Bitcoin has paved the way for the cryptocurrency market, especially since many merchants are already accepting it as a payment method. In fact, new alternative coins are being released daily, while some others are gaining more attention, giving businesses and consumers more currencies to consider for their transactions. This is also why there’s an increasing demand for platforms that provide crypto-swapping services just like Ka.app. Sign up for an account now.
Crypto Swap Meaning with Example
Crypto swapping is the process of conveniently exchanging crypto assets for their equivalent value in another coin or token. You can directly exchange crypto assets for another without intermediates involved in the process (like the time-consuming step of converting the asset to a fiat currency before you can get the token you prefer).
Ka.app has two crypto swap features called the Swap button and the Easy Swap Engine which allow users to conveniently and instantly acquire the crypto they want. Another user can pay you using any token that’s accepted on the app, and if you enable the Easy Swap Engine, you will receive the payment in your preferred currency because the feature will automatically swap the currency on your behalf.
For example, if the other user wants to send you $100 in Ethereum (ETH), but you prefer to receive Bitcoin (BTC) to build your portfolio, you can enable the Easy Swap Engine so the app would automatically swap any ETH or any other currency you receive into BTC.
How Does Crypto Swapping Work?
The end-to-end process and timeline of crypto swapping may vary depending on the platform you use. If you sign up on Ka.app, swapping takes just a few steps and completes in just a few seconds, both for the Swap feature and the Easy Swap Engine.
For the Swap feature, you just have to choose the currencies you’d like to swap, enter the amount you want to swap, and proceed with a pin code.
Meanwhile, the Easy Swap allows you to receive the payment in your preferred crypto using just your Ka.app QR code or phone number. This feature quickly converts the payments you receive to your preferred crypto. And the exciting thing is, you can even get a discount on the swap fees when you lock up the KASTA token in the app.
What are Different Ways of Swapping Crypto?
You can swap crypto in four different ways: using a crypto payment platform like Ka.app, a crypto exchange platform (the one you use for trading and where you can also keep your assets), a non-custodial exchange (the type of exchange that facilitates transactions but doesn’t hold your assets), and a ledger (a secure wallet that is often used to store huge amounts of assets).
Crypto Swap vs. Exchange: What’s the Difference?
Crypto swapping and crypto exchange are often used interchangeably but they’re different in many ways. Crypto swapping is basically directly converting your assets to another currency to either build a portfolio, cut losses, use crypto as payment, or avoid slippage costs or other high transaction fees.
Crypto exchange, on the other hand, is for buying and/or selling crypto. You trade one crypto for another crypto or a fiat currency based on their current market price in the hopes of increasing your earnings whether short or long-term. There are trading pairs involved in the exchange process like the BTC/USDT or KASTA/USDT.
What is Swap Trade?
This is one of the most frequently asked questions about the crypto swap but the truth is, there’s no such thing as swap trade. Swapping is different from trading as the main purpose of the former is to convert a specific asset to another asset, while the latter happens when you buy or sell an asset to increase earnings, cut losses, and more.
How to Swap Crypto Using the Swap Feature
- Log in on the app
- Once you’re on the home screen, tap the asset you’d like to swap. For instance, ETH.
- Tap the Swap icon.
- Choose the asset you’d like to swap ETH for. For instance, BNB.
- Enter the amount of ETH you’d like to swap for BNB or choose the percentage of the coins you’d like to swap (10%, 20%, 50%, or 100%).
- Confirm the swap with your pin code.
How to Swap Crypto Using the Easy Swap Engine
Here’s the step-by-step guide on how you can receive payments in your preferred crypto using Ka.app’s Easy Swap Engine feature:
1. Sign up for a Ka.app account (if you haven’t already).
- Download the app from the App Store or Play Store.
- Sign up using your name, home address, email address, and phone number.
- Set up your pin code as you need it to successfully complete all transactions.
- Complete the Know Your Customer (KYC) checks. KYC is the process of verifying the identification of customers to prevent money laundering, fraud, corruption, terrorist financing, and other illegal activities.
2. Log in to your Ka.app account and enter the verification code that we will send to your mobile number.
3. Click the settings icon on the upper right part of the dashboard and choose “Easy Swap” from the drawer.
4. Tick “Enable Easy Swap.”
5. On the first dropdown, choose the currency that when sent to you, you want to automatically convert to another currency. You may also select all currencies.
6. Choose the currency you prefer to receive on the second dropdown.
How Much Does it Cost to Swap Crypto?
Ka.app charges crypto swapping fees depending on the type of crypto and the amount you want to swap. The good news is that the charges are way cheaper than those of the other platforms. The app charges swapping fees in the source currency. Therefore, if you send someone Tether and they receive it in Ethereum, the fee will be charged in Tether.
How Long Does Crypto Swapping Take?
Crypto swapping completes within a few seconds in Ka.app. Also, Ka.app’s technology makes it possible for users to send crypto and receive them in just a few seconds regardless of how far they are from the other user.
Is There a Limit on the Number of Times or Amount I Can Swap?
None. You can swap any amount of crypto as many times as you want in Ka.app.
Do You Have Chat Support?
Yes. Ka.app is built with live chat support, so you can easily message us any time you have transaction-related questions or concerns.
Can I View My Transaction History?
Yes. You can view your transaction history by going to the lower rightmost icon on Ka.app’s dashboard. In addition, you can sort your transactions based on the assets you’ve deposited, withdrawn, sent, received, swapped, and received as rewards.
Is it Safe to Swap Crypto in Ka.app?
Ka.app has two-factor authentication for the safety and security of its users. You will only be able to log into your account if you enter the verification code we will send to your mobile number correctly, and you can only successfully finish a transaction by entering your pin code. At the same time, we conduct thorough KYC verifications and adhere to anti-money laundering (AML) guidelines to protect our users and the company against illegal activities such as fraud, money laundering, and terrorist financing.
