As you may know, CoolWallet Pro now supports the amazing 1inch decentralized exchange (DEX) natively in our CoolBitX Crypto app (also referred to as the CoolWallet app). In this guide, we will now show you step by step how to exchange crypto using the newly integrated 1inch exchange in the CoolWallet App. It’s super easy, quick and convenient, and will help you get great rates and protect your from phishing. Here’s how to use it!
Start your crypto exchange journey now! In this guide we show you step by step how to exchange crypto using the newly integrated 1inch exchange in CoolWallet App.
CoolWallet is currently supporting coins/tokens exchange on the following chains via 1inch: Ethereum, Binance Smart Chain, Arbitrum, Optimism, Polygon, and Avalanche C-Chain. Please be mindful that 1inch does not support cross-chain exchange. The coins/tokens you are going to exchange must be on the same chain.
Step 1. Download the latest CoolWallet App and have your CoolWallet Pro ready. Open your CoolBitX App and click the “Marketplace” icon in the bottom bar.
Step 2. Scroll down and click the “Crypto Exchange” block. Then click the crypto type to select the crypto you want to pay.
Step 3. Select the coin/token types you want to pay and to get by clicking the down arrows beside the crypto icons. Please make sure that you choose the token on the correct chain. For example, you can find USDT on both Ethereum and Arbitrum. If you want to exchange the USDT on Ethereum, you need to select the USDT icon with a small Ethereum icon, or check the chain name below the token name.
Note: Since 1inch is a DEX aggregator, “Floating Rate” and “Fixed Rate” are not applicable. The function is built for the offers from ChangeHero and Changelly.
NOTE: An authorization process is necessary for paying “tokens” via 1inch. Please jump to Step 4 if the exchange transaction in line with the following situations:
- You are going to pay “coins” rather than pay “tokens”. Coins include ETH on Ethereum, BNB on BSC, ARETH on Arbitrum, OP on Optimism, Matic on Polygon, and AVAX on Avalanche C-Chain.
- You have already completed the authorization process for the token you are going to pay.
Click “Authorize 1inch” after entering the amount of the crypto you want to pay. Then click “Confirm” in the “Approval request” page.
Long-press the button on your CoolWallet card to activate it. You will see “Hello” showing up on the small screen on your card. Follow the instructions “share”, “press button” on your CoolWallet card to press the physical button. After you complete the process, a message “Your deal was successful.” will show up. Click “Done” to keep on the following steps to finish the exchange transaction.
Step 4. Enter the amount of the crypto you want to pay and the estimated receiving amount of crypto will automatically show up. Though CoolWallet helps you to select the third-party service provider with the best exchange rate, you can still choose the service provider you prefer.
Step 5. If you have multiple addresses in CoolWallet, you can click the down arrow to switch to other addresses.
Step 6. On the “Exchange” page, you can also find the fee you are going to pay for the transaction. Click “Exchange” to the “Transaction Confirmation” page. You can view the transaction process and click the down arrow to check the address details again. Click the “Confirm and Pay” button for the authorization process.
Step 7. A notice will pop up. Click “OK” to continue and long-press the button on your CoolWallet card to activate it. You will see “Hello” showing up on the small screen on your card.
Step 8. Check whether your CoolWallet card is successfully connected to the CoolWallet App. Then a notice will pop up to instruct the following process. You need to press the button on your CoolWallet card to confirm the type of crypto and the amount to send out. After you finish the authorization process, “sent” will show up on your CoolWallet card screen.
Congratulations! You have successfully exchanged your crypto via 1inch!