Before the emergence of decentralized exchange (DEX), you first needed to transfer the currency from the wallet to a centralized exchange (CEX) if your cryptocurrency was stored in a wallet and you wanted to exchange and trade. If you would like to keep your cryptocurrencies safely after trading, you must transfer them back to the wallet. Not only did the two transfers cost extra gas fee, but it was also troublesome.
BitKeep aggregates DEX transactions, meaning that if you need to exchange or trade in-wallet currency, you only need to complete the transaction in BitKeep Swap. This article will explain detailed trading tutorials later.
May some people wonder differences between DEX and CEX?
Decentralized exchange (DEX) refers to smart contracts deployed on the blockchain. DEX locks tokens on the blockchain in the fund pool by the smart contract to enable buyers and sellers to exchange tokens directly.
The entire transaction process occurs and is recorded in the blockchain, which cannot be tampered with. Thus, DEX does not require a centralized organization to match deals, so it is named as the decentralized exchange.
The centralized exchange (CEX) is when buyers and sellers transfer assets, or tokens, into the wallets that are controlled by the exchanges so that they help with matching transactions. Whether tokens can be withdrawn or continue to be transferred depends entirely on the credit of the centralized exchange.
In other words, CEX uses smart contracts to match transactions, while CEX uses the system in centralized institutions to match transactions.
BitKeep Swap aggregates top DEX contracts on different public chains, so users can efficiently transact in-wallet currency. The following part is about the trading tutorial:
How to buy tokens through Swap
1) Open the BitKeep wallet, select the chain to be traded and then tap [Swap];
The Swap page displays the current currency market, and users can choose different currency categories. If the target transaction currency is not displayed on the page, tap the search icon in the upper right corner to search.
Here is an example of DOGE, tap [DOGE] to enter the currency market page. Tap [Buy] to enter the transaction page. Pay attention to whether the main chains of the two currencies are the same; otherwise, the transaction cannot be matched;
2) Enter the total amount of any currency, and it will automatically display the total amount of the exchanged token. At the bottom of the page, pay attention to the details, such as slippage and transaction fee. The slippage can be modified after taping. Then, tap [Confirm] ];
The pop-up window will display the total amount of the transaction currency and the current transaction fee. Recheck the information and if there is no problem, tap [Next step] and enter the 6-digit password of the wallet. The order has been generated, and tap [Confirm].
3) After the successful transaction, you can view it in the Exchange History. Tap to enter the order details to view the detailed information of the transaction. Tap [Block Browser] to check the on-chain status of the transaction. The displaying of [Success] means that the on-chain transaction has been successful.
Back to the wallet home page, you can check that the currency just traded has been automatically added(If the transaction fails or encounters other problems, feel free to contact BitKeep’s official mailbox at the bottom of the page to report the problem.)
How to sell tokens through Swap
1) The user selects the wallet and main chain to conduct the transaction, and1) Select the wallet and main chain to conduct the transaction. Tap the currency of the transaction. Still taking DOGE as an example:
Enter the transaction currency details page, click [Swap] to jump to the SwaEnter the transaction currency details page, tap [Swap] to the page;
2) Select the currency after the sale, tap BNB to switch to other currencies of the main chain, then enter the amount of the transaction currency. Tap [Confirm], and pay attention to the gas fee and other information below. Same as purchasing currency above, you can set slippage here as well.
3) Check the transaction information and gas fee again. Tap [Next] and enter the 6-digit wallet password to complete. The following steps of checking the order history and others would be the same as buying tokens which have been explained previously.
Start your first trade with BitKeepStart your first trade with BitKeep Swap.