What is trading?
Trading allows you to trade one crypto asset for another crypto asset of the same value. For example, you can trade $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 trade?
Trading in ZenGo is easy. Just follow these steps:
- Go to the main Trade tab, or to the trade screen of an individual asset.
- Select the asset to trade (i.e. the “From” asset)
- Select the asset to receive in return (i.e. the “To” asset)
- Enter the amount to trade
- Press “Continue” and review your trade
- Press “Confirm”
That’s it! Your trade order is submitted and you’ll be notified when it arrives.
How do I know my trade has completed?
When you complete a trade order, you will see a “Trade Pending…” activity for the outgoing asset in your activity feed (accessible by tapping the bell icon).
When your trade arrives, you will see a “Trade 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 trading?
There are two types of fees related to trading:
- Exchange fee: This is a 0.75% 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. The network fee is in addition to the exchange fee and you’ll see it clearly on the confirmation screen before completing the trade.
Which assets can I trade?
In general you can trade 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 trade take?
A trade 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 trading available?
Everywhere the ZenGo wallet is available!
Are there minimum and maximum amounts for trading?
There are minimum and maximum trade 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 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 trade screen in the app.
If you’d like to trade more than the maximum amount, you can simply split your swap into multiple parts.
Does trading require an ID check?
No. You can trade in ZenGo without providing any identification documents.