The built-in Swap feature in the Crypto.com DeFi Wallet app is powered by the following protocols:
DeFi Swap
1inch V4
PancakeSwap
SpookySwap
TraderJoe
Sushiswap
VVS Finance
Velodrome Finance allows you to exchange almost all your tokens on 9 major networks with ease.
Here’s how to swap tokens:
Open DeFi Wallet and go to the ‘Swap’ tab
Acknowledge that you’re not a resident/citizen of a geo-restricted region
Select the ‘From/To’ networks and tokens to view the estimated exchange price
Enter either the ‘From’ or ‘To’ token amount and tap ‘Swap’
Review the network, protocol, swap pair, exchange price, minimum received/maximum sold amount, and estimated network fee
Please Note: There will be an additional service fee for swapping via 1inch V4.
The swap price is inclusive of the service fee, and the received amount is estimated according to the adjusted price after the service fee deduction. Users can enjoy a service fee waiver for a limited time.
Tap ‘Confirm Swap’ and authorize the transaction with your passcode and 2FA code (if enabled)
The swap transaction was submitted successfully
Wait for the swap to be confirmed on-chain;
1.Go to the 'Swap' tab from the bottom navigation bar | 2. Accept the DeFi Swap Terms and geo-restrictions | 3. Choose the From/To networks and tokens | 4. Enter the amount and tap 'Swap' |
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5. Review the swap details and tap ‘Confirm Swap’ | 6. Authorize the transaction with your passcode/2FA code | 7. Swap transaction submitted | 8. Swap transaction completed |
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How many blockchains are supported for DeFi Swap?
DeFi Swap currently supports the following blockchains:
Cronos
Ethereum
BNB Smart Chain
Fantom
Avalanche
Polygon
Gnosis
Arbitrum
Optimism
How do I know which protocol the swap will be routed to?
You can find this information in the Protocol field once you’re at the ‘Confirm Swap’ screen.
Please note that there will be an additional service fee for your corresponding swap amount on 1inch V4. The swap price is inclusive of the service fee, and the received amount is estimated according to the adjusted price after the service fee deduction. Users can enjoy a service fee waiver for a limited time.
How are swap prices determined?
Please refer to this FAQ for more details.
What does the minimum receive or maximum sold amount mean?
The swap output is estimated, you will receive at least the “minimum received” (if you specified the From amount) or maximum sold amount (if you specified the To amount) or the transaction will revert if there is a large, unfavorable price movement before it is confirmed.
Why did my swap transaction fail?
Occasionally, your swap transaction might fail due to an “Insufficient Output Amount” Error. Your input tokens will be reverted but the network fee (gas) will be spent. This is likely due to a sudden hike in swap volume for the corresponding token pairs.
Are the DeFi Swap’s Boost and Pool functions also built within the DeFi Wallet app?
No, only the Swap function is built within the app at the moment. If you’re a liquidity provider who is interested to add liquidity to the DeFi Swap Protocol via the [Pool] function and stake CRO to increase your DeFi yields via the [Boost] function, please visit www.crypto.com/defi/swap via desktop or mobile web and connect your DeFi Wallet to the protocol via WalletConnect to access the 2 functions.
View here for the step-by-step instructions.
Can I customize the transaction settings for the swap function in DeFi Wallet?
Yes, you can customize the Slippage and Gas Fees (Gwei) under the “Advanced Settings”. Simply go to the Swap tab and click the settings button to do so:
Why is there a Price Impact / Why is the price of my asset rising/falling?
Price Impact is the influence that swapping has over the market price of the underlying asset pair. It is directly related to the number of funds in the pool. When you execute a swap through DeFi Wallet, you interact directly with a liquidity source that offers the best price for the trade you made. DeFi Wallet does its best to optimize each trade before committing your executed swap.
Price Impact is affected by:
Example:
When a user buys ETH from a DAI/ETH pool, they reduce the supply of ETH and add to the supply of DAI. This results in an increase in the price of ETH and a decrease in the price of DAI. How much the ETH price moves depends on the size of the trade relative to the size of the pool.
If the trade assumes a smaller proportion of the pool, then there will be a smaller Price Impact and less slippage, and vice versa.
Why can I view the Price Impact some of the time and not others?
DeFi Wallet extracts multiple quotes from various DeFi protocols, including DeFi Swap and 1inch V4 on Ethereum, and VVS Finance Swap Cronos. You’re able to view the Price Impact of swaps on Defi Swap and VVS Finance Swap.
What is the Slippage Tolerance in the advanced settings for DeFi Swap?
Slippage Tolerance allows the user to specify a percentage range, where the swap transaction will be canceled to prevent unexpected losses if the swap index price deviates above the specified amount. The customizable range for Slippage Tolerance is 1% to 49.9%.
What are Gas Fees in the advanced settings for DeFi Swap?
Gwei is the denomination (sub-currency) of Ether (e.g. what cents is to dollars). Gas Fees, measured in Gwei, are payments made by users for the computing energy required to process and validate transactions on the Ethereum blockchain. In the advanced settings, there are 3 levels/speeds: Slow, Average, and Fast. The faster the transaction speed, the more Gas Fees, or gwei, you will need to pay.
FAQs
To make a withdrawal:
- Open the Crypto.com App and go to "Accounts"
- Open your Crypto Wallet.
- Press the "Transfer" button.
- Press "Withdrawal"
- Select "External wallet"
- Locate and select the whitelisted wallet address.
- Enter your passcode or confirm using biometric ID.
Tap Manage Tokens on the homepage. Tap Import at the top right corner. Select the right network and fill in the Token Contract Address field. The Crypto.com DeFi Wallet will automatically populate the token's name, symbol, and decimals.
How do you convert crypto on crypto com? ›
After you have logged in to your account, you will be able to make trades on the Exchange. Navigate to the Markets page on the top left of the navigation bar. Select the market you want to trade in. Navigate to the pair you want to trade in (e.g. CRO/USDT), and select Trade.
How do you cash out on DeFi? ›
OPTION FOR DIRECT WITHDRAWAL
You must first exchange the coins removed from your DeFi wallet into the fiat currency of your choice using the exchange option on your offramp. To put it another way, you must sell your investments, say, for US dollars, euros, or pound sterling.
What's the difference between Crypto com and DeFi wallet? ›
The DeFi wallet is non-custodial, meaning you have full control of your private keys and are responsible for securing your deposits. If the worst happens, like Crypto.com goes bankrupt, your funds are still safe. On the other hand, a non-DeFi wallet means you're reliant on a third-party to safeguard your funds.
How do you swap in DeFi wallet? ›
Here's how to swap tokens:
- Open DeFi Wallet and go to the 'Swap' tab.
- Acknowledge that you're not a resident/citizen of a geo-restricted region.
- Select the 'From/To' networks and tokens to view the estimated exchange price.
- Enter either the 'From' or 'To' token amount and tap 'Swap'
Token swapping is exclusively performed on a DeFi protocol, particularly a decentralized exchange. These exchanges are non-custodial (meaning that they do not require ownership of your assets to move funds) and rely on liquidity delivered by users through the means of yield farming or liquidity mining.
How do I send CRO from DeFi wallet? ›
How do I send native or ERC20 CRO from DeFi Wallet?
- Go to your home screen / CRO wallet.
- Tap [Send] and select CRO if you enter via the home screen.
- By default, the chosen option should be [Crypto.org] chain.
- Paste/scan the QR code of the CRO address of your recipient.
Maker-taker fees for Crypto.com differ according to your 30-day trading volume: $0 to $25,000: 0.40% maker, 0.40% taker. $25,001 to $50,000: 0.35% maker, 0.35% taker. $50,001 to $100,000: 0.15% maker, 0.25% taker.
Can you transfer coins on Crypto com? ›
In the Crypto.com App:
Tap on the "Transfer" button > “Deposit” > “Crypto” Select the cryptocurrency you want to deposit. A pop-up will appear with your deposit address and its QR code.
How Does the Crypto.com Exchange Work? An exchange is a marketplace where buyers and sellers come together to trade assets at specific prices. It exists as a platform on which market participants transact without having to search for a buyer or seller willing to trade with them. The exchange takes on this task.
Does DeFi wallet report to IRS? ›
IRS & DeFi Tax
The IRS hasn't released any specific guidance on the tax treatment of DeFi just yet. But that doesn't mean you won't pay taxes on your DeFi investments - your crypto will be subject to either Capital Gains Tax or Income Tax.
How much money is locked in DeFi? ›
TVL includes all the coins deposited in all the functions that DeFi protocols offer, including staking, lending, and liquidity pools. The total value locked in the crypto market declined from $160 billion in mid-April 2022 to $58.4 billion in September 2022, the lowest level since March 2021.
Is there a fee to transfer from Crypto com to DeFi wallet? ›
The Crypto.com app interfaces perfectly with the non-custodial DeFi wallet and users are charged no extra fees when transferring between the two applications (although there might be regular blockchain fees).
What is the point of the DeFi wallet? ›
DeFi wallets are the tools that enables a platform to recognize you even if it doesn't know any of your personal details. Simply put, a DeFi wallet allows you to swap assets; earn from lending, staking, farming services; check your NFTs (non-fungible tokens) or connect to platforms to mint and buy them.
Which wallet is best for DeFi? ›
11 Best DeFi Wallets
- #1. ZenGo. ZenGo Wallet. ...
- #2. MetaMask. The Metamask wallet. ...
- #3. Trust Wallet. The Trust Wallet. ...
- #4. Argent Wallet. The Argent Wallet. ...
- #5. Crypto.com Wallet. The Crypto.com wallet. ...
- #6. Coinbase Wallet. The Coinbase Wallet. ...
- #7. Ledger Wallet. The Ledger Wallet. ...
- #8. Trezor Wallet. The Trezor Wallet.
In a nutshell, DeFi Swap is a decentralized exchange that offers a range of crypto-centric services. At the forefront is the ability to swap one token for another without needing to go through a centralized exchange.
What is a token swap? ›
A token swap is an agreement between two parties that exchange different token types (say token 𝐴 and token 𝐵). In a token swap, one party will pay a certain amount of token 𝐴 to the other party and receive the agreed amount of token 𝐵 in return.
What is the risk of DeFi staking? ›
Like all software, DeFi protocols have two main software risks – coding errors, "bugs," that may cause the software to malfunction, and security vulnerabilities that allow thieves, "hackers," to break in and steal funds from the protocol.
How do I put money from my DeFi wallet into my bank account? ›
Withdrawing crypto into your fiat bank account
Before you can transfer the crypto you have transferred from your DeFi wallet, you will need to convert it into your fiat currency of choice using the trade option on your offramp exchange. In other words, you need to sell your crypto for USD/EUR/GBP, for example.
The DeFi Wallet is good for someone who wants to control their private keys and can do so securely. Those who use Crypto.com App can easily connect their DeFi Wallet to it and manage their funds.
How do I transfer CRO from DeFi wallet to MetaMask? ›
Select “Import Using Secret Recovery Phrase”, input your 12-word phrase, and set a strong password. You have now successfully added your Crypto.com DeFi Wallet to MetaMask!
How do I avoid crypto com fees? ›
Fees for Crypto Trading
Buying with a credit or a debit card will have a 2.99% fee, and if you exchange crypto within your account, the transaction will be free. SWIFT deposits and withdrawals will have varying bank transfer fees, and ACH and SEPA deposits and withdrawals are usually free.
Why are my fees so high on crypto com? ›
Usually, the fee increases during sudden blockchain rate fluctuations and major world events; your crypto account has a history of microdeposits (like referral bonuses). If your account has large amounts of small deposits, the size of your transaction will be bigger as it will consist of many inputs.
How much is 1000 cro worth? ›
The conversion value for 1000 CRO to 59.014 USD.
Why won't crypto com let me withdraw? ›
Because Crypto.com doesn't support fiat withdrawals just yet, you don't have immediate access to your money. Selling your crypto is the only way to access your fiat money through Crypto.com.
Is crypto com Exchange wallet safe? ›
For an all-in-one solution, consider the Crypto.com DeFi Wallet, widely regarded to be one of the most trusted and secure wallets to store NFTs and voted the best NFT wallet 2022 by TradingPlatforms.
Can I connect crypto com to DeFi wallet? ›
If you are using both apps, you may optionally connect your Crypto.com App account to your Crypto.com DeFi Wallet to easily transfer funds from one app to another, or vice versa.
Is crypto DeFi wallet separate from Crypto com? ›
Crypto.com DeFi Wallet is a user-custodied wallet where you are the custodian. This means you get full access and control of your crypto private keys. Unlike a centralized custodian on the Crypto.com App, you have complete ownership of your crypto when they are stored in the Crypto.com Wallet.
Can you transfer crypto from Crypto com to a wallet? ›
To do it, you will have to select the TRANSFER button and then go to “Withdraw”, then “Crypto” and then “External Wallet”. Next, click on “+Add Wallet Address”. Pick the crypto you want to withdraw and then paste, type, or scan the withdrawal address. Give a name to your wallet and then select “CONTINUE”.
The Crypto.com DeFi Wallet is designed to give you full control and secured custody of your crypto. With the Crypto.com DeFi Wallet (a non-custodial wallet), you can send crypto to anyone around the world at your preferred confirmation speed and the network fee.
Does Crypto COM DeFi wallet report to IRS? ›
Does Crypto.com report to the IRS? Crypto.com provides American customers with a 1099-K form when they have more than $20,000 in trade volume and more than 200 trades for the year. A copy of this form will also be filed with the IRS.
How do I avoid fees on Crypto com? ›
Fees for Crypto Trading
Buying with a credit or a debit card will have a 2.99% fee, and if you exchange crypto within your account, the transaction will be free. SWIFT deposits and withdrawals will have varying bank transfer fees, and ACH and SEPA deposits and withdrawals are usually free.
What chain is crypto com DeFi wallet? ›
Crypto.com DeFi Wallet now supports the Fantom and Avalanche-C chains (requires DeFi Wallet 1.33. 0 or above). Users can seamlessly transfer FTM and AVAX tokens to their DeFi Wallet by scanning the QR code of an external wallet using the DeFi Wallet app's QR code scanner.
Should I move all my crypto to a wallet? ›
As mentioned previously, it is not wise to keep large amounts of cryptocurrency in any hot wallet, especially an exchange account. Instead, it is suggested that you withdraw the majority of funds to your own personal "cold" wallet (explained below). Exchange accounts include Coinbase, Gemini, Binance, and many others.
Why move crypto from exchange to wallet? ›
Now, most of the time, if you have crypto locked up in an exchange, then you will only be able to use it on other cryptocurrencies. The chances are that, if you want to actually buy something in the real world with your crypto, then you will need to transfer it into a wallet.
