With the growing number of blockchain projects, the need for interoperability is increasing. Until these isolated blockchains become interoperable, we need to access the projects separately using their native currencies.

To experience the benefits of different blockchain projects and have different types of tokens, it became essential to swap or exchange one crypto into another. To serve the growing demand of swapping cryptocurrencies, CoinStats is playing a crucial role with its crypto swapping feature. In this article, we will discuss crypto swapping, how it differs from crypto trading, and how you can swap tokens using CoinStats wallet.

What is Crypto Swapping?

Crypto swapping is the process of exchanging one crypto token into another. It doesn’t involve on-ramping or off-ramping crypto into fiat money and vice versa. For instance, if you would like to get ETH tokens and you have USDT in your wallet, you can swap your USDT tokens with ETH. By not involving fiat currency, you can make faster crypto-to-crypto swaps at lower fees.

How Does Crypto Swapping Work?

Though the swapping from one crypto to another executes faster at lower fees, it is not the only reason why crypto users swap tokens instead of buying the crypto with fiat money. Native crypto tokens of a blockchain network allows users to access all the features and benefits of that blockchain.

Users can conveniently exchange their crypto tokens with other tokens by swapping to support new projects. Top crypto swapping sites such as ChangeNow, Changelly, CoinStats allow users to exchange their cryptocurrencies at lower fees. However, the swapping procedure can vary from one platform to another.

Sometimes, popular crypto exchange platforms do not list low market capitalization tokens of upcoming projects. When individuals would like to acquire the low market cap tokens to support the rising projects, they use crypto swapping websites. They will swap their existing tokens with the new projects’ tokens and then hold them. Once the new project becomes popular and its value rises, users can sell or swap them for profits.

Investors also use the swapping method to capitalize on the market volatility and price differences of tokens. By comparing prices among crypto swapping platforms, investors swap their existing tokens with other tokens at higher value. This process helps users make significant profits from their crypto holdings.

Crypto Swapping vs. Crypto Trading

Even though crypto swapping and crypto trading sound similar and are often used synonymously, they share significant differences. The processes of swapping and trading are different but they will lead to a similar end result.

On any popular crypto exchange, when you trade crypto, you need to make fiat-to-crypto transactions and execute a trading order. You can only select the trading pair that is available on the exchange platform. Here, you need to pay the commission fees charged by the platform and wait until the order gets executed.

When it comes to crypto swapping, you can seamlessly transfer one crypto into another crypto on swapping sites. These transactions will complete almost instantaneously and charge less fees because they do not involve fiat money and conversion fees. Besides, swapping platforms also offers new projects’ tokens with low market cap.

Crypto Swapping on CoinStats

CoinStats is a portfolio management platform that offers in-depth insights into profit and loss analysis as well as helps users with tax generating services. Apart from this, CoinStats is one of the top crypto news aggregator websites that collects news from more than 140 reliable sources.

The crypto swapping feature on CoinStats allows users to swap crypto tokens conveniently without any hassle. Adding to that, CoinStats does not charge any additional fees for swapping crypto. The user-friendly interface helps even beginner traders to navigate the platform easily. It supports more than 20,000 cryptocurrencies, 1000 DeFi protocols, and 300 crypto exchanges and wallets. Users can also manage all their crypto assets at one place with CoinStats.

How to Swap Tokens Using CoinStats Wallet?

You can swap cryptocurrencies either by connecting your crypto wallet like Trust wallet or MetaMask wallet or you can also use the CoinStats wallet feature to store, trade, and swap crypto tokens. Let us look at the step-by-step process to swap cryptocurrencies using CoinStats wallet.

• Go to the CoinStats desktop or get a mobile application and click on the “CoinStats Wallet”  account.
• After creating the wallet account, select the “Fund” option to add funds to your wallet. CoinStats supports Credit/debit card payments to deposit fiat money. Or, you can also directly buy cryptocurrency on it.
• Next, select the “Swap” button at the top of the screen.
• Enter the cryptocurrencies you would like to swap along with the amount.
• Then, select the “Slippage” and adjust “Gas Settings” based on how fast you would like the swap to execute.
• Verify the swap using your wallet pin/password and then click on the “Submit Swap” button at the bottom of the screen.
• Depending on the gas settings, the speed your swap will vary. You can track the status of your swap on the homepage of the wallet.

Conclusion

Crypto swapping plays an important role in allowing traders to access different blockchains and their applications. The quick and cost-effective nature of crypto swaps will continue to make it an essential part of crypto and blockchain adoption. However, users must do their own research and find reliable and trustworthy platforms.

CoinStats is the best crypto swapping platform that allows users to swap crypto with zero extra fees. Overall, the portfolio tracking, crypto swapping, resources and insights, crypto news, and many more applications of CoinStats help you participate in the ever-evolving crypto and blockchain ecosystem!