Swap
How can I exchange one cryptocurrency for another?
The Tangem app supports in-app exchanges through third-party services.
Here are the steps to swap cryptocurrencies:
1. Open the Tangem app and log in to your wallet.
2. Select the currency you want to exchange.
3. Tap Swap on the Token page.
4. Specify the amount and select the currency you want to receive. Tangem Express will show you the provider offering the best rates. You can tap on a listed provider to see all available providers and their rates.
5. Tap Swap and enter your access code or biometric ID.
6. Scan your Tangem Wallet to confirm the transaction.
For step-by-step instructions on exchanging cryptocurrencies, see our blog post: How to safely exchange cryptocurrency.
In addition to regular swaps, Tangem Wallet also supports Send via Swap — a feature that lets you exchange one token and send it directly to the recipient’s address in a single action. Detailed instructions are available on our blog: How Send via Swap Works in Tangem Wallet.
You can also connect Tangem Wallet to various decentralized exchanges (DEX) such as Uniswap, PancakeSwap, and others through WalletConnect.
For detailed instructions on using WalletConnect on Tangem Wallet, visit our blog: How to use WalletConnect on Tangem Wallet.
When is KYC required during crypto swaps?
When using the CEX swap providers, you may be required to complete the KYC (Know Your Customer) procedure. Whether KYC is necessary depends on each provider's terms of service.
Tangem cannot determine the KYC rules and is not responsible for services' actions, rules, security issues, etc.
It's your choice to trust a provider before using them. We intend to add more swap providers in the future to offer our users more options.
Why do I need to give permission to a smart contract before exchanging cryptocurrency through 1inch/OKX?
The exchange process includes two stages:
1. Granting permission to a smart contract (occurs with the deduction of a small network commission).
2. Swapping one cryptocurrency for another (occurs with the deduction of a higher network commission).
Granting permission is a standard procedure for all decentralized exchanges such as Uniswap, PancakeSwap, 1inch, etc. It protects your wallet from unauthorized access by a smart contract without your consent.
Smart contracts cannot access your tokens unless you give them access. By granting such permission, you give the smart contract the liberty to spend your assets. Miners receive a commission paid by you for recording this permission-granting action on the blockchain.
How it works in the Tangem app
It looks like this in the Tangem app:
1. Open the Tangem app and log in to your wallet.
2. Select the cryptocurrency you want to exchange.
3. On the cryptocurrency's page, tap Swap.
4. Enter the amount of tokens you want to exchange and select the currency you want to exchange them for.
5. Tap Give permission. A window will open, showing the fee for issuing a permit. You can also choose to issue a permit for the current transaction or unlimited. Then tap Approve and scan your wallet.
At this point, you have given permission but not completed the swap.
6. To exchange your crypto, Tap Swap, then scan your wallet to sign the transaction. Once the transaction is signed and sent to the blockchain, its data can be viewed in the browser.
Benefits of granting unlimited permission
If you have granted unlimited permission to a smart contract, you will not need to do this again for future transactions (only if you don't revoke the permission).
Important points
— Permission is required for each individual smart contract.
— Swap permission will only be requested if you exchange a token that operates under smart contracts (for example, an ERC20 token). For native coins, such permission is not needed since they're regulated by blockchain algorithms, not smart contracts.
How do I revoke a smart contract's permission?
When granting permission to use smart contracts, you can grant it for the current transaction or unlimited. Giving an unlimited permit significantly saves you money compared to spending on commissions when confirming before each swap.
You can revoke permission through special services, for example:
— Ethereum: ETH Etherscan Token Approval Checker
— Binance Smart Chain: BSC Token Approval Checker
— Polygon: Polygon Token Approval Checker
— Arbitrum: Arbitrum Token Approval Checker
— Optimistic Ethereum: Optimistic Ethereum Token Approval Checker
— Avalanche C-Chain, XDC Network, Shibarium, Base: Revoke.cash
To revoke permissions, follow these steps:
1. Follow the link to the browser of the corresponding blockchain.
2. Tap Connect to Web3/Connect Wallet and select WalletConnect.
3. Connect your wallet.
4. In the list of permissions, there will be a "Revoke" button opposite each of them. Click it to revoke permission.
We plan to introduce the option to revoke permission directly in future updates to the Tangem app.
What commission is charged for exchanging cryptocurrencies?
The exchange fee through the CEX swap providers includes a commission from the service provider and a network fee for sending coins back from the exchange to the user's address.
The swap provider does not disclose its fee level, while network fees fluctuate depending on market demand and network capacity.
The exchange fee for DEX swap providers in the Tangem app consists of the network fee and the service provider fee.
This exchange fee is always displayed in the token swap window, so you can choose the lowest option.
Why is the Swap button inactive?
The Tangem app facilitates cryptocurrency exchange by collaborating with third-party providers. If a particular token cannot be swapped in the app, it means that none of the services supports that token.
You can use alternative methods to exchange cryptocurrency, such as transferring it to a centralized exchange (CEX) or connecting your Tangem Wallet to various decentralized exchanges (DEXs) like Uniswap and PancakeSwap using WalletConnect.
Detailed instructions on how to use WalletConnect on Tangem Wallet can be found in our blog post: How to use WalletConnect on Tangem Wallet.
Why were my funds not deposited after the swap?
Confirming the swap and receiving coins takes 5 to 30 minutes, depending on the network congestion. However, there might be an issue if the swap takes several hours.
Checking swap status
If you experience a delay, the first step is to check the status of your swap transaction. To do this, follow these steps:
1. Open the app and select the token you swapped.
2. Go to the swap provider section.
3. Select To Provider to get detailed information about the status of your exchange.
KYC procedure
When using the CEX swap providers, you may be required to complete the KYC (Know Your Customer) procedure. Whether KYC is necessary depends on each provider's terms of service.
Tangem cannot determine the KYC rules and is not responsible for the services' actions, rules, security issues, etc.
You can trust a provider before using them. We intend to add more swap providers in the future to offer our users more options.
Contacting support
If the funds never arrive, the problem is likely with the swap providers. The app's Swap feature is facilitated by third-party services. Our role is to provide a widget for this feature.
If you need help with your swap, please reach out directly to the support team of the swap provider you used. Details are available in the Tangem app.