Before the advent of DEX (Decentralized Exchange), if you want to trade the cryptocurrencies stored in your wallet with other tokens, you need to transfer your cryptocurrencies to CEX (Centralized Exchange) to sell them first; and then transfer the tokens you receive in CEX back to your wallet for safe storage. Therefore, you need to go through two transfers. It means more gas fees and it’s quite inconvenient.
But BitKeep has aggregated DEXs. You can trade or swap your cryptocurrencies with other tokens with BitKeep Swap conveniently. (A detailed trading guide will be introduced later)
Now you may wonder, what’s the difference between DEX and CEX?
We define DEX (Decentralized Exchange) as a kind of smart contract deployed in the blockchain. DEX locks the tokens on blockchains into a fund pool built by smart contracts, so that the seller and buyer can directly trade one token for another in the pool.
The whole trade is completed and recorded on the blockchain and can not be changed. No centralized agent is needed during the process. That’s why it’s called Decentralized Exchange.
CEX, on the contrary, requires that the seller and buyer transfer their assets, or tokens, into the wallet controlled by the exchange and then matches the trades in a centralized way. Whether the token can be successfully withdrawn or transferred in the blockchains completely depends on the integrity of the centralized exchange.
Simply put, in a DEX, smart contracts match trades, while in a CEX, the centralized system does.
BitKeep Swap aggregates the main DEX contracts on different public blockchains, which enables users to trade between tokens within the wallet. Here is the detailed trading guide:
1.How to buy tokens with Swap
1) Launch BitKeep wallet, switch to the mainnet wallet you want to use, then tap “Swap”;
The Swap page displays the up-to-date quotes. You can choose between several tabs to check different rankings. If you fail to find the token you want, then tap the Search icon in the upper right corner to search for the desired token.
For example, tap “DOGE” to enter its quote page (Picture 2), then tap “Buy” to enter the trade page. Note: make sure the two tokens for trading are one the same mainnet, or the trade can not be matched.
2) Enter the amount of either token, the system will automatically show the corresponding amount of the other token. Check the details at the bottom such as the slippage (editable) and TX fee, then tap “Confirm”;
You need to double check the slippage and TX fee shown in the pop-up pane, then tap “Next step” to enter the 6-digit wallet password. Now the trade request is generated and you need to tap “OK”.
3) You can view the transaction in Exchange History (Figure 1). Tap the order, and you can see all the details. If needed, you can tap “Blockchain Explorer” to check the state of the order on the blockchain. “Success” means the on-chain trade is successful.
Go back to the home page, and you will find the traded token has been added automatically. (If the trade fails or you have other problems, please contact BitKeep at the E-mail at the bottom of the Result page to report your problems.)
2. How to sell tokens through Swap
1) Choose the wallet and mainnet you want to trade, then select the token to be traded. Still, let’s take DOGE as an example; in its detail page, tap “Swap” to jump to the Swap page;
2) Select the token you are going to swap to. You can tap BNB to switch it to another token in the mainnet. Then enter the trade amount and tap “Confirm”. Don’t forget to check the gas fee and other details. Again, the slippage is editable.
3) Double check the trade information and the gas fee, tap “Next” to enter the 6-digit wallet password. You can check the order in the blockchain explorer following the steps mentioned in “How to buy tokens”.
Leave a Reply