How to Use Switcheo Exchange

Obtaining NRVE is a multi-step process as you cannot buy NRVE directly. To use Switcheo,  you will need to own NEO to exchange for NRVE. NEO can be exchanged for at other exchange sites such as HitBTC, KuCoin, and Binance. Or you can buy NEO directly from Switcheo in their Fiat Gateway.  

In decentralized exchanges, your cryptocurrency is not “stored” centrally on the exchange. Instead, it is basically wallet to wallet exchange and transfer. Switcheo uses the NEO blockchain smart contract to make these exchanges and transfers.

NRVE is a token on the NEO blockchain. If you are using a NEONWallet (see this post for a guide to set up), we suggest that you set up a “secondary” NEONWallet for decentralized exchanges such as Switcheo. 

Trading NEO for NRVE on Switcheo

Go directly to https://switcheo.exchange/markets/NRVE_NEO

Switcheo NEONRVE ExachangeThen in the top far right corner, click on CONNECT WALLET at the Top

Switcheo Connect Wallet

 This is where you will provide access to your wallet. You will need to create an account or sign in first to Switcheo.

You have several options for providing that access. JSON File, Encrypted Key or Private Key. Note, that the Ledger option is if you have a hard Ledger Wallet (this guide does not include Ledger). Choose the option you prefer and provide the information that corresponds. 

You will now see the tokens or cryptocurrency that is in your wallet displayed in Switcheo.

Connect Wallet on Switcheo

(If you do not have NEO in your wallet, you can buy directly with a credit card by clicking on the Fiat Gateway on the left side menu of Your Wallet. Fiat Gateway Instructions).

If you have NEO and are ready to trade,  you will now need to “authorize” how much NEO you will be using on the Smart Contract to make the trade. To do this, click the Deposit in the Wallet Balance. Indicate how much you want to use for trading on the smart contract. Enter the number of NEO and click the Green arrow button.  You will now see it pushed on the Contract Balance side.

Switcheo Add Contract Dollars from Your Wallet to Trade on Switcheo

You will now see a Contract Balance below your wallet. This is the amount you can use for trading.  Close out of your wallet and you will be on the Exchange. Choose the NRVE/NEO pair on the top right.  

Screenshot 2019-06-06 10.45.38

You will see your contract amount below.  Choose the price you are willing to pay (review the most recent trades as well as the sellers’ prices). Enter the quantity, and when you are comfortable, click BUY NRVE.

A confirmation will appear on the screen. Click Proceed if correct.

Your transaction will now appear in the bottom middle. When the transaction is complete, you should now see the NRVE in the Contract Balance

Switcheo CONTRACT Balance

If you are done trading, go back to Your Wallet (see top right corner). If you have unused NEO or NRVE in the Contract Balances frame, click on Withdraw link for all of your tokens. This will move the tokens from the Contract Balance, back to the Wallet Balance. Note that NEO can only be put back in the NEON wallet in round numbers. NRVE can be put back at any fraction. 

In the left hand corner of Your Wallet, click on DISCONNECT ALL. This will now severe the link between your wallet and Switcheo.   Note: If you used  a Secondary Wallet made for trading  - you can always move to your primary wallet by sending directly between your wallets.

That’s it! Head over to Switcheo now.

If you are lucky enough to win a Niche auction, here is a FAQ on how to pay with your NRVE.

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