management, payment processing, and cryptocurrency transactions built on the Proton blockchain. WebAuth.com enables you to approve transactions, make crypto payments, link your decentralized identity, and manage access for all logins using your smartphone. The WebAuth Wallet is also available for browsers, allowing seamless desktop trading without needing to authenticate transactions on your phone.
In this blog post, we will guide you through the process of trading on Proton DEX using the WebAuth Wallet, a secure and convenient wallet that streamlines your trading experience.
Step 1: Setting up the WebAuth Wallet
Before trading on Proton DEX, you need to set up a WebAuth Wallet. WebAuth Wallet is a secure and innovative wallet solution that simplifies device authentication, identity management, and cryptocurrency transactions. To set up your WebAuth Wallet, follow these steps:
1. Download the wallet app for your smartphone (iOS or Android). Or use the web version
2. Install the app and follow the on-screen instructions to create a new wallet or import an existing one.
3. Secure your wallet by setting up a strong password, and make sure to back up your recovery phrase in a safe place.
Step 2: Completing KYC with the WebAuth Wallet
Before you can fully utilize the WebAuth Wallet and trade on Proton DEX, you may be required to complete the Know Your Customer (KYC) verification process. This helps maintain compliance with regulations and prevents fraud, money laundering, and other illicit activities. Verification is available to 140+ countries globally, but the state of New York, Russia, and OFAC sanctioned regions are barred from all features.
1. Go to https://protonkyc.com
2. Click on “Connect Wallet” and follow the prompts to connect your WebAuth Wallet.
3. Select “Mobile.” On desktop, scan the QR code presented with your WebAuth wallet scanner. On mobile, tap “Open Wallet” and follow the authorization steps presented by your WebAuth mobile wallet.
4. Enter your home address on the Proton KYC web page.
5. On desktop, scan the 2nd QR code presented with your mobile device’s regular camera to open the linked URL and begin the ID and selfie verification flow. On mobile, tap the purple bar on the Proton KYC web page that reads “Verify Identity with Incode.”
6. Follow the directions on your mobile device and take front and back images of your valid government ID. Please submit your passport instead of your ID, especially for customers based in India and South Korea.
7. Take a selfie when prompted. If approved, your basic verification is complete, and you can use Proton Swap and Proton Loan.
8. To gain full access to Proton Fiat deposit features, continue with the following steps.
9. Back on the Proton KYC web page, enter your SSN (U.S. only) or Tax ID (non-U.S. only). Double-check that the number is correct before submitting. If you’re submitting a Tax ID number, also fill out the questionnaire. Your account will be reviewed once the SSN or Tax ID and questionnaire (if applicable) are submitted. Once approved, you’re fully verified to use all of the Proton dApp features!
Step 3: Depositing Funds into Your WebAuth Wallet
To start trading on Proton DEX, you need to deposit funds into your WebAuth Wallet.
Here’s how:
1. Launch the WebAuth Wallet app and tap on the asset you want to deposit.
2. Select “Receive” and copy the wallet address or scan the QR code.
3. Send your desired amount of cryptocurrency from your external wallet or exchange to the copied address.
Step 4: Accessing Proton DEX
Now that you have funds in your WebAuth Wallet, you can access Proton DEX and start trading.
Follow these steps:
1 Visit the Proton DEX website on your computer or mobile device.
2. Click on “Connect Wallet” and choose the WebAuth Wallet option.
3. Scan the QR code with your WebAuth Wallet app to link your wallet and grant access.
Step 5: Trading on Proton DEX
With your WebAuth Wallet connected to Proton DEX, you can now trade various cryptocurrencies using different order types. Here’s an overview of the available order types:
1 Market Order: Executes your trade immediately at the best available market price.
2. Limit Order: Executes your trade at a specified price or better.
3. Stop-Loss Order: Liquidates your assets when a specific price is reached to minimize losses.
4. Take-Profit Order: Liquidates your assets when a specific price is reached to secure profits.
To place a trade, follow these steps:
1. Select the trading pair you wish to trade from the “Trading Pairs” section.
2. Choose the appropriate order type (e.g., Market, Limit, Stop-Loss, Take-Profit) and enter the required details, such as the amount and price.
3. Review your order and click “Submit” or “Place Order.”
4. Authorize the transaction in your WebAuth Wallet app by scanning the QR code or approving the PSR (Proton Signing Request).
Step 6: Managing and Withdrawing Your Funds
Proton DEX allows you to manage and withdraw your funds with ease. To view or cancel open orders, navigate to the “Open Orders” section. To check your order history, visit the “Order History” section. To withdraw funds, follow these steps:
1. Launch the WebAuth Wallet app and tap on the asset you want to withdraw.
2. Select “Send” and enter the recipient’s wallet address or scan their QR code.
3. Enter the desired amount and confirm the transaction by scanning the QR code or approving the PSR in your WebAuth Wallet app.
In conclusion, Proton DEX and the WebAuth Wallet provide a secure and user-friendly platform for trading cryptocurrencies. By leveraging the power of decentralized trading and the convenience of a WebAuth Wallet, traders can enjoy a seamless experience without compromising on security or functionality.
Following the steps outlined in this guide, you’ll be able to set up your WebAuth Wallet, deposit funds, access Proton DEX, execute trades, and manage your funds with ease. As the cryptocurrency landscape continues to evolve, platforms like Proton DEX and the WebAuth Wallet are well-positioned to lead the charge in offering innovative, secure, and efficient trading solutions for both new and experienced traders.
