How to trade coins in Web3 wallet? Web3 wallet transaction operation tutorial

Web3 Wallet is a digital wallet designed for interacting with decentralized applications (dApps) and blockchain networks. It is an important part of the Web3 ecosystem and provides an interface for users to interact with blockchain and crypto assets. . With the development of technology, the functions of many Web3 wallets are not limited to the management and storage of encrypted assets, and some wallets already support currency transactions. But for some novice users, they still don’t know how to trade the coins in the Web3 wallet? In fact, it is very simple to operate. The main thing is that you need to have a certain amount of coins in your wallet. The following editor will give a detailed tutorial on setting up Web3 wallet transactions.

How to trade coins in Web3 wallet?

Coin transactions in Web3 wallets are relatively simple. The main thing is to download and own a precious Web3 wallet. The following uses Ouyi wallet as an example to explain the Web3 wallet transaction tutorial in detail:

1. Log in to Ouyi APP (click to register), select [Web3 Wallet] at the top of the homepage, click [Create Wallet], and in the pop-up [Set Password], enter the password and confirm, and the creation will be successful.

#2. On the homepage of the wallet, back up the mnemonic phrase of the wallet and verify it before you can use it.

3. Click [Receive], select the currency to be transferred, and the payment address will pop up. Copy the address and paste it into the currency withdrawal interface of other platforms or wallets, and you can transfer Digital assets were successfully deposited into the Web3 wallet.

4. Enter the [Web3 Wallet]-[Transaction] page. On the flash swap/limit price page, select a currency to trigger an inquiry, and set separate settings for gas fees, slippage limits, etc.

#5. After the inquiry is completed and the authorization is completed, you can click the "Coin Exchange" button to initiate the transaction, and then confirm the transaction information in the secondary pop-up window and click " Click the Confirm Exchange button and confirm in your wallet to complete the transaction. In addition, if the transaction price changes during this process, you must click the "Accept" button in the secondary pop-up window to accept the new quote, click "Confirm Exchange" and confirm in the wallet to complete the transaction.

Are Web3 wallet transactions legal?

The legality of a Web3 Wallet transaction depends on several factors, including the legal provisions of the country or region in which it is located, the nature of the cryptocurrency or token involved, and the specific type of transaction. Cryptocurrency trading is legal in the United States, but requires compliance with Securities and Exchange Commission (SEC) and Financial Crimes Enforcement Network (FinCEN) regulations. Exchanges must conduct KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures.

EU countries are also tightening regulations on cryptocurrencies, requiring exchanges and wallet service providers to conduct KYC and AML compliance. China has adopted a strict ban on cryptocurrency trading and related activities, banning cryptocurrency exchanges and ICOs (Initial Coin Offerings). Countries such as Japan and South Korea allow cryptocurrency trading but impose strict regulatory and licensing systems.

Before using Web3 wallet, investors should understand the legal and regulatory requirements for cryptocurrency in their country or region. Choose exchanges and wallet service providers that adhere to KYC and AML regulations. Keep detailed records of all transactions for tax filing and compliance checks.

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