Swap. Why and when you do swap your coins? - page 2.

Husires

legendary

Activity: 1596

Merit: 1288

Quote from: MFahad on December 28, 2023, 12:22:18 AM

The swapping option is often seen in cold wallets and soft wallets.Swapping is the conversion of one coin to another, you can also convert a crypto to USDT or USDC or BNB.Swapping is often done for tokens that are not available on regular exchanges. Often they are exchanged from one coin to another on a uniswap or pancakeswap.Whenever you get free tokens from somewhere, you will definitely swap it for a good token.Whenever you get a chance to swap at a good price, do it. Sometimes the price falls, then you should wait a bit and sell when the price improves.

I don't know where you got this definition from, but swapping is the exchange of one token to another in the same blockchain, and exchange is exchanging coin to another one in a different blockchain, but since most of exchanges in decentralized via Uniswap or pancakeswap are tokens in the same blockchain, we see the term common in Those platforms and exchange term or convert term in the central one.

Quote from: MFahad on December 28, 2023, 12:22:18 AM

Scammers are everywhere so any website on Google should be entered only after being thoroughly vetted.Swapping to the wrong link can result in the loss of all your tokens and can easily be stolen by a scammer. In many cases most of the people end up losing their assets during swapping due to visiting such wrong links.

You mean phishing attacks? Yes, they are common and not limited to cryptocurrencies.

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

Recently I found out about swapping possibilities in the desktop app of my cold wallet. I kind of understand what is the swap however still not sure my understanding is correct. Hence few questions regarding swapping of coins:

1. Why would you swap one coin to another?
2. When do you decide to do it? Like what is the indicator that swap can be profitable?
3. Do you use CEX or DEX? Or some wallet?
4. What if you don't have a pair on a CEX? Do you convert to USD/USDT and buy another coin?
5. What are risks usually related to swapping?
6. Any advice you would want to share with beginners?

thanks.

1. If there's no other way on acquiring those coins, then SWAP would be only your option. Expect for some gas of course
2. I dont see any profitable swapping unless if the price gap or movement is relevant
3. Common swap sites, Uniswap and others.
4. If there would be options then that would be the best way on acquiring a coin or whatever you do want
5. Floating transaction - caused not enough gas or not credited balance
6. Always deal with legit swap sites, use recommended fees to avoid stuck transactions

If you have doubts on a certain swapping then you could be always able to ask onto this community.
We are highly reactive when it comes to scams or whatever correlated to it.

kojektea

sr. member

Activity: 2352

Merit: 256

Vave.com - Crypto Casino

Simply put, swap is an upgraded version of DEX exchange. if the DEX exchange still uses the net to make swaps. DEX swap uses a liquidity pool to maintain price stability and transactions between sellers and buyers. The price cannot be higher or lower when selling or buying is displayed unless the price is the real time price. every movement becomes the final price and it cannot be negotiated. what I understand from swap is like that. this is simple. in profit I think it's usually used in terms of shitcoins looking for short profits with tokens on that blockchain.

rat03gopoh

hero member

Activity: 2254

Merit: 680

Signature designer - start @$10 - PM me!

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

1. Why would you swap one coin to another?
2. When do you decide to do it? Like what is the indicator that swap can be profitable?
3. Do you use CEX or DEX? Or some wallet?

Because of profit and necessity.
When it's profitable or necessary, just look at the price chart, network service fees, then calculate it with the value you entered. If you have a goal with a greater value later, then this calculation can be ignored.
The meaning of "swap" has slowly shifted since defi became mainstream, that is, you do it onchain on a DEX.

MFahad

hero member

Activity: 2506

Merit: 645

Eloncoin.org - Mars, here we come!

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

Recently I found out about swapping possibilities in the desktop app of my cold wallet. I kind of understand what is the swap however still not sure my understanding is correct. Hence few questions regarding swapping of coins:

1. Why would you swap one coin to another?
2. When do you decide to do it? Like what is the indicator that swap can be profitable?
3. Do you use CEX or DEX? Or some wallet?
4. What if you don't have a pair on a CEX? Do you convert to USD/USDT and buy another coin?
5. What are risks usually related to swapping?
6. Any advice you would want to share with beginners?

The swapping option is often seen in cold wallets and soft wallets.Swapping is the conversion of one coin to another, you can also convert a crypto to USDT or USDC or BNB.Swapping is often done for tokens that are not available on regular exchanges. Often they are exchanged from one coin to another on a uniswap or pancakeswap.Whenever you get free tokens from somewhere, you will definitely swap it for a good token.Whenever you get a chance to swap at a good price, do it. Sometimes the price falls, then you should wait a bit and sell when the price improves.

Most people convert it to USDT so the best way is to convert to Usdt and buy another token.Scammers are everywhere so any website on Google should be entered only after being thoroughly vetted.Swapping to the wrong link can result in the loss of all your tokens and can easily be stolen by a scammer. In many cases most of the people end up losing their assets during swapping due to visiting such wrong links.

Husires

legendary

Activity: 1596

Merit: 1288

Exchanging one currency for another is often an attempt to get more free Bitcoin by buying the currency at a low price and selling it in the short term at a high price.
Both CEX or DEX have advantages and disadvantages that vary depending on the purpose of trading, and sometimes you are forced to use DEX because there are no alternatives or to use CEX due to the various advantages.
Most of the risks are related to the loss of capital, so your planning must be sound.

Gladitorcomeback

hero member

Activity: 812

Merit: 619

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

1. Why would you swap one coin to another?
2. When do you decide to do it? Like what is the indicator that swap can be profitable?

If my holding coins have some bad news upcoming or one another token have a very good news upcoming and I have no extra fund to invest then I will swap to another coin for quick profit and maybe swap again once I take my profit.

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

3. Do you use CEX or DEX? Or some wallet?

Using both, Cex for daily trade and P2P purpose while Dex for just new tokens or Layer2 network not listed in top CEX.

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

4. What if you don't have a pair on a CEX? Do you convert to USD/USDT and buy another coin?

If this is only option then Yes

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

5. What are risks usually related to swapping?

CEX: Not your phrase,not your wallet= not your fund in your hand
Dex: ""Hacking issues"" Contract compromised or something else

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

6. Any advice you would want to share with beginners?

Yes, Always use Cold or hot wallet for long term and do not use main wallet for direct swapping in wallet (dex). When you want to swap to other just send to new wallet and then swap it and send back to main wallet.

JeffBrad12

hero member

Activity: 2996

Merit: 536

Leading Crypto Sports Betting & Casino Platform

swapping coin is usually being used for the sake of convenience you just sometime might be too lazy to deal with the complicated process of depositing coin to an exchange you just need to swap a small amount and done with it then you can use swap.
when using swap what you need to know is just that here's the money that you want to swap as an input and the output you will get certain coin with this exact amount you just don't need to think about current buying orders or sell orders.
its that easy, thats why even uniswap right now is having so many liquidity, its quite effecting for DCA and also for those that tries to swap to coin that aren't listed on an exchange.

in my opinion, you can use swap when you want to convert certain coin thats popular enough for it to have sufficient liquidity otherwise the slippage might also be a concern when swapping.

OcTradism

hero member

Activity: 1722

Merit: 801

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

1. Why would you swap one coin to another?

Swap is like trade and you swap your coins when you want to make a trade for buying a coin or selling a coin to take profit or cut loss.

Swap can be used for airdrop hunters to increase their on-chain interactions and transaction volume to get chances for being on top of airdrop wallet list.

Quote

2. When do you decide to do it? Like what is the indicator that swap can be profitable?

Check on chain transaction fee. Some times on chain transaction fees are very expensive like on Ethereum blockchain.

Check slippage that will be decided by Liquidity pool and custom settings of the project team.

Quote

3. Do you use CEX or DEX? Or some wallet?

Swap is for DEX, not for CEX. On CEX, you trade, not swap.

Quote

5. What are risks usually related to swapping?

Interactions with smart contracts are risky.

How to revoke token approval

https://revoke.cash/
https://app.unrekt.net/
https://etherscan.io/tokenapprovalchecker

Yogee

sr. member

Activity: 1554

Merit: 413

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

6. Any advice you would want to share with beginners?

Watch out for the price impact. Some pairing have large price discrepancies due to the low liquidity on that particular pool so it's best to double check the value on aggregators like Coingecko first before approving the swap. You can either change the DEX where liquidity pool is higher or choose another pairing.

Qiubell5

jr. member

Activity: 366

Merit: 1

PredX - AI-Powered Prediction Market

Swapping has many uses. Like exchanging coins that have expensive transaction fees for coins that have cheap transactions. Apart from that, swaps are also useful when we need coins that we don't have yet. So basically there is no need to go to the exchange first to buy the coin. Just need to do a swap and everything is done.

As far as I know, that might be the benefit of the swap feature.

AmoreJaz

legendary

Activity: 3122

Merit: 1102

Leading Crypto Sports Betting & Casino Platform

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

Recently I found out about swapping possibilities in the desktop app of my cold wallet. I kind of understand what is the swap however still not sure my understanding is correct. Hence few questions regarding swapping of coins:

1. Why would you swap one coin to another?
2. When do you decide to do it? Like what is the indicator that swap can be profitable?
3. Do you use CEX or DEX? Or some wallet?
4. What if you don't have a pair on a CEX? Do you convert to USD/USDT and buy another coin?
5. What are risks usually related to swapping?
6. Any advice you would want to share with beginners?

thanks.

1. if you need one token/coin to encash your crypto, like if you need USDT and you have BTC, or other alts
2. once you need it, and if you have the feeling that getting another alt is of advantage than having what you currently have
3. both
4. look for alternative pairs, there will always be something to trade with your alt, usually, you need 2 to 3 step trading or swapping before you can get the alt you want
5. high fees, low liquidity hence long period of waiting if you have target sell/buy price
6. use alts with good liquidity and presence in most trading platforms, so it won't be too difficult to convert your currency

terrific

hero member

Activity: 2338

Merit: 517

Catalog Websites

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

Recently I found out about swapping possibilities in the desktop app of my cold wallet. I kind of understand what is the swap however still not sure my understanding is correct. Hence few questions regarding swapping of coins:

1. Why would you swap one coin to another?
2. When do you decide to do it? Like what is the indicator that swap can be profitable?
3. Do you use CEX or DEX? Or some wallet?
4. What if you don't have a pair on a CEX? Do you convert to USD/USDT and buy another coin?
5. What are risks usually related to swapping?
6. Any advice you would want to share with beginners?

thanks.

1. Because I need it.
2. When I need it and when I want to sell, usually.
3. Both. Those wallets that have integrated exchanges, I had no problem with them.
4. Yes, that's what I'll mostly do.
5. Not that much at all but just the fees and expect that you'll receive lesser than the amount you'll trade.
6. Just explore and experience it but be wary of what to use and stick to the known ones as you start.

famososMuertos

legendary

Activity: 1960

Merit: 3107

LE ☮︎ Halving es la purga

Let's say it is an alternative for when the occasion warrants it, for example you need to pay a gas fee for token "A," Well, you change token "B".
You don't want to withdraw a certain token from the exchange because the fees are very high, so, swap, you send it to your wallet and there you make the swap to the cryptocurrency you want to hold.

They help you or solve it, but they are not cheap, in my case I have sometimes paid up to 10% but for small amounts, but I have been able to make the payment or withdraw, as the case may be.

Faisal2202

hero member

Activity: 1428

Merit: 513

Payment Gateway Allows Recurring Payments

Quote from: a298b112 on December 27, 2023, 10:31:13 AM

1. Why would you swap one coin to another?
2. When do you decide to do it? Like what is the indicator that swap can be profitable?
3. Do you use CEX or DEX? Or some wallet?
4. What if you don't have a pair on a CEX? Do you convert to USD/USDT and buy another coin?
5. What are risks usually related to swapping?
6. Any advice you would want to share with beginners?

1. If I need BUSD, or Matic while I have BNB or any other available pair token then I will make the swap, it is just like trading but with a higher fee.
2. Swapping would be profitable in terms of getting airdrops, or otherwise it is the same as trading where we have to do FA and TA to make profits, we have to do the same here.
3. I have used CEX's and DEX's swaps and also wallet's swaps too.
4. If we don't have pair then we find a way, like you aforementioned.
5. high fee, other than that, I don't see any risk until you are using a trusted one.
6. Do no take swapping as trading, if you want to trade then trade instead of swap. I hope these answers will be of help.

a298b112

member

Activity: 162

Merit: 36

Recently I found out about swapping possibilities in the desktop app of my cold wallet. I kind of understand what is the swap however still not sure my understanding is correct. Hence few questions regarding swapping of coins:

1. Why would you swap one coin to another?
2. When do you decide to do it? Like what is the indicator that swap can be profitable?
3. Do you use CEX or DEX? Or some wallet?
4. What if you don't have a pair on a CEX? Do you convert to USD/USDT and buy another coin?
5. What are risks usually related to swapping?
6. Any advice you would want to share with beginners?

thanks.

Topic: Swap. Why and when you do swap your coins? - page 2. (Read 306 times)