Buying DeFi stocks for Dummies

In this short guide, follow step-by-step how to buy synthetic stocks, from setting up your crypto wallet, to getting connected to DEUS Finance and trading your first stocks.

So you want to try your hand at trading some stocks but don’t know where to start? There are popular brokers like Robinhood but you’ve heard about their infamous trade-banning activities. What you’re looking for is a better solution, one where you’re in complete control of your assets, where you can skip the middleman and avoid the hassles and fees of a broker.

Synthetic stock trading on DeFi is a great alternative to trading stocks in the traditional manner. The obvious platform for DeFi stock trading is DEUS Finance.

DEUS is a platform where you can mint and trade any verifiable assets (called dAssets), that are pegged 1:1 to the real-world price. It is secure, transparent, requires no KYC documentation, and is fully decentralized. No more brokers! So, let’s get started trading some stocks on DEUS Finance.

Head to https://deus.finance/ and click on START TRADING.

Connect your Crypto Wallet

At the top-right of the screen, click on CONNECT WALLET.

If you don’t have a wallet installed already, you’ll need to get one.

DEUS supports multiple wallets. A common wallet is Metamask, so let’s choose that. You’ll need the Metamask extension for your browser if you don’t have it already. Go here and click Add to Chrome. 

After adding Metamask, you will be asked if you have a seed phrase to import an existing wallet, or if you would like to set up a new one.

Select Create a Wallet and then create a strong password. After creating your password, you will be shown your Secret Backup Phrase. It is advised to write your seed phrase down on a piece of paper and store it safely. Storing this phrase securely is critical. In the event that you lose access to your wallet, this phrase will allow you to import your funds to a new wallet. Read here for tips on how to secure your phrase.

Once you have completed this step, the wallet has been created.

Go back to https://deus.finance/ and click on CONNECT WALLET. Choose Metamask and a pop-up will request you to grant access to DEUS Finance. Click NEXT. Congrats, you’re connected!

Choosing your network

DEUS Finance is a chain-agnostic platform, meaning you can interact with DEUS via multiple blockchains, not just ETH. ETH can sometimes be quite costly to use due to high gas fees, so many users choose alternatives such as xDai or BSC. For simplicity’s sake, let’s use the ETH network. If you wanted to change the network in the future, simply hover over the Synthetics tab at the top and select whichever network you would like to use.

To buy stocks on the ETH network, we require DAI. Let’s get some.

How to buy DAI

Click on the SWAP tab at the top of the screen.

In the top box, input how much ETH you would like to swap for DAI. Then click on SWAP.

Your Metamask extension will then pop open, quoting you a gas fee in dollars. If you’re happy with the amount, click CONFIRM and wait for the transaction to go through. If the gas fees are too costly, or you would like to cancel the transaction, simply click REJECT.

Buying your first stock

Now that we have some DAI, let’s head back to the Synthetics tab. As before, hover your mouse over Synthetics at the top of the screen and select ETH from the dropdown tab.

Click on the bottom box, and type in TESLA to find the TSLA stock.

Click on TSLA. Now, in the top box, enter the amount of DAI you would like to swap for dTSLA, and choose whether you would like to go LONG or SHORT.

Once you have made your choice, click on APPROVE. The first time you execute a transaction on DAI, you will be requested to grant access to DEUS Finance to spend your DAI. Metamask will pop open and request you to confirm. Once confirmed, the APPROVE button will change to SYNC. Once you click SYNC, Metamask will again quote you a fee to execute the transaction.

You can swap your dTSLA stock back to DAI, by clicking the little swap arrow.

Congrats, you’ve just traded your first synthetic stocks on DEUS Finance. 

Decentralized finance is growing more popular by the day. Incidents such as the Robinhood GME scandal only cause traders to be warier of centralized exchanges and brokers. With platforms like DEUS Finance, traders now have a legitimate alternative, where no third-party trust is required and users are in full control of their decisions.

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Trade stocks on ETH, xDai, and BSC

Buy the protocol token, DEA here.

Get the DEUS Finance Mobile app here.

DEUS V2 coming soon, with a new Funding System, leverage trading, and much more.

Read about DEUS V2 here.

Source: https://www.cryptopolitan.com/buying-defi-stocks-for-dummies/