Trade on spot using multiple order types, enjoy ~3 times lower trading fees compared to AMM DEXes, instant trade execution speed, and deep liquidity.
Spot trading on Spin allows you to trade on-chain and retain full control over your funds while enjoying the CEX-competitive user experience.
- The lowest trading fees on NEAR Protocol (trading on Spin is ~3 times cheaper than on AMM DEXes).
- Makers get 50% of taker fees as rebates.
- Multiple order types including Limit, Trigger, and other order types.
- Informative charts, trading history, and order history.
- More accurate pricing (liquidity in the order book is constantly rebalanced to mitigate the risks of potential slippage and inaccurate pricing).
V2 interface of Spin's spot trading section. To be released in Q1 2023.
To trade on Spin, you need to connect your NEAR-native wallet to Spin. Spin currently supports NEAR Wallet, Sender, MyNearWallet, Nightly, Here Wallet, Opto Wallet, and Meteor Wallet. More wallets to be integrated in the future.
If you don’t yet have a NEAR wallet, you can create it by performing the following actions:
- 2.Press the Connect button in the upper right corner.
- 4.Create an account. Don't forget to save the account's secret phrase in a secure place.
- 5.Top up your wallet balance. You can bridge assets to NEAR by using Rainbow Bridge or you can deposit NEAR to your wallet from a centralized exchange.
Please note that when you connect to Spin for the first time, the contract will ask you to allow it to spend 0.25 NEAR from your wallet. These funds will be used to pay gas fees when you use Spin. This is a classic requirement from most dApps on NEAR Protocol.
To trade on Spin, you first need to deposit money into the spot trading smart contract.
- 1.Connect your wallet to Spin.
- 2.Press Deposit in the top right corner.
- 3.Choose the currency and set the amount of crypto to deposit.
- 4.After the deposit is completed, you will see the deposited tokens on your Spin account balance. You're ready to trade!
Trading on Spin
The process of trading on Spin is similar to the process of trading on a centralized exchange, so if you have some experience with CEX trading, the flow will be super easy to navigate.
- 1.Select the trading pair you want to trade. At the moment, only limit and market orders are available. Soon, we plan to start supporting other order types.
- 2.If you place a limit order, after filling in all the fields, click the Limit buy/sell button, and your order will be placed in the Spin order book. You will be able to see it in the “Orders” section.
- 3.After the order is settled, your Spin wallet balance will be updated, and you will be able to withdraw assets.
All transactions on the platform are carried out from an intermediary account, to which funds are sent when placing or executing an order. If there are not enough funds in the user's wallet to execute a transaction, Spin will request to transfer funds from your NEAR wallet to the balance.
In the future, the Spin team plans to implement an automatic transfer feature to enable one-click trading from a user's wallet.
If the order is executed or canceled, the funds will be placed in the intermediate wallet. To transfer cryptocurrency to your wallet, just click "Withdraw."
- 1.If you want to transfer cryptocurrency to your wallet, just click Withdraw. The button is placed in the upper right corner.
- 2.Chose the token and the amount to withdraw.
- 3.If you didn't have the withdrawn token on your NEAR wallet before, NEAR protocol will ask you to pay 0.00125 NEAR to create a sub-account for this token.
- 4.Press Withdraw and tokens will be transferred from the exchange account to your NEAR wallet.
If you prefer watching video guides, feel free to watch this tutorial made by a member of the Spin community ;)
If you faced some issues when trading on Spin or have some improvement suggestions, don’t hesitate to reach out on Discord. We thoroughly analyze all the feedbacks we receive to build the best DEX in Web3 that will outperform the expectations of our users.