About BitCratic.com

Since inception of the Blockchain centralized crypto exchanges are dominating the crypto market and more than 95% transactions are taking place in such exchange. The objective of the Blockchain is to decentralize the world. Bitcratic is here to empower the decentralized exchange. Bitcratic is a semi decentralized exchange, majority of the operation being handled on the Blockchain which allows traders to remain owner of their tokens and enable the whole system to deal with money transfer and execute trades without any hassle. Bitcratic use off-chain order book with On-chain settlement. Currently Bitcratic using Etherdelta smartcontract and order book.

How gas (transaction) fees work:

Every Ethereum transaction involves a gas fee which is paid to miners on the Ethereum network. On Bitcratic, Ethereum transactions are required for depositing, withdrawing, and trading.

If you're using Bitcratic with MetaMask, you can lower the gas price when you accept a transaction to pay a lower gas fee. We recommend a gas fee of 4 gwei if you don't mind waiting a few blocks for your transaction to confirm. If you're using Bitcratic without MetaMask, the gas price is fixed at 4 gwei.

If you're not using MetaMask, you can set the gas price from the "Gas price" item in the account dropdown (upper right).

Without getting into too much technical detail, a 4 gwei gas price corresponds to the following overall transaction fees:

Transaction Fee
Deposit ETH ~0.0003 ETH
Withdraw ETH ~0.0001 ETH
Deposit token ~0.0001 ETH
Withdraw token ~0.0002 ETH
Trade ~0.0003 ETH
Cancel order ~0.0002 ETH

How platform fees work

Almost everything you do on Bitcratic is free, with only one exception. Here is the full list of exchange fees Bitcratic charges:

Action Fee
Deposit free
Withdraw free
Place an order (add liquidity fee) free
Execute against someone else's order (take liquidity fee) 0.3%

An important feature of Bitcratic is that placing an order doesn't involve an Ethereum transaction. Placing an order involves signing a message, which doesn't cost a gas fee. This means that placing an order on Bitcratic is completely free: there's no Ethereum transaction fee and there's no fee if the order trades. The one and only platform fee Bitcratic charges is a 0.3% fee paid by the person executing an order (paid in the instrument being sold).

How to use BitCratic:

How to use BitCratic using MetaMask:
  • Open Google Chrome.
  • Install MetaMask, click on the link https://metamask.io/and then click on “Get Chrome Extension”
  • Users remain anonymous in the decentralized exchange but in centralized exchange it is not possible.
  • According to the instruction of MetaMask, write down the recovery phase and store it in some safe and secure place. Don’t skip this step.
  • Ensure that you are logged into MetaMask.
  • Refresh BitCratic.com
  • Your MetaMask account address should appear in the BitCratic account automatically at the upper right in the dropdown. If it doesn’t, then something has gone wrong. If you have another Ethereum plugin, then go to Window -> Extension and disable it.
  • Select your MetaMask account from the account dropdown (upper right).
How to use BitCratic without MetaMask:

In case, if you are not comfortable with Google Chrome and MetaMask, then still you can use BitCratic. BitCratic will store your address and private key in the browser. Your address and private key will not be stored on or sent to a server. This guide will explain you to get started.

  • Open Google Chrome and go to BitCratic.com
  • If you have MetaMask or other Ethereum plugin, go to window ->Extensions and disable them. Then refresh BitCratic.
  • Users remain anonymous in the decentralized exchange but in centralized exchange it is not possible.
  • Users remain anonymous in the decentralized exchange but in centralized exchange it is not possible.
  • In case, if you want to create a new Ethereum account, then go to the account dropdown (upper right) and select “New account”, enter your private key that has been generated for you and store it in a safe and secure place.

How to deposit, withdraw, and transfer:

Deposit:

Select an account in the account dropdown which is at the upper right. Your account should be managed by either MetaMask or BitCratic’s browser wallet. You can see you wallet balance next to your account address. If zero balance in the wallet then you need to send some ETH to your wallet address. Do that before proceeding to the next step.

Now some ETH in your wallet, deposit ether from your wallet to the BitCratic smart contract so that you can start trading. In the upper left, you can see balance section. There are three columns, “deposit”, “withdraw” and “transfer.” The “deposit” column shows the balance held in the account you have selected in the account dropdown.

When you deposit fund then it moves from your “wallet” to the BitCratic exchange smart contract. To do this enter the amount and click “deposit.” Make sure that you are not depositing all of your Ethereum; keep some Ethereum to cover gas fees. Generally leaving 0.05 ETH in the wallet considers good and it covers gas fee for future transactions (trading, depositing, and withdrawing.)

In case if you are using MetaMask, then transaction approval takes some time. If you are not using MetaMask, you can set the gas price from the “Gas price” item in the account dropdown, which is located at the upper right.

NOTE:

In case if you are depositing a token (not ETH), then you have to do two consecutive transactions. The first transactions will approve the BitCratic smart contract to transfer the deposit on your behalf and the second will be the actual deposit. It is mandatory to approve the both.

After confirmation BitCratic will tell you that you generated a transaction. You can click on the provided link to track your transaction.

Withdraw:

The Withdraw tab is the opposite of the Deposit tab. It will move funds from the "BitCratic" column back to the "Wallet" column.

Transfer:

If you want to transfer funds to another address, then there is transfer tab next to the withdraw tab at the upper left. The deposit tab moves funds from your wallet to BitCratic. The withdraw tab moves funds from BitCratic to your wallet. The transfer tab moves funds from your wallet to another wallet address.

On the transfer tab, the first box is the amount which you want to transfer and the second box is the address you want to transfer to. Although, the address you want to transfer to is pre-filled in with your existing address. In case if you want to change the address then remove this address, enter the address of your choice and then click on transfer.

How to trade on BitCratic?

How to execute a trade?
  • Pick a token to trade. This guide will assume you have chosen PLU.
  • Most tokens are listed in term of ETH. For example, a price of 0.03 PLU/ ETH means 1 PLU costs 0.03 ETH.
  • In the order book you can see the green orders and red orders stacked on top of each other. Green orders are people who want to buy PLU and red orders are people who want to sell PLU. Click on red order to buy PLU, and click on green order to sell PLU.
  • BitCratic will allow you to match one order per transaction.
  • Partial fills are allowed. For example, if sell order is 100PLU then you can click the order and choose to trade only 25 PLU, leaving 75 PLU behind for someone else to trade.
  • When you do a trade transaction will be generated.
  • In case, if more than one people try to trade the same order at once, the first transaction to be confirmed will get the trade.
  • You will get error in case of failed trade, but your fund will remain safe. Only a gas charges will be deducted.
How to place an order?
  • You are free to place your own order, in case if you don’t want to trade immediately or don’t like the price you see in the order book.
  • An order doesn’t involve a transaction. Here you have to sign a message, this mean there is no gas fee for placing orders.
  • If you want to buy or sell the token then select the buy tab or sell tab on the order form.
  • Let’s assume you want to buy a token.
  • The first box is the amount of token, which you want to buy.
  • The second box is the token price.
  • The third box is the amount of token you will spend. The box will populate automatically so you can confirm that the price you entered make sense.
  • The fourth box is the number of Ethereum blocks until your order expires automatically. The default, 10,000 is about two days.
  • After submitting the order, you will see two small green bubbles pop up in the lower right. The first bubble is the indication of “you sent an order” and the second bubble is the indication of “ your order was received”
  • You can see your order in the order book right after your order was received.
  • Your order will be highlighted in blue, so you can spot it easily.
  • The order book will only show top 100 buy and sell order. If your order is not in top 100 then it will not display, but it will appear if enough orders trade.
  • BitCratic does not do order matching. For example, if someone is offering token for sale at 0.03, you can place an order to buy for a price of 0.04, trading is not automatic. If you wish to trade then click an order and trade.
  • The balance will not change when you place an order, balance will change when you trade an order.
How to cancel an order:
  • Click on order tab, which is under “ My Transaction”
  • Find your order in the order list and then press cancel.
  • This will trigger a transaction.