Swap
(accessed via Trade > Swap)
Swaps are the equivalent to going to a money exchange to convert one international currency to another.
The cornerstone of any DEX, the Swap function allows a user to exchange one token for another based on their current values relative to one another. A small fee is charged to perform a swap, which is a principal source of revenue for the DEX.
How to Swap
Ensure your wallet is connected to the DEX (see Connecting Your Wallet).
Open the side menu and tap Trade > Swap.
Under From, tap the dropdown and select the token in your wallet that you would like to exchange.
Under To, tap the dropdown and select the token you would like to receive.
NOTE: If you cannot find the tokens you would like to exchange, in the dropdown, you can manually enter the contract address of the desired token. When adding the token using a contract address read the warning message carefully.
Now enter the amount of either the token you would like to exchange, or the token you would like to receive. The AMM will automatically calculate the estimated amount of the other token, based on the current exchange rate.
Once everything looks satisfactory, tap Swap.
NOTE: Pay attention to the Price Impact warning when makin swaps (see below).
You will then be prompted by your wallet app to approve the transaction and the associated transaction fee (paid with Binance Smart Chain BNB).
Once approved, the transaction will be sent to the network for processing. Though this usually takes only about a minute, when the network is under high demand, transactions can take much longer.
When complete, the tokens will be removed from your wallet and replaced with the ones you exchanged them for.
Features & Concepts
Price Impact
The price impact line shows an estimate of what effect your exchange will have on the prices of the tokens you are swapping.
If you are attempting a high value exchange, or available liquidity is low, then the price impact may be higher than you are willing to accept, or may even be higher than the exchange will allow. This is because the relative prices of the two tokens will change due to an imbalance in the liquidity pool from which your exchange is being executed.
To get around such a situation (and also as polite etiquette to your fellow holders), you can ladder your exchange - meaning you perform several smaller exchanges over time, rather than doing it all in a single lump sum.
Swap Settings
Several swap settings can be adjusted by tapping the cog setting in the top right of the swap interface pane. When tapped, a new pane will open displaying two groups of settings.
Transaction Settings
These settings allow you to adjust how your transaction will interact with the BSC network.
Slippage Tolerance - this is a variable that represents the maximum percentage you are willing to allow the price to change without the transaction failing. You can select one of several preset values or enter one manually in the freetype box
If at the time you are completing your transaction, there is especially high trading volume for one of your tokens, it may be necessary to adjust the slippage tolerance to allow the transaction to complete.
Slippage tolerance is also important to set appropriately when dealing with tokens that include fees within their tokenomics, as these fees that are applied to transactions by that token's smart contract must be accounted for.
Example: for a token with a 10% tokenomics fee, you would need to set the slippage to at least 11%.
Transaction deadline - this variable defines the number of minutes you are willing to allow the transaction to remain pending before it is cancelled.
Interface Settings
These settings change the way the AMM will handle your transaction.
Toggle Expert Mode - it is important to only activate this toggle switch if you understand the implications - when activated the need for confirmations will be bypassed and the AMM will permit high slippage trades.
Disable Multihops - the AMM will always attempt to complete your swap using the most advantageous way possible, sometimes this involves completing your swap via intermediary tokens. If you activate this toggle switch the AMM will only complete the transaction using the liquidity pool for the two tokens involved in your swap. If no such pool exists your transaction cannot be executed. Please check the price impact carefully when selecting this option.
Audio - this toggle switch deactivates the audio alerts emitted by the AMM when your transaction completes.
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