This guide is designed to provide a comprehensive introduction on how to purchase your first security token on the IX Swap security token exchange. As the IX Swap app is a decentralized application, a wallet is required to use it. In this guide, we will first introduce you to a decentralized wallet, explain its use cases, and show you how to download and use it. Then, we will proceed to the IX Swap platform and guide you through your first security token purchase.
Setting up a self-custodial wallet can be used not only for the IX Swap app but also for any other Web3 decentralized applications (dApps). As IX Swap is a decentralized exchange, trades and investments can only be made using third-party self-custodial wallets. Currently, we support MetaMask and WalletConnect. Third-party wallets are more secure and give you complete control over your assets. MetaMask is a popular cryptocurrency wallet that works with various blockchain networks, such as Ethereum, Polygon, Binance Chain, Fantom, Avalanche, and more. MetaMask provides a variety of network options, but you can also manually add networks if you trust them.
Here are some of the key ways to use MetaMask:
- Storing Digital Assets: MetaMask allows you to store, manage, and transfer various digital assets, including those on different blockchain networks like Ethereum, Binance Chain, Polygon, and more. However, support for specific tokens may vary depending on the network. For instance, MetaMask supports ERC-20 tokens on the Ethereum network. Before using MetaMask, it is essential to confirm which token standards and blockchain networks your tokens use, and if they are not supported by MetaMask, you may need to use another wallet that provides compatibility.
- Interacting with Decentralized Applications: MetaMask acts as a bridge between your browser and the blockchain, allowing you to interact with decentralized applications (dApps) running on various blockchain networks. With MetaMask, you can easily connect to dApps, interact with smart contracts, and make transactions without leaving your browser.
- Making Decentralized Transactions: MetaMask enables you to make decentralized transactions directly from your browser, regardless of the blockchain network. You can use it to send and receive digital assets and interact with decentralized exchanges (DEXs) and other financial dApps.
- Signing and Broadcasting Transactions: MetaMask includes a digital signature tool that enables you to sign and broadcast transactions to the blockchain, allowing
you to securely interact with smart contracts and other dApps without sharing your private keys with the website or application you're using.
- Accessing Decentralized Finance (DeFi) Applications: MetaMask provides a secure and convenient way to access and use decentralized finance (DeFi) applications, which are financial dApps running on blockchain networks. You can use MetaMask to invest in DeFi protocols, trade cryptocurrencies, and participate in decentralized lending and borrowing platforms.
Downloading MetaMask
Go to the MetaMask website and navigate to the download page. Link. Choose to download MetaMask for Chrome, iOS, or Android. Keep in mind that once you have an account, you can access it across all devices like Chrome and iOS. Click on "Install MetaMask for Chrome" and you will be redirected to the Google Web Store.
Click "Add to Chrome" and then "Add Extension" in the pop-up window. If MetaMask did not open, go to your browser's extensions and click on MetaMask.
From here, click “Create a new wallet”. Unless you already have an existing wallet, then click the "Import an existing wallet" and use your private keys to gain access to it.
Create a password for your MetaMask app and make sure to save it securely as MetaMask cannot recover it.
Watch the video made by MetaMask and Secure your wallet by clicking "Secure my wallet (recommended)".
Click on “reveal secret recovery phrase”. This will show you your secret recovery phrase, a set of 12 words, which is essential for accessing your wallet if you forget your password or need to gain access to your MetaMask again. This is the only backup to your wallet. Make sure to store the words in a safe place and in a chronological order, along with each word's number.
After you have securely stored your secret recovery phrase, click “next”.
Confirm your secret recovery phrase by inserting the missing words in the boxes and clicking "Confirm."
For convenience, MetaMask will ask if you want to pin the extension. Follow the instructions to pin the extension and click "Next," then "Done."
Your MetaMask wallet is now set up and ready to use!
How to use MetaMask
MetaMask charges fees to cover the cost of gas fees for executing transactions on a blockchain network. Gas fees are essential fees paid to the network by users for executing transactions, like sending cryptocurrency or interacting with smart contracts, and are needed to incentivize miners to process the transaction and add it to the blockchain.
In MetaMask, users can specify the amount of gas fees they are willing to pay when initiating a transaction. The higher the gas fees paid, the faster the transaction is processed. Conversely, lower gas fees may result in longer processing times, as the transaction is placed lower in the queue of transactions waiting to be mined.
It's important to note that the fee structure in MetaMask can differ depending on the blockchain network in use, as various networks have different gas fee structures and algorithms. For instance, the Ethereum network prioritizes transactions with higher gas fees over those with lower gas fees.
Fees for each network are collected in the network's native payment currency, such as ETH for Ethereum or MATIC for Polygon. Consequently, to use the MetaMask wallet, users must add funds in the native currency of the network they wish to use. The fee structure is also subject to supply and demand and the network's activity level, which can affect the fee rates.
In summary, using MetaMask involves paying fees for gas to execute transactions on a blockchain network. The amount of fees paid and processing time depends on the user's specified gas fees and the network's gas fee structure, which can vary based on supply and demand and the network's activity level.
Now, with that said, lets take a look at how to use MetaMask and eventually use it to purchase security tokens on the IX Swap app!
Adding a new network
To add a new network to your MetaMask wallet, you need to do it manually since cryptocurrencies and tokens operate on different networks.
Open your MetaMask extension if you haven't pinned it and enter your password to access your wallet.
Click on "Ethereum Mainnet," which represents the network your wallet is currently connected to, and then click on "Add network."
Since our security tokens are traded on Polygon we will add this network. To add "Polygon Mainnet" click "Add" to the right of Polygon Mainnet located at the bottom. If the network you want to add isn't on the list, click "Add a network manually" and insert the necessary values provided by the network or project operating on that network.
Approve the network.
Once approved, you'll be redirected to the dashboard, where you'll have the option to switch networks. To switch to Polygon Mainnet, click "Polygon Mainnet." To switch back to Ethereum, click on "Ethereum Mainnet" and access the option to add more networks as well.
Adding funds to our wallet
Now that we're on the correct network, the next step is to add MATIC and other currencies to our wallet for storing or trading purposes. There are two ways to do this: you can either click "Buy" to purchase supported currencies directly into your wallet or transfer them from another wallet or centralized exchange.
To get your wallet address, click on "Account 1." This address is universal and will remain the same on all networks.
For this example, we'll be sending MATIC and IXS to our wallet, which are necessary for trading security tokens on the IX Swap app. The MATIC is used to pay for fees and the IXS is what will be used to purchase security tokens. We'll purchase both tokens on KuCoin and send them through the Polygon Network to our MetaMask wallet address "0xd38457551679ec210e47f340636858c023722568" that we copied by clicking on "Account 1" in our MetaMask wallet.
To check where you can buy these currencies you can refer to CoinMarketCap.com and search them up to see the exchanges they are offered on.
To purchase Matic and IXS, we'll go to KuCoin.com and buy both tokens. Once we've bought them, we'll transfer them to our main wallet and go to the "Withdrawal" option. In the "Wallet Address" field, we'll enter our MetaMask wallet address. We'll use "MATIC Polygon" as the network for withdrawal.
We'll repeat the same process for the MATIC tokens and withdraw them to the same wallet address.
After sending both tokens, we need to import the IXS Token to our wallet so that it can be displayed.
View the purchased tokens in our MetaMask wallet
After sending both transactions, the MATIC token should appear automatically. However, to view the IXS token, it needs to be added manually.
To do this, go to MetaMask and click on "Import tokens".
Now the appropriate contract address for IXS, keeping in mind that on the Polygon network it is called wIXS. Enter the contract address in the field "0x1ba17c639bdaecd8dc4aac37df062d17ee43a1b8" and click "Add custom token" to import it. The contract address for IXS on the Ethereum network is "0x73d7c860998ca3c01ce8c808f5577d94d545d1b4".
Click "Add custom token" to import the tokens.
Your wallet is now set up to display the purchased tokens!
Register your account
To proceed, register an account on the app using the same browser that you used to install MetaMask, as your account will be linked to your wallet.
Go to https://app.ixswap.io/ and click on "Connect Wallet". Select MetaMask and wait for it to open a new popup window or a small extension window. If it does not open, manually go to your extension list and click on MetaMask.
Click "Next" and "Connect" in MetaMask to connect your wallet to the IX Swap app.
Your wallet will prompt you to sign a contract. If the MetaMask window does not open, refresh the page. Click "Sign" and "Sign" again to fully connect your wallet.
Once you have gained access to the platform, you will need to verify your identity to begin trading as IX Swap complies with regulations and requires this information for your safety.
Click on the appropriate sign-up button based on whether you are an individual or corporation.
Fill out the application form with your personal information, Once completed, submit the form. Depending on the accuracy of the information provided, your application may require additional updates. Once your account has been approved for KYC, you can start trading on the platform.
Approved! We can now begin to trade.
Buying your first security token
After your account has been approved, you can begin trading on the platform. However, you must first pass an accreditation for trading security tokens to comply with regulations.
To begin the accreditation process, navigate to the “Security Tokens” tab and scroll down to view the security tokens currently available. Select the desired security token(s) you wish to trade and become accredited for. You will only be able to trade tokens you are accredited for.
Click on “Pass Accreditation”. You need to do this step for each token, in this guide we will only do this for IXAPE Tokens.
Submit your accreditation request by clicking “Submit Accreditation”.
Now we will have to wait for our third-party partner to review and approve your request to trade IXAPE tokens.
Once approved, you can trade IXAPE tokens and manage your deposits and withdrawals on the same page. To ensure that the IXAPE tokens are visible in your MetaMask wallet before trading, click “Add to MetaMask” within the “MY IXAPE Vault” box. Then, in MetaMask, click on “Add Token”.
We're ready to start trading! Let's go to the "Swap/Trade" tab and initiate a trade from IXS to IXAPE. In the top field, select "WIXS" as the token to swap from, and in the bottom field, select "IXAPE" as the token to swap to.
Specify the number of IXS tokens you wish to use to purchase IXAPE tokens, and then click "Authorize wIXAPE."
After authorizing, click "Allow IX Swap to use your WIXS."
MetaMask should pop up, asking for confirmation. Click "Confirm," and wait a few moments for the transaction to be completed. Once the transaction is complete, click "Swap" and then "Confirm Swap."
MetaMask should again appear and ask you to confirm the transaction. Once you've confirmed it, the transaction will be complete.
You can check if your tokens have arrived by either opening up your MetaMask wallet or going to the "Security Tokens" tab. Trading back to IXS tokens is just as straightforward.
Still having problems? Don't worry, come to our Telegram Channel for assistance form our moderators or send us a message through our contact us form.