The crypto industry tends to develop simple and seamless processes for processing, storing, buying, and using digital assets. This has directly improved the user experience and removed some of the complexities once attributed to the emerging industry. One of the innovative advances comes in the form of crypto swaps, which aim to reduce indirect costs and the time it takes to exchange one crypto asset for another.
However, while this sounds impressive, not many people seem to understand the importance of crypto swaps. In this guide, we are going to show you how to use the swap function on HaggleX.
What is Crypto Swap?
What is Crypto Swap? This involves the process of instantaneously exchanging one cryptocurrency to another without having to first undertake a crypto-to-fiat exchange. With Crypto Swap, you can effortlessly swap your crypto assets to another without the long process of selling your crypto asset to buy the crypto asset you wish to own.
According to CoinMarketCap, there are well over 13,000 cryptocurrencies that exist in the crypto space. With so many choices, you might at some point want to give another crypto asset a try. It could be you want to test the functionalities of such crypto, HODL it for the long term, or stake it to earn more crypto as passive income.
Selling your cryptocurrency to buy another cryptocurrency can be quite the process. However, with the crypto swap functionality, you can switch from one crypto asset to another with ease. So how does it work?
Let’s say you have some Ethereum, but you want to get some Bitcoin instead. Certain services can help you with this. Thanks to the HaggleX crypto swap feature, you can exchange your Ethereum and receive Bitcoin of roughly the same value.
In simple terms, you can swap your 10 Ethereum in your wallet to 0.67 BTC without having to sell your ETH and buy BTC.
How Do Token Swaps Work?
As mentioned earlier, a crypto swap requires using a seamless crypto-to-crypto exchange service instead of the usual inexpensive and time-consuming method of converting digital assets into fiat currency before then using fiat currency to buy the coins you want. In most cases, this solution offers an easier route for low capitalization cryptocurrencies.
For example, if you want to convert your HAG currency to BNB, you will most likely find that there are only a few exchanges that offer HAG/BNB trading pairs. As such, you may need to exchange your HAG tokens for legal tender or other established coins such as BTC, ETH, and USDT first. From there you can exchange popular coins or fiat currencies directly for BNB.
You would agree that this process is lengthy and inexpensive. To conduct such transactions, you must pay transaction fees more than once. In addition, it is impossible to measure how price fluctuations affect the profitability of transactions. Keep in mind that crypto asset prices are usually volatile. Hence, the above method can make it difficult to get the price you want.
Given these shortcomings, exchanges, wallets, and other platforms have begun to enable instant swap capabilities. In this way, users can directly exchange crypto assets for others. All you have to do is enter the amount you want to exchange and the desired transaction pair and the token exchange service will process and convert your coins instantly. With this type of transaction, you only have to pay the transaction fee once.
Why Should I Use Crypto Swap?
You may be wondering, why would I want to swap?
Ok, you now understand what swapping cryptocurrencies mean. But why would you want to do it? What reasons could someone have for wanting to get rid of their crypto assets for another kind? Well, let’s dive into it.
Making Profits
Ah yes, making money. Who doesn’t like it? You can make significant profits by trading cryptocurrencies because their prices change very quickly. If you time the market right and if you are a little lucky, you can make lots of money by swapping your crypto asset at the right time.
Diversify Your Investment Portfolio
Not everyone likes the volatile nature of cryptocurrencies. Diversification is often seen as a good weapon against the risk of volatility. Owning a few different cryptocurrencies can help reduce the impact of falling prices. You can swap your volatile crypto-assets for less volatile ones such as USDT so as not to lose the value of your portfolio.
Passive Income
How do you like the sound of getting money without doing anything? Certain crypto assets support staking, meaning you can gain more crypto without any further action being required on your side. You could swap your crypto to give this a try.
Why Use HaggleX to Swap Your Cryptocurrencies
Here at HaggleX, we have developed our own way of exchanging cryptocurrencies that would eliminate the problems associated with all the methods mentioned above and make the whole process so much simpler for an end-user.
Here’s what makes us stand out:
- Simple and User-friendly Interface
With HaggleX, exchanging cryptocurrencies is as easy as 1–2–3. We do not overwhelm our users with complicated graphs and strive to make the process as simple as with any other traditional payment application.
2. The Rate won’t change During the Transaction
We cover the risks associated with the volatility of cryptocurrencies and guarantee that the final exchange rate will not be different from what you see at the beginning of your journey.
3. No Hidden Charges
No extra fees will be charged on top of what you see when initiating a transaction.
4. Swap Your Favourite Crypto Assets
We support your popular cryptocurrencies including Dogecoin, Ripple, Tron, BNB, and many others with so many others to be added in the future.
Step-by-Step: How to Conduct a Swap Transaction
Swapping your crypto assets has never been more simple with HaggleX. We will provide a step-by-step guide for you using the HaggleX app.
Step 1: The first step is to download the HaggleX app and sign up using your email. Verify your account and complete your KYC on the app.
Step 2: If you have already signed up and successfully completed the Know Your Customer (“KYC”) process, click on the wallet tab on your HaggleX dashboard.
Step 3: On the wallet tab, select the cryptocurrency you wish to swap. For this guide, we want to swap USDT for BNB.
After clicking on the cryptocurrency you want to swap, choose the swap option for the options provided as indicated in the image above.
Step 4: In the “Swap” text field, first enter the amount of USDT you would like to Swap for BNB. The amount of BNB and the transaction fee will auto-update based on the amount of USDT you want to swap. In this guide, we will be swapping 49.03 USDT for 0.1001303 BNB.
Step 5: When you click on the Next button, a dialog box will appear for you to confirm your transaction.
Click on confirm to swap your USDT for BNB. You will get a notification that you have successfully swapped your USDT for BNB. It’s as easy as that.
Conclusion
Token swap services are playing a pivotal role in the ongoing crypto renaissance. They eliminate the common barriers to entering the altcoin market. In some cases, these solutions provide an easier gateway to cryptocurrencies with low market capitalization. Judging by their simple, fast, and less complicated approach to digital asset exchange, there is every reason to believe that token swaps will continue to feature prominently in the crypto industry.
Sign up on the HaggleX app today and use the HaggleX CryptoSave feature today.
Download the HaggleX app on your Google Play Store or Apple Store for free.
Google Play Store: https://play.google.com/store/apps/details?id=com.hagglex.hagglex
Apple Store: https://apps.apple.com/ng/app/hagglex-buy-sell-btc-and-eth/id1535046179
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