Binance just completed the new IEO Elrond’s Lottery Draw and will Open trading for ERD at 8:00 AM UTC (13:30 IST) on July 04, 2019.
Only 11.07% tickets won the lottery and hence a lot of the people are disappointed they cannot buy the Elrond (ERD) token at the IEO price.
Most of the traders will try to place orders and get some ERD when the trading opens. But it is going to be really tight to squeeze in and get the tokens at a decent price if the orders are placed manually and of course if the price pumps a little after listing. But you can place your bracket orders using Koinfox right now and it will execute within a second or two as soon as the trading begins.
The current IEO price for ERD token is 0.00001984 BNB. You can place your orders on Koinfox on any of the following ERD markets – ERD/BNB, ERD/BTC, ERD/USDT, ERD/PAX, ERD/USDC.
How to Place an ERD Bracket Order on Koinfox?
A bracket order is essentially where you put the Buying price, the selling target price and a stop loss. Koinfox allows you to place bracket orders on all of Binance trading pairs but here let us just focus on ERD.
If you haven't joined Koinfox yet, join here. You will receive 5000 KFT credits by joining the exclusive Coin Crunch Link. KFT credits are used to pay Koinfox trading fees.
After creating the account, you will have two options – simulator or live trading. Simulator is a testing environment, to place orders on Binance you will have to use the Live environment.
Follow the instructions and set up the account and link your mobile phone with your account. Remember you will have to add your Binance API keys to Koinfox app to start trading on Binance using Koinfox.
Placing ERD orders
Choose the market you’d like to place the order in – BNB, USDS or BTC. Search for ERD and then click on create bracket. Enter all the order details like Buying price, Selling price, quantity, stop price, limit price.
You can see your potential gain, as well as loss if the stop loss price is hit. Setup the prices accordingly.
After placing the bracket order, you must approve it from your Koinfox mobile app. This is a security feature to avoid any misuse from one device.
Once the order is placed and approved, just sit and wait.
Koinfox provided the same service during Harmony token listing, Binance’s earlier IEO. Your orders will be placed as soon as trading goes live on Binance. If the prices fall immediately, you can minimise your losses with the stop loss.
Important Things to Remember:
We reached out to Koinfox for tips to avoid any issues during the trading, they sent us a list of common mistakes users make. So please ensure that you’re not making these mistakes while placing orders using Koinfox. These are the actions you need to complete.
- Place your orders on Live environment not Simulator.
- Make sure you have enough funds to fulfil the orders.
- Approve the bracket orders from Mobile app after placing them on Koinfox.
- Check and place orders with proper prices. The prices are quite low in terms of Sats and BNB, so enter the right decimal values.
- Binance’s order price range is +/- 30%, make sure your order prices are around the same range. For example, ERD token sale price is 0.00001984 BNB, so it is likely that users will not sell at a lesser price.
Will you be using the feature on Koinfox to trade ERD? Let us know in the comments below.
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