KyberSwap is an in-house token swap service on the Kyber Network. The KyberSwap wallet is a non-custodial, Ethereum-based wallet that supports more than 70 ERC-20 tokens and allows the users to swap them instantly in a secure way. The token exchange happens fully on-chain.
Along with buy/sell, it also allows the users to set limit orders (selective tokens), set token notifications, and alerts. The KyberSwap desktop application supports buying/selling ETH using fiat currency (powered by Torus), but this feature is currently not available on Android mobile applications.
KyberSwap is available as a website, mobile website, iOS app, and Android app.
KyberSwap has recently implemented a Reserve Routing system with Kyber Network’s recent protocol upgrade (Katalyst) to reduce gas fees. After a few days, the network again implemented the Advanced Reserve Routing to save more gas costs. These implementations are currently available on the desktop application, and both the iOS and Android mobile apps are going through the approval process.
In this article, we will focus on installing the KyberSwap wallet on Android mobile.
You can check the full list of supported tokens here.
Installation Guide (Android Mobile)
Users can download the KyberSwap wallet mobile application from the Google Play Store.
After installation, a pop-up window will appear that will let you do two different activities related to the wallet installation.
- Create a Wallet
- Import Wallet
Create a Wallet
Choose Create Wallet if you are a new user.
It will ask to create a wallet password.
After the password setup, the application will display a 12-word key phrase which you need to store safely. In the final step, the app will ask you to verify some key phrases and then let you use the wallet.
The wallet landing page will look like this.
The import wallet option allows you to import your existing Ethereum wallet.
The landing page contains the list of tokens that a user holds. To get more details about any coin, just click on it.
It will show the complete statistics of the selected tokens.
The favorite is nothing but tracking the price of your favorite coin. You can add your desired tokens to the favorite list by clicking the star symbol that appears corresponding to the tokens. This way, you can watch/monitor the value of the token.
To receive any ERC-20 token in your wallet, you can click on the deposit icon and get your address. You can share the address with other users through Telegram, WhatsApp, etc.
The buy/sell is a swap activity. You swap one token with another.
Select the input token and enter the amount of the input token. Also, select the output token. The wallet application automatically calculates the amount of the output token.
The application also allows you to adjust the gas charges and slippage charges from the wallet interface itself.
Select your preferred option and confirm the buy/sell activity.
You can transfer your tokens to other users by using the transfer feature.
Just enter the user’s address or scan his/her address and mention the amount of tokens you want to transfer.
Users will find the Buy ETH button in the KyberSwap wallet. However, the wallet application currently doesn’t support this feature and it will redirect you to the KyberSwap website. From there, you can buy ETH using fiat currency.
KyberSwap allows the users to buy/sell ETH via Torus. You can find the below crypto on-ramp services available through Torus.
Users can further use their debit or credit cards, as well as Apple Pay to make the payment.
Important: Users may need to go through a KYC (know-your-customer) process before using these services to buy ETH.
You can check this link to know more about buying ETH using fiat.
With a limit order, users can set the token price at which they want to buy/sell a particular token. So this way you don’t need to monitor the token price constantly. Also, the transaction will happen at your desired rate. It might be possible that your limit order didn’t execute if it failed to meet the value set by you.
Kindly note that not all tokens support limit orders.
Now suppose we want to buy SNX. So we have put our price and the number of tokens we want to buy. Click on BUY SNX to place the order. And your order will be moved to the open order list.
Important: The wallet application only allows limit trading with a minimum value of 1 ETH.
Users can check the transaction activity details through the Transactions tab.
Important: We have noticed that the Transactions tab contains all the details of my wallet which are even made before linking it to KyberSwap.
The KyberSwap wallet supports the WalletConnect feature, which you can use to access the desktop application through the mobile wallet securely.
We are trying to connect to the Uniswap platform through WalletConnect.
Go to the Uniswap page and click on connect wallet.
Now choose option WalletConnect. It will give you a QR code which you need to scan with WalletConnect from your mobile application. As shown in the image, after scanning the QR, the application will ask you to permit connecting the Uniswap website.
Click Connect to establish the connection.
Through the Explore tab you can do the following things:
- Profile setup
User profiles need to be set up first before using any of these features.
So we will set up the profile.
Profile setup is done.
Now you can set up an alert like this.
Users will receive notifications about the alerts that they have set.
Users can do the below activities using the Settings tab.
- Manage Wallet – Create/import/delete/edit and switch among multiple wallets.
- Manage Alert – Delete triggered alert and can set up a new alert.
- Alert Method – Set alert notification to your email.
- Contact – Shows the list of your saved contacts.
- Support – Trigger mail to the KyberSwap support team.
- Change pin
- Share With Friends – Share app link with your friends using Whatsapp, Twitter, etc.
- Platform Social Connection Links
KyberSwap wallet is quite a fast and secure wallet powered by the Kyber protocol. The UI is simple and user-friendly. However, as with other Ethereum-based wallets and applications, the gas cost is an issue here. The Kyber Network is also looking at the different layer 2 protocols to make the platform more efficient and affordable.
We are hopeful that more users will be attracted when these recent upgrades will be available on the KyberSwap Android and iOS wallet applications.
Resources: KyberSwap Medium page