DISCLAIMER /  NOTICE

This post does not constitute financial or investment advice and is for educational and information purposes only.

If you are unsure of how something works you should always first use a small amount of cryptocurrency  (that you wouldn't be too upset if you lost) before attempting to use large amounts.  I am not liable for any losses you may incur whilst following this guide.

If you are unsure of anything in this guide, please ask a question in the comments at the bottom of the page.  If you have suggestions for improvements, then please do the same.

Sections

What This Guide Covers

If you have read our guide on selling NOTES a lot of this will seem familiar to you.

As of writing there are a handful of decentralised exchanges that you can trade NOTES on.  This guide will show you how to buy NOTES using one of these called ForkDelta, the reason I have chosen ForkDelta is that currently it has the largest number of NOTES transactions and therefore liquidity.

With ForkDelta you need to connect a wallet; you can use your own private wallet, you can use a MetaMask wallet or you can use a hardware wallet (Ledger Nano S).  I believe MetaMask is the most beginner friendly option so this guide will use that method.

At first look this may seem a long and complicated process however once you know what you are doing you will find it is actually quite quick and simple.

Set Up MetaMask

Install Google's Chrome browser if you don’t already have it (you can use Firefox with MetaMask but some sites ask for additional features only present in Chrome).  https://www.google.com/chrome/

Then install the MetaMask Chrome extension: https://metamask.io/

You will be asked if you want to try the new version, click No and then click through the terms & conditions pages.  The new version is a beta version so I have not used it for this guide.

MetaMask new version notification.

Choose a secure password.  Then make sure to write down the 12 words given to you and store them somewhere very safe.  THIS IS VERY IMPORTANT.  You will be able to use these words in combination with your password to restore your wallet if you need to change machines or switch browsers.  If you lose them then you will lose access to your wallet along with everything you have stored in it at the time.  You have been warned!

MetaMask setup screens.

Get Yourself Some Ethereum (ETH)

Next you will need to acquire some ETH and transfer it to your new MetaMask wallet.  Bear in mind that you won't be able to spend the full amount of ETH that you have available as you will need to keep a small amount in your wallet to fund transaction fees.  When making transactions on the Ethereum blockchain you need to pay a small transaction fee, this is called Gas, I’ll speak more about this a little later but essentially once a transaction is submitted, everyone is waiting in a queue to have their transaction processed.  Whoever pays the most for their Gas is allowed to jump to the front of the queue, gets their fuel the quickest and reaches their destination first.

For beginner crypto buyers I would recommend Coinbase, they operate in a lot of countries and have an easy to use interface: https://www.coinbase.com/join/597773bdfc7ed501fc81eca8.  For UK buyers you can transfer £’s directly from your bank account via Faster Payments and they’ll be available to spend within a couple of hours.  In the past I have transferred €'s into Coinbase using SEPA which is also relatively quick.

Disclaimer: the above link is my personal referral link, if you signed up using it and purchased more than $100 of cryptocurrency I would receive a small referral fee.  It does not influence my suggestion to use them, the interface is beginner friendly and it's how I buy my own Ethereum.

Acquiring ETH is outside the scope of this guide so please research this yourself or ask for additional help in the comments.  Come back to this guide once you have purchased some ETH.

Ok, so you’ve now bought some ETH and will need to transfer this into your MetaMask wallet, wherever you have bought your ETH from will have some kind of withdrawal or send functionality. Follow their instructions for using this, ensuring to use the address from MetaMask as the address you wish to send to.  You can access it by clicking the … in MetaMask next to your account name and choosing to ‘Copy Address to Clipboard’.

MetaMask 'Copy Address to Clipboard' option.

Double and triple check all of the details before withdrawing as if you have made a mistake and sent to the wrong address then your ETH will be gone forever.

Your transaction will take a little while to appear in your MetaMask wallet, if you want to track its progress you should be able to see a pending transaction for the wallet when clicking the ‘View account on Etherscan’ option.

MetaMask 'View Account on Etherscan' option.

Once you have some ETH in your MetaMask wallet you can move on.

MetaMask wallet with small amount of Eth.

ForkDelta Setup

You’re now ready to head to ForkDelta, the following link will load the page you need: https://forkdelta.app/#!/trade/0x5e6364d4534f780ae053b93b45c8b8840e683eb7-ETH

The long string of characters and numbers is the contract address for NOTES which you can confirm for yourself here if you wish to: https://ethplorer.io/address/0x5e6364d4534f780ae053b93b45c8b8840e683eb7

When you first load the page MetaMask should pop up a message like this:

MetaMask share wallet information popup.

Click Approve.  If you do not get this pop up, click the dropdown at the top right of the screen and select your MetaMask wallet, you should then receive the popup.

Once you have approved ForkDelta's access you should have your balance of ETH listed in the wallet column within the ‘Balance’ section at the top left of the screen.

ForkDelta website.

Deposit ETH into ForkDelta

It's now time to deposit your ETH into ForkDelta. First, check on the top right under smart contract if 'THE CURRENT SMART CONTRACT' is selected, and not one of the older addresses. In the top left ‘Balance’ section enter how many ETH you want to deposit in the bottom ‘Amount’ box and click ‘Deposit’.  MetaMask will pop up asking you to accept or reject the transaction, before doing this load up the following link in a new window/tab:  https://ethgasstation.info/.

ETH Gas Station website.

On the right hand side will be a ‘Recommended Gas Prices’ section.  Make a note of the ‘Standard (<5m)’ figure and then go back to your ForkDelta tab.  MetaMask will probably have closed its popup but the little fox symbol top right of your toolbar will have a notification symbol on it, click it and the confirmation screen will re-open for you.  In the Gwei box enter the figure you just noted down from Eth Gas Station.

This should mean that your transaction processes within 5-10 mins, entering a lower number could mean your transaction takes many hours to process or even never processes! If you want to be sure the transaction goes smoothly, add 1-2 to the Gwei price lsited on Eth Gas Station. Sometimes the Ethereum network gets crowded quickly, and Gas-price will rise sharply in the matter of a few secs.

ForkDelta Screen Layout

While you are waiting for your ETH to be deposited, we will look at the rest of the interface.  Next to the balance section we have the ‘Order Book’.  The rows in red at the top are NOTES that people are trying to sell.  The first column is the price they are trying to sell them for, so in this example the lowest price on offer is 0.0000249 ETH per NOTE.  The second column is how many NOTES they have available for sale and the third column is the total amount of ETH it would cost if you bought all the NOTES on offer.  In this case they are trying to sell 3,891 NOTES and it would cost 0.097 ETH to buy all of them.

ForkDelta Order Book section.

The numbers in green at the bottom are people who wish to buy NOTES.  The first column is the price someone wants to pay, the second is the maximum number of NOTES they want to buy at this price and the third column is how much ETH you would receive if you sold the maximum possible NOTES to them.  In this example the best price on offer is 0.0000249 ETH per NOTE, they want to buy a maximum of 15,000 NOTES and you would receive 0.373 ETH if you sold them the full 15,000.

If you are familiar with stock or other crypto-currency exchanges it may seem odd to you that the best sale price = the best buy price.  In a traditional exchange buyers and sellers are automatically matched so in this example the 3,891 NOTES for sale at 0.0000249 would have been automatically sold to the person wanting to buy NOTES at that price.  On ForkDelta no matching takes place.

In the middle at the top we have the ‘Price Chart’ section which can be toggled between a ‘Price’ and ‘Depth’ chart.  At this stage, whilst NOTES do not have a great deal of volume this section is not really of much use.

In the middle at the bottom is the ‘My Transactions’ section, this has 4 tabs; an ‘Important’ tab which has some information, a ‘Trades’ tab which shows completed buys or sells that you have made, an ‘Orders’ tab which contains any open buy or sell orders you have sitting in the Order Book and a ‘Funds’ section which shows any completed deposits or withdrawals into ForkDelta.

On the right-hand side, we have the ‘Trades’ section, this is a chronological list of the Trades that have completed with the most recent trades being at the top of the list.  The left-hand column is the price they sold for, the middle column is how many NOTES were traded and the last column is how much ETH the transaction was worth.  In this section the red items are sales (someone has clicked on a green order at the bottom of the Order Book and sold their NOTES) and the green items are buys (someone has bought one of the red sell orders at the top of the Order Book).

ForkDelta Trades section.

Below this is a Tweets section which you can ignore or read if you are interested.  Likewise, bottom left we have a ‘Volume’ section which you can again ignore for what we are doing.

Buying NOTES on ForkDelta

Ok so we have bought some ETH and deposited it into ForkDelta, we can now begin to buy some NOTES!

First of all have a think about how much you want to pay for your NOTES.  I have created a very simple spreadsheet to help you calculate this price which you can download here: https://1drv.ms/x/s!AoF4OIZhS-hktvI8xGEAaTCHugl4bw

You then have 2 options:

1.       I know the price I want to buy for and it's less than anyone is currently offering to sell for

2.       I want to buy them straight away for the best price possible / someone is offering to sell at a price I’m happy with

Option 1.

If you have a price in mind you want to buy your NOTES for and it is lower than the best price someone is offering to sell at then you will need to go to the ‘New Order’ section below the ‘Order Book’.  This section has a ‘Buy’ and ‘Sell’ tab, click into the ‘Buy’ tab which will have a grern ‘Buy’ button at the bottom.

MetaMask new 'Buy' order.

The first box is the amount of NOTES you want to buy, enter that now.  The next box is how many ETH you want to pay for each NOTE.  Be very careful entering this number as a decimal place too many will mean that nobody is likely to sell you their NOTES and a decimal place too few could mean your order is snapped up very quickly for a price much higher than you wanted to pay.

Once the number of NOTES and price are entered, the amount of ETH you will pay if someone buys the whole of your order will calculate automatically.  The final ‘Expires’ box is how long you want your order to stay live in the order book before expiring.  The number represents how many Ethereum blocks will be processed before your order expires, to keep this guide as simple as possible I’ll let you research what that means yourself (if you want to).  What you do need to know is that each block takes about 15 seconds to process so for a rough guide:

Rough timings for a certain number of blocks to expire.

MetaMask will pop up asking you to confirm the transaction, click the ‘Sign’ button.  A message will appear at the bottom right of the ForkDelta window saying that you have added a transaction to the Order book and if you check the ‘Order Book’ section your order should be there, highlighted in bluey/green.

Sign with MetaMask to add a 'Buy' order to the ForkDelta order book.

Now you must wait to see if someone wants to sell you their NOTES for the price you are offering to buy them for.  If they do, you will notice your NOTES balance within ForkDelta increase and your ETH balance decrease.  The transaction will also appear within the ‘Orders’ tab of ‘My Transactions’ and in the main ‘Trades’ section.

Option 2:

If somebody is offering to sell NOTES at a price you are happy with already (red items in the order book) then the process is a little quicker and simpler.  Click on the price you are happy with and you will get a popup asking you to confirm the details, if you do not want to buy the full amount of NOTES they want to sell then you can update the ‘Amount to buy (NOTES)’ field with the amount you want to purchase.  You cannot buy more than they are offering to sell though!

ForkDelta confirm 'Buy' details.

Clicking buy will open you up a MetaMask confirmation window, as before open https://ethgasstation.info/ in a new window/tab and on the right hand side will be a ‘Recommended Gas Prices’ section.  Make a note of the ‘Standard (<5m)’ figure and then go back to your ForkDelta tab.  MetaMask will probably have closed but the little fox symbol top right on your toolbar will have a notification on it, click it and the confirmation screen will come back into focus.  In the Gwei box enter the figure you just noted down from EthGasStation.

This should mean that your transaction processes within 5-10 mins, entering a lower number could mean your transaction takes many hours to process or even never processes! If you want to be sure the transaction goes smoothly, add 1-2 to the Gwei price lsited on Eth Gas Station. Sometimes the Ethereum network gets crowded quickly, and Gas-price will rise sharply in the matter of a few secs.

MetaMask confirm transaction.

You will receive a confirmation message from ForkDelta with a link that you can use to monitor the progress of your transaction.  Click this link so you have it in another tab for reference.

ForkDelta transaction confirmation.

It is now a case of waiting for your transaction to process, if you entered a reasonable gas price then it should take 5-10 mins but it can take longer so be prepared to wait a little while.

Once the transaction is processed you will notice your NOTES balance on ForkDelta increase, your ETH balance decrease and within the ‘Trades’ tab of ‘My Transactions’ the transaction will be listed.

Withdrawing NOTES from ForkDelta to MetaMask

Unless you are planning to actively trade NOTES then it is not a good idea to leave them in ForkDelta.  It is far safer to withdraw them to your MetaMask wallet, an offline wallet or deposit them back into your Choon account.

To withdraw NOTES from ForkDelta back to your MetaMask wallet click into the ‘Withdraw’ tab in the ‘Balance’ section.

Enter the amount of NOTES you want to withdraw in the top ‘Amount’ box and then click the blue ‘Withdraw’ button next to it.  MetaMask will pop up an alert asking you to confirm the transaction and then as before go to https://ethgasstation.info/ in a new window/tab and on the right hand side will be a ‘Recommended Gas Prices’ section.  Make a note of the ‘Standard (<5m)’ figure and then go back to your ForkDelta tab.  MetaMask will probably have closed but the little fox symbol top right on your toolbar will have a notification on it, click it to bring the confirmation screen back into focus.  In the Gwei box enter the figure you just noted down from EthGasStation.

This should mean that your transaction processes within 5-10 mins, entering a lower number could mean your transaction takes many hours to process or even never processes! If you want to be sure the transaction goes smoothly, add 1-2 to the Gwei price lsited on Eth Gas Station. Sometimes the Ethereum network gets crowded quickly, and Gas-price will rise sharply in the matter of a few secs.

ForkDelta withdrawal panel.

You will receive a confirmation message from ForkDelta with a link that you can use to monitor the progress of your transaction.  Click this link so you have it in another tab to monitor progress.

ForkDelta transaction confirmation.

Once the transaction finishes processing, refreshing your MetaMask balance will show you now have more NOTES in your wallet within the 'Tokens' tab.

If you wanted to deposit these NOTES back into your Choon account then please follow the following instructions:

How to deposit NOTES into Choon.

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