KyberSwap allows you to swap tokens easily at the best rates by aggregating liquidity from different DEXs on the network.
On centralized exchanges like Coinbase and Binance, trades are mainly done between users on the exchange itself. But on decentralized exchanges (DEXs) like KyberSwap, it is possible for you to interact and trade with smart contract-based liquidity pools that hold the tokens. These liquidity pools can be on KyberSwap or any external DEX that is integrated by KyberSwap.
Step 1: To swap tokens, connect your wallet and go to the ‘Swap’ page on KyberSwap.
Step 2: Select which token you would like to swap from and to (e.g. From ETH to KNC).
Step 3: Approve the token. When you are trying to swap a particular token for the first time, the UI will prompt you with an Approve Token transaction.
Swapping a token for the first time will need 2 transactions; one to Approve Token and the second is to Swap. For every token, you will only need to Approve once. All subsequent trades for this token will require only one transaction i.e. Swap. Approval for each token has to be done separately.
Step 4: Type in the amount of tokens you wish to swap.
You save: You can view approximately how much you are expected to save from each trade by using our dynamic trade routing technology as we aggregate liquidity from multiple DEXs to get you the best prices.
Minimum received: During the token swap process, you will be guaranteed to receive at least a certain amount of tokens (shown as the minimum received amount). The transaction will revert if there is a large, unfavorable price movement before it is confirmed.
Step 5: You can view the estimated output and price impact for the swap. After you have confirmed that everything is in order, click ‘Swap’ then ‘Confirm Swap’. A Metamask pop-up will appear and you have to approve the transaction. Once the transaction is successful, your new tokens will be in your wallet. You can see the status of your transaction in your wallet or on a block explorer like www.etherscan.io
Note: you can select between the options of Maximum Return or Lowest Gas. Note that setting your gas fees too low may result in the transaction being stuck on ‘pending’.
Step 6: After the swap, if the tokens are not visible on Metamask, you may need to import a new token. You can search for it on https://www.coingecko.com/en and click the Add to Metamask icon, or import a new token directly on Metamask by filling in the required token details.
Slippage Tolerance: You can also adjust your slippage tolerance by clicking the Advanced Settings option (3 line icon) and selecting either the 0.1%, 0.5% or 1% options. You can also input a custom slippage percentage if you wish to do so.
Transaction time limit: Users can also set their preferred transaction time limit. If the time it takes to conduct the transaction exceeds the time you set, the tokens will be reverted back to your wallet, with no loss of funds. But a reverted transaction would still consume transaction gas fees.
KyberSwap has a Dynamic Trade Routing feature, which aggregates liquidity and enables users to source liquidity across different decentralized exchanges to help achieve the best price for any token swap, on any supported network.
KyberSwap trades are split and routed optimally through different DEXs for the best prices within the same chain/network. Users can trade tokens that may not be in KyberSwap pools but are available on other DEXs. You can see exactly which DEXs were involved in the trade and the % split between them.
For more details, please refer to our blog post.
- Balancer v2
- Uniswap (v2)
- Balancer v2
- Iron Finance
- Iron Finance
- Trader Joe
- PancakeSwap (Legacy)
Canceling a trade that has been pending: If your trade transaction is shown as pending for a long time, your transaction speed selected (and gas price used) is probably too low. You can cancel the transaction from your Metamask wallet. There will be an additional fee when you cancel a transaction. You can then perform a new trade at ‘Fast’ speed and higher gas price.