Overview of Crypto trading

How to execute a token swap?

"Token Swap on an Exchange

One of the most popular ways of carrying out a token swap is to let an exchange handle it for you. The old tokens are stored in the wallet, and after the swap, a new wallet is created to which the swapped tokens are transferred. Once the swap is complete, the wallet with old tokens is destroyed. After trading begins on the new token, you can either withdraw them or trade them based on your preferences. Generally speaking, an exchange is an easier option than swapping tokens yourself since there are no hidden fees and everything is transparent and straightforward.

Swapping the Token Yourself

The platform/person who issued the coin you are holding will give you a wallet to download or an online site to register with. In both cases, you will get two wallets; one for the old coin and the other one for the new. The old token then will have to be transferred to a specific address. Post this, the wallet for the new account will be credited. The manual method, however, has more risk associated with it."

Source: Hodlnaut, last revised on 22 Oct 2021