Every token traded is issued/created by someone else out there, whether it be a person issuing tokens to represent personal loans/debt and credit or a company issuing tokens to represent their bonds and equity. Or it could represent something completely different and unheard of - such as new currencies or tokens to represent ideas, projects, anything. It is being able to fundraise for anything and create a fully tradable token to represent it.
     Anyone can create their own tokens by issuing them; it's on you to communicate to the world what the tokens represent and to enforce that. Think of it like creating a credit card; it's not cash but the creator of the card enforces the value. In the case of peer-to-peer lending, one can create a token for others to buy with the creator's promise to buy back the token later, just like the concept of getting a loan and paying it back later. The value of a token here will always be determined by how much everyone trusts the creator to back it, just like how anything else works in the real world.
     Once you create your own token, you can then tell others to buy or sell it by directing them to this site and giving them the name of the token and your account address as the backer/issuer. Your token will be traded just like any other token that exists on the exchange with its value determined completely by the free market.
     Thanks to Ripple's autobridging technology, a token offered for Ripple's native currency XRP will automatically be offered on every orderbook that exists. For example, if you offer XYZ for XRP, everyone will automatically see XYZ also available for USD, EUR, BTC, etc, simultaneously every form of exchange and creating immediate liquidity. You can always still offer directly to one symbol such as USD if you do not wish to make it available universally.

     Every token is issued and created by some individual, company, or organization. Every user has the choice to decide what others are allowed to send to him/her. Before sending anything to a recipient, make sure the recipient has set their "Receivable Tokens" to be able to accept the token you are about to send. If you are expecting to receive a token, make sure the token and who backs it are in your "Receivable Tokens" list.

     All of this is done so that you do not accidentally receive tokens backed by people/companies you do not trust or know - for example, a fake USD token issued by a scammer. You do not need to do this for tokens you buy, sell, or issue, only for what others send you. The special case is if an issuer requires token holders be authorized or approved; then you'll get a message that both you and the issuer need to add each other before you can buy or sell it. The one token that does not require any of this is Ripple's native currency XRP, which no one can issue and therefore can't be faked.

     Note that Ripple's Gateway documentation refers to these lists as trustlines.

     You have enabled "requireAuthorization" in Advanced Settings. This means only authorized accounts can buy or exchange the tokens you issue. Add each account you wish to authorize above. Each account you authorize must also add you and your token to their "Receivable Tokens" list as an extra precaution.

     In addition, you can control whether a specific token holder is allowed to send your token to others by checking or disabling the Allow Transfer option; note this does not affect their ability to still trade on the open market. To completely allow or disallow all sending of your token, use the defaultRipple option in Advanced Settings.

     Read more about issuing and maintaining tokens at Ripple's Gateway Guide.

     These account settings are for advanced users only. Be extremely careful as some settings can result in your account being unusable. Read about each field in the Ripple API and typical usage at Ripple's Gateway. Some of the main ones are covered below.

     Something that most token issuers (and token issuers only) will want to check is "defaultRipple." By default, it is disabled so others can only trade the tokens you create but not send directly to others; to allow others to send your tokens as well, enable the "defaultRipple" setting for your account. A reason you might leave this off as a token issuer is if, for example, regulations require token ownership to not be "transferred" for some period of time. For convenience, the site asks you if you want to enable it each time you issue a token, so it is likely already enabled without you coming to the Advanced Settings window. Note, this is for token issuers only; if you're not using your account to issue tokens, you should not enable this and in fact keep it off, as it has unintended consequences for accounts that are just buying and holding instead.

     Another commonly used feature, which again is just for token issuers, is "requireAuthorization." Enabling it requires both the buyer and issuer to add each other under their respective "Receivable Tokens" and "Authorized Token Holders" lists before your token can be traded or received. A demo is available here, which is publicly visible but not purchasable unless you've been given permission by the issuer. It is essentially a whitelist of who is allowed to hold your token, whether they buy off the exchange or receive directly from someone else. An account that uses requireAuthorization should only exist solely to issue tokens (don't use it to also buy and hold other things), and the requireAuthorization flag needs to be set before any tokens are created. Otherwise, you will prompted to cancel all issuances and trustlines ("Receivable Tokens" list) first. Once enabled, your "Receivable Tokens" list becomes instead an "Authorized Token Holders" list with which you designate who is allowed to hold what tokens you issue.

     The third major setting is the "RegularKey." Setting this field to the public address of another account allows you to also use the secret key of that other account to login. In other words, you can now login using either of two secret keys (passwords) instead of one. The main secret key you start with is known as the "MasterKey" and is unchangeable, but a "RegularKey" can be changed constantly. Some users feel better protected if their main, unchangeable "MasterKey" is rarely used, and setting a "RegularKey" essentially lets them use what is otherwise a disposable password for the majority of the time. Another use case might be delegating access to your account to another user, who you want to maintain the ability to cut off, such as with a large company. An additional setting "disableMasterKey" is also available should you wish to only use the RegularKey going forward, but be careful as you can permanently lock out your account if you both disable the MasterKey and set the RegularKey to an account you don't have the secret key to.

     Most other options above should be self-explanatory or covered well enough by the Ripple documentation linked above. The main purpose of features like this is to allow more tightly regulated businesses to integrate their KYC/AML needs directly into the token without additional code or smart contracts. If there are any questions, feel free reach out to contact@NocalEx.net.

     Using the above setting, you can assign a display name to your Ripple account for others to see instead of the your public account address. This works the same way as NocalEx Chat Box by submitting a minimal transaction of 0.000001 XRP to a designated Ripple Display Names address with text attached. The text attached here would be your display name (instead of chat).

     This is essentially a revival of the no-longer-supported Ripple Names, except it is now stored decentralized on Ripple itself. The Ripple Display Name is immediately visible across any other site or interface that supports this protocol, such as for issuer / backer names and NocalEx Chat Box on this site.

     Any other site or interface which wants to look up your display name directly on the blockchain can do so by reading the memo attached to the latest transaction sent from your public account address to the Ripple Display Names address:
(but make sure to only accept the first person who claims the same name)

     As an issuer, you can create a Ripple profile to describe yourself and the symbols you issue. It's also a secure way for people to know that the information here is only from you, the issuer, as no one else can sign a transaction with your Ripple address. Behind the scenes, this works the same way as NocalEx Chat Box by submitting a minimal transaction of 0.000001 XRP to a designated Ripple Profiles address with text attached. The text attached here would be your profile information (instead of chat).

     The Ripple Profile is immediately visible across any other site or interface that supports this protocol, such as for issuer / backer names and NocalEx Chat Box on this site. Any other site or interface which wants to look up your profile directly on the blockchain can do so by reading the memo attached to the latest transaction sent from your public account address to the Ripple Profiles address:

     The destination tag and memo are optional notes you can attach to your transaction. The destination tag is usually asked for to send your transaction with things like an order id, account number, etc. The main usage is if the recipient shares their account with multiple people, such as a bank managing for many customers; the destination tag then helps make note of who specifically this transaction is for. The memo is a note can be any sort of text. Both are completely optional.