> ## Documentation Index
> Fetch the complete documentation index at: https://docs.tokenlayer.network/llms.txt
> Use this file to discover all available pages before exploring further.

# How to Trade

> Learn how to buy and sell tokens on Token Layer

## Overview

Token Layer provides a seamless trading experience across multiple chains. Whether tokens are on the launchpad or graduated to external DEXes, trading is simple and efficient.

## Prerequisites

Before trading, ensure you have:

<Steps>
  <Step title="Connected Wallet">
    Connect your wallet to [app.tokenlayer.network](https://app.tokenlayer.network)
  </Step>

  <Step title="Stablecoins">
    Have supported stablecoins for buying (see [Supported Stablecoins](/supported-stablecoins))
  </Step>

  <Step title="Gas Tokens">
    Have native tokens for gas fees on respective chains(ETH, BNB, SOL, etc.)
  </Step>
</Steps>

## Finding Tokens to Trade

### Browse Token Listings

Navigate to the main token feed to discover tokens:

* **Trending**: Most active tokens by trading volume
* **New**: Recently launched tokens
* **Top Gainers**: Best performing tokens by price
* **Your Portfolio**: Tokens you already hold

### Search for Specific Tokens

Use the search function to find tokens by:

* Token name
* Token symbol
* Contract address
* Creator

## Trading Process

### Buying Tokens

<Steps>
  <Step title="Select Token">
    Click on the token you want to buy from the feed or search results
  </Step>

  <Step title="Click Buy">
    On the token page, click the "Buy" or "Trade" button
  </Step>

  <Step title="Enter Amount">
    Specify how much you want to buy:

    * Enter USD amount to spend (e.g., \$100)
    * Or enter exact token amount to receive
  </Step>

  <Step title="Review Quote">
    Review the price quote showing:

    * Input amount (stablecoins)
    * Output amount (tokens)
    * Price per token
    * Estimated slippage
    * Gas fees
  </Step>

  <Step title="Confirm Transaction">
    * Review all details carefully
    * Approve the transaction in your wallet
    * Wait for confirmation
  </Step>
</Steps>

### Selling Tokens

<Steps>
  <Step title="Select Token">
    Go to your portfolio or the token page
  </Step>

  <Step title="Click Sell">
    Click the "Sell" or "Trade" button and select sell
  </Step>

  <Step title="Enter Amount">
    Specify how much to sell:

    * Enter token amount to sell
    * Or enter USD amount to receive
  </Step>

  <Step title="Review Quote">
    Check the quote showing expected output in stablecoins
  </Step>

  <Step title="Confirm Transaction">
    Approve and confirm the sale in your wallet
  </Step>
</Steps>

## Trading Venues

Token Layer automatically routes your trade to the best venue:

### Launchpad (Pre-Graduation)

For tokens that haven't graduated:

* **Bonding Curve Pricing**: Price follows a mathematical curve
* **Instant Execution**: No slippage concerns on the curve
* **Lower Fees**: Often lower than DEX fees
* **Anti-Sniping Protection**: First 6 seconds has increased fees to prevent sniping

<Info>
  **New Token Purchases**: When buying newly launched tokens, be aware of anti-sniping fees in the first 6 seconds. See [Anti-Sniping Protection](/onboarding/anti-sniping-fees) for details.
</Info>

### External DEXes (Post-Graduation)

For graduated tokens:

* **Uniswap V3**: Ethereum, Base, Arbitrum, Avalanche, Polygon, Monad, Unichain, Abstract
* **PancakeSwap**: BNB Chain, OP BNB
* **Meteora**: Solana

Token Layer handles DEX routing automatically—you don't need to choose.

## Understanding Fees

### Trading Fees

When you trade, you pay:

1. **Protocol Fee**: Small fee for using Token Layer
2. **Creator Fee**: Fee that goes to the token creator (0.20 - 20 bps)
3. **DEX Fee** (graduated tokens): Standard DEX swap fee
4. **Gas Fees**: Network transaction costs

### Fee Discounts

* Use a referral code to get 4% fee discount
* Higher trading volume may qualify for additional discounts
* See [Protocol Referrals](/protocol-referrals) for details

## Price Impact & Slippage

<Warning>
  Large trades may experience price impact, especially on tokens with lower liquidity. Review quotes carefully before confirming.
</Warning>

**Price Impact**: How much your trade moves the market price
**Slippage**: Difference between quoted and executed price

Tips to minimize impact:

* Split large orders into smaller trades
* Trade during high liquidity periods
* Check liquidity pool depth before trading

## Trading Tips

<CardGroup cols={2}>
  <Card title="Start Small" icon="hand-holding-dollar">
    Test with small amounts before making large trades
  </Card>

  <Card title="Check Liquidity" icon="water">
    Verify sufficient liquidity before trading large amounts
  </Card>

  <Card title="Monitor Gas" icon="gas-pump">
    Check gas prices and trade during lower congestion
  </Card>

  <Card title="Use Limits" icon="chart-line">
    Set mental price limits and stick to your strategy
  </Card>
</CardGroup>

## API Trading

Advanced users can trade programmatically via API:

<Card title="Trade Tokens API" icon="code" href="/api-reference/transactions/trade-tokens-buy-or-sell">
  Execute trades via REST API
</Card>

## Practice on Testnet

<Tip>
  Practice trading with test tokens on [app-testnet.tokenlayer.network](https://app-testnet.tokenlayer.network) before using real funds.
</Tip>

See [Testnet Guide](/onboarding/testnet) for details.

## Portfolio Management

Track your holdings in the Portfolio section:

* View all token positions
* Monitor profit/loss
* See transaction history
* Track fee earnings

<Card title="Portfolio API" icon="wallet" href="/api-reference/portfolio/get-user-portfolio">
  Access portfolio data via API
</Card>

## Need Help?

Click the chat icon in the bottom right corner for trading support.