How to Place an Offering

The next few sections below goes into deail about how to trade and information on the buy/sell process. This information will be available to you on this platform as well. Please read all information before moving forward.

CES exchanges compile and distribute a directory of goods and services offered by the traders registered with them, as well as a list of their ‘wants’ or requirements. When a trader requires something advertised in the directory the seller is contacted and the trade takes place. The buyer ‘pays’ the seller with the community currency. This usually involves the handing over of a cheque-like Trading Slip that records how much the buyer is paying for the goods/service delivered.

The Slip is either handed by the seller to a group administrator who will enter the amount into a group account, or the information is recorded directly by the seller on a central computer ‘bank’. Sales are recorded as credits for sellers and purchases as debits for buyers. The central book-keeping system records the relative trading positions of the traders. Those in credit can claim from the community goods and services to the value of their credit and those in debit owe the community goods and services to the value of their debit.

BUYER

Step1: Finds an offering in CES and obtains seller information

Step 3: Fills out Trading Slip and receipt. Buyer keeps the receipt

Step 5: Transaction becomes debited

SELLER

Step 2: Offering takes place and is completed

Step 4: Enters details of the trade in CES

Step 6: Transaction becomes credited

Trading on the Decentralized Exchange

ALL DEFI TOKENS / STABLE COINS / SECURITY TOKENS / ERC 20 TOKENS / & FREEWALLET.ORG ARE SCAMS WE ACCEPT ORIGINAL BITCOIN ASSET CREDITS ONLY WITH BITCOIN’S SELF CUSTODIAL / SMART CONTRACT / DEX E-WALLET.

It is possible to trade on the Counterparty decentralized exchange directly online inside Counterwallet or on your desktop using freewallet.io . You can trade any token against any other token, including XCP. (Trading against BTC is Now Available.) This is bitcoin smart contracting.

Important: But before you begin, please be aware this exchange inside Counterwallet or Feewallet.io is actually an interface to the Bitcoin network. This means that all tokens, buy, and sell orders are all actually individual Bitcoin transactions. These transactions are then order matched by the protocol. This means that:

Disclaimer: All Counterwallet (and therefore Counterparty) actions are Bitcoin transactions. And because anyone can make a Bitcoin transaction, anyone can create a decentralized token. If this concept seems confusing, consider that Bitcoin functions entirely without a central bank. This is an identical ‘free-for-all’ scenario. It is fundamentally impossible to have an ‘owner’ and or ‘admins’ at such an exchange. Escrowed funds are provably inaccessible until peer-to-peer orders are successfully matched, and all completed orders are irreversible.

Counterparty (the open-source Bitcoin toolkit for financial instruments and markets) itself cannot distinguish whether tokens are legitimate, so please ensure due diligence before trading. Always research the official website of the token you are trading, its page on XChain and (if applicable) its thread on Bitcointalk.

Trading Basics 101

1. Click Exchange -> Markets on the sidebar menu.

2. You will see the pairs with the most current activity. Clicking on these will forward you to their orderbook.

3. You can also specify a custom token to trade, if it does not appear in the top pairs list.

4. Simply write your token in the field (autocomplete will try to help) and click XCP or other. Most tokens are primarily traded against XCP, but you can trade absolutely any token. If you want to trade a token you have just created, you need have to wait until it has been verified by the Bitcoin blockchain first.)

5. Then you will be able to see a graph showing the price and volume of that token (if there is enough data to display.)

6. Using this interface you can choose which of your addresses you are using to trade, and place orders directly.

Below this interface, you can look at the current orderbook for that pair.

And below that is a listing of previously completed trades, if there are any.

Let’s try to buy 10 LTBCOIN just as an example. Set your desired price and amount, and press Buy.

Counterwallet will ask you to confirm your order to make sure everything is correct.

The order will now take some time to become valid and visible, while it is processed by the Bitcoin network.

You will be able to see the pending order by clicking the clock in the top left of the screen.

If you click the check to the left of the clock, you can see orders that have already been confirmed.

After a while, you will be able to see that the order confirmed. And if there is someone selling for the price that you are buying at, the order will be matched and completed automatically.

Buy & sell assets (tokens) on XCP DEX

This tutorial takes you through the process of buying and consequently selling a Counterparty-issued asset (or token/coin) from Counterwallet. By “Counterparty-issued” we mean “issued on the Counterparty platform by its users” as the Counterparty Project does not issue assets (XCP is the only asset that was issued by the Project).
 

First, let’s summarize how things work:
 

a) Create a wallet if you already don’t have one (this one is easy, but make absolutely sure to write down your pass phrase). In case you’d like to practice first, there is a testnet (a network with “fake” (test) assets) wallet (link) where you can open two wallets and practice without any risk or cost – see What do I need to start using Counterwallet. It is simpler, more reliable, faster and more secure to use Counterwallet in the private browsing mode (in Chrome, CTRL+SHIFT+N, in Firefox, CTRL+SHIFT+P) which disables extensions/add ons (see this for additional security-related ideas).

b) Buy some XCP on a and send XCP and a small amount of BTC (e.g. 0.01) to your wallet address.

c) Understand the fees (see What is the difference between Total and Real Estimated Total when placing an order? and What is the difference between ‘miner’s fee’ and ‘redeemable fee’?), and how to recognize fake (fraudulent) assets)

d) Place a buy order on the DEx. If your offer gets matched within the duration of your order, your it will be settled. Otherwise it’ll fail.  In case you change your mind or prices change, you can cancel your order before it expires (see When is an order considered “active” and how can I cancel it?)

Now that we covered the basics, let’s walk through buy and sell scenarios.
 

Before we move on let’s remind ourselves that the default order validity (which can be changed in Counterwallet Settings and which does not persist between logons) is 1000 blocks of the Bitcoin blockchain, so if you trade in unstable assets you may want to change that to a lower value or even switch to a centralized crypto-exchange where it normally doesn’t cost anything to place (and cancel) an order. See KB articles under 3d (above) for additional details.

Buy

In Counterwallet’s left-hand menu find Exchange > Markets. If you’re after a popular asset, you may already see it among Top Pairs. Make sure you get the correct asset name(s).

If not, move to the right and under Select Another Pair start typing the asset (token) name you’re interested in. As you type Counterwallet will list available assets to save you time. Default unit of denomination is XCP, but you can select Other to enter another and as we mentioned above it is entirely possible that someone is selling WOOD for WATER. In that case you’d need have some WATER to buy WOOD and then you’d enter WOOD under Token 1 and WATER under Token 2.  On a DEx level top assets (and their recent price trends) can be seen under More > Top Assets.

  Here we keep it simple and look for TESTASSETONE/XCP.

Once you click on TESTASSETONE, you will see the market. If it’s any liquid, you’ll see some buy and sell orders. We’re buying so we’re looking for Sell orders. At the very bottom of the screen we can see one sell offer: somebody is selling 22 TESTASSETONE in exchange for 2.2 XCP.  

If you’re happy with that price, simply click on it and Counterwallet will populate your Buy Order form. Make sure the price is acceptable because matched orders cannot be cancelled! (It is not rare to hear that someone paid 0.001 for an asset that normally costs 0.0001.)
 

A populated buy form can be modified (Price, Amount). Visually inspect all fields (especially if Total is a large number) to make sure one last time and then press the Buy button.

Now your order will remain valid until it’s matched, cancelled or expired (whichever comes faster – see related KB mentioned under 3d, above). 
 

Orders can be cancelled in two places – in Exchange > Open Orders and on the trading page for each asset pair where you have placed orders. The first location gives you a quicker way to see all your pending orders and cancel several on the same page. Orders can be partially matched and filled.
 

You can monitor all your transaction accounting and order status using https://xchain.io/.

Sell

Selling is executed the same way as buying, just in the opposite direction, so please refer to Buy section for details.

The key part here is to carefully enter the price and quantity. Just because someone is offering 0.001 for your token that’s normally selling for 0.01 doesn’t mean you should click on their offer to auto-populate Sell order form with their values. If you are selling an asset that’s also listed elsewhere (say, SJCX) you may want to check the price on other exchanges and see recently traded prices under More > Top Assets.
 

*We buy commercial paper – UCC Negotiable Instruments
 

*We mutualize securities and assets upon approval- Trust | Managed | Retirement | Fund
 

*We tokenize securities and assets – ∞100 / ₿ 0.0100 + Asset Unit Price