What is Swap?
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.
How do I swap?
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.
How do I know my swap has been completed?
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.
Are there any fees associated with Swap?
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.
Which assets can I swap?
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.
How long does a swap take?
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.
Where is the swap available?
Almost everywhere, the Zengo wallet is available.
Are there minimum and maximum amounts for swap?
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.
Does swap require an ID check?
No. You can swap in Zengo without providing any identification documents.
However, in certain cases, document verifications can be required by our trading partner.
Who does Zengo partner with to provide the swap service?
We partner with Changelly who provides the liquidity for all trading pairs. Please see their website for more information on their terms and conditions.