How to Trade
Last updated
Last updated
Before you can trade, you will need a SGB compatible wallet. You can learn how to get one here.
1. Go to the exchange page here.
2. Unlock your SGB compatible wallet by clicking Connect Wallet
3. Choose the token you want to trade from the dropdown menu in the "From" section. The default setting is SGB.
Whichever token you choose, you will need to make sure you have some to trade with. Your balance is shown to the right of the token dropdown menu.
4. Choose the token you want to trade to in the first section as above. Next, type an amount for your "To" currency by clicking inside the input box.
Your "From" currency amount will be estimated automatically. You can also type your "From" amount and have the "To" amount estimate automatically if you like.
5. Check the details, and click the Swap button.
6. A window with more details will appear. Check the details are correct.
When you are ready, click the Confirm Swap button. Your wallet will ask you to confirm the action.
7. Done! You can click View on Explorer to see your transaction details on the explorer.
CanaryXSwap is a DeFi application such that it interacts with the wallet to complete on-chain transactions for swapping, creating LPs, staking in farms and pools, etc.
As such, the first thing is to make sure you have enough SGB to pay for the gas fee of the on-chain transactions. Typically, gas fee fluctuates depending on the number of transactions in the queue, if there are more transactions, a higher gas fee may be required to push through the transaction.
If your swapping action still doesn't go through and it is displaying an error for you to revise the slippage -- you may want to check if the tokens you are trying to swap has any fees and restrictions on transactions.
It is not uncommon for tokens to include a transaction fee in their contracts, usually these fees could be used for burning, funding a treasury of a fair launch project -- for example, CNYX token has an 10% tax on every transaction for sending to a burn address and redistributing to holders such that more transactions would mean more value to CNYX token holders.
The transaction fee affects the input and output amount that you agree for signing the transaction. In many cases, the transaction cannot meet the input and output requirements because of the tax.
Before you swap any tokens, make sure you have visited their website to confirm if they have a transaction fee mechanism (or tax as many projects put it). If there is, make sure you set a slippage that is sufficient to accommodate the transaction fee -- e.g. if there is a transaction fee of 10%, your slippage will have to be set at at least 10% plus the normal trading slippage depending on your trading amount and the token's liquidity, say 5.5%-6%.
In some extreme cases including some scams, some tokens even have a block on most or all transfers on chain, or only allowing certain addresses to sell, in such case it is impossible to swap the token successfully. Do learn about the token you are trying to swap and be aware of any fees and restrictions!
