How to Swap Tokens in Metamask?

Swapping tokens refer to the exchange of one cryptocurrency for another in trading. There seems to be no crypto-to-fiat exchange.

Swapping tokens is entirely feasible with the support of swap service providers/decentralized exchanges (DEX).

Users can swap crypto tokens in MetaMask by using the built-in swap feature or other Decentralized Exchanges (DEX) such as Uniswap, SushiSwap, ParaSwap, 1inch, and some others.

MetaMask Swaps is a MetaMask feature that allows you to swap one cryptocurrency token for another (for more on ERC-20 tokens and the difference between these and NFTs, or ERC-721, tokens, see our user guide).

 It is remarkably simple and convenient, and it drastically reduces the amount of effort required and your visibility to third-party payment systems to receive tokens of interest.

MetaMask offers the best swap price by combining all of its decentralized exchange aggregators and individual DEX quotes. In contrast, individual DEX platforms, such as Uniswap or SushiSwap, can choose the best price out of their cash flow stream.

 

Coin swapping is performed for a variety of purposes

To strengthen your portfolio

People used to put all their investments in one stock. It is not a good idea. Many people prefer to diversify their assets.

 If you are one of them, then swap features can help to diversify your crypto portfolio.

To Get Away From Liquidity

The crypto market is renowned for its huge fluctuations. Most of all, the period won’t allow you sufficient time to consider your options before deciding.

To avoid fluctuations

For stable coins, you can swap your coins if you wish to avoid such volatility. Stable coins allow you to study and reflect for longer periods.

To make more money

One can make more money by swapping the coin at the correct time if they produce accurate market forecasts.

To generate Passive income

Staking specific coins has a benefit over 

the others for passive revenue. Swapping your coin for another can help you to generate passive revenue.

 

Before you exchange, there are a few things you should know

Even if a coin complies with the ERC-20 standard, you should investigate it before purchasing or obtaining it. The notable feature of cryptocurrencies and decentralized finance are their programmable nature; a token isn’t always a static asset; it can have functions that alter how it is utilized or how it affects your Wallet.

MetaMask Swaps will tolerate a certain degree of variation between the price you click and the final transaction price. Due to the high liquid and unpredictability of decentralized finance and cryptocurrencies, currencies fluctuate from second to second. As a result, Swaps enable a small variation between the price you agree on and the actual price, but not too much, that is, to protect you from abrupt spikes or drops.

MetaMask refers to custom tokens as tokens that aren’t prevalent or widely used enough to be included in MetaMask’s default list of tokens. If you add some tokens to your Wallet and then forget about them (after a few minutes—remember, blockchain is fast but not immediate), try manually adding the tokens.

 

Steps to swap tokens in MetaMask

Step 1: Go to the MetaMask wallet first.

Activate the Metamask wallet extension.

Click Unlock after entering your password.

Step 2: Select Swap from the menu.

The MetaMask wallet’s home page appears after a successful login.

Buy, Send, and Swap is located just beneath your wallet balance.

Step 3: Pick a token

Two fields are seen here: the first is Swap from, and the second is Swap too.

On selecting the token, you wish to trade and enter the amount in the Swap from the area. Select the token you want to trade for in the Swap to the field.

Step 4: Fine-tune the Advanced Options

Then, select or input your unique slippage percentage in the Slippage Tolerance column.

Slippage occurs when the price changes between the order confirmation and execution. If your maximum slippage percentage restriction is exceeded, the Slippage Tolerance option will cancel the swap order.

As a result, a slippage % must be established. You can choose from the various options or go with Custom and type in your percentage.

Step 5: Select Review Swap from the drop-down menu. You can click Review Swap after entering the swap token data and setting the slippage percentage.

MetaMask will begin fetching quotes from its decentralized exchange aggregators and individual DEXs as you click the Review Swap button.

It will show you the best quote combined with the gas fee after a second. It’s worth noting that the prices include a MetaMask fee.

If you like, you can also look at the other quotes. But do so quickly. Because every 40 seconds, MetaMask will fetch a fresh quote.

Step 6: Swap the orders.

If everything appears to be in order, click Swap and wait for the transaction to complete. Then your token has been successfully transferred.

To see the contract for a few coins, you should first add it to your MetMask Wallet.

Any Decentralized Exchange can be used to trade tokens (DEX)

When compared to MetaMask’s built-in capability, trading tokens on any Decentralized Exchange requires a few manual procedures.

As said earlier, the market is flooded with DEX. This is where Uniswap comes in. The steps outlined here can be used for a variety of other DEXs.

 

Trade tokens on any Decentralized Exchange (DEX)

Step 1: Navigate to the Uniswap website.

You must first visit the Uniswap website. On the website’s upper right corner, click the Launch App button.

Step 2: Plug in your Wallet.

When you click the Launch App button, a new browser window will open. That is where you must enter your information in order to trade.

Connect Wallet is shown in the top right corner of this browser window. Select it by clicking on it.

There will be pop. Select MetaMask from the drop-down menu. The connection will be initialized, and the MetaMask extension will launch when you pick MetaMask. Choose one of your MetaMask accounts if you have more than one. Otherwise, it should be left alone. After that, click Next, and then Connect.

Step 3: Pick a token

In the first field, choose the token you want to swap. In the second field, select the token you want to replace.

Step 4: Fill in the amount

After choosing your tokens, fill in the first field with the quantity you want to swap. As soon as you enter an amount, Uniswap searches for the best price and displays it in the second box. The gas fee is seen just below the second field.

Step 5: Determine the amount of slippage and the transaction deadline. After you’ve entered the amount, you’ll need to specify the transaction deadline and slippage tolerance.

Get into the settings icon and select it. These fields can be seen there.

If your maximum slippage % limit is exceeded, the slippage tolerance option will revert your swap order.

If your transaction is outstanding for longer than the specified time, the transaction deadline option will revert it. As a result, you can customize these settings based on your threshold. The interface settings should be left alone.

Step 6: Confirm your selection.

Once the form is completed with all of the information, click Swap.

A pop-up will appear right away; simply double-check the amount you entered and the fee details.

After selecting Confirm Swap, you’ll be taken to the MetaMask wallet, where you must click Confirm.

Your transaction is submitted after the confirmation.

Step 7: Run MetaMask to see if it’s working.

Allow a few minutes to pass. Get inside the Wallet to check your balance after receiving the notification from MetaMask. Etherscan can also be used to verify transaction data and status.

Getting the tokens you desire is merely a few clicks — or taps — away, whether you are using MetaMask Extension or Mobile.

Check for a button with some arrows in a rectangular shape labeled ‘Swap’ on the main MetaMask application interface. That button must be pressed! The main Swap screen will be displayed to you.

 

Frequently Asked Questions

Why does MetaMask not allow me to swap?

  MetaMask Swaps can fail for a variety of reasons, the most common of which is slippage. When you make a swap, you agree to a price quote. If the swap price exceeds the allowed slippage (typically 2-3 percent), it will fail in order to avoid a large price difference when completed.

How long does it take to swap MetaMask?

    Your funds should be deposited in about 7-8 minutes. You will be aided to sign and approve the transaction in your MetaMask Wallet, where the gas fee will also be displayed, and a progress tab bar will appear to indicate when your transfer is complete.

Is it possible to utilize MetaMask with a hardware wallet?

   On the extension, MetaMask currently supports Trezor and Ledger. On smartphones, there is presently no hardware wallet support. Make a feature request.

MetaMask accepts which tokens?

   ETH and any token based on ETH (erc20, 721, and more). To see tokens in MetaMask, you may have to list them manually.

 

Conclusion

MetaMask swaps can be used on other networks as well. You don’t have to be on the Ethereum mainnet to use Swaps; for example, you can use Swaps on Polygon. Try it out as more sidechains, and bespoke networks become available. Swaps allow you to trade tokens on any Ethereum-compatible network straight from your Wallet, avoiding the need to interact with third-party platforms and reducing your risk of being exposed to potentially hackable or malicious smart contracts.

Leave a Comment