Comprehensive Manual to Bitget MegaSwap
As a centralised cryptocurrency exchange platform, Bitget understands the need and appeal to DeFi, and to enhance our users’ trading experience and offer more options for them to expand their portfolios, our platform is happy to announce the launch of MegaSwap, combining the best of CeFi and DeFi all under one platform.
Preparing For MegaSwap
Accessing the MegaSwap Feature
Much like all of Bitget’s other products, using MegaSwap is quick and simple. All you have to do is register or log in to your Bitget account and complete our identity verification process. Once we’ve verified your account, you can deposit tokens into your account and begin swapping. For more information on how to get your account identity verified, you can click here.
The Benefits of MegaSwap
MegaSwap offers an alternate, DeFi option for you to buy and sell cryptocurrencies. We support over 10,000 different coins and you can begin trading with just a few clicks instead of going through the hassle of placing buy and sell orders on trading interfaces. We also support cross-chain conversion of your cryptocurrencies at any time, with live prices based on current market conditions. Best of all, Bitget automatically converts your gas fees for you from your stablecoin balance in your account, allowing you to trade hassle-free.
Cross-Chain Swapping and DEX Aggregation
At launch, Bitget’s new MegaSwap feature will support eight different chains, including ETH, BSC, Polygon, OP, Fantom, Klay, and OEC, and HECO. Cross-chain swapping will be available across six of the eight (excluding Klay and OP). As for DEXs, Bitget has aggregated over 10 of them, including big names such as Uniswap, Pancake, Curve, and SushiSwap. This will maximise liquidity for our users through sufficient crypto pools.
Our new MegaSwap feature will be listed under the Spot Trading banner on our main website or app. From there, just click into the MegaSwap link and you’ll find a main page for a token, with its candlestick chart on the left of the screen and the swap interface on the right. If you’re looking for more than price information over different periods, you can also click into the Details section for more data, including things such as fund pool changes and on-chain transaction records.
Topping Up Your MegaSwap Account
Because your MegaSwap account is directly linked to your Spot account, you will be able to move funds between them. In the case where you have insufficient funds in your MegaSwap account, simply transfer some over from your Spot account. Alternatively, you can also make deposits with your own external wallet.
Adding Other Tokens
If you wish to import tokens from third parties, you can do so by simply searching for its code or name within the MegaSwaps database. After selecting the token of your choice, a prompt will come up asking if you’d like to import it, along with a warning that it has not passed our security verification process.
Checking Your Transaction Records
To check your transaction records, there will be a page dedicated to this information on the MegaSwap section of Bitget. You’ll find information such as past transactions and any transaction status for current swaps.
Gas Fees Automatically Handled
While there are gas fees involved with each trade and swap, Bitget automatically handles this for you through your existing stablecoin deposits in your MegaSwap account. This way, you won’t have to prepare any additional native crypto assets to actively pay for gas fees.
Slippage Fee Algorithm
Slippage fees will also apply to your trades and swaps. To calculate the slippage fee, Bitget uses a special algorithm based on current liquidity conditions in order to recommend the most suitable amount of slippage.
Insufficient Balance Notification
Just like spot trading, our MegaSwap feature requires a certain amount of coins within your account before you can buy and sell. For example, if you wish to purchase 10 BGB with USDT and the price per BGB is currently at 10,000 USDT, naturally you must have 100,000 USDT in your MegaSwap account to place and order and execute the trade. As we mentioned before, if your MegaSwap account balance is too low, you may transfer funds over from your Spot account.
After Your Orders are Submitted
How To Verify a Successful Exchange
All swaps and trades are settled directly into your MegaSwap account and most often they will occur instantly. Depending on traffic and liquidity, some cases may take up to a few minutes. To check the status of your swap, you can check it in your swap records page.
Price Fluctuations Between Quoted Price and Last Traded Price
Because Bitget does not include trading fees or factors in the size of your trade for last trade prices, the figure does not represent a live price. Instead, MegaSwap will dynamically quote the best prices based on current market conditions and will hold them for a period of time for review before executing your swap for you. The quoted amount of assets shown when previewing a conversion will therefore be the actual amount you will receive. Most importantly, there will be no additional fees on top of the quoted price.
Withdrawing Coins From Your MegaSwap Account
To make your CeFi and DeFi experience more seamless and integrated, your MegaSwap account is connected with your Spot trading account. You’ll be able to make deposits and withdrawals between these accounts at ease.
What does “24-Hour Volume” mean?
The 24-hour volume is a metric Bitget uses to track the total value of all transactions within a 24-hour period. The metric can provide insight into market interest and trends for a specific token over the past day.
What does the 24-hour inflow of tokens tell me?
Essentially, token inflows represent how much a token is being purchased, and is similar to trading volume. More participation within the market means the token is more active, and traders can glean from that information to predict whether a coin is bullish or not. Of course, there are many market makers out there and so token inflow is not necessarily a sign of bullishness, so traders should judge each situation with caution. Finally, token inflows do not necessarily lead to higher prices. A token may have bottomed out, causing an inflow from investors, but it could also become a pump-and-dump scenario.
How do I check the details of other tokens?
Simply return to the MegaSwap page and change your token choice under the “Buying Token” button.
How can I evaluate the potential and risk of a token through the information shown on the token detail page?
To assess the appeal of a token for you as a trader, there are a few essential questions you can look into. Does the token solve a real-world problem? Do you understand this token and the system behind it? Does it work for you or anyone else you can think of?
Sometimes, it’ll be helpful to also consider whether the token has multiple applications as well. On some occasions, blockchain and Web 3.0 projects are tough, and the teams behind it may not be able to reach their targets. Having more than one purpose for a token could be beneficial in these cases. For example, Dogecoin is often used in market reward scenes, and there are thousands of offline entities that accept Dogecoin as a form of payment. On the other hand, ICP (DFINITY), which aims to become an Internet Computer, will find that goal much harder to achieve.
Of course, part of learning about the background of a token is also getting to know the team members behind it and keeping updated through their website and mission statement. Paying close attention to both these aspects can give you a much clearer picture of where a token might be going.
Finally, you can also consider community involvement. Is there a large following or fan base around a certain token? Memecoins such as Dogecoin and Shiba Inu have massive followings, and these enthusiasts can be key to the success of a coin. On the flip side, you also want to look out for pure hype, as that can mean massive speculation and not actual constructive discussion and work on a token.