How to Swap Crypto in Binance Web3 Wallet

How to Prepare for Swapping Crypto in Binance Web3 Wallet
Adding Gas Coin and Tokens for Swapping in Binance Web3 Wallet
Swapping Tokens in Binance Web3 Wallet
Finalizing Token Swap in Binance Web3 Wallet
Cashing out from Binance Web3 Wallet
FAQ

How to Prepare for Swapping Crypto in Binance Web3 Wallet

How to swap crypto in Binance Web3 Wallet. So we'll switch over to the Web3 wallet here. The first thing we need to figure out is which blockchain do we want to use to swap our tokens. Most of the time you can only swap tokens on the same network. However, Binance Web3 Wallet does allow us to bridge between certain different networks as well. So we can do that. But we'll have to figure that out depending on which tokens that we want to trade and which networks that we want to use. So whichever Network that we want to use and swap on, we have to pay gas - that is a transaction fee. So the first thing we need is the gas coin on the network that we want to use. I'm going to be using the B&B smart chain for this example, so I know that on the B&B smart chain, the gas coin is BNB coin. So we can go to Swap and then you can see spent and receive. So spent is the coin that you're spending and received is the one that you're going to swap it into, but we always need some of the gas coin to pay for gas.

Adding Gas Coin and Tokens for Swapping in Binance Web3 Wallet

So what you can do is go to Spend, click that token icon, and you can see all of the supported blockchains here. So B&B smart chain, arbitrum 1 is going to take ETH for gas, same as Ethereum, Polygon is Matic, Solana is SOL, and so on. So you can figure out which blockchain you want to use, what coin do you need to pay for gas. Since I know B&B smart chain uses B&B coin, I'm going to go home and I've got B&B coin right here, so I'm going to send some of that in from my Binance account. If you can't see the asset that you want, scroll down and click Manage Tokens. Search for the coin. Right, so if you're using Solana or something, you need SOL, that's it right here, Solana on the Solana blockchain, toggle that on, that's the coin that you need to send in. From your Binance account. So I'm going to go over to my BNB token icon here. You can see it's B&B coin in the bottom right, that's the B&B smart chain logo. So it's B&B coin on the B&B chain. Going to click that, going to press Transfer down at the bottom, and that's going to populate all of my details. So it's coming in from my spot wallet, I've obviously got some B&B coin in my Binance account already bought. If you need to know how to do that, I'll leave a beginner's guide down in the description to Binance. Links below to exchanges I use as well with some deposit and trading bonuses. But you can see from Binance spot wallet to my account, it's all automated because, you know, it's obviously linked. The coin is B&B. I'm going to press Transfer, then I'm going to see how much BNB that I actually have. This is my address that I'm sending to. I'm going to withdraw some amount right here that you can choose, right, and then press Withdraw. That's going to send the coin from your Binance account into the Binance Web3 Wallet. Just make sure that you have the gas coin on the network that you want to use.

Swapping Tokens in Binance Web3 Wallet

Now that we have some of the gas coin in our network, we can actually use that network to swap any two other tokens. We can also use the gas coin as kind of a value coin to actually use that value to swap into any other coin as well and simultaneously pay the gas fee. So if you know the coin that you want to swap into, add it into your account so that you can see the balance. Go to Manage Tokens down at the bottom, then from here you can search for it. I know that I want to swap into USDT, so it shows me all of the USDT coins or tokens on all of the different networks. I know that I'm swapping on B&B smart chain, so I can toggle that on. If you're swapping on a different chain, you can toggle that on. Now, if you can't find the coin, you can add it manually by going to the top, the plus icon here, and you can search for the contract address of that token that you want. Go to CoinGecko or something like that, search for the token that you want, get the contract address there, and then you can just paste that in the contract address, choose the network that it's on, and you can see it already knows that this contract address is USDT. I can add this myself, so I don't need to add it manually. But if you can't see the token, you can add it manually here. And I'm going to go back to the main page. So now we can go ahead and swap. So swap here, and you can see spent and received. So spend is the coin, the value that you're spending, and you're receiving what other coin. So go to receive. Now, like I said, on some occasions, you can swap cross-chain. So let's go to Arbitrum 1 and let's find US dollar tether. We can see up here, that's obviously the one that we want. And let's see if we can swap cross-chain. So I can actually swap cross-chain here, so I'm going to spend some BNB. I've got some of that BNB in my account, and I'm going to receive it into my same address in my Web3 wallet. But that US dollar tether is actually going to be on the Arbitrum 1 chain. Now, what's happening here is you're swapping cross-chain. You can see the provider is actually, looks like Binance Bridge.

Finalizing Token Swap in Binance Web3 Wallet

Now, what's happening here is you're swapping cross-chain. You can see the provider is actually, looks like Binance Bridge. So Binance is basically in the middle here. They're providing that service so you can actually get the value from one chain to another using Binance's bridge, and they'll charge you a network fee in BNB of around, you know, 2 cents, right, 1.7 cents, right? So very, very small. So you can actually swap cross-chain and it's pretty good. So what we're going to do though is actually swap on the same chain. So we're going to go BNB Smart Chain, we're going to search for USDT, and that's obviously the one that I want because it's up at the top. And I'm just going to swap this because I don't have to swap cross-chain. So let's go with an amount to swap. You can see the provider is Binance, so that's the best rate. So click on this. This is Binance Bridge again and the network fee is 15 cents, again paid in BNB. That's the network fee. 1inch is an exchange aggregator, that's a third party that also gets very good trades. And PancakeSwap as well, the decentralized exchange. So which one should you use? Well, the one that's going to give you the best rate. Binance chooses that automatically. You can see the minimum received. Now if you click to the right-hand side of this, you can see the pencil icon. Click that. This is slippage tolerance. Slippage is the difference between the price quote that you get given here and then the price that you actually trade at on-chain. There's going to be a slight time difference between the quote that you're getting given and what the actual exchange rate is when you trade. So what should you set for very large tokens like layer 1 coins, ETH, USDT, USDC, they're very liquid so the slippage is going to be very, very small. You can set that to maybe 0.5% or something like that. If you're trading small tokens that are kind of unknown, then you may need to allow for slightly higher slippage like 1%, maybe even 2%. So I'm just going to do 1% here. So that means that essentially this is the price quote that I get, but I am happy getting a worse trade by up to 1%. Now if it actually can't swap within that tolerance, so let's say the actual swap would go through, but the swap would be 2% worse.

Cashing out from Binance Web3 Wallet

FAQ

Q: How to Prepare for Swapping Crypto in Binance Web3 Wallet
A: How to swap crypto in Binance Web3 Wallet. So we'll switch over to the Web3 wallet here. The first thing we need to figure out is which blockchain do we want to use to swap our tokens. Most of the time you can only swap tokens on the same network. However, Binance Web3 Wallet does allow us to bridge between certain different networks as well. So we can do that. But we'll have to figure that out depending on which tokens that we want to trade and which networks that we want to use. So whichever Network that we want to use and swap on, we have to pay gas - that is a transaction fee. So the first thing we need is the gas coin on the network that we want to use. I'm going to be using the B&B smart chain for this example, so I know that on the B&B smart chain, the gas coin is BNB coin. So we can go to Swap and then you can see spent and receive. So spent is the coin that you're spending and received is the one that you're going to swap it into, but we always need some of the gas coin to pay for gas.
Q: Adding Gas Coin and Tokens for Swapping in Binance Web3 Wallet
A: So what you can do is go to Spend, click that token icon, and you can see all of the supported blockchains here. So B&B smart chain, arbitrum 1 is going to take ETH for gas, same as Ethereum, Polygon is Matic, Solana is SOL, and so on. So you can figure out which blockchain you want to use, what coin do you need to pay for gas. Since I know B&B smart chain uses B&B coin, I'm going to go home and I've got B&B coin right here, so I'm going to send some of that in from my Binance account. If you can't see the asset that you want, scroll down and click Manage Tokens. Search for the coin. Right, so if you're using Solana or something, you need SOL, that's it right here, Solana on the Solana blockchain, toggle that on, that's the coin that you need to send in. From your Binance account. So I'm going to go over to my BNB token icon here. You can see it's B&B coin in the bottom right, that's the B&B smart chain logo. So it's B&B coin on the B&B chain. Going to click that, going to press Transfer down at the bottom, and that's going to populate all of my details. So it's coming in from my spot wallet, I've obviously got some B&B coin in my Binance account already bought. If you need to know how to do that, I'll leave a beginner's guide down in the description to Binance. Links below to exchanges I use as well with some deposit and trading bonuses. But you can see from Binance spot wallet to my account, it's all automated because, you know, it's obviously linked. The coin is B&B. I'm going to press Transfer, then I'm going to see how much BNB that I actually have. This is my address that I'm sending to. I'm going to withdraw some amount right here that you can choose, right, and then press Withdraw. That's going to send the coin from your Binance account into the Binance Web3 Wallet. Just make sure that you have the gas coin on the network that you want to use.
Q: Swapping Tokens in Binance Web3 Wallet
A: Now that we have some of the gas coin in our network, we can actually use that network to swap any two other tokens. We can also use the gas coin as kind of a value coin to actually use that value to swap into any other coin as well and simultaneously pay the gas fee. So if you know the coin that you want to swap into, add it into your account so that you can see the balance. Go to Manage Tokens down at the bottom, then from here you can search for it. I know that I want to swap into USDT, so it shows me all of the USDT coins or tokens on all of the different networks. I know that I'm swapping on B&B smart chain, so I can toggle that on. If you're swapping on a different chain, you can toggle that on. Now, if you can't find the coin, you can add it manually by going to the top, the plus icon here, and you can search for the contract address of that token that you want. Go to CoinGecko or something like that, search for the token that you want, get the contract address there, and then you can just paste that in the contract address, choose the network that it's on, and you can see it already knows that this contract address is USDT. I can add this myself, so I don't need to add it manually. But if you can't see the token, you can add it manually here. And I'm going to go back to the main page. So now we can go ahead and swap. So swap here, and you can see spent and received. So spend is the coin, the value that you're spending, and you're receiving what other coin. So go to receive. Now, like I said, on some occasions, you can swap cross-chain. So let's go to Arbitrum 1 and let's find US dollar tether. We can see up here, that's obviously the one that we want. And let's see if we can swap cross-chain. So I can actually swap cross-chain here, so I'm going to spend some BNB. I've got some of that BNB in my account, and I'm going to receive it into my same address in my Web3 wallet. But that US dollar tether is actually going to be on the Arbitrum 1 chain. Now, what's happening here is you're swapping cross-chain. You can see the provider is actually, looks like Binance Bridge.
Q: Finalizing Token Swap in Binance Web3 Wallet
A: Now, what's happening here is you're swapping cross-chain. You can see the provider is actually, looks like Binance Bridge. So Binance is basically in the middle here. They're providing that service so you can actually get the value from one chain to another using Binance's bridge, and they'll charge you a network fee in BNB of around, you know, 2 cents, right, 1.7 cents, right? So very, very small. So you can actually swap cross-chain and it's pretty good. So what we're going to do though is actually swap on the same chain. So we're going to go BNB Smart Chain, we're going to search for USDT, and that's obviously the one that I want because it's up at the top. And I'm just going to swap this because I don't have to swap cross-chain. So let's go with an amount to swap. You can see the provider is Binance, so that's the best rate. So click on this. This is Binance Bridge again and the network fee is 15 cents, again paid in BNB. That's the network fee. 1inch is an exchange aggregator, that's a third party that also gets very good trades. And PancakeSwap as well, the decentralized exchange. So which one should you use? Well, the one that's going to give you the best rate. Binance chooses that automatically. You can see the minimum received. Now if you click to the right-hand side of this, you can see the pencil icon. Click that. This is slippage tolerance. Slippage is the difference between the price quote that you get given here and then the price that you actually trade at on-chain. There's going to be a slight time difference between the quote that you're getting given and what the actual exchange rate is when you trade. So what should you set for very large tokens like layer 1 coins, ETH, USDT, USDC, they're very liquid so the slippage is going to be very, very small. You can set that to maybe 0.5% or something like that. If you're trading small tokens that are kind of unknown, then you may need to allow for slightly higher slippage like 1%, maybe even 2%. So I'm just going to do 1% here. So that means that essentially this is the price quote that I get, but I am happy getting a worse trade by up to 1%. Now if it actually can't swap within that tolerance, so let's say the actual swap would go through, but the swap would be 2% worse.
Q: Cashing out from Binance Web3 Wallet
A: Now, what's happening here is you're swapping cross-chain. You can see the provider is actually, looks like Binance Bridge. So Binance is basically in the middle here. They're providing that service so you can actually get the value from one chain to another using Binance's bridge, and they'll charge you a network fee in BNB of around, you know, 2 cents, right, 1.7 cents, right? So very, very small. So you can actually swap cross-chain and it's pretty good. So what we're going to do though is actually swap on the same chain. So we're going to go BNB Smart Chain, we're going to search for USDT, and that's obviously the one that I want because it's up at the top. And I'm just going to swap this because I don't have to swap cross-chain. So let's go with an amount to swap. You can see the provider is Binance, so that's the best rate. So click on this. This is Binance Bridge again and the network fee is 15 cents, again paid in BNB. That's the network fee. 1inch is an exchange aggregator, that's a third party that also gets very good trades. And PancakeSwap as well, the decentralized exchange. So which one should you use? Well, the one that's going to give you the best rate. Binance chooses that automatically. You can see the minimum received. Now if you click to the right-hand side of this, you can see the pencil icon. Click that. This is slippage tolerance. Slippage is the difference between the price quote that you get given here and then the price that you actually trade at on-chain. There's going to be a slight time difference between the quote that you're getting given and what the actual exchange rate is when you trade. So what should you set for very large tokens like layer 1 coins, ETH, USDT, USDC, they're very liquid so the slippage is going to be very, very small. You can set that to maybe 0.5% or something like that. If you're trading small tokens that are kind of unknown, then you may need to allow for slightly higher slippage like 1%, maybe even 2%. So I'm just going to do 1% here. So that means that essentially this is the price quote that I get, but I am happy getting a worse trade by up to 1%. Now if it actually can't swap within that tolerance, so let's say the actual swap would go through, but the swap would be 2% worse.