Swap
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In Brief
A swap is the act of exchanging one cryptocurrency directly for another, often within a wallet or decentralized exchange, without needing to convert to fiat or use a traditional order book.
What Is a Swap?
A swap is the direct exchange of one cryptocurrency for another. Instead of selling one token for fiat and then buying another, a swap lets you trade token-to-token in a single step — often right inside a wallet or on a decentralized exchange (DEX). It's one of the most common actions in crypto.
Swaps are typically powered by automated market makers (AMMs) and liquidity pools, which let you trade against pooled funds rather than matching with another individual buyer or seller.
How Does a Swap Work?
You choose the token you want to trade and the token you want to receive.
You enter the amount to swap.
The wallet or DEX quotes you a rate based on available liquidity.
You review the rate, fees, and slippage, then confirm.
The swap executes, and the new token arrives in your wallet.
Swap vs Traditional Exchange Trade
| Feature | Swap (in-wallet / DEX) | Exchange Order |
|---|---|---|
| Custody | Self-custody (your keys) | Often custodial |
| Mechanism | Liquidity pool / AMM | Order book |
| Fiat needed | No | Sometimes |
| Account | Not required (self-custody) | Usually required |
| Speed | Near-instant | Varies |
Key Things to Check Before Swapping
Rate — the amount of the new token you'll receive.
Slippage — how much price movement you'll tolerate.
Network fees (gas) — paid in the chain's native coin.
Liquidity — low liquidity can mean a worse price.
Market Swaps vs Limit Orders
A standard swap is a market order — it executes immediately at the best available rate. With a limit order, you instead set a target price and the swap only goes through when the market reaches it, giving you control over price rather than just timing.
Swaps and Trust Wallet
Trust Wallet makes swapping simple and self-custodied: you can exchange tokens across supported pairs on 100+ blockchains directly in the app, reviewing the rate and adjusting slippage before you confirm. You can place instant market swaps or set limit orders to swap at a target price — all while your assets stay under your control, secured by your own private keys.