With the new Buy TIP-3 exchange, exchanging currencies from the Free TON ecosystem has become easier. Why the idea of creating an exchange arose and how it works, we’ll figure it out today.
What is Unique About the Buy TIP-3 Exchange
Buy TIP-3 is a P2P exchange Telegram bot that allows you to buy and sell all tokens on the Free TON ecosystem.
Buy TIP-3 is currently the only P2P exchange that works only within the Free TON ecosystem. It allows you to buy and sell TIP-3 tokens for fiat currency, which means all Free TON tokens except the native TON Crystal token.
For comparison, the well-known Chatex exchange makes it possible to exchange only TON Crystal, TIP-3 tokens in it are not available for sale.
Why Does Free TON Need a New Exchange?
During the presentation and AMA session, the creators and masterminds of Buy TIP-3 shared the story of its creation.
Dmitry was the first one who voiced in the Free TON community the need to create the exchange and then took part in the development of its concept and testing.
At the presentation, Dmitry spoke about his own experience of exchanging currencies involving TIP-3 tokens. Immediately after the launch of the Free TON farming program, Dmitry wanted to join it, because the yield of TONSwap appeared attractive.
It turned out that getting into farming is a problem if the savings are not in cryptocurrency but dollars on a bank card.
During the presentation, Dmitry shared the scheme that a fiat currency owner like himself must go through before receiving LP tokens:
- A buyer who has dollars or other fiat currency stored on a bank card must create an account on a cryptocurrency exchange and create an order to buy cryptocurrency. For example, to farm on TONSwap with UNI tokens, you need to buy USDT.
- After that, deposit tokens from the crypto exchange to the Metamask USDT wallet, having previously created an account.
- Then transfer it using Tonbridge.io and send it to TON Swap.
The most important thing is that the fee for all transactions will be at least $100 for any amount.
Dmitry abandoned such a sophisticated obtaining token algorithm and bought them directly from a person he trusted. Although it was a risky exchange method.
After that, Dmitry suggested in the tonbridge chat an idea to create a TIP-3 exchange. There he found like-minded people who suggested creating a special channel for exchanging ideas. Later, people from the BuyForTON team joined the channel and became the developers of the new exchange.
The result was the Buy TIP-3 bot, which after extensive checks and testing, recently became available to all users.
How to Use the Buy TIP-3 Exchange
The Buy TIP-3 exchange is a Telegram bot, similar to the well-known Chatex exchange.
You can find the exchange by typing @buyTIP3_bot in the Telegram messenger search field or by following the link. Next, tap Start and you will be in the bot menu.
When this article was written, the “My ads” section was not working. The developers promise to implement its functionality soon.
How to sell TIP-3 using the BuyTIP3 bot
1. Tap the “Sell” icon in the bot menu
2. In the TIP-3 tokens list, select the one you want to sell. The list of TIP-3 tokens in the bot will be constantly updated, considering the DeFi Alliance projects. Currently, the bot lists the same tokens that are available for exchange on the TON Swap exchange
3. Select the currency you are selling for: USD, RUB, EUR, BYN, UAH, TRC-20
4. Specify the payment system: one of the listed banks or a different bank, or a transfer to a phone number
5. Specify all the required information to make the transfer: account number, card number, phone number, etc.
6. Enter the price for 1 token
7. Specify the amount of tokens to sell as a “min-max” range, for example, 0-100 — which means that you are ready to sell up to 100 TIP-3 to one buyer. If you want to put a fixed amount for sale, such as 50, then you must write it as follows: “50-50”. Take into account the fee of 2 TON, which will be added to the transfer amount
8. Check the finished ad and tap Publish to submit it
9. The ad is published!
To sell on a request, you need to:
1. Tap “Make a Transaction” under the Request message.
2. Send TIP-3 tokens using Crystal Wallet Google Chrome browser extension according to the appeared message. Information to fill in for the transfer:
- Assets — type of TIP-3
- Amount — the amount of tokens to send, taking into account the bot fee
- Recipient address — bot wallet address, where your tokens will be transferred. The bot acts as an intermediary and independently sends tokens to the buyer
- Comment — required field
3. Switch to the bot and tap “Confirm Transaction”
4. Specify the hash, or ID, of the transaction. Bot shows how to find hash in a short video clip attached to the request
5. Wait for funds transfer from the buyer and confirm it in the bot.
What To Do If the Money From the Buyer Did Not Come
If the seller is facing a situation where he sent tokens and no payment from the buyer has come in return, the arbitration procedure comes into play.
To do this, contact bot support by tapping on the icon in the main menu. In the message you need to specify:
- transaction id — 4 digits that are in the message from the bot after the seller sent the transaction hash of the transfer
- proof that funds from the buyer have not been transferred to the account. For example, a bank card statement.
After that, the support service deals with the situation. If the seller has filled out everything correctly in the request, the tokens will be sent back to him within 24 hours.
How to buy TIP-3 using BuyTIP-3
To buy TIP-3 tokens, you need to:
1. Tap the “Buy” icon in the bot menu
2. In the TIP-3 tokens list, select the one you want to buy by tapping it. Note the numbers in brackets next to the tokens: they show the number of ads for this TIP-3. If it is “0”, then that token is not currently available for sale.
3. Select the currency you want to use to make a transaction: USD, RUB, EUR, BYN, UAH, TRC-20. The number in brackets shows the number of available ads with the specified currency.
4. Select a payment system from the available
5. Check the ad, and pay attention to the amount of TIP-3 and the sale rate
6. Tap “Buy” to make a transaction and specify the amount of TIP-3 tokens you want to buy
7. Read the total price of the transaction and tap “Confirm”
8. Wait a while, you will receive a message that the seller has transferred the tokens to the address of the bot
9. After confirming the TIP-3 token transfer to the bot, make a payment according to the specified details to the account of the seller or a phone number. Attach a screenshot of the payment in a message to the bot
10. After receiving a message that the seller has received payment, send the Crystal Wallet address where you want to receive the TIP-3. To do this, tap “Send Wallet”.
11. Wait until you receive TIP-3 tokens to your wallet account. After successfully sending tokens, the bot will send a message with a link to tonscan.io, by opening it you can make sure your wallet account is topped up. Or you can use Crystal Wallet and check the balance.
BuyTIP-3 Advantages and Development Plans
The developers of BuyTIP-3 bot emphasize the main advantages of their app compared to Chatex:
- Instant exchange without registration
- The ability to create a TIP-3 ad and simultaneously use your tokens in farming and staking until the moment of sale
- Anonymity of ads
- Various payment options: by card, phone number, using Qiwi, etc.
- Minimum fees
In the near future, you can expect in BuyTIP-3:
- A unique bonus system for the most active users — NFT tokens from its new collection as a gift
- Availability of the “My ads” button
- The appearance of TON Crystal on the token list
- Simplification of the token sale procedure. First of all, the wallet developers promise to remove the required sending of the transaction Hash-number
- Implementation of the English interface. So far the bot only works in Russian
- Implementation of a seller rating system, which will allow buying only from reliable bot users
The launch of the new BuyTIP-3 application will make Free TON tokens available to everyone. As a result, it will become easier to join the TONSwap exchange, which will bring new members and users to the community in the future.