Via f(x)Wallet Swap, users can now swap peer-to-peer through the Ethereum smart contract. This means you trade directly from your wallet, and retain complete custody of your tokens throughout the entire trading process. Once a trade is completed, the tokens you exchanged for will go straight to your wallet.
What tokens could I swap?
Currently, f(x)Wallet Swap supports ETH and a variety of ERC20 tokens like DAI, USDT, WETH, WBTC, etc. You could exchange ETH for ERC20 tokens and vice versa, as well as swap one ERC20 token for another.
Before swapping a crypto asset for another asset you want, please add both assets into My Asset list first.
How is f(x)Wallet Swap able to give me the best prices?
f(x)Wallet Swap uses 0x API, which aggregates liquidity from numerous multiple decentralized exchanges, or DEXs, and applies smart order routing to ensure that you get the best price on your trades. Learn more about 0x API, view https://0x.org/api
What is price slippage?
Slippage refers to the difference between the expected price and the executed price of your trade.
For example, let’s say that you want to swap 1 ETH for DAI, and f(x)Wallet Swap estimates that you will receive 1,500 DAI on this trade. Between the time that you initiate the trade and execute it, the price of ETH, DAI, or both, may have changed. Due to this, you may only receive 1,485 DAI for your 1 ETH. In this case, the price slippage is 1%.
Under “Advanced Settings” on the Swap page, by moving the slider from left to right, you could set a custom price slippage from 0.1% to 5%. If you set the maximum price slippage you can accept on your trades at 1.5%, then f(x)Wallet Swap will automatically protect you from significant slippage impact by not processing trades resulting in more than 1.5% slippage.
Are there any fees to make a trade?
Making a trade via f(x)Wallet Swap carries a small Ethereum gas fee and 0x protocol usage fee, which are aggregated under “Estimated Fee”.
To process the transaction on the Ethereum blockchain, an Ethereum gas fee is necessary. As f(x)Wallet Swap uses 0x API, trades made via f(x)Wallet Swap are executed through the 0x protocol, which charges a usage fee (in ETH).
Why do I need to approve my tokens before I can trade them?
Approvals are required because the trades are executed through Ethereum smart contracts. To use a smart contract on Ethereum, you must 1) permit it to validate your token balance, and 2) allow it to transfer the number of tokens that you wish to trade from your wallet.
Approvals are one-off, which means they are needed only once per token, per wallet address. To complete an approval, a small amount of ETH is required for the transaction's gas cost.