MetaMask Wallet Buy/Sell or Swap?

[dim_mak5]

Hi,

When clicking on Buy/Sell Metamask takes me to their official metamask portfolio url website to connect my metamask wallet to. Is buying/selling on here done through centralized providers or is it DEXes?

Okay the swap button in metamask wallet, does this use DEXes for the Swap or centralized KYC providers? If DEX then what is the difference between using the swap button in metamask and connecting your metamask wallet manually to a UniSwap DEX? Which is cheaper fees?

Also for the Swap Button or connecting to UniSwap, can metamask swap coins from Account 1 and put the new coins from the swap into Account 2 in metamask or you have to send manually from Eth Account 1 to Eth Account 2 after the swap?

Lastly for the Swap button in metamask, when getting quotes I see 2 types of liquidity and they are 'Aggregator' and 'Request for Quotation'. What is the difference between these 2 types and which 1 is DEX?

Will using the Bridge button in Metamask increasing getting hacked risks?

Finally how do I Revoke all Smart Contracts from Metamask wallet after interacting with them?

[OmegaStarScream]

There are multiple sites you can use to revoke smart contracts, see one of them: https://revoke.cash/

According to their site, the swap feature uses both DEXes and market makers. No centralized exchanges. I would imagine that using UniSwap or the DEX itself would be cheaper cause MetaMask seems to be charging an extra fee:



I'm not sure if you can swap across different accounts, as I have never tried that before, but you should be able to see that during the swap process.

Finally, what do you mean by whether the bridge process is risky when using MetaMask? why would that be any riskier than using any other bridging platform? I'm not sure I understand that question.

[Mrbluntzy]

Hi,

When clicking on Buy/Sell Metamask takes me to their official metamask portfolio url website to connect my metamask wallet to. Is buying/selling on here done through centralized providers or is it DEXes?

If you want to buy or sell your crypto on the metamask app, the payment process utilizes a centralized services. The app is not completely decentralized because they are partnering with a third party which helps you to proces the payment you will make when you wants to buy crypto with fiat or sell your crypto to fiat.

When you buy or sell crypto within MetaMask, you are not using a DEX. Instead, MetaMask uses a centralized service, owned by Consensys, to facilitate these transactions.

Okay the swap button in metamask wallet, does this use DEXes for the Swap or centralized KYC providers? If DEX then what is the difference between using the swap button in metamask and connecting your metamask wallet manually to a UniSwap DEX? Which is cheaper fees?

when you are swapping, it's decentralized and you don't need a centralized KYC provider. The fee can be sometimes higher when you connect your wallet to uniswap. When you  connect your wallet to uniswap you are swapping your coins on a third party platform which is not in partner with metamask, that's the difference.

Also for the Swap Button or connecting to UniSwap, can metamask swap coins from Account 1 and put the new coins from the swap into Account 2 in metamask or you have to send manually from Eth Account 1 to Eth Account 2 after the swap?

Yes you can do so, they have an option called "send and swap" With the option, you can select coin you want to from and to and then select wallet it will be send to.

To use MetaMask's 'Send & Swap' feature:
Open your MetaMask interface and click 'Send'.
Select the address you wish to send funds to.
Choose the asset you wish to send from your account.
Choose the asset you wish the recipient account to receive.
Review the quote, and confirm your transaction!

[dim_mak5]

There are multiple sites you can use to revoke smart contracts, see one of them: https://revoke.cash/

According to their site, the swap feature uses both DEXes and market makers. No centralized exchanges. I would imagine that using UniSwap or the DEX itself would be cheaper cause MetaMask seems to be charging an extra fee:



I'm not sure if you can swap across different accounts, as I have never tried that before, but you should be able to see that during the swap process.

Finally, what do you mean by whether the bridge process is risky when using MetaMask? why would that be any riskier than using any other bridging platform? I'm not sure I understand that question.

Thanks for the Revoke link.

Are the Market Makers derived from the Metamask swap feature centralized or in other words has there ever been history or past stories of crypto funds being frozen requiring KYC/AML completion after using the swap feature in the metamask wallet? Is Eth required in metamask to pay for Gas Fees for the Swap feature or the Swap feature automatically converts/deducts the fees from the swap requiring no Eth in metamask however for Dexes like Uniswap Eth is required to pay for Gas fees?

When viewing quotes from the list I see RFQ and AGG, what are these and which one is decentralized?

I see lot of YouTube videos of victims saying they been hacked because of Bridges in the De-Fi world are the weakest parts of De-Fi and hence that's where most of the De-Fi hacks happen, super risky when using bridges.

Also how to avoid the following hack in Metamask?:

https://www.youtube.com/watch?v=wICrIqr-TFw

[dim_mak5]

Hi,

When clicking on Buy/Sell Metamask takes me to their official metamask portfolio url website to connect my metamask wallet to. Is buying/selling on here done through centralized providers or is it DEXes?

If you want to buy or sell your crypto on the metamask app, the payment process utilizes a centralized services. The app is not completely decentralized because they are partnering with a third party which helps you to proces the payment you will make when you wants to buy crypto with fiat or sell your crypto to fiat.

When you buy or sell crypto within MetaMask, you are not using a DEX. Instead, MetaMask uses a centralized service, owned by Consensys, to facilitate these transactions.

Okay the swap button in metamask wallet, does this use DEXes for the Swap or centralized KYC providers? If DEX then what is the difference between using the swap button in metamask and connecting your metamask wallet manually to a UniSwap DEX? Which is cheaper fees?

when you are swapping, it's decentralized and you don't need a centralized KYC provider. The fee can be sometimes higher when you connect your wallet to uniswap. When you  connect your wallet to uniswap you are swapping your coins on a third party platform which is not in partner with metamask, that's the difference.

Also for the Swap Button or connecting to UniSwap, can metamask swap coins from Account 1 and put the new coins from the swap into Account 2 in metamask or you have to send manually from Eth Account 1 to Eth Account 2 after the swap?

Yes you can do so, they have an option called "send and swap" With the option, you can select coin you want to from and to and then select wallet it will be send to.

To use MetaMask's 'Send & Swap' feature:
Open your MetaMask interface and click 'Send'.
Select the address you wish to send funds to.
Choose the asset you wish to send from your account.
Choose the asset you wish the recipient account to receive.
Review the quote, and confirm your transaction!

Okay which is cheaper and more safer, using Metamask own Swap feature in its MetaMask wallet or connect MetaMask to Uniswap for the swap?

I cannot find the swap feature after clicking on Send. All I see is send. So the swap in this is Decentralized too and requires Eth for gas fees?

What percentage % should I set my slippage and if slippage happens to because I set it too low then what happens? I just lose Eth gas fees and get my funds back from the failed transaction?

[adultcrypto]

I do not recommend using Metamask to swap directly because of the high fees that comes with it. You will be paying higher than what you would have paid using the DEX and there is the possibility that you will not get the best price. Instead of using Metamask to swap, it is better to find DEX where the token is listed and swap from there directly so you can set the slippage and other things that can make the transaction cheaper and fairer.

[OmegaStarScream]

Thanks for the Revoke link.

Are the Market Makers derived from the Metamask swap feature centralized or in other words has there ever been history or past stories of crypto funds being frozen requiring KYC/AML completion after using the swap feature in the metamask wallet? Is Eth required in metamask to pay for Gas Fees for the Swap feature or the Swap feature automatically converts/deducts the fees from the swap requiring no Eth in metamask however for Dexes like Uniswap Eth is required to pay for Gas fees?

When viewing quotes from the list I see RFQ and AGG, what are these and which one is decentralized?

I see lot of YouTube videos of victims saying they been hacked because of Bridges in the De-Fi world are the weakest parts of De-Fi and hence that's where most of the De-Fi hacks happen, super risky when using bridges.

Also how to avoid the following hack in Metamask?:

https://www.youtube.com/watch?v=wICrIqr-TFw

I highly doubt you would ever be asked to go through KYC verifications when using the swap feature, but you never know. It's best to read MetaMask's terms of service if you have not already.

As for whether ETH is required or not, then I would imagine that would depend on what you're swapping. If you're swapping USDC on Polygon for example to something else, then you would need to pay the gas fees using POL (ex MATIC). But gas fees should be required regardless unless they changed something I'm not aware of.

Not sure what is RFQ and AGG. I cannot see such a thing when trying to use the swap feature on the portfolio page.

As for the attack explained on the video, apparently it's called "Sandwich attack". You can read more about it and how to protect yourself from it here:

https://www.coinbase.com/learn/crypto-glossary/what-are-sandwich-attacks-in-crypto

[dim_mak5]

I do not recommend using Metamask to swap directly because of the high fees that comes with it. You will be paying higher than what you would have paid using the DEX and there is the possibility that you will not get the best price. Instead of using Metamask to swap, it is better to find DEX where the token is listed and swap from there directly so you can set the slippage and other things that can make the transaction cheaper and fairer.

Do you know which % of Slippage is recommended and if I set the slippage too low then I just lose my gas fee and I get my funds back yeah?

[dim_mak5]

Thanks for the Revoke link.

Are the Market Makers derived from the Metamask swap feature centralized or in other words has there ever been history or past stories of crypto funds being frozen requiring KYC/AML completion after using the swap feature in the metamask wallet? Is Eth required in metamask to pay for Gas Fees for the Swap feature or the Swap feature automatically converts/deducts the fees from the swap requiring no Eth in metamask however for Dexes like Uniswap Eth is required to pay for Gas fees?

When viewing quotes from the list I see RFQ and AGG, what are these and which one is decentralized?

I see lot of YouTube videos of victims saying they been hacked because of Bridges in the De-Fi world are the weakest parts of De-Fi and hence that's where most of the De-Fi hacks happen, super risky when using bridges.

Also how to avoid the following hack in Metamask?:

https://www.youtube.com/watch?v=wICrIqr-TFw

I highly doubt you would ever be asked to go through KYC verifications when using the swap feature, but you never know. It's best to read MetaMask's terms of service if you have not already.

As for whether ETH is required or not, then I would imagine that would depend on what you're swapping. If you're swapping USDC on Polygon for example to something else, then you would need to pay the gas fees using POL (ex MATIC). But gas fees should be required regardless unless they changed something I'm not aware of.

Not sure what is RFQ and AGG. I cannot see such a thing when trying to use the swap feature on the portfolio page.

As for the attack explained on the video, apparently it's called "Sandwich attack". You can read more about it and how to protect yourself from it here:

https://www.coinbase.com/learn/crypto-glossary/what-are-sandwich-attacks-in-crypto

Hi you see RFQ and AGG in MetaMask when you click on View all Quotes. Haven't got a clue what these both mean  Can you now see them?

[Cryptohygenic]

When clicking on Buy/Sell Metamask takes me to their official metamask portfolio url website to connect my metamask wallet to. Is buying/selling on here done through centralized providers or is it DEXes?

I have known the metamask to be a wallet that when received native tokens, it does not have the feature of automatic swap rather you would have to connect it with some other wallet specifically decentralized Wallets that supports coins swaps or exchange with the gas fees in requirements or either the Bnb or Eth.

Will using the Bridge button in Metamask increasing getting hacked risks?

This may not have risks to lost your funds by hacking but breaching the due process to where you can not ascertain network transaction required processes.

[sunsilk]

Okay which is cheaper and more safer, using Metamask own Swap feature in its MetaMask wallet or connect MetaMask to Uniswap for the swap?

I've almost tried buying there but the fees are too much so for me, it's best to just connect your metamask wallet to uniswap or any other dex than using this integrated swap they have.

I cannot find the swap feature after clicking on Send. All I see is send. So the swap in this is Decentralized too and requires Eth for gas fees?

Yes, it requires some ETH as gas fees.

What percentage % should I set my slippage and if slippage happens to because I set it too low then what happens? I just lose Eth gas fees and get my funds back from the failed transaction?

You'll have to adjust that depending on what you're trading. If your trade doesn't push through then you'll have to adjust it a bit higher until it proceeds.

[planingkoala]

One thing I found super useful: always double-check the gas fee before confirming a swap, especially if you’re trying out RFQ vs AGG. Sometimes switching between them changes the rate noticeably. And yep, slippage too low = failed tx, gas gone. Start higher, adjust down next time.

[dim_mak5]

One thing I found super useful: always double-check the gas fee before confirming a swap, especially if you’re trying out RFQ vs AGG. Sometimes switching between them changes the rate noticeably. And yep, slippage too low = failed tx, gas gone. Start higher, adjust down next time.

Hi yes do you know what are RFQ and AGG and the difference between them please as I still haven't got a clue on these 

Can slippage be set low on UniSwap or Pancakeswap because they both have high liquidity and volume hence lower slippage% can be set? I am afraid of setting the slippage to Auto on Uniswap or Pancakeswap because of the Sandwich Hack shown above. Please advise.

For failed tx do funds get immediately returned back to wallet?

[notocactus]

There are multiple sites you can use to revoke smart contracts, see one of them: https://revoke.cash/

There are two other similar sites but surely there are more sites on other chains.
https://app.unrekt.net/
https://etherscan.io/tokenapprovalchecker

How to revoke token approvals.

Revoke token approval is helpful but cryptocurrency users must start with their fund and wallet managements as it is bad and risky if they store all big fund in a wallet and rely on Token Approval Revoke to keep their wallet and fund safely.

[Patikno]

Will using the Bridge button in Metamask increasing getting hacked risks?

Finally how do I Revoke all Smart Contracts from Metamask wallet after interacting with them?

Basically when you make a transaction and approval to your wallet, then there is a possibility that your wallet has a risk. Therefore, after doing that, you should revoke all smart contracts that have been connected or approved. Actually, how to revoke is very easy and simple through a revoke site, for more information you can try to find out how from various sources, and one of them that I saw was in a tutorial on yt : How to Use Revoke.Cash to Revoke Wallet Approvals

A little advice from me, if you have a number of cryptos that have a large value, then you should separate them in a new wallet or in a wallet that is rarely used for transactions, because I feel that it is much safer than storing them in a wallet that is often used. And of course you also have to be diligent in checking the status of your wallet to see whether it is at risk or not, I personally use several services to check this, like using goplus or revoke site.

[albon]

Hi yes do you know what are RFQ and AGG and the difference between them please as I still haven't got a clue on these  

Can slippage be set low on UniSwap or Pancakeswap because they both have high liquidity and volume hence lower slippage% can be set? I am afraid of setting the slippage to Auto on Uniswap or Pancakeswap because of the Sandwich Hack shown above. Please advise.

For failed tx do funds get immediately returned back to wallet?

I will provide you with this [article] so you can get full details about RFQ and also this [article] to learn about AGG.

To answer your other questions, yes, you can set low slippage on UniSwap or Pancakswap for highly liquidity tokens. You can set a low slippage, such as  ً0.1% to 0.5%, depending on the token's liquidity.

You're right to avoid the Auto option, as it can expose you to a sandwich attack. You can manually set the appropriate slippage and not worry if the transaction fails. The funds will be returned to your wallet, but you will lose the transaction fee for the failed attempt.

[btcltcdigger]

To revoke any contracts, use revoke.cash. It's a nifty tool, and i use it regularily.
Especially if you used to put unlimited allowance, revoke it immediately

[Mrbluntzy]

Okay which is cheaper and more safer, using Metamask own Swap feature in its MetaMask wallet or connect MetaMask to Uniswap for the swap?

So the swap in this is Decentralized too and requires Eth for gas fees?

What percentage % should I set my slippage and if slippage happens to because I set it too low then what happens? I just lose Eth gas fees and get my funds back from the failed transaction?

Without asking which one is cheaper, you can explore the process and know which one has a low gas fee before you go ahead to confirm the transaction. When you want to perform any of those transactions, the gas fee is always indicated there for you to see it before agreeing to confirm. Simply explore both options and see which has the lowest fee.

There's no transaction of such kind that doesn't attract gas fee, so yes, you are required to pay gas fee for the swap.

Use the slippage that is given to you by the system.

To revoke any contracts, use revoke.cash. It's a nifty tool, and i use it regularily.
Especially if you used to put unlimited allowance, revoke it immediately

It's still the same website that was earlier mentioned by @OmegaStarScream.

[dim_mak5]

Okay which is cheaper and more safer, using Metamask own Swap feature in its MetaMask wallet or connect MetaMask to Uniswap for the swap?

I've almost tried buying there but the fees are too much so for me, it's best to just connect your metamask wallet to uniswap or any other dex than using this integrated swap they have.

I cannot find the swap feature after clicking on Send. All I see is send. So the swap in this is Decentralized too and requires Eth for gas fees?

Yes, it requires some ETH as gas fees.

What percentage % should I set my slippage and if slippage happens to because I set it too low then what happens? I just lose Eth gas fees and get my funds back from the failed transaction?

You'll have to adjust that depending on what you're trading. If your trade doesn't push through then you'll have to adjust it a bit higher until it proceeds.

Is the send & swap feature built into metamask more expensive than lets say uniswap?

[dim_mak5]

There are multiple sites you can use to revoke smart contracts, see one of them: https://revoke.cash/

There are two other similar sites but surely there are more sites on other chains.
https://app.unrekt.net/
https://etherscan.io/tokenapprovalchecker

How to revoke token approvals.

Revoke token approval is helpful but cryptocurrency users must start with their fund and wallet managements as it is bad and risky if they store all big fund in a wallet and rely on Token Approval Revoke to keep their wallet and fund safely.

You mean Revoke.Cash is for the Ethereum blockchain only and doesn't work for other blockchains like Solana or Cardano? What about Ethereum Layer 2 chains?

What wallet management you do to minimise risks apart from Revoke.Cash?