How To Use Bonfida: A Step By Step Guide

Bonfida is the full product suite that bridges the gap between Serum, Solana, and the user. It is the flagship Serum GUI and brings first-of-its-kind Solana data analytics to the field. Besides, Bonfida's API is used by some of the largest market makers in the space and has seen a growth of requests of 25% week over week.

Recently Coin98 Wallet has been integrated to be one of the official Wallets of the Bonfida platform. Hence, this article will guide you through how to trade Bonfida via both the Coin98 Extension Wallet and Coin98 Mobile Wallet.

Quick preparation 

Download and install Coin98 Wallet

Mobile wallet:

Now available on Coin98 Mobile Wallet for both iOS and Android users.

Extension Wallet

The Coin98 Extension Wallet is available on Google Chrome. Follow these steps below to install Coin98 Extension Wallet for Google Chrome:

Step 1: Open Coin98 Wallet Extension on Chrome Web Store.

Step 2: Click Add to Chrome.

Step 3: A pop-up notification is displayed on the screen, please read it carefully. To approve, click Add extension.

Step 4: To use the extension, click the extension icon to the right of the address bar. This drop-down will show you Coin98 Extension Wallet is installed and enabled in Chrome.

Create a Solana wallet (SOL & SPL token)

Bonfida is a protocol built on Solana Blockchain, so you definitely need a Solana wallet (SOL & SPL token) to use this platform.

After you have downloaded or updated Coin98 Wallet, you can follow the instructions below to create a Solana wallet or import an existing wallet on other wallet applications into Coin98 Wallet:

• Instructions to create a Multi-Chain wallet (recommended).
• Instructions to create Solana wallet (SOL & SPL token).
• Instructions to import Sollet Wallet into Coin98 Wallet here.
• Instructions to import Phantom into Coin98 Wallet.

Please make sure you have an amount of SOL to pay for the network fee. 

How to use Bonfida on Coin98 Mobile Wallet 

Connect Bonfida

Open Coin98 Wallet, go to Browser, click to Finance category to access the Bonfida platform. You're now there! 

Step 1: Read the warning carefully, then tick to the box if you agree with this information, and Enter to switch to the next step. 

Step 2: Select Connect Wallet and click on Coin98 Wallet to have a connection with Bonfida. 

Step 3: After connecting to a wallet, you need to create a trading account to start trading on Bonfida by clicking Create Trading Account and waiting for the network confirmation. 

How to place a position on Bonfida 

Step 1: Choose Deposit Collateral to add your assets as collateral. 

Step 2: Specify the amount of USDC you want to deposit, then click Deposit to get it done. You're now ready to open a position. 

Step 3: Choose the market, Bonfida has currently provided you with 3 trading pairs, including BTC-PERP, ETH-PERP, and SOL-PERP. 

Then fill in some information as follow: 

• Choose to Buy or Sell.
• Enter an amount of USDC you wish to trade.
• Modify the leverage with up to 15x.
• Click Buy/Long if you predict the token to increase, in the other words, click Sell/ Short if you expect the token to decrease.

Your position is open! 

How to close a position on Bonfida 

Step 1: Click to Account tab. Bonfida offers you 2 options to close a position. 

• Option 1: You can close a partial position by entering the desired size.
• Option 2: You can close your position fully by clicking Complete Close.

How to adjust an open position

Step 1: Choose the Positions tab, then you can modify the size of the collateral. 

Note: Add more collateral is to decrease your leverage, or you can reduce your collateral to level up your leverage. 

How to withdraw your funds from Bonfida 

Step 1: At the Account tab, choose Withdraw. 

Step 2: Enter the amount of funds you desire to withdraw, then click Withdraw to complete the transaction. Now your collateral has been refunded to your Wallet.

How to use Bonfida on Coin98 Extension Wallet

Please visit this link https://perps.bonfida.org/# to start trading. 

Step 1: Choose Connect Wallet. 

Step 2: Select Coin98, then the Wallet will automatically connect with the platform. 

Step 3: You're now in the trading interface. Please Create Trading Account and follow the steps as you do so on the Coin98 Mobile Wallet. 

5 helpful tips when using Bonfida 

When accessing Bonfida platform, you automatically using a cross position, which means you can place both a Long and a Short position simultaneously. Please slide the button on the settings to trigger this mode for the isolated placement. It means that you can place a Long Position or a Short position at once.

Please make sure you have enough SOL to pay for the network fee. Even creating a trading account also needs SOL.

There are 3 current markets. Please choose the market you prefer to place an order in before creating an account.

Make sure you have enough collateral; if not, you're position might be liquidated.

The transaction fee on Bonfida is base on the leverage; the higher leverage, the higher fee. It depends on the amount of FIDA you hold, the fee and the leverage fee you pay will be lower.

Why should you use Bonfida directly on Coin98 Wallet?

For both newbies and Defi experts, using Bonfida on Coin98 Wallet brings undeniable benefits, such as:

Simple, easy to access

The DApp Browser is integrated in the Coin98 Mobile Wallet for both iOS and Android users. Just by clicking Browser on the home screen, you'll be seamlessly taken to the marvelous DApp world to freely explore the best of DeFi.

You can also swap C98 tokens on the Coin98 Mobile Wallet or Coin98 Exchange easily and conveniently.

Minimized risks of scams

Coin98 Wallet constantly strives to find the most trustworthy AMMs with great use cases while prioritizing users' security and privacy. 

Coin98 Wallet directly integrates the exact addresses of all AMMs on the app, which prevents the scenarios of searching and accessing fake AMMs that steal users' Private Keys/Passphrases, or swapping scam tokens.

The Cross-Chain Bridge

Considered one of the most innovative features of Coin98 Wallet, the Cross-Chain Bridge allows users to interact with Bonfida easily and convert ERC20, TRC20, SPL tokens to BEP20 tokens directly the Mobile App without using third-party applications.

Numerous DApps

Suppose you are inclined towards trading on Bonfida after reading this article. Why miss out on the great experience of trying other multi-chain DApps on the Coin98 Mobile Wallet DApp Browser?

Stay tuned for the upcoming planets that are about to be integrated into the Coin98 Wallet Universe!

Closing thoughts

Hopefully, this article has helped explain and assist you in using many DeFi services on Bonfida. If you have any questions or problems, leave a comment below to get assisted.

See you in the following articles!