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How to swap tokens
Tired of searching for an exchange that lists all your favorite tokens? You can swap most of the tokens using decentralized exchanges.
A token swap involves the exchange of two different assets that exist on the Ethereum network, for example swapping ETH for DAI (an ERC-20 token). The process is very fast and cheap. You will need to have a crypto wallet to swap tokens.
Prerequisite:
- have crypto wallet, you can follow this tutorial: How to: "Register" an Ethereum account
- add funds to your wallet
1. Connect your wallet to the decentralized exchange (DEX) of your choice
Some popular exchanges are:
2. Select the pair of tokens you wish to swap
For example, ETH and DAI. Make sure you have funds in one of the two tokens.
3. Enter the amount of tokens you want to trade and click swap
The exchange will automatically calculate how many tokens you will get.
4. Confirm the transaction
Review the details of the transaction. Check the exchange rate and any other fees to prevent ugly surprises.
5. Wait for the transaction to be processed
You can view the progress of the transaction on any blockchain explorer. This process should not take longer than 10 minutes.
You will automatically receive the swapped tokens in your wallet once the transaction is processed.
Frequently asked questions
Can I swap ETH for BTC from my wallet?
No, you can only swap tokens that are native to the Ethereum network, such as ETH, ERC-20 tokens or NFTs. You can only swap "wrapped" forms of Bitcoin that live on Ethereum.
What is slippage?
It is the difference between your expected exchange rate and the actual rate.