The Plutus DEX is a peer-to-peer exchange that allows our EEA users to buy and sell PLU and ETH. Buy orders and Sell orders get matched automatically and the transaction between fiat and crypto happens seamlessly.

 

What is the Plutus DEX?

The Plutus DEX is a peer-to-peer exchange service that allows users to buy and sell crypto assets. It is available in both the web app and the mobile app, and our users can use the funds of their Plutus Accounts and their crypto assets from external wallets for the following operations:

• Buy PLU/ETH with your Account balance to your crypto wallet.
• Sell ETH from your crypto wallet your Account or Card balances.
• Sell PLU from your crypto wallet to your Card balance.

You can read more about the DEX in the following resources:

• https://plutus.it/dex
• Medium article

 

Using the Plutus DEX

Important note: DEX functionality is currently disabled for UK users. Read more about the changes at this link. 

 

Website app

In the website app, you can access the DEX through the Trading tab. After connecting your Metamask wallet, you can place a buy or sell order, and follow up on any matches that you get for them.

1. Login into the web app and head to the Trading tab.
2. Login to your Metamask account in the browser extension.
   • Follow this guide to create a Metamask account.
3. Click "Buy and Sell Crypto" to set up an order.
   • Fill in the order details as you want.
4. Wait for a match, you will be notified when it happens.
5. Check your order history to see their status.
   • Buy orders: Everything will happen automatically. Once the Seller sends the crypto, the fiat locked in your account for the order will be sent automatically. 
   • Sell orders: You will need to send the crypto to the Buyer by following the prompts. You will receive the fiat automatically after sending the crypto.
6. Order completed! You will be notified about it.

We have created a video guide for an easier understanding of the flow, check it out!

Buying crypto in the DEX

 

Selling crypto in the DEX

 

Additional notes on managing orders:

• The PLU or ETH price is set and can't be changed. The DEX uses the average market rate for a fair rate, and it is not possible to set a specific price to place Sell or Buy orders. You can set a % of deviation that you are willing to accept for your match, and the order will not be matched if the PLU/ETH price goes beyond that rate but may be matched after a while if the price goes back within range. The final rate for your order will depend on the rate at the time of the match.

 

• Remember to leave some ETH for the gas fees. If you place an order to sell your full ETH balance, you won't have the small amount needed for gas fees once your order is matched, and will have to start all over. If you edit your transfer draft to account for this, the order will get stuck as the amount agreed in the order is not matching the amount sent, and you will need to contact Support for a solution. Note that if you send the wrong amount of ETH to another user, we may not be able to recover it, so don't edit transfers.

 

• You can cancel an order you placed as long as there is no ongoing match with another user. An ongoing match is defined by the system that has found a match, and the Seller is yet to send the crypto or has done so incorrectly. To cancel an order with an ongoing match, please contact our Support team.

 

• Orders below 500 EUR are matched way faster. This is because we have a liquidity solution in place that kicks in for orders on that amount or below if a match is not found quickly with another user. We strongly recommend you break down bigger orders into smaller ones to greatly speed up the fulfillment time until more users join and use the DEX.

 

• Buy orders can be filled with multiple Sell orders. 1 Buy order can be matched with multiple Sell orders, but 1 Sell order can only be matched with 1 Buy order. For this reason, Buy orders can be in "Partial" fill status and take multiple matches to be completed. This is to minimize the gas fee cost for the Seller, which would quickly add up if 1 Sell order is split among multiple buyers.

 

Mobile app

The mobile version of the DEX functions in a very similar way to the browser version. Ch

 

Some notes about the mobile DEX:

• You can't connect a wallet for stacking with the mobile DEX, as this does not use the DEX in the browser either. This is a common question we receive. This functionality will be added to the mobile app in the future.
• The mobile DEX can't be used for swapping PLU Rewards that haven't been withdrawn to your crypto wallet yet. Functionality to be added in the future.
• Can't top up the card with ETH at the moment, only with PLU. This functionality is available in the desktop version.
• The additional wallet managers outside of Metamask are only available in the mobile DEX, not in the browser app.

 

Fees and limits

There is a fee for DEX use that is based on your subscription plan:

• Starter plan: 1% fee on Buy orders
• Everyday plan: Free
• Premium plan: Free

Additionally, any person sending crypto to another user (both in the DEX and outside of the DEX) always needs to pay the gas fee for the transfer. The gas fee is a small amount of ETH needed to make an ETH transfer happen and is not part of the Plutus fees.

You can learn more about gas fees in this article.

 

The following DEX usage limits apply:

• Buy PLU/ETH: no limit
• Sell PLU: 30 EUR/day
• Sell ETH: 500 EUR/day

You can learn more about the DEX limits in this article.

 

Important security notes about DEX use

The following notes are clarifications about edge cases or unusual behaviors observed. Read them carefully, as you risk losing all your crypto without a recovery option if you fail to follow the DEX instructions correctly.

• Don't edit crypto transfer drafts: When you have a matched Sell order, the DEX will create a draft of the crypto transfer that you need to send to receive the fiat and fill the order. If you edit this draft (for example, changing the amount or the wallet you use), the DEX will not recognize it and will not unlock the fiat funds from the Buyer to your account. You risk losing your crypto if you edit the transfer before sending it.
• Don't create multiple transfer drafts: Once you get a match, you can click on the prompt to get a draft of the transfer you need to make to follow up. If you click it multiple times, you create multiple drafts. Only the first one will be recognized by the DEX, and any others must be canceled. You risk losing your crypto if you duplicate your transfer without placing a new order.
• Don't reveal your crypto wallet seed phrase ever: Some scammers try to impersonate Plutus employees and will ask you to give them your seed phrase, submit it to a form or use it to log in to a website or app (not the Plutus ones). We don't need your seed phrase ever. You risk losing your crypto if you share your Metamask seed phrase with anyone or anywhere.  

 

About Metamask wallet manager

Metamask is a third-party wallet manager that will allow you to connect an external wallet to the Plutus DEX and use the crypto stored in it to trade with other users.

Check the following guides about Metamask if you need them:

• Plutus guide to Metamask.
• Metamask guide on creating new wallets.
• Metamask guide on connecting hardware wallets.
• Metamask guide on disconnecting wallets from connected sites.
• Metamask guide on safety and security.

 

FAQ

When will be the DEX available for UK users again?

We are actively working with the FCA to obtain permission to operate the DEX in the UK. We have correctly submitted all the required information a long time ago and we are still waiting for the FCA review. They currently have a big backlog of requests and are taking a long time to respond, not only to Plutus but to any other fintech like ours.

 

Can I sell my PLU Rewards in the DEX?

The steps to sell your PLU Rewards from your internal account balance are slightly different and can be found in this guide. Note that selling PLU Rewards is not available in the mobile app, and can only be done through the desktop browser website. The mobile browser doesn't work either for this.

 

My wallet is connected to the DEX, but it doesn't count for my stacking. What I'm doing wrong?
Connecting a wallet for trading in the DEX or stacking are very different things. The steps to connect a wallet for stacking can be found in this guide. Stacking is unrelated to the DEX, for example, UK users can add a wallet for stacking but not for trading due to the DEX not being enabled there.

 

My order or transaction has been stuck for a long time. What can I do?

For Buy/Sell orders taking too long to be matched, it could be because PLU/ETH price has moved away from your set range, or the amount is too high and no other users are placing similar opposite orders to be matched with yours. Cancel your order and place a new one with an amount under 500 EUR for a fast match with our liquidity solution.

For ongoing matches that seem to not progress, the common scenario is that the DEX is still waiting for the Seller to send the crypto, or the Seller has done so incorrectly. You can contact our Support team for review and resolution in this case.

 

Will there be a Plutus Wallet extension or any other tokens added to the DEX?

We had these items included in a previous roadmap but pivoted to more critical features that will benefit more our users. You can read about this update here.