Swapping tokens simply means exchanging one token for another within the same network, saving you both time and fees. In this guide, we will discuss how to easily swap tokens using MetaMask Swaps, along with any technical details you might need to consider during this process.
MetaMask Swaps
MetaMask Swaps is one of many services offered by MetaMask, providing a convenient and straightforward method to obtain the tokens you wish to add to your crypto portfolio. With the help of MetaMask Swaps, the process of swapping tokens significantly reduces the number of steps needed and the amount of exposure to third-party smart contracts that was otherwise necessary for users to exchange their tokens. MetaMask Swaps is currently available for the following networks:
- Ethereum Mainnet
- BNB Smart Chain
- Avalanche C-Chain
- Polygon
- Optimism
- Arbitrum
- zkSync Era (Extension and Mobile only)
- Linea
- Base (Portfolio only)
However, please remember that MetaMask Swaps can only be used to exchange tokens within the same network, such as exchanging Ethereum for SushiSwap. If you need to perform a cross-chain exchange, you will need to use the MetaMask Bridge.
How to Use MetaMask Swap
MetaMask Swap can be used in the extension, portfolio, or even in your MetaMask mobile app. Therefore, we will be looking into the steps involved to swap tokens on each different MetaMask platform.
MetaMask Extension
Users can easily exchange their tokens on the MetaMask extension by simply following these steps:
Step 1: First, open the MetaMask extension by clicking on the MetaMask icon in the Google extension bar.
Step 2: In the MetaMask extension, click on the “Swaps” icon to open the MetaMask Swaps window.
Step 3: Now, simply select the token you wish to swap. For example, within the Binance Smart Chain network, we have selected to swap between BNB and Floki.
Step 4: Next, enter the amount of token you wish to swap, and MetaMask will begin the swap process by fetching the best quotes for your swap.
Step 5: If you’re swapping for a more volatile asset, make sure to adjust the slippage, which is set at 2% by default. Tap on the settings icon on the MetaMask Swap screen.
Step 6: Now, simply click on the “Custom” field and enter the slippage you feel would be more appropriate, then click on “Update” to apply the new slippage for the swap.
Step 7: Review the details, such as the amount of tokens you will receive and the gas fees.
Step 8: After that, simply click on the “Swap” button to begin the swap and approve the swap on MetaMask by signing the process.
MetaMask Portfolio
If you are someone who enjoys using the MetaMask portfolio more, follow these steps to swap your tokens:
Step 1: Visit the MetaMask portfolio on your preferred browser.
Step 2: Now, simply click on the “Swap” button on your MetaMask Portfolio Dashboard.
Step 3: On the MetaMask Swap screen, select the tokens you wish to swap.
Step 4: Enter the amount of Token A you wish to swap for Token B.
Step 5: MetaMask will fetch quotes and display them below, along with other swap details such as gas fees and total, on the next screen.
Step 6: If you wish to change the slippage tolerance, simply click on the small arrow right next to “Advanced options”.
Step 7: If you are satisfied with the quotes, simply click on “Swap” and then sign the approval to swap the token on the MetaMask portfolio.
MetaMask Mobile App
If you usually carry out most of your crypto activities on mobile and use the MetaMask mobile app, then simply follow these steps to swap tokens:
Step 1: In the MetaMask mobile app, simply tap on the “Features” button at the bottom of the screen.
Step 2: Now select the “Swap” option from the list.
Step 3: Select the token you wish to swap and the token you want to swap for. Further, enter the amount you wish to swap.
Step 4: To change the slippage tolerance, tap on the “Max Slippage” option at the bottom left of the screen.
Step 5: Select the slippage you want to set for the swap transaction.
Step 6: Tap on the “Get Quotes” button to get the best quotes from MetaMask to complete your swap.
Step 7: Your quotation will be displayed on the next screen. Simply slide the “Swipe to Swap” button to swap tokens on MetaMask mobile.
And that’s it, your token is exchanged for another in just a few simple steps. If you’re looking to buy more cryptocurrency outside of MetaMask, try Binance and transfer your tokens to MetaMask to save on gas fees.
How to Swap Custom Tokens
If you’re looking to import a token that is freshly new or not very popular and not available on MetaMask, then simply follow these steps to swap such a token:
Step 1: On the MetaMask extension token swap screen, click on the “Select a token” button.
Step 2: Now enter the contract address of the token you wish to swap.
Step 3: The token will now be displayed. Click on “Import” to proceed.
Step 4: You can now click on “Import” to import the token to MetaMask to proceed with the swap.
Step 5: Now simply follow the swap procedure on MetaMask to complete your swap.
Why Use MetaMask Swaps
MetaMask Swaps are a good option for token swaps for several reasons:
- MetaMask is a secure platform.
- MetaMask makes swaps easier for everyone.
- It fetches quotes from various sources and performs test transactions to ensure you get the best service.
- It provides all crypto features under one roof.
Bottomline
Selecting the MetaMask Swaps feature to exchange your tokens not only provides a convenient option to get the best quotes for your transaction but also offers availability across multiple networks. MetaMask Swaps delivers a comprehensive swap function for its users. It simplifies the process and makes it incredibly efficient to manage your crypto portfolio, outperforming other digital wallets in ease and effectiveness.
FAQs
1. Why are some tokens missing from MetaMask Swaps?
MetaMask Swaps seamlessly integrates a wide range of tokens from various decentralized exchanges, making them accessible as soon as they have liquidity. While this feature supports numerous tokens, there are certain tokens that either lack approval or are incompatible with MetaMask Swaps.
2. Why did my MetaMask swap fail?
Swap failures are often due to slippage. When agreeing to a swap price quote, if the price exceeds the set slippage tolerance (typically 2-3%), the transaction fails to prevent significant value variance. This risk is higher with volatile assets. To avoid failure, retry the swap with a higher slippage percentage.
