A basic guide to trade in the internal Ripple exchange

[Trading]

Log in to your Ripple account. To be able to see trades on the order book and trade in the Ripple exchange you have to trust one of the current gateways (weexchange.co or bitstamp.net; better try this second one first). You don't need to give them big amounts of trust, 1 USD or even 0.1 USD is enough. To trust them, click at the advance tab on the top (is the 4th) and then in trust. Add the address of bitstamp (rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B), set the amount of trust and add it. In a few seconds you receive the ok answer.
Then, click the trade tab and indicate the bitstamp address rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B as the issuer. Now you can see on the order book tab the current orders. Happy trading

[moocowpong1]

You don't need to trust anybody to see the order book – that information is public, and you just need to know the issuer address. You only need to trust them to receive the IOU's they issue, which is more or less a prerequisite to trading them. (This is important, because trusting two gateways without setting any other options amounts to agreeing to serve as a free liquidity provider, which may not be your intention.)

For reference, WeExchange's issuer address is rpvfJ4mR6QQAeogpXEKnuyGBx8mYCSnYZi. (And if you're interested in the fuzzy line between user and gateway, you can set the issuer to rpH3zuMch2GrrYX724xGWwbMGwiQ5RbSAU to see the order book for molecular's BTC IOU's. Be sure you understand what you're doing if you buy any.)

[speeder]

I don't understood shit of this post.

CAn someone please explain what is being a liquidity provider or how it really work?

[deejay]

I have some more questions too, regarding trading:

1) Is it possible to fund your ripple account with bitcoins? If so, where can i find the bitcoin address?
2) How can i buy XRP's with bitcoins if i can't fund the ripple account with bitcoins?
3) I would like to see a clear example of what to fill in the boxes, with a real-life example.

It would be nice if a tutorial/manual was made with screenshots, maybe it already exists ...?

Ciao

[speeder]

I made a order, but it does not show on the orderbook, why?

[jking]

You don't need to trust anybody to see the order book – that information is public, and you just need to know the issuer address. You only need to trust them to receive the IOU's they issue, which is more or less a prerequisite to trading them. (This is important, because trusting two gateways without setting any other options amounts to agreeing to serve as a free liquidity provider, which may not be your intention.)

For reference, WeExchange's issuer address is rpvfJ4mR6QQAeogpXEKnuyGBx8mYCSnYZi. (And if you're interested in the fuzzy line between user and gateway, you can set the issuer to rpH3zuMch2GrrYX724xGWwbMGwiQ5RbSAU to see the order book for molecular's BTC IOU's. Be sure you understand what you're doing if you buy any.)

Taking a look at the order books for BTC/XRP. So if I want to buy a Bitstamp BTC I've got to pay 68,000 XRP. If I buy molecular's BTC I'm only paying 60,000 XRP. That's the market discount on a non-Bitstamp BTC IOU... for the moment. Not all IOUs are created equal, I guess.

[b!z]

I have some more questions too, regarding trading:

1) Is it possible to fund your ripple account with bitcoins? If so, where can i find the bitcoin address?
2) How can i buy XRP's with bitcoins if i can't fund the ripple account with bitcoins?
3) I would like to see a clear example of what to fill in the boxes, with a real-life example.

It would be nice if a tutorial/manual was made with screenshots, maybe it already exists ...?

Ciao

you can get XRP from the giveaways that ripple is doing

[cabin]

Your first trade has to be XRP for BTC since you probably don't have any BTC in your ripple account. For example right now you could enter on the Buy BTC tab:

Amount to Buy: 0.05 BTC
Price of each: 50,479.95 XRP
[Order value: 2523.99]


That order should fill right away and then you will see 0.05 BTC in your Ripple account. Your XRP balance will then be 2523.99 lower as well. Now you have a tiny bit of BTC to trade. Like you I don't know how to fund with BTC directly other than getting someone to send you BTC. The idea eventually is you use a gateway you trust to fund BTC directly. Looks like two are up: https://ripple.com/wiki/Gateway_List

After the trade you will automatically trust the exchange for the amount of the trade. For example I now trust Bitstamp.net (rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B) for 0.05 BTC.

The transaction browser appears only kind of work in Chrome, but this should be a trade: https://ripple.com/graph/?tx_id=C2A1004A293F474A314E77F4F9E5FB4A96F26DB7495EEAF017438C9A0F886EFD
Really I have to look up my address on that screen to see anything useful though: rPUZ2yrr94nXbamcoaZ9U9ABMo8VMXxRwt

[moocowpong1]

I have some more questions too, regarding trading:

1) Is it possible to fund your ripple account with bitcoins? If so, where can i find the bitcoin address?

You can move money into Ripple through gateways. Probably your best bet right now is to open an account at Bitstamp.net. You can deposit bitcoin to the account with the "Bitcoin" deposit method (which will give you a Bitcoin address to send to), then withdraw it as Bitstamp BTC IOU's in Ripple with the "Ripple" withdraw method. It was a little buggy the last time I tried it (it didn't recognize my Ripple address at first) but when it worked it was quick and easy.

[freeworm]

i don't understand why there's a barrier for beginners to using the full function. it's not user friendly for newbies

[Arvicco]

i don't understand why there's a barrier for beginners to using the full function. it's not user friendly for newbies

It is not user-friendly, but creates artificial demand for XRP that the founders intend to monetize down the road.

[wiggi]

Is someone able to get the order books to update, auto or manually, without
logging out and logging in again?

I enabled all java plugins in Firefox, then tried Chrome, but no way...

(missing *auto* update is an open issue in the git bugs forum)

[Arvicco]

Is someone able to get the order books to update, auto or manually, without
logging out and logging in again?

Not working yet, you need to log out to update the order books.

[JoelKatz]

CAn someone please explain what is being a liquidity provider or how it really work?

Say I have USD at Bitstamp but I need to pay someone who only accepts USD from WeExchange. A liquidity provider is someone who will accept USD from Bitstamp in exchange for USD from WeExchange. Using that liquidity provider, I can make my payment. If you tell Ripple that you equally value USD/Bitstamp and USD/WeExchange, whenever you hold one of them and are below your limit on the other, you act as a liquidity provider automatically and may find your balance shifting between issuers from time to time.

[wiggi]

Is someone able to get the order books to update, auto or manually, without
logging out and logging in again?

Not working yet, you need to log out to update the order books.

It's up and running, full auto. Yay...

[superduh]

time to go back and take digital currency 101..

[xilin]

CAn someone please explain what is being a liquidity provider or how it really work?

Say I have USD at Bitstamp but I need to pay someone who only accepts USD from WeExchange. A liquidity provider is someone who will accept USD from Bitstamp in exchange for USD from WeExchange. Using that liquidity provider, I can make my payment. If you tell Ripple that you equally value USD/Bitstamp and USD/WeExchange, whenever you hold one of them and are below your limit on the other, you act as a liquidity provider automatically and may find your balance shifting between issuers from time to time.

But how to tell ripple that? Because i want to transfer btc from weexchange to bitstamp

[paraipan]

...

It is not user-friendly, but creates artificial demand for XRP that the founders intend to monetize down the road.

Lol...

[jmerme01]

i don't understand why there's a barrier for beginners to using the full function. it's not user friendly for newbies

Agreed.  I would have thought making it user-friendly would be in their top priorities, but i guess not....

[tadakaluri]

How to withdraw BTC from ripple account?