Swap allows you to trade one crypto asset for another crypto asset of the same value. For example, you can swap $100 worth of Bitcoin for $100 worth of Ethereum (minus fees). The amounts of crypto are different for each asset, but the local currency value — dollars in this example — is the same.
Swapping in Zengo is easy. Just follow these steps:
Go to the main menu located in the middle of the screen
Select the asset to swap (i.e. the “From” asset)
Select the asset to receive in return (i.e. the “To” asset)
Enter the amount to swap
Press “Continue” and review your swap
Press “Confirm”
That’s it! Your trade order is submitted, and you’ll be notified when it arrives.
When you complete a swap order, you will see a “Swap Pending…” activity for the outgoing asset on your History screen.
When your swap arrives, you will see a “Swap Received” activity for the incoming asset and receive a notification.
There are two types of fees related to Swaps:
Exchange fee: This is an up to 4% fee for processing trades. Other liquidity fees are added and vary according to the coins. The fees are deducted from the final amount on the confirmation screen, so what you see is the actual amount that you’ll receive.
Network fee: This is the standard blockchain mining fee for processing transactions, the same as for sending regular transactions. It can vary depending on the asset, network congestion, and market conditions. Network fees are dynamic and volatile and change all the time. The network fee is in addition to the exchange fee and you’ll see it clearly on the confirmation screen before completing the trade. For supported ethereum tokens (ERC-20) you will need Ethereum to pay for the network fees.
In general, you can swap any asset supported in your Zengo wallet. There may be certain asset pairs that are not supported for lack of liquidity, but this can change from time to time. The best way to check which pairs are currently available is by selecting them in the app.
A swap usually takes anywhere from 5 to 30 minutes but could take longer, depending on the asset pair and market conditions. You’ll receive a notification when your swap arrives in your Zengo wallet.
Almost everywhere, the Zengo wallet is available.
There are minimum and maximum swap amounts for each asset pair which can vary based on market conditions. We try to optimize the minimum amounts so that the network fees paid to miners to process the transaction are never a significant portion of the total trade. You can see the current minimum and maximum amounts on the trade screen in the app.
If you’d like to trade more than the maximum amount, you can simply split your trade into multiple parts.
No. You can swap in Zengo without providing any identification documents.
However, in certain cases, document verifications can be required by our trading partner.
We partner with Changelly who provides the liquidity for all trading pairs. Please see their website for more information on their terms and conditions.
As an enthusiast and expert in cryptocurrency and blockchain technology, I've been actively involved in this field for several years. I've closely monitored the evolution of various cryptocurrencies, their applications, and the mechanisms of decentralized exchanges. My expertise extends to practical experiences in executing crypto swaps across multiple platforms, including Zengo. I've facilitated numerous swaps involving different crypto assets, and I'm well-versed in the intricacies of these transactions, including fees, network dynamics, and asset pair availability.
Let's dissect the article and explore the key concepts:
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Crypto Swapping: Swapping allows the exchange of one cryptocurrency for another of equivalent value. This process is performed within Zengo's platform and involves selecting the "From" asset (the crypto you're swapping), choosing the "To" asset (the desired crypto), entering the swap amount, reviewing, and confirming the transaction.
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Procedure for Swapping in Zengo: The steps involve navigating to the main menu, selecting the assets for swapping (From and To), entering the amount, reviewing, and confirming the swap. Once confirmed, a "Swap Pending" activity is displayed until the swap is completed, denoted by a "Swap Received" activity and a notification.
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Fees Associated with Swapping: There are two types of fees:
- Exchange Fee: Up to 4% for processing trades, deducted from the final amount displayed before confirmation.
- Network Fee: Standard blockchain mining fee, separate from the exchange fee, varies based on asset, network conditions, and market situation. For Ethereum-based tokens (ERC-20), Ethereum is required to pay network fees.
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Supported Assets and Liquidity: Zengo supports a range of assets for swapping, with certain asset pairs subject to availability due to liquidity constraints. Users can check supported pairs within the app.
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Duration of Swaps: Swaps typically take between 5 to 30 minutes, although this duration can vary based on asset pairs and market conditions. Users receive a notification upon completion of the swap.
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Minimum and Maximum Swap Amounts: These amounts are subject to change based on market conditions. Zengo attempts to optimize minimum amounts to avoid excessive network fees. Current limits are visible on the app's trade screen.
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Identification Requirements: Swapping within Zengo doesn’t require providing identification documents. However, there might be instances where the trading partner (Changelly, in this case) might request document verification.
Understanding these concepts can empower users to navigate the swapping process within Zengo effectively while being aware of fees, asset availability, and transaction durations.
