How to Swap Tokens on Solana

There are many ways to trade crypto. On the Solana network, your options range from simple, one-click swaps in your wallet, to more advanced trading methods on specialized exchanges. Here, we’ll walk you through the easiest and simplest ways to exchange SOL — swaps — and look at a few ways to can access them. 

Of course, the first thing you have to attend to is setting up your crypto wallet. Make sure to read our step-by-step explainer How to Set Up Your Crypto Wallet before you get started here. 

Both swapping and trading are common forms of exchange for cryptocurrencies, there are some distinctions between the two. A swap is a simple exchange of one token for another at a set price, and can often be done directly from your wallet. Trading offers more options and active management than swapping, and is most often executed on exchange platforms. There are many different types of trade, the most common of which is the market order. With a market order, you agree to trade at the current market price as set by the platform you’re trading on, and this is the most similar to a swap.

For most, the easiest and most convenient way to swap tokens is directly from your crypto wallet. It’s simple, secure, and requires the least technical knowledge. Let’s take a look at the process with Solflare, which can be done in as little as 3 easy steps. 

Step 1: Open Solflare wallet and go to the Swap tab  

Step 2: Type in how much of what token you want to buy

Step 3: Then, click Swap, and then Swipe to Confirm the transaction.

Yes, it’s actually that easy! Once you’ve confirmed the transaction, it’s then submitted to the Solana network, and within seconds, the swap will be confirmed and the tokens will appear in your wallet. You’ll also get a notification sent to your device with details of the transaction.

Wallets, CEXs, DEXs, and more: Here’s everything you need to know about How to Buy and Trade Crypto 

When wallets offer swaps, they’re usually able to do so by integrating an exchange service directly into the wallet experience. For example, Solflare utilizes the Jupiter aggregator exchange to find the best possible rates for your token swaps, and makes it as easy as possible to make your swaps within your wallet. 

However, if you’re looking for more options and hands-on functionality while swapping, you can also swap directly on exchanges themselves. Let’s take a look at how that works on Jupiter.

Step 1: Head to the Jupiter website. Double check your URL is heading to the correct address: https://jup.ag/.

Step 2: Connect your wallet by clicking the Connect Wallet button in the upper right corner of the site.

Step 3: Select the tokens that you want to swap from and into with the token selector drawdown tabs.

Step 4: Input the amount of the selected token that you’d like to swap. Make sure to double check the swap route and token amounts. 

Step 5: Configure additional parameters to help with your trade, like transaction fees, slippage Settings, and swap settings.

Step 6: Click on the 'Swap' button, and you will be prompted with a confirmation from your wallet. 

Step 7: Once you click 'Confirm,' your swap will be executed.

Step 8: A notification toast will appear once the transaction has been completed. 

As you can see, swapping on an exchange directly does come with a couple more steps than swapping in your wallet, but it’s still a straightforward and quick process.

Many Solana users prefer to use dashboards like Step for exploring web3. It’s an easy-to-use, powerful interface that connects you to the ecosystem of Solana apps and services, and provides real-time data, analysis, and tools to monitor and manage your investments. It’s like a homepage for the Solana ecosystem.  You can also execute swaps directly from your Step dashboard. 

Here’s how: 

Step 1: Head to the Step.Finance and connect your wallet. 

Step 2: On the dashboard, click on the Swap option 

Step 3: Select the two tokens you would like to trade by clicking the default tokens with drop down arrows next to them. 

Step 4: Once you have selected your trading pair, input the value you would like to trade for the top token. 

Step 5: When you’re ready to proceed with the trade, press Swap. This will prompt the transaction from your wallet. 

Step users enjoy the added benefit of Step Reward Options, a token incentive program that offers users additional ways to earn.

While swapping tokens is the easiest way to trade crypto, there are some things to remember regardless of whether you’re swapping in your wallet or on an exchange. First, always double-check token addresses to avoid scams. Second, be aware of slippage, which is when the exchange rate between tokens becomes less favorable to you based on the size of your trade. If you’re looking to swap a large amount, sometimes it’s better to do multiple smaller swaps if you’re encountering slippage. 

Lastly, be aware of the impact of network congestion on fees and processing times. Because so many people around the world are using the Solana network at the same time, there are occasions when the transaction fee and processing times are elevated. And don’t worry if your transaction fails, your tokens will return to your wallet and you can make the swap again as you see fit.