General questions about swaping

[nlrol]

Hello, I’m new in cryptocurrency, I used to buy Bitcoin on popular exchanges, it was easy.. but I decided to invest in alt coins.

I purchased ETH on Coinbase, and transfered it to my Metamask account. From Metamask I swaped my ETH to POLS. - That’s the best way how I should get alt coins?

- Are Metamask, Bitswap, Uniswap for the same purpose?
- If I decide to get USD for my POLS then I have to do the same but in reverse order?
- I have an Etherscan link, do you know any ebook, or documentation what I can read to understand the whole process?

If you can provide any website, book to learn more about it let me know please.

Thank you for your answers! God bless!

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[hd49728]

I purchased ETH on Coinbase, and transfered it to my Metamask account. From Metamask I swaped my ETH to POLS. - That’s the best way how I should get alt coins?

It is not the best way because when you use swap, you will have be charged with higher fee than you trade them on exchanges.
I am not sure the POLS you are talking about is this one or not: https://coinmarketcap.com/currencies/polkastarter/markets/. If it is your POLS, you can trade on Uniswap or Poloniex.

- Are Metamask, Bitswap, Uniswap for the same purpose?

Swap are the same basically.

- If I decide to get USD for my POLS then I have to do the same but in reverse order?

Sure if the platform you use has those pairs for you to swap from POLS to USD and USD to POLS.

- I have an Etherscan link, do you know any ebook, or documentation what I can read to understand the whole process?

You need to read topics:
- [Tutorial] Uniswap V2: A complete overview of all innovations.
- [GUIDE] How to cancel or replace an ETH transaction (Metamask, MEW, MyCrypto)

[pakhitheboss]

Hello, I’m new in cryptocurrency, I used to buy Bitcoin on popular exchanges, it was easy.. but I decided to invest in alt coins.

I purchased ETH on Coinbase, and transfered it to my Metamask account. From Metamask I swaped my ETH to POLS. - That’s the best way how I should get alt coins?

- Are Metamask, Bitswap, Uniswap for the same purpose?
- If I decide to get USD for my POLS then I have to do the same but in reverse order?
- I have an Etherscan link, do you know any ebook, or documentation what I can read to understand the whole process?

If you can provide any website, book to learn more about it let me know please.

Thank you for your answers! God bless!

My recommendation to you is to avoid swaps as the fee is comparatively higher than making a purchase using an exchange. I have used Metamask swap once it is very easy but the amount of Ethereum charged as fee for completing a swap is very high. The same is applicable for uniswap and let me remind you on uniswap anyone can list their token as listing is completely free therefore be very cautious while going through a swap, it is a possibility that you might be swapping a scam token for your stable coin or Ethereum.

[hd49728]

My recommendation to you is to avoid swaps as the fee is comparatively higher than making a purchase using an exchange. I have used Metamask swap once it is very easy but the amount of Ethereum charged as fee for completing a swap is very high. The same is applicable for uniswap and let me remind you on uniswap anyone can list their token as listing is completely free therefore be very cautious while going through a swap, it is a possibility that you might be swapping a scam token for your stable coin or Ethereum.

Fees are higher than trades on exchanges because the smart contracts of swap pools are more complex and the more complex they are, the higher fee will be. When you make swap, pay your attention on Gas limit that can result in some troubles for your transactions.

Fees with swap pools are higher and you can consider it as same as the Exchange or Coversion features on crypto gambling sites or marketplaces. Technically, swap is different in their contracts and process but here I meant the similarity in fee you have to pay for the service you use (swap pool, crypto gambling site or marketplace)

[cryptoaddictchie]

My recommendation to you is to avoid swaps as the fee is comparatively higher than making a purchase using an exchange. I have used Metamask swap once it is very easy but the amount of Ethereum charged as fee for completing a swap is very high.

Thats depend on the eth gas fee on the network. Sometime is very low depends on the blockchain usage. Most of OP mentioned are utilizing ethereum swap so definitely we can say it's consume higher gas fee. But somehow this is fine since the process is so easy.

OP the only way to purchase altcoins the best are the same. If not on a dex then centralized exchange however some have limitations since might the tokens you are looking for are not on a good exchange with good volume.

[pooya87]

"best" is so subjective and in some cases there aren't any other options so you'll have to use the only available one. For example when trading most of the garbage tokens on etherum network, your only option is the token swaps because nowhere else would list them ever.

There is also two more factors to consider: decentralized option and fees.
If decentralization and lack of KYC is your goal then you have to look for decentralized exchanges and P2P trading methods. But in these methods the prices aren't that good and profit margin shrinks a lot. Also most of the DEXes aren't actually decentralized, they are just called "decentralized" while they either are fully centralized (like Binance DEX) or semi decentralized where the company still has some control and also charges fees!!!
If decentralization is not your concern and you have no issue with KYC then centralized exchanges are the option you want although they are very risky as they get hacked a lot and they shut down user accounts regularly! But the prices are better so the profit increases and the liquidity is also higher. The total fee you end up paying (compared to semi DEX) could potentially be lower too.

[nlrol]

Thank you all for the help! The reason why I would like to use swap is that these tokens are not available on exchanges. I have no problem with KYC, I also have an account on Bitstamp, Kraken etc.  Thanks again!

[Twinkledoe]

Hello, I’m new in cryptocurrency, I used to buy Bitcoin on popular exchanges, it was easy.. but I decided to invest in alt coins.

I purchased ETH on Coinbase, and transfered it to my Metamask account. From Metamask I swaped my ETH to POLS. - That’s the best way how I should get alt coins?

- Are Metamask, Bitswap, Uniswap for the same purpose?
- If I decide to get USD for my POLS then I have to do the same but in reverse order?
- I have an Etherscan link, do you know any ebook, or documentation what I can read to understand the whole process?

If you can provide any website, book to learn more about it let me know please.

Thank you for your answers! God bless!

Why are you copying the OP's post? Trying to add activity in your account without creating your own post? Hope you will not do this kind of scheme all throughout your journey here in the forum.

[Chuky92]

In my own little way, to make everything easier, I think most of the hurdles you passed through can be solved through trading on an exchange, and some of these hurdles is the high fees experienced on Uniswap and its likes, but if you leverage that of exchanges it is cheaper and smooth, you can also easily trade your preferred coin to USDT or whatever stablecoins you want, but however you will need to understand how other exchanges works. Also, depending on your location, you can actually carry out a kyc verification to ensure you trade fiat if that is one of your aims, in the same way, with KYC you can actually increase your 24 hours withdrawal limit. Lastly, don't forget the community is always ready to answer your questions thus helping you to achieve your aims.

[cabron]

Thank you all for the help! The reason why I would like to use swap is that these tokens are not available on exchanges. I have no problem with KYC, I also have an account on Bitstamp, Kraken etc.  Thanks again!

Just make sure to paste the contract address to verify its the right token you are buying, there are fake tokens on swapping platforms and they look alike to the real one.

Swapping is perfect for small amount of eth, big amounts with cost big fees so if you have no problem with KYC, you can really try on exchanges.

[zasad@]

(GUIDE) How to trade on uniswap correctly
https://bitcointalk.org/index.php?topic=5270415

My guide is now outdated, because an additional system of protection against scam was introduced on uniswap, but this method of verification is very reliable

Always check the statistics before trading.
https://info.uniswap.org/home

[Lordhermes]

Swapping requires higher gas fee and likely have to do with most defi projects, but in that case of yours, it would have been better if you buy POLS in centralised exchange than going to DEX for swapping with higher fee, isn't it more economical?

Thank you all for the help! The reason why I would like to use swap is that these tokens are not available on exchanges. I have no problem with KYC, I also have an account on Bitstamp, Kraken etc.  Thanks again!

Good, for most coins that aren't trading on centralised exchange can be found in dex but you have to do some diligent research because not all have good liquidity, swap with coins that have a good standard of liquidity providers to their coin for easy swapping as this is the major priority to consider when trading coins on DEX.

[FaucetKING]

There's alot of swap platforms and the ones that you've mentioned are providing the same service. Please know that these are 3rd party platforms which are making it easier for the newbies to swap in a fast period of time but they take fees for that which means that you'll be buying the coins/tokens for a higher price than the real price being exchanged in the real markets that you can find in the exchangers. To get to know more you must use CoinMarketCap or CoinGecko or any other service that provides analytics for coins, then you just search for the specified coin/token and you signup in the exchangers then you just deposit your ethereum using Metamask's balance and you just make your orders after that.
Welcome to cryptocurrency buddy!

[Coin_trader]

You are on the right method doing swap. The current method of DEX right now is through AMM(Automated Market Maker) so the price varies on the liquidity pool of the certain exchange. Using the built in swap feature of metamask is not wrong because it gives you a hassle free swap and less slippage if you are trading in small amount. But if you are very conscious on price slippage, You can use 1inch exchange instead to compared the price of the token on all DEX available.

Fees depends on the recommended gas fee for that day so most of the DEX is just the same in terms of fee, They just differ on there preferred speed of transaction that's why some DEX charge higher to speed up transaction confirmation.

Trade and Swap is almost the same term for exchanging your coin to other. Since the coin used on swap is came from liquidity pool which owns by different trader who stake there coins. Don't let other people confused you on terminology.