What is Airswap And How to Buy Airswap

2019-06-10 06:00:00 · 5364 views · 5 min read

AirSwap is a decentralized, peer-to-peer trading network for Ethereum tokens. On the AirSwap network, there are two main ways to trade: Instant and Spaces.

 

AirSwap Instant lets you instantly trade tokens on the AirSwap network and feels automatic.

 

AirSwap Spaces is a person-to-person over-the-counter (OTC) trading environment that lets you settle trades via the Swap Protocol acting as an automated escrow; the smart contract is able to verify whether or not both parties in the transaction have the assets to execute the trade–thereby removing any counterparty risk.

 

For this guide, we will focus on how you (whether you’re a blockchain beginner or expert) can quickly and easily buy and sell Ethereum tokens (ERC20) on AirSwap Instant.

 

Key benefits of AirSwap

 

How does AirSwap Instant work?

AirSwap allows you to trade tokens directly from your digital wallet. When you trade tokens on centralized exchanges (Coinbase, Binance, etc.), you are, in fact, relinquishing custody or ownership of your tokens. In other words, you are trusting an intermediary, the centralized exchange in this case, with the security of your tokens.

 

By trading directly with your own digital wallet, you are trading in a decentralized manner and are minimizing the risk by having complete control of your own tokens, instead of trusting an entity like a centralized exchange.

 

On AirSwap Instant, trading is peer-to-peer. There are Makers on the network who are readily available to provide token price quotes that are requested by Takers—like you. If there is “liquidity” for that token, there is a Maker who will be able to provide you with a price quote.

 

Unlike “order book” based exchanges, there is no slippage on AirSwap. The price you receive when you request a quote is the price that you get. Once you accept a quote and confirm on AirSwap that you’re ready to trade, it will instantly execute via an atomic swap smart contract. Your transaction will be confirmed on the Ethereum network, and your new tokens will be found directly on your wallet.

 

And, that’s it! Now, let’s walk-through how you can make your first trade on AirSwap Instant step-by-step.

 

Set up your digital wallet

 

The following digital wallets are compatible for trading on AirSwap:

 

Your digital wallet allows you to store tokens and make trades directly on the AirSwap network. You will also need to make sure you have ETH in your digital wallet to pay for transactions the Ethereum network, which makes decentralized trading possible.

 

Connect to AirSwap Instant

 

Now that you have a digital wallet and some ETH, you’ll connect your wallet to AirSwap Instant to be able to trade directly with peers on the AirSwap network.

 

  1. Head to AirSwap Instant; click “Connect Wallet” and a list of supported wallets will pop up.

 

  1. Choose the one you’d like to connect with. Your signature will be requested within your selected wallet. You must “Sign” to successfully connect to the trading network.

 

  1. Congrats! You’ve successfully connected to AirSwap Instant. You can confirm if your wallet is successfully connected to AirSwap by looking at the drop-down menu on the top right-hand corner or the wallet tab on the left-hand side and seeing if your wallet address and wallet name are accurately reflected.

 

Five easy steps to buy or sell a token on AirSwap

 

  1. Find the token you wish to buy either by typing in the token name or ticker in the search bar, clicking any of the rows on the screen or typing in the token ticker in the checkout widget.

 

  1. Input the amount of tokens you wish to buy or sell in the checkout widget and click "Get Quotes.” You can switch between Buy and Sell by clicking on the tabs at the top of the checkout widget.

 

  1. If there are peers on the AirSwap network able to fulfill your buy or sell request, you will receive price quotes. AirSwap will always present the best available price.

     

    A fire emoji next to the Rate indicates that you are getting the best price amongst Ethereum decentralized exchanges (DEXs) on DexIndex–a price comparison tool for Ethereum DEXs.

     

    You can also view all quotes on AirSwap and set your own gas fee. If you want to speed up the transaction, raise the amount of gas.

     

    If you are content with everything in the Checkout widget, click "Buy [Token]"

 

  1. To confirm the order, you must sign the confirmation within the wallet that you're using.

  1. Congrats! You've successfully completed your transaction. You will see a confirmation within your notifications menu (bell icon) on AirSwap Instant. Additionally, you can use a blockchain explorer like Etherscan to confirm that your transaction was successful.

 

Additional features on AirSwap Instant

  • Notifications: Once a transaction has been successfully processed, a notification will appear

  • Wallet: See how your connected wallet is broken down with a user-friendly view and multiple base currencies.

  • Support Center: Access a full suite of support documentation and a way to reach the AirSwap team directly. We are always here to help.

  • Feature Request: Have a feature you would like to see on AirSwap? You can post your request to the Feature Request board, and vote and track the progress of all requests

  • Fiat-to-ETH: Using the Wyre integration, you can convert fiat (USD, GBP, EUR, AUD) with ETH.  

 

DexIndex: Find the best prices in decentralized trading

 

DexIndex is a free, open-source tool for scanning Ethereum decentralized exchange systems (DEXs) for the best token prices. Earlier this year, the AirSwap team developed and launched DexIndex for the wider-Ethereum community. Since launch, 12 Ethereum DEXs have been added to DexIndex. If you would like to add your project to DexIndex, we invite you to fork the code and start contributing!

 


AirSwap Resources

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