The question of how to swap crypto is one that is mostly asked by traders who have purchased a cryptocurrency or digital asset with fiat. Compared to buying and selling crypto, swapping crypto does not require traditional financial means as it can be done directly from some wallets or crypto trading platforms like Bitmama. With the swap crypto feature, you can easily swap your cryptocurrency into your preferred crypto asset on the Bitmama exchange platform.
What are the reasons to swap from one crypto to another?
There are several reasons why individuals swap from one crypto to another. They include:
- Swap to a lower transaction fee chain
- Diversify your portfolio
- Swap to a stablecoin
What are the key factors to consider when swapping crypto?
There are two major factors we recommend that you consider when swapping crypto. These include:
1. The platform
This factor essentially considers the platform offering the crypto swap feature. Basically, it includes centralized spot exchanges, digital wallet providers, decentralized exchanges, Peer to peer marketplaces and more. Furthermore, the platform should be reliable and trustworthy to ensure that you do not fall for the tricks of scammers. As the best crypto exchange app in Africa, Bitmama offers a secure marketplace for crypto enthusiasts.
2. Destination of your crypto
The destination factor considers where your crypto goes to, e.g. a self-custodial or a platform-based wallet like the Bitmama wallet. Ideally, a crypto swap platform should send your cryptocurrency to your personalized wallet on their platform.
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What are the fees for swapping crypto?
Bitmama charges you an exchange fee of 0.15% of the transaction. However, generally swapping crypto depends on the payment method and platform used. On a decentralized platform, for example, you will need to consider the network fees, fees for using the exchange and generally transacting on the blockchain.
How to swap crypto on Bitmama
Follow the steps below to swap your crypto on Bitmama:
1. Download the Bitmama app for Android or iOS, register and log in.
2. Navigate to the verification page in your ”Account” section. Click on the verification button to submit the necessary documents and verify your account up to level 3.
3. From the bottom menu on the app, select “Swap”
4. Provide the necessary information on the amount and type of cryptocurrency you want to swap.
5. Lastly, click on “Swap” and that’s it. You’re done!
After clicking on “Swap”, the transaction is initiated. Arrival time is instant and you will be informed when the swap is complete.
Bitmama offers instant swap crypto services to traders globally. Enjoy affordable swap fees and ease of use when on the Bitmama crypto exchange platform.
Get started by downloading the Bitmama app for Android or iOS today.
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