SWAP is a quick exchange of one cryptocurrency into another.
- A necessary condition to making a quick exchange is to have both cryptocurrencies listed on Kanga exchange.
- There is no need for both currencies you wish to exchange to be directly tradable. The system will carry all necessary indirect exchanges in the background, choosing the proper path. If the forecasted exchange rate is unfavorable (e.g. due to a shallow market for the given cryptocurrency), the system will display a warning notice.
- When the market has low liquidity the SWAP may be impossible.
- By using the swap feature the user pays the same fee they would pay when making the transaction in the Market themselves. However, no other fees are incurred.
Sample exchange when there is no direct pair in the market:
- You wish to exchange KNG to BTC, but there is no market for it on the exchange.
- The exchange includes such pairs as KNG/USDT and BTC/USDT.
- The system will run two operations so that the user can receive their BTC:
- step 1: it will exchange KNG to USDT on the KNG/USDT pair
- step 2: it will exchange USDT to BTC on the BTC/USDT pair.
How to make a SWAP?
- Go to your Wallet and select Quick Swap.
- Click the Source currency box and select the currency which you wish to exchange from the list. The list will only show the assets available in your wallet.
- Click the Target currency box and select the currency you wish to receive. This list will show all cryptocurrencies and tokens for which the market on Kanga exchange is open.
- Enter the amount you wish to swap in the box below or click the MAX button to swap the total balance for a given cryptocurrency.
- Click the Calculate button.
- At the bottom of the screen you will see an estimated amount which you will receive and the mean rate it will be exchanged for. It is crucial that you check if the displayed exchange rate is fine for you, because once the transaction is carried, it cannot be undone. Also remember that the estimated amount is calculated based on the current state of the order book. The final amount may vary.
- Click the Swap button. You will see a modal window with a summary of the conditions of your swap.
- Click the Swap button to confirm your transaction.
- Once the operation is complete, you will see a screen with a confirmation of the swap.
- The swap will be visible in your Wallet in the Transfers tab.
Read about SWAP on our blog