How to Swap Tokens in MetaMask

In the context of trading, swapping tokens refer to the exchange of cryptocurrency that you already have for another. It doesn’t involve any crypto-fiat exchange.

Swapping tokens can be done with the help of swap service providers/ Decentralized Exchanges (DEX).

Users can swap crypto tokens in MetaMask using MetaMask’s in-built swap feature or using other Decentralized Exchanges (DEX) such as Uniswap, SushiSwap, ParaSwap, 1inch, or more.

MetaMask gives the best swap price by combining all its decentralized exchange aggregators and individual DEX’s quotes whereas, in individual DEXs platforms such as Uniswap or SushiSwap, the best price is chosen from their own liquidity pools.

Why should I swap my coin for another?

To diversify your portfolio: Putting all your eggs in one basket is not always a good choice. Many people prefer to diversify their assets; if you are one of them, you can easily diversify your crypto portfolio with the swap feature.

To Escape from volatility: The crypto market is well-known for its crazy moments. Most of the time, it won’t give time to think to take a certain decision.

If you want to escape from such volatility, you can swap your coins for stable coins. Stable coins give you enough time to think and reflect.

To make more profit: If you make solid predictions about the market and have a bit of luck, you can bag more money by swapping your coin at the right time.

To make passive income: Staking particular coins have an advantage over the others. You can create a passive income by swapping your coin for another.

Let’s get into the step-by-step procedure of swapping tokens. In case you didn’t create a MetaMask account, you can do it by clicking this: How to Create a MetaMask Wallet: A Step by Step Guide.

MetaMask’s in-built swap feature

MetaMask has an in-built feature for swapping coins. Users can swap their ERC-20 tokens faster with this feature.

Steps to swap tokens in MetaMask

Step 1: Go to MetaMask wallet

Step 2: Click Swap

Step 3: Select token

Step 4: Tune-up the Advanced Options

Step 5: Click Review Swap

Step 6: Click on Swap

1. Go to MetaMask wallet

Fire up your Metamask wallet extension.

Type your password and click Unlock.

Swap tokens in MetaMask

2. Click Swap

After the successful login, you can see the MetaMask wallet’s front page.

Just under your wallet balance, you can see Buy, Send, and Swap.

Click Swap.

Swap tokens in MetaMask

3. Select token

Here, you can see two fields: the first one is Swap from and the second one is Swap to.

In the Swap from field, select the token that you want swap and enter the amount.

In the Swap to field, select the token that you want to swap for.

Swap tokens in MetaMask

4. Tune-up the Advanced Options

Next, you need to select or type your custom slippage percentage in the Slippage Tolerance section.

If the price has changed during the order confirmation and execution, that is called slippage. The Slippage Tolerance option will cancel the swap order if your max slippage percentage limit exceeds.

Hence, it is essential to set a slippage percentage. You can select from the options available or choose Custom and type your percentage.

Swap tokens in MetaMask

5. Click Review Swap

After entering swap token details and setting the slippage percentage, you can click Review Swap.

Once you hit the Review Swap button, MetaMask will start to fetch quotes among its decentralized exchange aggregators and individual DEXs.

Swap tokens in MetaMask

After a second, it will show you the best quote along with the gas fee. Note that the quotes include a MetaMask fee.

You can also see the other quotes if you want. But check it fast. Because MetaMask will fetch a new quote every 40 seconds.

Swap tokens in MetaMask

6. Swap

If everything looks satisfied, click on Swap and wait until the transaction completes. That’s it, you’ve transferred your token successfully.

For a few coins, you need to add the token’s contract to your MetMask wallet, in order to see that. For further clarification on adding custom tokens, click here.

Swap tokens in any Decentralized Exchanges (DEX)

Swapping tokens in any Decentralized Exchanges involve a few manual steps compared to MetaMask’s in-built feature.

As mentioned at the beginning, there are many DEX available in the market. Here we are going with Uniswap. The steps that are described here can also be applied to other DEXs as well.

Steps to swap tokens in any Decentralized Exchanges (DEX)

Step 1: Go to Uniswap website

Step 2: Connect your wallet

Step 3: Select token

Step 4: Enter the amount

Step 5: Set slippage and transaction deadline

Step 6: Click Confirm

Step 7: Check MetaMask

1. Go to Uniswap website

First, you need to go to the Uniswap website.

Click Launch App button on the top right corner of the website.

Swap tokens in Uniswap

2. Connect your wallet

Upon clicking the Launch App button, a separate browser window will open. That is where you have to enter your details to swap.

On the top right corner of this browser window, you can see Connect Wallet. Click on it.

A pop will appear. Select MetaMask.

Swap tokens in Uniswap

After selecting MetaMask, the connection will get initialized and the MetaMask extension will open up.

If you have multiple MetaMask accounts, select the one you want. Otherwise, leave it as such.

Click Next and then Connect.

Swap tokens in Uniswap

3. Select token

Now, select the token that you want to swap in the first field.

Select the token that you want to swap for in the second field.

Swap tokens in Uniswap

4. Enter the amount

After selecting tokens, enter the amount that you want to swap in the first field.

As soon as you’ve entered your amount, Uniswap starts to fetch the best price and will display it in the second field.

Just below the second field, you can see the gas fee.

Swap tokens in Uniswap

5. Set slippage and transaction deadline

Once you enter the amount, you need to set slippage tolerance and transaction deadline.

To do this, click the setting icon. There you can see these fields.

The slippage tolerance option will revert your swap order if your max slippage percentage limit exceeds.

The transaction deadline option will revert your transaction if it is pending more than the time mentioned.

Hence, you can set these options according to your threshold. Leave the interface settings as it is.

Swap tokens in Uniswap

6. Click Confirm

After entering all the details, click Swap.

A pop-up will show immediately, just check the amount you’ve entered and the fee details.

Once, you are okay with the fee, click Confirm Swap.

Upon clicking Confirm Swap, MetaMask wallet will pop up in which you have to click Confirm.

Swap tokens in Uniswap & MetaMask

After the confirmation, your transaction gets submitted.

Swap tokens in Uniswap

7. Check MetaMask

Wait for a few minutes. Once you get the notification from MetaMask, you go inside the wallet and check your balance.

Swap tokens in Uniswap & MetaMask

You can also check the transaction details and status in Etherscan.

 

FAQs

Why should I choose MetaMask to swap tokens over other DEX platforms in the market?

MetaMask combines multiple decentralized exchange aggregators and individual DEXs to give the best swap price with the lowest network fees. MetaMask,

  • Always finds the best price
  • Is the fastest way of swapping
  • Protects slippage
  • Reduces the gas cost

Can I swap my NFT in MetaMask?

No, you can’t. Since NFTs are non-fungible tokens (ERC-721), you can’t swap your NFTs on any platform.

Can I swap any coin in Uniswap?

No, you can’t swap all coins/ tokens in Uniswap. Since Uniswap runs on the Ethereum blockchain, it allows anyone to swap ERC-20 tokens only. Some of the popular coins/ tokens you can swap or swap for in Uniswap include MANA, SAND, MATIC, USDT, USDC, WETH, and WBTC.

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