Exchange

How can I exchange one cryptocurrency for another?

The Tangem app supports in-app exchanges through third-party services.

Here are the steps to swap cryptocurrencies:

1. Open the Tangem app and select the currency you want to exchange. 
2. Tap Swap on the token page.
3. Select the token you want to receive. Make sure to select the correct wallet and account if you have multiple ones.
4. Enter the amount. Tangem Express will show you the provider offering the best rates. You can tap on a listed provider to see all available providers and their rates.
5. Tap Swap.
6. Confirm the transaction to sign it. For more details, see How to confirm actions in your wallet.

For step-by-step instructions on exchanging cryptocurrencies, see our blog post: How to safely exchange cryptocurrency.

In addition to regular swaps, Tangem Wallet also supports Send via Swap — a feature that lets you exchange one token and send it directly to the recipient’s address in a single action. Detailed instructions are available on our blog: How Send via Swap Works in Tangem Wallet.

You can also connect Tangem Wallet to various decentralized exchanges (DEX) such as Uniswap, PancakeSwap, and others through WalletConnect. 
For detailed instructions on using WalletConnect on Tangem Wallet, visit our blog: How to use WalletConnect on Tangem Wallet.

When is KYC required during crypto swaps?

When using the CEX swap providers, you may be required to complete the KYC (Know Your Customer) procedure. Whether KYC is necessary depends on each provider's terms of service.

Tangem cannot determine the KYC rules and is not responsible for services' actions, rules, security issues, etc.

It's your choice to trust a provider before using them. We intend to add more swap providers in the future to offer our users more options.

Why is the amount to receive lower than expected?

When exchanging, you enter the amount you want to swap. The amount you receive is calculated automatically based on the provider’s exchange rate and fees. 

In some cases, there may not be enough liquidity for the selected token pair, and the amount you receive may be significantly lower than expected. In such cases, you will see one of the following warning messages: 

• High price impact. You may receive significantly less than expected. Try reducing the amount or choosing another provider.
• Trade too large. The transaction cannot be completed due to low liquidity. Reduce the amount or select a different provider. 

This is more likely to happen with large amounts or low-liquidity tokens.

Why do I need to give permission to a smart contract before exchanging cryptocurrency through DEX?

When you swap tokens through a decentralized exchange (DEX), the smart contract must be authorized to spend the tokens on your behalf. This is a standard security mechanism used by decentralized exchanges such as Uniswap, PancakeSwap, and 1inch. Smart contracts cannot access your tokens unless you explicitly grant permission.

In Tangem Wallet, this permission is handled automatically as part of the swap process. If permission is required, it is granted together with the swap transaction, so the entire process appears as a single transaction to you. By default, Tangem grants permission only for the amount being swapped. This follows the principle of least privilege and limits the smart contract's access to your funds.

Unlimited permission 
By default, Tangem grants permission only for the amount of the current swap. If you swap the same token again, you'll need to grant permission again, which requires an additional network fee.

If you frequently swap the same token, you can grant unlimited permission instead. This allows you to reuse the same permission for future swaps with the same smart contract, helping you avoid additional network fees. The permission remains valid until revoked.

To enable Unlimited permission:

1. Open the Tangem app and select the cryptocurrency you want to exchange.
2. Tap Swap on the token page.
3. Select the token you want to receive. Make sure to select the correct wallet and account if you have multiple ones.
4. Enter the amount.
5. Tap a swap provider offering the best rate.
6. Tap the Settings icon next to the selected swap provider.
7. In the Amount field, select Unlimited instead of Transaction.
8. Tap Confirm.
9. Continue with your swap, tapping Swap.
10. Confirm the transaction to sign it. If permission is required, it will be included automatically in the same transaction. For more details, see How to confirm actions in your wallet.

Important points

• Permission is required for each smart contract.
• Unlimited permission is optional and can be enabled in the swap provider settings.
• Permission is only required for tokens controlled by smart contracts (for example, ERC-20 tokens). Native coins such as ETH, BNB, or SOL do not require this type of permission.

How do I revoke a smart contract's permission?

When granting permission to use smart contracts, you can grant it for the current transaction or unlimited. Giving an unlimited permit significantly saves you money compared to spending on commissions when confirming before each swap.

You can revoke permission through special services, for example:

• Ethereum: ETH Etherscan Token Approval Checker
• Binance Smart Chain: BSC Token Approval Checker
• Polygon: Polygon Token Approval Checker
• Arbitrum: Arbitrum Token Approval Checker
• Optimistic Ethereum: Optimistic Ethereum Token Approval Checker
• Avalanche C-Chain, XDC Network, Shibarium, Base: Revoke.cash

To revoke permissions, follow these steps:

1. Follow the link to the browser of the corresponding blockchain.
2. Tap Connect to Web3/Connect Wallet and select WalletConnect.
3. Connect your wallet.
4. In the list of permissions, there will be a "Revoke" button opposite each of them. Click it to revoke permission.

We plan to introduce the option to revoke permission directly in future updates to the Tangem app.

What commission is charged for exchanging cryptocurrencies?

The exchange fee through the CEX swap providers includes a commission from the service provider and a network fee for sending coins back from the exchange to the user's address.

The swap provider does not disclose its fee level, while network fees fluctuate depending on market demand and network capacity.

The exchange fee for DEX swap providers in the Tangem app consists of the network fee and the service provider fee.

This exchange fee is always displayed in the token swap window, so you can choose the lowest option.

Why is the Swap button inactive?

The Tangem app facilitates cryptocurrency exchange by collaborating with third-party providers. If a particular token cannot be swapped in the app, it means that none of the services supports that token.

You can use alternative methods to exchange cryptocurrency, such as transferring it to a centralized exchange (CEX) or connecting your Tangem Wallet to various decentralized exchanges (DEXs) like Uniswap and PancakeSwap using WalletConnect.

Detailed instructions on how to use WalletConnect on Tangem Wallet can be found in our blog post: How to use WalletConnect on Tangem Wallet.

Why were my funds not deposited after the swap?

Confirming the swap and receiving coins takes 5 to 30 minutes, depending on the network congestion. However, there might be an issue if the swap takes several hours.

Checking swap status
If you experience a delay, the first step is to check the status of your swap transaction. To do this, follow these steps:

1. Open the app and select the token you swapped.
2. Go to the swap provider section.
3. Select To Provider to get detailed information about the status of your exchange.

Checking another account
If your swap shows the completed status Funds sent, but you still do not see the funds in your wallet, check the balance of the swapped token in your other accounts or wallets.
If you have multiple accounts or wallets, you may have selected a receiving address from a different one during the swap. In this case, the funds may have been deposited there instead.

KYC procedure
When using the CEX swap providers, you may be required to complete the KYC (Know Your Customer) procedure. Whether KYC is necessary depends on each provider's terms of service.
Tangem cannot determine the KYC rules and is not responsible for the services' actions, rules, security issues, etc.
You can trust a provider before using them. We intend to add more swap providers in the future to offer our users more options.

Contacting support
If the funds never arrive, the problem is likely with the swap providers. The app's Swap feature is facilitated by third-party services. Our role is to provide a widget for this feature.
If you need help with your swap, please reach out directly to the support team of the swap provider you used. Details are available in the Tangem app.