My Experience Trading Minds Tokens (MINDS) on The MercuriEX Exchange
This is the first in a series of blogs about the various exchanges where you can trade Minds Tokens.
I am writing these because developing trusted exchanges where we can convert our tokens to Ether, Bitcoin, or whatever we want is crucial to the growth of Minds.
DISCLAIMER I: I HAVE NO CLUE HOW TO VERIFY THE AUTHENTICITY OF ANY EXCHANGE, I WILL HAVE TO RELY ON THE MINDS COMMUNITY TO DECIDE OVER TIME IF THIS EXCHANGE IS TRUST WORTHY OR NOT SO COMMENT BELOW WITH YOUR EXPERIENCES.
DISCLAIMER II: I RECENTLY WON 500 TOKENS IN THEIR MINDS GIVEAWAY. THEY DID NOT ASK ME TO WRITE THIS, IT IS SIMPLY A REVIEW OF MY EXPERIENCE SO FAR TRADING THE TOKENS THEY GAVE ME. I MOVED 350 OF THE POINTS TO MY ONCHAIN ADDRESS AND USED THE REMAINING 150 TO TRADE.
ONLY RISK WHAT YOU CAN AFFORD TO LOSE!
My intention is to make this review very understandable to the average person with no trading experience. Yet on the other hand, I've used dozens of online trading platforms over the years with all kinds of charting software. I understand Fibonacci patterns and how to couple them with MACD and Eloitt Waves to decide when to buy and sell. So it is with great excitement that I write my very first review of a crypto trading platform for trading Minds Tokens. (Minds)
This site is very clean and crisp for a trading platform. The interface at first appeared to be designed to trade Minds Tokens against Bitcoin but on further inspection I noticed that they also allow trading in (TUSD), a Dollar pegged currency. Secondly, this is NOT built on the Ethrium network, which therefore makes it a bridge to the Bitcoin world, and potentially to your bank account if you choose to establish that connection.
For the last few moths I have been trading on ForkDelta.App (review incoming) which is based on the Etherium network and therefore connects straight to your MetaMask account.
MercuriEX, on the other hand, is a stand alone exchange so you'll need to sign up for an account and then either transfer Minds Tokens (MINDS) to your address there or connect your MercuriEX account to your bank account and transfer actual money to them, as you would do to purchase any crypto. Like I said in my disclaimer, use caution as I can not verify anything about this site other than the fact that it seems to work so far for me.
My experience trading (TUSD) against (MINDS).
From the home page, find the tab across the middle of the page that has Bitcoin on the left and TUSD on the right, click TUSD and then select MINDS from the pop up window. I am using this as my first example because it is done in USD so it makes it a lot easier to understand. The current bid/ask looks like this at the time of publishing.
You still have to worry about Ether/Bitcoin doubling or losing half their values overnight because Minds is pegged to Ether. However, once Minds ends this practice then this exchange should be the absolute best way to value 1,000 views on Minds. That's why we need (MINDS) to be more closely pegged to a US Dollar instead of volatile cryptos... at least for now.
Understanding Bid and Ask and a Limit Order.
We've all seen auctions where people bid on an object, so just think of the bid like that. The ask, on the other hand, is simply the price where people are willing to sell. In a healthy market the bid prices and the asks are in a constant 24 hour war against each other to find the exact market price for an asset. Every commodity, stock, bond and currency in the world is priced this way.
Minds Tokens currently sit at a bid of 11.5 cents, and an ask of 14.5. Be a 'market maker' on these exchanges by simply closing that spread. Offer some of your tokens at 14 cents, then when they sell, make a bid to buy them back at 13 or 12 cents. Do that with 100 tokens and you just made one to two US Dollars. If enough of us do this it will get really exciting and the 'market makers' will make out like bandits once they figure out the game.
Market Orders
If you have no interest in trading, but you just want to sell some tokens or maybe even buy a bunch to promote your channel then you want to use a market order but beware, decimal points can be crucial in crypto trading so use extra caution to make sure everything is just right before you trade. There are no trade backs in cryptos.
Right now the exchanges to trade Minds Tokens are rather illiquid everywhere, which is why I write this. There is no reason why many dozens of Minds users can't make more tokens a day using this as a way to supplement their daily token flows. If you doubt me just picture all the people on the floor of the New York Stock Exchange or the Chicago Board of Trade and then imagine what it would look like if FB or Twerter ever made tokens a reality.
Why does a market exist?
It is very easy to purchase a lot of tokens for less than Minds is currently selling them. Free markets do that, you just have to understand them. Think of this as a black market for Minds Tokens (MINDS) where they will always trade for just less than what @Jack is selling them for based on his 'set in stone' ratio of 2,000 tokens for one ether.
In a perfect world a Minds token will be widely recognized as the default, go to value, for the price of 1,000 generic social media views. The @MericuriEX exchange, if proven trustworthy, could very well be the site that defines that price. One way or another the minds community will find the answer and I will be at the forefront of that journey. I expect to lose a lot of tokens, and gain a lot of tokens on this endeavor because no adventure worth it's weight ever comes easy. If you want to gamble then this is a potential place to take your shot. It will take a while but in good time I feel strongly that this exchange could be where we make our real fortunes here on minds.
Commissions
From what I have seen thus far I can not say the exact rate they charge but it seems to be built into a sell order, as apposed to a bid. It seems appropriate as a sell order for 100 tokens appeared as a sell for 99.75, or something in that range. Again, we need more clarity in comments or in a follow up blog.
UX
This referees to the User eXperience and I give it 5/5 stars on this point. They have done a fantastic job on this level as the entire experience is extremely enjoyable and visually pleasing. The ability to trade in US currency tokens makes it a lot easier to understand. And the design is also fantastic from the logo down to the color palates and button choices.
In summary, I would say to give it a feel but on a limited basis until we can fully understand the site and trust it completely. Once they build trust through verification by our founding members approvals then we can use it like an ATM, and I can't wait for that day.
Trading Minds Tokens against Bitcoin
The MercuriEX exchange probably has a deeper market for Bitcoins but I wanted to focus on the TUSD exchange because its so much easier to understand. Whichever market you choose to trade I wish you all the best. These exchanges are crucial to the growth of Minds and I look forward to promoting the ones we learn to trust the most.
Additional resources from MercuriEX:
How to Trade Minds Tokens for Bitcoin and TrueUSD at MercuriEX
Why did MercuriEX list TrueUSD instead of Tether?
