The process of trading XRP for PRX (Parex) on platforms like Gatehub and Rippex is straightforward once you understand the necessary steps. This guide is designed for beginners, walking you through each stage clearly and concisely.
Before you can hold or trade PRX on either platform, you must first establish a trustline to the PRX issuer address: rPRXcb4T8r7VezKkgRbQBuzGrftsjgJcUu. This is a mandatory security feature of the XRP Ledger that allows you to transact with tokens issued by third parties.
Prerequisites for Trading
To begin, ensure you have the following:
- An account on either Gatehub or the Rippex desktop client.
- A funded XRP wallet with enough XRP to cover the trustline activation and transaction fees.
- The correct PRX issuer address to set up your trustline.
Setting Up a Trustline on Rippex
The Rippex desktop client provides direct access to XRP Ledger features. Here’s how to set up your trustline:
- Open the Rippex application and navigate to the 'Trust Lines' tab.
- Click the option to add a new trustline.
- In the dialog box, enter the PRX issuer address:
rPRXcb4T8r7VezKkgRbQBuzGrftsjgJcUu. - Specify PRX as the currency code.
- Confirm the action. Remember, your account must hold the minimum required XRP to perform this operation.
Setting Up a Trustline on Gatehub
Gatehub’s web wallet also allows for easy trustline management through its advanced interface.
- Log in to your Gatehub account and go to your wallet dashboard.
- Locate and click on the 'Advanced' tab to view advanced options.
- Find and select the 'Set Trust' button.
- You will be prompted to enter your account password for security verification.
- Input the PRX issuer address:
rPRXcb4T8r7VezKkgRbQBuzGrftsjgJcUu. - Enter PRX as the currency code and submit the transaction.
Once the trustline is established, your wallet can now hold PRX tokens and you are ready to start trading.
How to Execute Trades on Gatehub
With your trustline active, you can begin trading XRP for PRX on Gatehub’s exchange interface.
Understanding the Trading Interface
The trading screen presents several key pieces of information:
- Wallet Selection: Choose which of your wallets you want to use for the trade.
- Market Data: This area shows the last traded price, the 24-hour price change percentage, the 24-hour high and low prices, and the trading volume denominated in XRP.
- Order Book: The order book is split into two sides. The Bid side lists orders from users wanting to buy PRX with XRP. The Ask side lists orders from users wanting to sell PRX for XRP.
- Recent Trades: A list of the most recently executed trades.
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Placing a Limit Order
A limit order allows you to set the exact price at which you want to buy or sell.
- On the trade interface, ensure you are on the 'Limit' sub-tab.
- To sell XRP for PRX, you would enter the amount of XRP you wish to sell and your desired price (e.g., 1 XRP for 12,000 PRX). If your ask price is lower than the current lowest bid, your order will be filled immediately. If not, it will be placed on the order book until matched.
- To buy PRX with XRP, the process is reversed. You enter the amount of PRX you want to buy and the price you are willing to pay per PRX.
Using the Simple Buy Option
For a quick market purchase:
- Navigate to the 'Trade' tab and select the 'Simple' sub-tab.
- Select PRX from the currency dropdown menu.
- Enter the amount of PRX you wish to purchase.
- The interface will calculate the required XRP based on the best available market price. Confirm the trade to execute it immediately.
How to Execute Trades on Rippex
The Rippex client offers a similar trading experience for those who prefer a desktop application.
- Within the Rippex application, go to the 'Advanced' tab.
- Click 'Add Pair' to create a new trading pair.
- Enter XRP as the base currency.
- In the counter currency box, type PRX.
- In the 'Counter Gateway' box, input the PRX issuer address:
rPRXcb4T8r7VezKkgRbQBuzGrftsjgJcUu. - Click 'Add' to create the XRP/PRX trading pair.
You will now see the trading interface, complete with buy/sell boxes, an order book, and a recent trades list. The principles of reading the order book and placing limit orders are identical to those on Gatehub.
Frequently Asked Questions
What is a trustline and why do I need it?
A trustline is a required feature on the XRP Ledger that allows you to hold and transact with tokens issued by others. It acts as a two-way agreement, enhancing network security. You must set one for each unique issuer and currency code you wish to interact with.
Can I lose XRP by setting a trustline?
Setting a trustline requires a small transaction fee, a fraction of an XRP. There is no direct risk of losing your funds simply by creating a trustline. However, always ensure you are connecting to the correct issuer address to avoid fraudulent tokens.
What is the difference between a market order and a limit order?
A market order executes immediately at the best available current market price. A limit order allows you to set a specific price for your trade; it will only execute if the market reaches your price, which may not happen immediately.
My limit order hasn't been filled. What should I do?
If your limit order isn't filled, the market price has not reached your specified level. You can either wait patiently, cancel and modify your order to a more competitive price, or switch to a market order for immediate execution.
Is it safe to trade on these platforms?
Both Gatehub and Rippex are established platforms within the XRP community. Safety ultimately depends on your own practices: use strong passwords, enable two-factor authentication (2FA), double-check all addresses before transacting, and never share your secret key.
What happens if I enter the wrong issuer address?
Entering an incorrect issuer address could result in creating a trustline to a worthless or fraudulent asset, potentially leading to loss of funds. Always verify the official issuer address from a trusted source before proceeding.