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How To Swap/Exchange Crypto

In the realm of cryptocurrency, a swap or exchange refers to the process of trading one type of cryptocurrency for another while maintaining an equivalent value. For example, exchanging $100 worth of Bitcoin for an equal value of Ethereum after accounting for any transaction fees. Even though the quantity of each cryptocurrency might vary, the value in your local currency (US dollars, in this case) remains consistent.

Executing a Swap/Exchange on Savl

Savl streamlines the swapping process to ensure user-friendly trading. Follow these simplified steps:

  1. Navigate to 'Swap' from the home screen of the Savl app.
  2. Choose the cryptocurrency you wish to trade, i.e., your offering.
  3. Select the cryptocurrency you want to receive, i.e., your desired asset.
  4. Input the value or amount you intend to swap or exchange.
  5. Choose the most favorable conversion rate from the available centralized exchanges (CEX).
  6. Opt for your desired transaction speed. By default, the speed is set to 'regular'.
  7. Press "Continue" to review the details of your trade.
  8. Finally, tap "Confirm and swap" to execute the transaction.

And that's it! You've successfully initiated a swap.

Tracking Your Swap/Exchange

Savl keeps you informed at every step of the process. Once your swap is complete, you'll receive a notification either on your device or within the Savl app. Until then, the status of your trade remains as 'pending'. You can monitor its progress easily as follows:

  • "Transaction history" found under the "Wallets" tab, or
  • The small trolley icon at the top of the Swap screen.

Available Assets for Trading

Savl lets you trade any asset in your wallet, but some pairs may not be available due to low liquidity. Restrictions may change over time, so check the app for up-to-date pairings.

Swap Duration

Cross-chain swaps take 5-30 minutes, but can take longer based on asset pair and market. You'll get a notification when your swap arrives in Savl. Decentralized swaps are instant. Learn more about centralized vs. decentralized swaps on our platform.

Swap Limits

Each asset pair has its own minimum and maximum swap amounts that change based on market conditions. Our goal is to minimize this amount, so that network fees paid to miners for processing transactions do not make up a large portion of the total swap. Current minimum and maximum limits can be found on the swap screen within the app.

Should you wish to swap an amount larger than the stated maximum, you can easily partition your trade into multiple transactions.

Identity Verification

With Savl, you can exchange assets without the need for identity verification. However, there might be instances where our third-party providers require document verification for anti-money laundering (AML) purposes.

Partnership for Swap/Exchange Services

We are proud to partner with Changelly, which offers liquidity for all trading pairs. For more information about their service conditions, we recommend visiting their official website.