How do newbies trade on imToken and its advantages and disadvantages?

Steps for newbies to trade on imToken: Create a wallet. Deposit cryptocurrency. Select an exchange. Select currency pair. Enter transaction information. Confirm transaction. Advantages: non-custodial, decentralized, integrated DEX, safe, easy to use. Disadvantages: Slippage, high transaction fees, limited liquidity, network congestion, security risks.

How to trade in imToken for newbies

Steps:

1. Create wallet: Download and install the imToken app to create or import an existing wallet.
2. Top-up: Transfer cryptocurrencies from an external address or exchange to your imToken wallet.
3. Select an exchange: imToken integrates multiple DEXs (decentralized exchanges), and you can choose the exchange you want to connect to.
4. Select currency pair: Select the currency pair you want to trade, for example ETH/USDT.
5. Enter transaction information: Specify the transaction type (limit order, market order), quantity and price.
6. Confirm transaction: Check the transaction information carefully to ensure it is accurate before confirming.

Pros:

• Non-custodial: Users have full control over the cryptocurrencies in their wallet.
• Decentralization: Transactions are conducted on the blockchain and are not controlled by centralized institutions.
• Integrated DEX: imToken integrates a variety of DEX to provide a wide range of trading options.
• Security: The app has built-in security features like two-factor authentication and fingerprint recognition.
• Ease of use: The user interface is friendly and easy to understand and use even for novices.

Disadvantages:

• Slippage: DEX trading may have slippage (between the actual execution price and the expected price differences), especially when the market is volatile.
• Trading Fees: DEX trading fees can be higher compared to centralized exchanges.
• Limited Liquidity: Some DEXs may have low liquidity, especially when trading niche tokens.
• Network Congestion: Network congestion can cause transaction delays or failures.
• Security Risks: Using DEX transactions involves certain security risks, such as phishing scams and hacker attacks.

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