What is swapping?
Swapping 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 Swap tab, or to the swap screen of an individual asset.
- 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 swap order is submitted and you’ll be notified when it arrives.
How do I know my swap has completed?
When you complete a swap order, you will see a “Swap Pending…” activity for the outgoing asset in your activity feed (accessible by tapping the bell icon).
When your swap arrives, you will see a “Swap Received” activity for the incoming asset. You’ll receive a notification when your swap arrives in your ZenGo wallet.
Are there any fees associated with swapping?
There are two types of fees related to swapping:
- Exchange fee: This is a 0.75% fee for processing swaps. 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. The network fee is in addition to the exchange fee and you’ll see it clearly on the confirmation screen before completing the swap.
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 can take anywhere from 5 to 30 minutes, depending on the asset pair and market conditions. You’ll receive a notification when your swap arrives in your ZenGo wallet.
Where is swapping available?
Everywhere the ZenGo wallet is available!
Are there minimum and maximum amounts for swapping?
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 swap.
You may notice relatively high minimums from time to time, but this is generally a temporary situation until network fees return to normal. You can see the current minimum and maximum amounts on the swap screen in the app.
If you’d like to swap more than the maximum amount, you can simply split your swap into multiple parts.
Does swapping require an ID check?
No. You can swap in ZenGo without providing any identification documents.