How to Trade Minds Tokens for Bitcoin and TrueUSD at MercuriEX
Due to popular demand on Minds, We've put together a tutorial on how to exchange Minds Tokens at mercuriex.com. Minds is growing and many on the platform are new to cryptocurrency. Below is a getting started FAQ and Tutorial.
What can you do with the Minds Tokens?
Previously, outside of using them on the Minds platform, nothing. MercuriEX has created a marketplace for Mind Tokens. You can now sell Minds Tokens in exchange for Bitcoin or TrueUSD.
Why would I want Bitcoin or TrueUSD?
In short, for monetization. Some Minds users have a surplus of Minds Tokens. They can sell their surplus Minds Tokens for Bitcoin or TrueUSD and turn that into cash.
Ok, I understand why Minds Users would want to sell, but who would anyone want to buy Minds Tokens on MercuriEX? Wouldn't they rather buy from Minds directly.
The price of Minds Tokens are pegged to the price of Ethereum. As the price of Ethereum rises or falls, so too does the price of Minds Tokens. Speculators place bids (buy orders) for MINDS at lower prices to later sell them at higher prices.
Furthermore, if people wanted to purchase MINDS, they could possibly do so at a discounted rate on MercuriEX, since theoretically, the current pegged MINDS-ETH rate is likely the ceiling for the exchange rate at MercuriEX.
One last question, I understand why people would trade MINDS for Bitcoin, but why TrueUSD?
TrueUSD is a stablecoin. It is pegged to the USD, and can be traded for other Cryptocurrencies.
First of all, it is a much easier reference to trade. Just think of the USD. If one MINDS = 0.08 TUSD, the value is equal to $0.08 cents.
Secondly, TrueUSD can be redeemed directly to USD and put into your bank account. MercuriEX users can apply for "fast-tracking" TrueUSD redeem/purchasing through the official TrueUSD app. They just have to pass KYC/AML.
Cool! Sounds great, now how do I get started?
The following is a 10 Step Tutorial, from deposit to trade, to help get started.
Step 1:
Login to your MercuriEX account at mercuriex.com
Step 2:
Navigate to your Wallet Page
Step 3:
Click "Deposit" in your MINDS Wallet
Step 4:
Click "Copy" to copy your MercuriEX MINDS Wallet Address
Step 5:
Open your METAMASK wallet, select MINDS and click SEND
Step 6:
Paste your MercuriEX MINDS address into "To" area.
Input Amount of MINDS to send (Must be greater than 2 MINDS).
For faster Transfers to MercuriEX "Increase the Gas Price" to $0.08-$0.010 by increasing the GWEI.
Step 7: Start Trading
Once MINDS arrives in your wallet. Click "Trade"
Step 8:
Toggle the Trading Pair and Select MINDS/BTC or MINDS/TUSD
Step 9: Place your order
BIDS represent BUY orders. ASKS represent SELL orders.
I will be placing a "LIMIT" order, which means I can set my own price. I will place a LIMIT SELL for my MINDS.
1. Input the amount of MINDS to SELL (I only have MINDS so I can only SELL MINDS for TUSD). I've chosen to SELL 1 MINDS
2. Input the Price at which you want to SELL. I've chosen to SELL at 0.09 TUSD ($0.09)
3. Make sure SELL is selected.
4. Click "Place ASK"
If you don't want to mess around with setting prices and just want to sell immediately. You can choose the "MARKET" order and the amount you want to sell. You will then sell that amount to current highest BID.
Step 10: Cancelling a Pending Order
Now my order has been placed in the ASK column for someone to buy.
If I want to cancel this order and place a different order I can go to the "ORDER" area at the bottom of the page and click "CANCEL"
Hopefully, this is enough of a guide to get started. If anyone has further questions don't hesitate to contact MercuriEX support using the chat feature at mercuriex.com, or here at Minds.
Happy MINDS trading at mercuriex.com!