Swapping tokens in your Metamask wallet may be rather foreign to you, especially if you’re used to the user interface in a centralised exchange (CEX).
Here’s a quick guide on how you can swap tokens with a seamless experience.
Ensure your USDT and BNB are on the same network
If you are looking to swap 2 tokens, it will be best for you to ensure that both of them are on the same blockchain network.
USDT can exist on multiple blockchain networks, such as:
- Ethereum
- BNB Smart Chain
- Polygon (MATIC)
Since BNB is the native token of the BNB Smart Chain, you will need to ensure that the USDT you intend to swap should be on the BNB Smart Chain.
If your USDT tokens are on another blockchain network (e.g. Polygon), you can use our bridge (powered by Multichain) to get them on the BNB Smart Chain.
You can find out how the BNB Smart Chain differs from the BNB Beacon Chain here.
Choose a DEX and connect your Metamask wallet
While Metamask has a swap function on the BNB Smart Chain,
but the fees can be really expensive at 0.875%.
We believe that you can get much better rates for your trade on a decentralised exchange (DEX).
We’ll be using Krystal Swap, where we integrate with multiple DEXes, so you can ensure that you’re always getting the best rates for every swap you make!
What’s more, Krystal has our very own SmartSwap feature, where we use an algorithm to make your swap across multiple platforms.
This helps to reduce the slippage that you encounter, particularly if you are making really big trades!
You can connect your Metamask wallet to Krystal to start using our platform.
If you’re worried about the safety of your assets when connecting your wallet, you can view our security audit here.
Ensure you have sufficient gas fees for the transaction
To process any on-chain transactions, you will need to pay a gas fee for the validators to include your swap transaction in the block.
You can find out more about gas fees in this article here.
Gas fees are paid in the native token of that blockchain. In this case, you will be paying gas fees in BNB, which is the native token of the BNB Smart Chain.
As such, you will need to have a small amount of BNB (around $0.50-$1 USD) in your Metamask wallet to perform this transaction.
You can find out more about gas fees in our article here.
Enter the amount of USDT you wish to swap
On the Swap page on Krystal, you can enter the amount of USDT you wish to swap to BNB.
If you compare our rates with Metamask,
or Trust Wallet,
we help to ensure that you get the highest amount of BNB for your swap!
Check the settings of your swap
Before performing your swap, you may want to check the Settings here,
Where you can adjust:
- Slippage tolerance
- Gas settings
You may want to note that if you set your slippage too high, the transaction may still go through even though there are large price swings.
We would recommend using our SmartSwap feature to ensure that you would not experience any high slippage!
If you would like your transaction to be processed as quickly as possible, you can consider using the <FAST> setting.
However, this means that you would need to pay a higher amount in gas fees.
Perform an ‘Approve’ transaction to allow the smart contract to interact with your wallet balance
If you are using Krystal for the very first time, you will need to perform an ‘Approve’ transaction first (this step is not applicable if you have done this transaction before).
This allows our smart contract to interact with your wallet balance, and you can find out more about this transaction here.
The Approve transaction is only done once, and requires you to pay a gas fee. Moreover, this does not mean that your swap transaction has been processed yet!
You will still need to perform a separate transaction to swap your USDT to BNB.
To find out more about token approvals, you can check out our guide here.
Confirm the swap transaction
The next step will be to confirm this swap transaction,
and Metamask will prompt you to pay another gas fee.
Receive BNB in your wallet
Once the swap transaction has been completed, you will now have BNB in your Metamask wallet!
You can use our Portfolio Management tool to view your assets across all of our supported networks.
Conclusion
Performing a crypto swap in your Metamask wallet can be rather confusing, especially if you’re doing it for the very first time.
Here are some key things you may want to note when swapping crypto:
- You will need to pay gas fees in the form of the network’s native token
- You will need to perform an ‘Approve’ transaction first before performing the swap transaction
- The rates that you receive for each swap heavily depend on the liquidity that can is present on the platform that you’re swapping
Did you know that Krystal has a mobile app too? You are able to store your assets across multiple networks (BNB Smart Chain, Polygon, Ethereum and Solana), and use our swap function directly.
Try it out now!
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