A couple weeks ago Jared Mimms and the PeerCover team launched Simple Exchange. People with Ripple wallets now have the opportunity to trade numerous amounts of altcoins on the ripple network, using only the Ripple Wallet Client.

The number one question people ask is, “Do I need a PeerCover account to trade alt coins on Simple Exchange?”. The answer to this question is plain and simple. NO, you don’t need a PeerCover account to trade altcoins on Simple Exchange. You do however need a PeerCover account if you plan to do either one of the follow two things.

Deposit AltCoins directly onto Simple Exchange through PeerCover. Withdrawl AltCoins directly from Simple Exchange through PeerCover.

If you plan on doing any of the two things above you WILL need a PeerCover Account. However, if you simple would like to trade altcoins on Simple Exchange then you DO NOT NEED a PeerCover account. The next question that comes to mind is how?

How do I trade AltCoins on Simple Exchange without a PeerCover Account:

Step One: Go to ripple.com and log in to the Ripple Wallet you plan on using for AltCoin trading. (should be a funded wallet with some kind of asset you can use for trading). Step Two: I recommend you add PeerCover Issuer to your ripple wallet contact list. ra9eZxMbJrUcgV8ui7aPc161FgrqWScQxV — PLEASE check the PeerCover ripple.txt file to ensure you are adding the correct Issuer. To add to your contact list click “wallet” in the ripple client, then click “contacts” on the left hand sidebar. Click the green “add contact” button and input the information. Click “add contact” at the bottom. Step Three: Trade tab and setting the issuer for specific altcoins. Click the “trade” tab in the ripple client. In the little dropdown box type in DOG/XRP. Using this method the DOG will be your base currency and XRP is the counter currency. You can flip them if you want. To the right of that you will see a blue link that says “change issuer” — click that. The client will now ask you for the base currency issuer, you are going to be using PeerCover for this. All you need to do is type in the name of the contact you just added in step two. For instance I saved peercover issuer as PC, so I type in PC and click the green “confirm” button. Now I can see the bids and asks for DOG/XRP. Step Four: You will NEED to add trust to the PeerCover Issuer if you plan on trading. When you do that don’t click “enable rippling” unless you fully understand what that means. Step Five: Trade! If you already have assets in your wallet then you are able to trade for the amount of altcoins you just granted trust for.

Check out the complete list of altcoins and their 3 letter abbreviation. You will see that some of the markets have liquidity and some do not. My hope is that some of the current ripplers will be able to make these markets.

Remember if your plan is to only trade these altcoins then you are safe holding them in your ripple wallet. But if your plan is to withdrawl the coins at some point in the future out of your ripple wallet, then you WILL need a PeerCover account.