When you perform a swap in your crypto pocket, you are essentially exchanging one cryptocurrency for another. However, this process involves two back-to-back transactions that happen seamlessly, ensuring you get the new asset you’ve chosen. Below, we’ll explain how the swap works and how fees are applied.
What Happens During a Swap?
A swap transaction consists of two consecutive trades:
Selling your current cryptocurrency — First, we sell the cryptocurrency you are holding. The proceeds from this sale are converted into euros (or another fiat or stable currency used as the quote currency).
Buying the new cryptocurrency — Immediately after the sale, we use the proceeds to purchase the new cryptocurrency that you have selected.
Although two steps are involved, this process happens almost instantaneously, making it feel like a single, smooth transaction from your perspective.
Do I Pay Fees for Both Transactions?
No, you only pay a fee for one transaction, which will be shown in the app as an amount of coins before the order is executed.
In Which Cryptocurrency Do I Pay Fees?
The fee you pay during a swap transaction is determined by the price pair used. It will always be applied to the second coin in this pair, which is the quote currency. You can check the pair in the app before order execution under the section called “Rate.”
For example, in the BTC/USDC price pair BTC is the base currency and USDC is the quote currency, so trading fees will be applied in USDC.