In the Treasury, swap orders are available only for crypto-assets. A swap allows you to exchange one crypto-asset for another directly. While it may feel like a single action in the app, the process involves two consecutive steps that happen seamlessly in the background.
What happens during a swap?
A swap transaction consists of:
Selling your current crypto-asset – first, the coin you hold is sold, and the proceeds are converted into euros (or another stable currency used as the quote currency).
Buying the new crypto-asset – immediately after, the proceeds are used to purchase the new coin you have selected.
Even though two trades are involved, this process is almost instantaneous, so for you it looks and feels like one smooth transaction.
Do I pay fees for both transactions?
No — you only pay a single trading fee for the swap. The fee will be shown clearly in the app before your order is executed, so you always know the cost in advance.
In which crypto-asset do I pay fees?
The fee you pay during a swap transaction is determined by the price pair used. It will always be applied to the second coin in this pair, which is the quote currency. You can check the pair in the app before order execution under the section called “Rate”.
For example, in the BTC/USDC price pair BTC is the base currency and USDC is the quote currency, so trading fees will be applied in USDC.