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Oxalus Insights

A Beginner’s Guide To Swap Token With Oxalus Wallet

Product Sep 29 2022

Swap Tokens is a term that is extremely familiar to crypto holders, especially traders in the blockchain world. This process is very important, it was developed to reduce the cost and time to exchange one crypto asset for another. The step-by-step to “Swap tokens” is simple but it can be hard to wrap your head to understand exactly what is it and the token swap mechanics are quite complicated. This quick guide will introduce the “Swap token” process with Oxalus Wallet and why it’s helpful for crypto holders.

What Are Token Swaps?

“Token Swap” is the term used to refer to the process of exchanging from one token to another. Swap Token usually occurs when you want to own one token which you don’t have in your wallets without buying in CEX. 

On the other hand, it means the migration of projects or platforms from one blockchain to another, then all existing tokens must be swapped for the other unique token standards to be compatible with the new blockchain.
Oxalus Wallets allow users to do exactly that. It’s convenient and straightforward, and drastically reduces the number of steps needed.

How Do Tokens Swap Work?

In this guide, we focus on the first definition of token swap. Oxalus Wallet finds the best rate by interacting with Kyberswap liquidity protocols and many other protocols (Uniswap, Dodo, Curve…) across multiple chains. Users will receive the maximum amount you’re acquired and just pay one transaction fee. All you need to do is enter the amount you want to swap. 

Let’s say you have 100 MATIC and want to exchange them for BNB for example. You no longer have to go to CEXs compare the amount you acquire and make at least 2 transactions from MATIC to an intermediary token like BTC, then exchange to BNB. You will get the best solution about price from Oxalus which will save you more time than before.

Notice that now Oxalus Swap is available on Ethereum Mainnet, BNB Smart Chain, Avalanche, and Polygon.

Well, this integration saves the time required and reduces the overhead cost in swapping or token migration progress.

How To Start Swapping Tokens With Oxalus Wallet?

Swap-step-by-step

Following 3 easy steps to swap tokens on Oxalus Wallet:

Step 1: Tap on the Swap button from “Home” or the “Token detail” screen.

Step 2: Select a token and enter the amount of the token you’re exchanging, then search for the token you’re looking to swap.

Then immediately you can see the amount you’re acquiring. Click the “Next” button, you’ll then be brought to the “Confirm Swap” screen

Step 3: Tap to “Swap” button to finish this process
Here, you also can click the “Change Settings” button which will allow further customizations:

  • Edit the Slippage: Slippage occurs when the price of a swap changes during the time between you submitting your transaction and its confirmation.
  • Edit Time limit: Time allowed to execute your transaction

Why Should Swap Tokens With Oxalus Wallet?

We not only focus on users’ experience but also bring the best price when making swapping. So here are the reasons you need to swap on Oxalus Wallet:

  • Simple interface, easy to make transactions fast and securely.
  • Swap prices on Oxalus Wallet are taken from KyberSwap, with liquidity aggregated from multiple DEX protocols, including Kyber pools. Which makes Oxalus’s exchange rate much better than other DeFi wallets such as Metamask, and Coinbase Wallet.
  • Automatically optimize Gas fee. By integrating various DEXs and Aggregators, Oxalus’s system selects the minimum fee to complete On-chain transactions.
  • Support more than 11,000 Tokens including Coins top on the CoinmarketCap and new tokens listing.

Frequently Asked Questions

1. Why do we swap tokens?

Optimize gas fees and time when making transactions.

And take profit with swap tokens. For example, when you get tokens from the Airdrop campaigns (It’s free), you will receive stablecoins such as USDT, and BUSD from swapping tokens.

2. How long does it take to swap a token?

It usually takes at most 1 minute. Because it depends not only on the network’s speed but also on the processing speed in the blockchain.

3. What are service fees?

Oxalus Wallet currently charges a flat fee of 0.8% on all swaps. This fee is included on the transaction confirmation page along with the network fee. The service fee helps Oxalus Wallet maintain and improve your experience.

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