Thanks for downloading NebliDex, a next generation decentralized exchange that is easy to use, reliable and allows you to trade cryptocurrency without
any account registration or withdrawal limits. This exchange is different, as you hold the keys to your wallet at all times and set how much you want
to trade. All your data will be stored on your phone and it is created after your first startup. This is an Android specific how to guide. You must have at least Android Jelly Bean 4.2
on your device prior to use as this is the minimum version.
On NebliDex, your account.dat file (that holds all your keys) can be encrypted but remember, wallet encryption is only as strong as the phone you are running it on and can give a false sense of security as anyone who has access to your phone can also put malicious software on it that can track your key strokes thus making the wallet encryption itself useless. If you plan to trade large amounts of cryptocurrency on NebliDex, secure your computer with malware protection and encrypt your hard drive with a strong password. Please backup your wallet on first run. You will not be able to run a Critical Node from the Android version.
Your first trade
- Click on the NebliDex application, it will open up a dialog and begin to create the databases and find the electrum servers based on known DNS seeds.
- It will prompt you to enter a password if you chose to have one. Remember there is no password recovery so make sure to make it memorable.
- It will then prompt you to enter the DNS seed to use to search for critical nodes, use the default and press connect.
- It will then find critical nodes and connect to a random one, after which it will load the charts and open orders for NEBL/BTC market.
- If your connection was successful, the market page will open. Welcome to NebliDex! Open orders will be listed below the chart. Sell orders on the right and Buy orders on the left. Your wallet is on the Wallet page. If you aren't fully connected, you will be directed to the Settings page and it will show in your status. In that case, either wait until it fully connects or restart the program.
- Before you can participate in any trades, you must load your wallet so deposit coins into your wallet and wait for them to confirm into it.
- You will need NDEX to participate in most trade as that is the currency used to pay critical nodes to help facilitate the trade. Go to the market page drop down and select any NDEX based market to purchase NDEX. You can either create a Buy order on the market or match a Sell order to get NDEX. The seller of NDEX pays all the NDEX fee so you don't have to worry about that.
- To match orders, just double tap on the order that you would like to match and enter the desired amount.
- Once you've matched a trade, it will be listed as processing on your Orders Page then it will switch over to your My Trade History Tab as PENDING. This means the trade has started and will continue until it is completely settled for both parties. At this point, it is irreversible. Depending on the blockchain used, it can take anywhere from 1 minute to 60 minutes to completely settle. Keep NebliDex open during this time to speed up settlement otherwise you may lose the trade fund if you close the client prematurely. You cannot trade the coins/tokens during this time that were involved in the trade.
- Once the trade is complete, the pending trade will get a timestamp and your wallet will be available to you once again for you to continue trading.
- NebliDex has a feature that will prevent your phone from sleeping when you have an open order on the market, so keep this in mind if you are running solely from battery power.
- You may notice different statuses appear on your Wallet page. Available means ready to trade. Incoming is similar to Available but means there are funds incoming. Waiting means you must wait for transaction confirmations before you can move your funds again for trading or withdrawal.
NebliDex is a manual order matching system of traders who can be either Makers or Takers
. A maker is a person who creates a standing order on the market that he or she would like to fill. It can either be a Buy order or Sell limit order. Makers create the market and set the price for trade tokens and coins. An order is only available as long as the maker has NebliDex open.
Once the maker goes offline, the orders will close automatically. NebliDex can be ran in the background for those who have long standing orders. Remember to close
your open orders if you plan to close the program as it will make sure that you do not leave in the middle of a trade.
Takers, on the other hand, look for open orders and match them based on their own needs. For the taker, the process is simpler as there is no requirement to stay online because once the order is matched, a trade is created. Just double click the open order and select your amount desired to match. Also, as this a new platform, it is advised to trade with small amounts; however there are no trade limits implemented.
NebliDex Fee Structure
NebliDex employs dynamic fee calculating to make sure that trades are processed as fast as possible (within 1 confirmation on blockchain). Because of that, fees are recalculated every 30 seconds for the participating blockchains and are shown in your status bar at the bottom of the application. The fees are shown per kilobyte of data, whereas a typical transaction is usually between 200-400 bytes long. Every trader must pay the blockchain fee, this applies to both the maker and the taker. The traders will need to pay 2x
the expected blockchain fee due his / her funds being temporarily stored in an atomic swaps contract.
In addition to blockchain fees, a NDEX fee must be paid to the validating node that is facilitating the trade. A trade is created each time a taker requests all or part of the maker's order. The NDEX fee is also shown under Trade Fees and is updated every 15 minutes. The NDEX fee is based on the average price of NDEX/NEBL pair from the last 270 minutes. This fee is split between the maker and the taker evenly. If a person is selling NDEX to someone else, that person will pay the entire NDEX fee; however, the buyer will receive the requested amount minus his/her predicted fee thus simulating an equal split of fees. If a buyer is trading for non-Neblio based coins, he or she will receive NEBL (NEBL blockchain fee x 12)
from the seller to pay for gas fees for future trades. This is done because all NTP1 based tokens require a little bit of NEBL to move them around.
Setting up a Critical Node
The mobile client is a lightweight version of NebliDex so it requires low energy usage. Critical node functionality is therefore not available on the mobile client. To become a critical node, you must download and operate a desktop client.
Reporting An Issue
If you notice anything strange about how NebliDex is performing, please report the bug
and we will try to address it promptly. Vulnerability disclosures must go there also.
If a trade fails to complete, it will be canceled after 3-4 hours. No funds will be moved and the traders will be able to trade again. Trades may occasionally fail due to power failures, loss of network connectivity or unexpected behavior from clients. This should be infrequent.
THIS SOFTWARE IS PROVIDED "AS IS" AND ANY EXPRESSED OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE ARE DISCLAIMED. IN NO EVENT SHALL THE REGENTS OR CONTRIBUTORS BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATA, OR PROFITS; OR BUSINESS INTERRUPTION) HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THIS SOFTWARE, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. NEBLIDEX IS DECENTRALIZED, MEANING THERE IS NO ONE LOCATION FOR STORAGE OF FUNDS, THEREFORE THE DEVELOPMENT TEAM CANNOT REFUND OR RESTORE FUNDS FROM BAD TRADES, PLATFORM ERRORS OR USER ERRORS.