How do I exchange crypto in Noone Wallet?

Created by Max Support, Modified on Tue, 14 Nov, 2023 at 3:03 AM by Max Support

Noone Wallet allows you to conveniently exchange between various crypto assets. By selecting the 'Exchange' button on the main screen, you can opt for either a centralized exchange (CEX), which offers fixed and floating rate exchanges, or a decentralized exchange (DEX).

How to exchange crypto

On the 'Exchange' page, select the cryptocurrency you want to exchange and the one you want to receive, as well as the type of exchange you wish to use. The app will show you the amount of crypto you will receive, including any fees you'll need to cover.

Always double-check all the details before confirming an exchange. After clicking 'Exchange,' you'll be taken to a confirmation page.

Centralized exchanges

CEX exchanges are conducted through third-party-operated trading platforms. These platforms may set certain requirements for exchanges but allow for cross-chain exchanges. When using CEXs, you can opt for floating or fixed rates. Floating rates mean the amount you receive may change due to crypto market volatility and you might get more or less crypto than originally expected. On the other hand, a fixed rate stays constant, but there's a time limit to complete the exchange.

CEX exchanges typically take 5-10 minutes to process. However, exchanges might occasionally be delayed due to the KYC procedure. In such cases, our Customer Support team can assist by escalating the issue with the CEX exchange provider.

Decentralized exchanges

DEXs have no maximum or minimum requirements for the amount of crypto for an exchange, and the exchanges are processed immediately. However, they require higher fees than CEXs and are restricted to a single network. This means you can't exchange crypto based on different blockchains.

When using DEXs, you'll also need to approve the tokens for an exchange, allowing a third-party smart contract to access your token and perform the swap. You'll need to do this once for each crypto asset you want to exchange, with the exception of native currencies like ETH or BNB.

Note the slippage tolerance setting when using DEX. Set as a percentage of the total swap value, this indicates how much the final amount you receive can deviate from the expected amount. For example, if you set slippage tolerance at 5%, it means that the amount of tokens you will receive can be 5% lower than the amount entered.