How to Trade
Easy steps of how to trade on OmaxSwap.
Getting set up to trade
Before you can trade, you will need any Ethereum compatible wallet. The most popular is Metamask. You will also need to have some Omax coin to cover fee and ERC-20 tokens to trade with.
Trading on the OmaxSwap exchange
Go to the exchange page here.
Unlock your wallet by clicking Connect Wallet in the top right-hand corner.
Choose option to connect - Metamask, Coinbase or Wallet Connect for any other wallet including mobile version.
Choose the tokens you want to trade from the dropdown menu. If you don't see desired token, add it by pasting token contract address. Whichever token you choose, you will need to make sure you have some to trade with. Your balance is shown above the token dropdown menu. You can choose both buy or sell token amount and estimate opposite amount will be calculated automatically. Slippage is the price difference that you accept in case if price is changed while your transaction complete. By default it is 0.5%.
Check all details, approve tokens if needed and click "swap" button and confirm on your wallet.
Done! You can click View on Explorer to see your transaction details in OmaxScan Explorer.
How come my transaction won't go through?
OmaxSwap is a DeFi application such that it interacts with the wallet to complete on-chain transactions for swapping, creating LPs etc.
Gas Fees
As such, the first thing is to make sure you have enough Omax to pay for the gas fee of the on-chain transactions. Typically, gas fee fluctuates depending on the number of transactions in the queue, if there are more transactions, a higher gas fee may be required to push through the transaction.
Transaction Fees
If your swapping action still doesn't go through and it is displaying an error for you to revise the slippage -- you may want to check if the tokens you are trying to swap has any fees and restrictions on transactions.
Some tokens include a transaction fee in their contracts and usually these fees could be used for burning, funding a treasury of a fair launch project.
With the transaction fee, whether it is inclusive (a portion of the swap amount is sent elsewhere than your address so the output is less than expected for the estimated input) or exclusive (requiring an additional transfer from your address to send extra tokens so the input is more than expected for the estimated output), it affects the input and output amount that you agree for signing the transaction. In many cases, the transaction cannot meet the input and output requirements because of the tax.
Swapping with Transaction Fees
Before you swap any tokens, make sure you have visited their website to understand if they have a transaction fee mechanism (or tax as many projects put it). If there is, make sure you set a slippage that is sufficient to accommodate the transaction fee -- e.g. if there is a transaction fee of 5%, your slippage will have to be set at at least 5% plus the normal trading slippage depending on your trading amount and the token's liquidity, say 5.5%-6%.
In some extreme cases including some scams, some tokens even have a block on most or all transfers on chain, or only allowing certain addresses to sell, in such case it is impossible to swap the token successfully. Do learn about the token you are trying to swap and be aware of any fees and restrictions!
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