In cryptocurrency, a “Swap” refers to exchanging one cryptocurrency you hold for the equivalent value of another cryptocurrency.
1. What’s the difference between Swap and Buy if I want to get crypto on ELLIPAL?
The primary difference between Swap and Buy regarding getting cryptocurrencies is that zero fiat currency is involved in the Swap process. During a Swap process, you pay with an alternative cryptocurrency different (other) than the crypto you will purchase.
During a Buy process, you pay fiat, and if it is your first time buying crypto from a provider, inevitably you would need to complete a KYC (know your customer) process which would normally include your legal name, Date of birth, Address, and National ID number.
2. Do crypto swaps always have to happen through an exchange?
No.
There are many other places that you can swap: for example centralized exchanges like Binance, CEX.io, Kraken, Coinbase Exchange, and OKEx; and decentralized exchanges like Uniswap, and PancakeSwap;
Apart from that, hardware wallets like ELLIPAL offer dedicated apps that eliminate the need for going through an exchange altogether.
The blend of a hardware wallet and app can deliver top-notch security and relatively convenient swap service at the same time which helps reduce the costs associated with making a swap and store the assets well.
3. Do I need my ELLIPAL cold wallet to swap?
Yes.
When you are processing a swap on the ELLIPAL Mobile APP, after choosing trading pairs and setting up the amount, an unsigned data QR code would appear on the screen. To confirm the swap, you need to follow the instructions on the screen and use your cold wallet device to scan and finish the process.
The key purpose of cold wallets is to generate and store private keys, only with which users can send out assets. A crypto swap that happens through the ELLIPAL Mobile APP is conducted with swap providers. Users need to send out assets (requires cold wallet device signing) to providers first and receive another cryptocurrency later.
4. Which crypto can I swap on ELLIPAL?
ELLIPAL supports 30+ coins and up to 100 tokens swaps. Among them, XLM and XRP swaps are very popular on the ELLIPAL Mobile APP.
5. How to get the best price for a swap on ELLPAL?
ELLIPAL helps users compare quotes and choose the best offer from different providers automatically. ELLIPAL has made it easier for customers to compare quotes and choose providers.
6. Do I need token approvals to swap on the ELLIPAL Mobile APP?
No.
The multi-chain swap function (Swap) on ELLIPAL Mobile APP does not require any token approval from users.