Buy and Sell
This document explains the process for acquiring and divesting tokens on the Play.claims platform, details the associated fee structure, and provides general trading guidance.
How to Buy a Token
Discover a Token: Browse the "Trending" or "New Coins" sections on the homepage to find tokens of interest.
Review Token Details: Click on a token to view its dedicated page, which includes information about the creator, a description of the project, and the current price.
Determine Purchase Amount: Decide on an investment amount. It is advisable for new users to start with a small amount ($5-$10) and to never invest more than they are willing to lose.
Execute the Purchase: Click the "Buy" or "Trade" button, enter the desired purchase amount, and approve the transaction in your wallet. The tokens will be deposited into your wallet upon completion.
How to Sell a Token
Navigate to Your Portfolio: Access your portfolio by clicking your profile picture in the top-right corner and selecting "Portfolio". This page displays all tokens you currently own.
Select the Token: Click on the specific token you wish to sell.
Execute the Sale: Click the "Sell" or "Trade" button, specify the quantity of tokens to sell, and approve the transaction. The proceeds from the sale will be instantly sent to your wallet.
Understanding Trading Fees
A standard fee is applied to every trade (both buy and sell orders) on the platform.
Fee Breakdown
Creator Fee: 0.8%
Partner Fee: 0.8%
Protocol Fee: 0.4%
Network Fee: ~$0.01
The total fee for a transaction is approximately 2.0%.
Example Transaction
Purchase Amount: $100.00
Total Fees (~2.0%): -$2.00
Net Received Value: ~$98.00 worth of tokens
Responsible Trading Practices
Engaging in cryptocurrency markets carries inherent risks. The following guidelines are recommended for responsible trading.
Recommended Practices
Start Small: Avoid investing a large portion of your capital in a single token.
Conduct Research: Review the creator's social media presence (e.g., Twitter) and read the token's description thoroughly.
Be Patient: Sustainable projects often require time to grow.
Set Limits: Predetermine your profit-taking or stop-loss levels before entering a trade.
Avoid Panic Selling: Price volatility is a normal characteristic of cryptocurrency markets.
Practices to Avoid
Chasing Pumps: A token that has experienced a rapid, extreme price increase may be prone to a subsequent crash.
Trusting Guarantees: Promises of guaranteed profits are a common indicator of fraudulent schemes.
Investing Unaffordable Sums: Only invest capital that you can afford to lose without impacting your financial stability.