So Banano is now listed on its first big exchange, on Mercatox! That is great news!
For those of you who are not that used to trading cryptocurrencies on exchanges yet, here’s a step-by-step walkthrough of how to buy or sell Banano on Mercatox.
In this example, we’ll send some BAN to Mercatox and trade there. You also can send BTC or NANO (here still called XRB) to Mercatox.
First of all go to https://mercatox.com/ and sign up if you have no account yet, otherwise log in.
Next, click on “E-Wallet” on the top left:
This will show your different wallets for some cryptocurrencies that are available on Mercatox, like this:
Now type “Banano” in the search box, then you will see you Banano wallet on Mercatox:
Click on “Deposit” and the window below will open. You also see that the minimum deposit is 1.0 BAN currently. Copy the address (starting with “ban_”):
Go to your Banano wallet and send some Banano to the Mercatox address you just copied. In the example below, we are sending 10000 BANANO from BananoVault to our Mercatox wallet:
Then you go back to Mercatox and wait for your deposit to arrive. This here took 1-2 minutes, but it might take longer in some cases. When it arrives, you will get notified like this:
When looking at your Banano wallet at Mercatox, you now can see your deposited Banano:
Next, click on “Trade” in the menu in the top left corner:
In the top right corner, search for “BAN” and you’ll see both the BAN/BTC and the BAN/XRB (NANO) trading pair with current prices. Click on “BAN/XRB if you like to trade BANANO for NANO.
You will see something like the below. Your orders, once set up, will show up on the top left. Then you can either “Buy BAN” or “Sell BAN”, which is kind of intuitive I guess. At the bottom you’ll see all current sell and buy orders that were created by others:
Let’s say we want to sell some Banano.
To see which prices are realistic, you can check the current buy orders. The best offer or “buy order” in the image above would buy up to 50000 Banano for 0.0006 XRB per 1 Banano, which would be a total of 30 XRB.
On the left side on the image above you see “sell orders”, where you can see for which price people are selling. The best offer currently there would sell 1000 Banano for 0.00098 XRB per Banano.
Now we can decide for which price we would like to offer our Banano, and create a “sell order”. Let’s say we want to match current prices we are still used to from our discord #bazaar, which were at a ratio of 1265 BANANO : 1 NANO when I wrote this article. To calculate the price in XRB per BANANO, you divide 1 by 1265 and get 0.00079051.
So let’s create a sell order and offer 1000 BAN for 0.00079051 XRB per BAN:
As you can see above this would give us 0.79051 XRB, and Mercatox would get a fee of 0.0019 XRB.
WARNING: Be careful when creating such orders, in the moment you click “sell” , the “sell offer” will be created and immediately executed if matched with current “buy offers”. So if you make a mistake and for example accidentally offer 1 million BANANO for 1 XRB, this will be quite a loss for you.
Our “sell order” above was then executed after a few minutes, but only partially:
The remaining order is then still open and waits for another buyer:
You can anytime cancel open orders shown at “my orders” by clicking x, which is what I then did.
Next, let’s buy some Banano (much better than selling anyway). Again, we need to check other people’s “sell orders”, and we see that the best sell order currently offers 0.00098 XRB per BAN.
You can just click on the top “sell order” if you like the price and it will auto-complete the values in the “BUY BAN” window. Let’s aim to buy 100 Banano for this price:
After clicking “buy”, this order was then immediately executed.
You can see all your executed trades at “Trade History”:
NOTE: These trades were for demonstration only. You should decide which price you like, and then have the patience to see if someone will pay the price. Take your time and start with low amounts to get used to this.
Once you have bought enough Banano, you should not leave everything on the exchange, but transfer it to YOUR personal wallet, where you have full control over your Banano.
To withdraw, go again to your Banano Wallet on Mercatox, and click “withdraw”. Then you’ll see the window below. The minimum amount to withdraw currently is 2 BAN, and the fee is 0.001 BAN. Be careful when entering your address (for example BananoVault or Kalium Wallet address) and hit submit to withdraw. It might take some minutes to hours until the withdraw is processed and arrives at your wallet. If it takes longer than a few hours contact Mercatox support.
That’s it, happy trading! Please comment below if there are open questions, and share this how-to with others that need help getting started! The direct link is http://mercatox.banano.how