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What Is Binance Wallet Swap?
2023-10-25 03:18
Disclaimer: In compliance with MiCA requirements, unauthorized stablecoins are subject to certain restrictions for EEA users. For more information, please click here.
What is the Binance Wallet Swap?
The Binance Wallet Swap offers users an intuitive interface for exchanging tokens across various blockchains via the Binance Wallet interface. Please note that Binance 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 Binance Wallet?
1. Log in to your Binance app and tap [Wallets] - [Web3]. Go to [Trade].
2. On the [Swap] tab, choose the tokens and the network for the swap. Binance 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. For more information, please refer to What Is Slippage?
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 Binance 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 Wallet?
1. Integration with Binance Bridge: Binance 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, Binance 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 Binance Wallet.
4. Intuitive interface: Binance Wallet is user-friendly, making it easier for both beginners and experienced users to carry out token swaps.
5. Better pricing: Binance 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 Binance 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?
The conversion rate shown is an estimate of the price at the time of the actual swap. The final conversion rate might be different, please refer to the swap history for more details.
2. Can I cancel a swap after confirmation?
All swaps are final after confirmation.
3. Why did a swap fail?
A swap can fail due to the following reasons, including but not limited to:
there’s an error with the conversion mechanism;
the liquidity is low; or
Binance Wallet doesn’t support the token.
4. What happens if a swap fails?
The funds sent out from your Binance Wallet will remain in your Binance Wallet account. You can withdraw the funds as usual. However, please note that if a swap fails, you still have to pay the network fee. It won’t be refunded.
5. Who pays for the deposit/withdrawal gas fees?
You must pay for the deposit and withdrawal gas fees when transferring funds from your Binance Wallet to Binance and vice versa. You'll see the withdrawal fee before confirming a swap.
6. Who provides liquidity for the swap?
Third-party dApps provide liquidity for swaps. Binance chooses the best option from different providers to provide service to users. However, please note that Binance does not hold responsibility for any risks or potential damage incurred from the use of third-party dApps associated with Binance Wallet. You should always conduct proper research and exercise caution when interacting with dApps and related services.
Disclaimer: Binance 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 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 Wallet Terms of Use and always do your own research.
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