How Do I Swap/Exchange Crypto?
What is a swap/exchange, and how do I do it?
Our swap functionality allows you to exchange one cryptocurrency for another of equal value. For example, you can exchange $100 worth of Bitcoin for $100 worth of Ethereum (minus fees). The amount of each cryptocurrency may differ, but the value in the local currency - in this example, US dollars - remains the same.
How do I swap/exchange?
Trading with Savl is easy by design. Just follow these steps:
- From the home screen, select ‘Swap.’
- Select the asset you want to trade, i.e., what, You give.
- Select the asset you want in return, i.e., what, You get.
- Enter the amount/value of the swap/exchange.
- Select the best centralized exchange (CEX) conversion rate.
- Choose your preferred transaction speed - ‘regular’ is the default.
- Tap “Continue” to review your trade.
- Tap “Confirm and swap.”
You’re all set.
How do I know when my exchange/swap has been completed?
Savl will notify you via your device notifications or within the application when the swap has been completed. Before this, your trade will show as pending, and you will be able to monitor progress via:
- Your “Transaction history” within the “Wallets” tab or;
- By tapping on the small trolley icon at the top of the Swap screen
Which assets can I trade?
In general, you can trade any asset supported in your Savl wallet. There may be specific asset pairs that are not supported due to a lack of liquidity, but this can change over time. The best way to check currently available pairings is to select them in the app.
How long does a swap take?
A cross-chain swap typically takes between 5 and 30 minutes, but it may take longer, depending on the asset pair and market conditions. You will receive a notification when your swap arrives in your Savl wallet. By comparison, decentralized exchange (DEX) swaps are instantaneous. You can learn more about the differences between centralized and decentralized swaps here.
Are there minimum and maximum amounts for swaps?
There are minimum and maximum swap amounts for each asset pair, which can vary depending on market conditions. We attempt to minimize the amount so that the network fees paid to miners to process the transaction are never a significant portion of the total swap. You can view 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 trade into multiple parts.
Do I need to verify my identity?
No. You can exchange assets with Savl without providing any identification documents.
However, in some instances, document verifications might be required by third-party providers.
Who is your swap/exchange services partner?
We partner with Changelly, which provides liquidity for all trading pairs. Please see their website for more information on their terms and conditions.