QuickSwap - An Introduction to the Exchange for Beginners

QuickSwap is a decentralized application built on the Polygon blockchain with features such as swapping, liquidity, yield farming, etc

You must be familiar with some of the standard terms used in trading. For example, you must have heard the words centralized and decentralized exchange. If yes, then that means you must be an intermediate or professional trader. But if not, you are new here and should learn the meaning of some basic terms before beginning your trading journey. You should know that the platform of QuickSwap is based on the Ethereum network. 

Our topic for today’s blog is the QuickSwap Exchange. 

Compatible Wallets

If you are thinking about using this exchange, then you must have an account on one of the wallets that is compatible with this exchange. The following is the list of those wallets on which you can create an account:

  • ZenGo
  • MetaMask Wallet
  • Portis
  • Trust Wallet
  • Venly
  • Phantom Wallet
  • Unstoppable Domains
  • WalletConnect
  • Coinbase Wallet

You should create an account on one of these wallets to get access to QuikSwap. If you are planning to deal with Ethereum tokens in the majority, then you should go for MetaMask Wallet. 

Fees Structure

You might know that the fee structure of most of the centralized platforms is based on the maker-and-taker model. However, if we talk about decentralized exchanges, they do not usually charge trading fees from the user. But this is not the case for QuickSwap, although it is a decentralized exchange it charges trading fees to the users of 0.30% on both parties i.e., maker and taker. 

Keep in mind that these applied fee can easily be changed by the government.

We have already discussed the trading fees of the platform let us now further discuss the withdrawal fees. 

Just like many other decentralized exchanges, there are charges in the case of withdrawal facilities except network fees. Those network fees are not sent to exchange for their own profit, instead, it is sent to the miners of blockchain for your transaction. The network fees to be paid are not fixed it may vary depending on the network pressure. 

Method of Deposit

Many cryptocurrency exchanges accept deposits in the form of Fiat currency, but it is not the case on the QuickSwap exchange. This exchange does not accept fiat currency at any cost. In other words, it means that if a user is not in possession of any of the other cryptos then trading on this wallet is not possible. Therefore, if you want to use this platform, you will first have to create an account on the platform that accepts deposits in the form of fiat currency. After account creation and purchasing of some cryptocurrencies, you can go back to the QuickSwap exchange and trade on it. 

Final Verdict

All the centralized exchanges have more risk of getting hacked. It is because these platforms store the user's account information online in the main database which makes it easy for hackers to hack. And if we talk about decentralized exchanges like QuickSwap, it does not store any private information of the user online. Only the account holder has the details of their account. Hence

Jeff Marcus

31 Blog posts