In order to make a trade action successful, investors do need to perform a couple of activities before initiating a particular task or operation. Doing some research and other related tasks helps investors in carrying out the complete trade action seamlessly.
One of the major and highly practiced crypto actions is the swap, but do you know that there are also some preparations that users need to make?
Through this read, we have tried to summarize the most important actions that you need to take for ensuring a successful swap via the MetaMask extension. Moreover, we have also tried to cover the basic yet important information that you should know before engaging in the swap.
What swaps you can currently enjoy using MetaMask?
Swap refers to the process wherein the users swap (exchange) one token for the other. Simple to perform this action is majorly supported by all the crypto wallets and it is considered as a highly convenient method.
This wallet supports the following swaps in both manners i.e. whether you are performing a swap using the MetaMask extension or through the mobile app.
The swaps are currently available on:
- BNB Smart Chain, and
- Avalanche C-Chain
Tasks you should complete before performing a swap
Going to indulge in a swap function?
That’s great, but do you know that there are certain tasks that you should perform to make a swap successful?
Here are a few tips/tasks that you should follow before performing a swap function.
Perform your own research first:Researching the task that you are going to perform is one of the healthiest trading practices. If you get satisfied with all the research aspects, then only you should take that particular move. Here, users are asked to go through the complete investigation even if the token complies with the ERC-20 standard.
Anticipating slippage cost:Slippage affects the complete swap action. It is referred to as the difference between the price that you click on the checkout page of the wallet and the actual price at which the swap takes place. As the crypto market is highly volatile and prices fluctuate from time to time, thus, it becomes quite important to focus on this factor irrespective of the method you are choosing to perform a swap i.e. a MetaMask extension or mobile app.
Seek assistance on MetaMask swaps only: Another important factor that you should always remember is that the MetaMask support team provides assistance only on the swaps that are made by using the wallet swap button. Alternatively, if a user performs a swap directly on a different platform or DEX, then the team doesn’t assure to give them a definitive guide i.e. they can provide general assistance over that concern.
Try to add custom tokens manually:These tokens are not common and are listed on MetaMask’s list of standard tokens. Thus, users have to add them manually.
The above-mentioned prerequisites of swap help in making the swap successful. Swap can be performed throughthe MetaMask extension, mobile app, and Portfolio as well depending on your preference and convenience. Further, one more thing that you should remember is that MetaMask acts as an aggregator/intermediary when you avail of the service of MetaMask swap. To get detailed information relating to the Swap function, you can refer to the “Support” page of the wallet. Even after navigating through the provided page,if you find difficulty, then get in touch with the customer service team of the wallet.