What is Swap?
WhaleFin Swap allows investors to send one type of asset and receive another at the real-time quote. Swap is a simplified version of spot trading and is recommended for new users.
How It Works
- Deposit USD or digital assets.
- Select the asset to send
- Select the asset to receive and get the real-time quote
- Enter the amount to send (or amount to receive), the platform will display the amount to receive (amount to send)
- Place the order and wait (usually less than 3s)
- View notifications on order status.
- The exchange rate between two assets, which will be updated every 5s. Real-time quotes may differ from reference quotes.
- Quote will be displayed in real-time in two directions, taking BTC/USD as an example:
Real-time quote: 1 BTC = 62,000 USD
Reversed real-time quote: 1 USD = 0.00001343 BTC
What Are Better and Worse Quotes?
Since quotes are ever-changing, actual quotes may differ from the ones the user observes. If the user sees a quote at 1 BTC = 62,000 USD, the real-time quote when the order executes might be 1BTC = 62,005 USD.
Since the quote at the time of order differs from the actual quote, there are “better” and “worse” quotes:
Better quote means the user could receive more or send less;
Worse quote means the user could send more or receive less
Safeguarding Your Swap Assets
To avoid unfavorable transactions caused by the difference between actual quote and expected quote, WhaleFin introduces the safeguarding system to protect your assets: if the spread of the actual quote and the quote at the time of order exceeds 0.5%, the transaction will be automatically canceled.
- If the user wishes to send 100,000 USD and receive 2 BTC at the quote of 1 BTC = 50,000 USD, but the actual quote becomes 1 BTC = 50,251 USD at the time of execution, which is 0.502% worse than the original quote. Since 0.502%>0.5%, the transaction will be canceled.
- If the user wishes to send 2 BTC and receive 100,000 USD at the quote of 1 BTC = 50,000 USD, but the actual quote becomes 1 BTC = 49,700 USD at the time of execution, which is 0.6% worse than the original quote. Since 0.6%>0.5%, the transaction will be canceled.
How Is the Service Fee Charged?
Swap charges no service fee, what you see is what you get.