What Is Binance Web3 Wallet Swap?
2023-10-25 08:48
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What is the Web3 Wallet swap service?
The Binance Web3 Wallet Swap offers users an intuitive interface for exchanging tokens across various blockchains via the Binance Web3 Wallet interface. Please note that Binance Web3 Wallet merely aggregates third-party decentralized applications (dApps) and may not be associated with the possible risks these dApps present.
How to swap tokens on Web3 Wallet?
1. Log in to your Binance app and tap [Wallets] - [Web3]. Go to [Swap].
2. On the [Swap] tab, choose the tokens and the network for the swap. Web3 Wallet supports cross-chain swap on multiple networks. For example, swapping BNB on BNB Smart Chain to USDT on Ethereum.
Alternatively, you can swap tokens using the [Bridge] function too.
Enter the swap amount and you'll see the swap rate and a recommended provider, which offers a better price among the supported liquidity providers.
3. Review the rate, provider, slippage, network fee, and TX fee. You’ll also see the estimated swap duration before confirming the swap. Tap [Swap] or [Cross-Chain Swap] to proceed.
4. Sometimes you’ll see the below notice if there’s an error with the conversion mechanism or the liquidity is low. Please wait for the system to refresh, it will suggest another provider shortly.
5. Check the swap details and tap [Confirm] within the specified time, or your quote will expire. You may tap [Refresh] to get a new quote.
6. Verify with your passkey or 2FA device to complete the swap.
What is slippage and how to adjust the slippage tolerance?
Slippage is the difference between a trade's expected or requested price and the price at which the trade is effectively executed. It typically occurs in markets experiencing high volatility or low liquidity.
In a swap, a higher slippage tolerance is more likely for the trade to succeed, but it might lower the minimum amount you can receive. You can adjust a swap’s slippage tolerance by tapping the edit icon next to [Minimum Received]. Enter the slippage tolerance and tap [Save].
Why do I need to approve permission before a swap?
Before swapping a token, you might be asked to grant the third-party app or smart contract permission to access your funds in the Web3 Wallet.
To approve permission, tap [Approve] after entering the swap details. Please note that approving permission requires a network fee. You’ll see the fee amount on the approval page.
Why should I choose a swap service on Binance Web3 Wallet?
1. Integration with Binance Bridge: Web3 Wallet leverages Binance Bridge, a blockchain interoperability solution, to swap tokens across multiple blockchains seamlessly. This connection ensures secure and smooth transactions.
2. Supports various bridge service providers: Apart from Binance Bridge, Web3 Wallet also integrates with various bridge service providers, enhancing its capabilities and the options available to the users.
3. Multi-chain support: Swap tokens across various networks easily within the Web3 Wallet.
4. Intuitive interface: Web3 Wallet is user-friendly, making it easier for both beginners and experienced users to carry out token swaps.
5. Better pricing: Web3 Wallet finds the most competitive price from thousands of potential options on CeFi and DeFi exchanges, so users can enjoy favorable rates when swapping tokens.
6. A wide range of tokens: With the Web3 Wallet, users can swap a plethora of tokens from popular to niche ones. It offers users the freedom to diversify their portfolios as desired.
Frequently Asked Questions
1. What is the final swap price?
2. Can I cancel a swap after confirmation?
3. Why did a swap fail?
4. What happens if a swap fails?
5. Who pays for the deposit/withdrawal gas fees?
6. Who provides liquidity for the swap?
7. Can I use the swap without a Binance account?
8. Can I use the swap to buy crypto using fiat currency?
9. How long does the swap take?
10. What are the fees for swapping tokens?
For more details on Binance Web3 Wallet, please visit:
Disclaimer: Binance Web3 Wallet is an optional product. It is your responsibility to determine if this product is suitable for you. Binance is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Web3 Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. Please carefully review the Binance Web3 Wallet Terms of Use and always do your own research.
