In this ParaSwap review, we take you through the decentralized exchange platform, supported tokens and blockchains, and how to exchange/swap your tokens.
ParaSwap is a DEX aggregator providing users with the best rates for their Ethereum, Polygon on Binance Smart Chain supported tokens.
ParaSwap Review: How to Use ParaSwap?
What is Paraswap?
ParaSwap (similar to the likes of 1inch) is a DEX aggregator that pulls in more than 20 decentralized exchanges (DEXs) into a single place and these include the likes of UniSwap, SushiSwap, PancakeSwap, and 0x.
Because it’s decentralized you don’t have to go through any sign-up process, KYC or the verification as all you need to do is connect up a supported wallet.
When you go on ParaSwap and check the price for a certain token, ParaSwap goes through all the exchanges that support your pair and find the best available rate. Sometimes, getting the best deal for your trade may require splitting your order between 2 different exchanges.
With ParaSwap there’s not just the ability to swap and interact with the Ethereum network but you also connect to Polygon or the Binance Smart Chain too for cheaper transaction costs.
To get started with ParaSwap, you’ll need to have a supported wallet which will depend on the network that you want to connect to.
- Ethereum, you can connect up the likes of Metamask, WalletConnect and hardware wallets Ledger and Trezor.
- Binance Smart Chain, you have the options of Metamask or WalletConnect (for the likes of the Trust Wallet), Ledger or BSC Wallet.
- Polygon you can connect Metamask or WalletConnect.
With ParaSwap, users can swap tokens on the Ethereum, Polygon, or Binance Smart chain networks.
When swapping your tokens ParaSwap can offer lower prices than the market by splitting your swap order between various DEXes and finding the best routing.
ParaSwap & Ledger Live
ParaSwap is now also integrated into Ledger Live Manager so that you can swap directly within from the safety of your Ledger without having to leave Ledger Live.