Today we are going to be taking a look at Swift Finance. (SWIFT) SWIFT is just one of the various native tokens found on the Swift Finance APR ‘crop rotation’ yield farming system. Promising a host of new functions and opportunities for inventors into this coin. In this guide, we are going to talk about SWIFT, and its background, and provide a handy guide on how to get it.
What is SWIFT?
Launched in 2021 ‘SWIFT’ is a native token to the Swift Finance system. This system functions as a DEX platform, liquidity pools, as well as a yield farm aggregator that aims to generate profits for stakeholders in both SWIFT and a host of other native and a few non-native tokens.
Essentially SWIFTS model operates a Yield Farm that generates rewards for token holders passively via their staked SWIFT. This type of passive income is popular in the crypto ecosystem, however, Swift Finance seeks to change this model via its APR system which effectively creates a ‘crop rotation’ of tokens and rewards.
The SWIFT token has been audited by the Paladin Blockchain Security, granting a fair degree of insight into the more technical aspects of the token and its standing in terms of security. While the overall security rating is good, with recommendations being given and then followed by Swift, a small amount of pressing security risks have remained.
On the technical level, SWIFT operates via the BEP-20 standard and offers good transaction speeds with a 2% transaction fee.
Step 1: Register on Fiat-to-Crypto Exchange
SWIFT is a bit different from other tokens in that it involves a few more procedures, but it must still be acquired by exchanging it for another cryptocurrency, just like all other altcoins. SWIFT, unlike other ERC-20-compliant cryptocurrencies, cannot be purchased directly using Ethereum (ETH) or Bitcoin. (BTC) SWIFT uses the BEP20 standard and must be acquired through SmartChain (BNB)
The initial step will be registering with a BNB-accepting Fiat-to-Crypto Exchange. We’ll be using TrustWallet for this tutorial, which you can get from the Apple Store or Google Play Store. Follow the on-screen instructions to send/link a fiat account to your TrustWallet account after you’ve completed the download. Now transfer the desired amount of currency to your TrustWallet.
It’s always in your interest to shop around for an exchange because different exchanges provide different services and prices. CryptoWallet, for example, is a safe and simple-to-use exchange that can be downloaded from the Apple Store or Google Play Store. While it does not presently allow SWIFT trading, it is worth keeping an eye on potential cryptocurrency trading in the future.
Step 2: Buy BNB with Fiat Money
Once your fiat currency appears in your TrustWallet, you may swap it for BNB SmartChain. To begin, open the TrustWallet app and navigate to the trade tab. Choose BNB SmartChain as your trading option, enter the amount you want to buy, and click ‘trade.’
Various cryptocurrency exchanges, such as MetaMask, TrustWallet, and CyrptoWallet, will include on-screen price charts, market data, and trading tools that, when utilized properly, will help you to make the greatest financial choice possible.
After you click ‘trade,’ there will be a small confirmation time, generally around 30 minutes. Then, the bought quantity of BNB SmartChain will be displayed on the screen in your TrustWallet app after it is done.
Step 3: Transfer BNB to an Altcoin Exchange
The next step is to exchange your freshly obtained BNB for SWIFT. To do so, you’ll need to link your TrustWallet account to an altcoin exchange platform that supports the BNB/SWIFT trading pair.
Because your alternatives for SWIFT are restricted, we’re going to use PancakeSwap (V2)
PancakeSwap (V2) is a DEX platform, which stands for ‘Decentralised Exchange.’ This sort of trade platform is distinct from the others. DEX platforms, unlike other exchange platforms, do not require the same degree of verifications and KYC regulatory cohesiveness as other systems, and so do not keep track of your private keys. As a result, it is critical to keep track of your private keys, as the DEX platform will be unable to assist you if these keys are lost.
Go to the dApps area at the bottom of the page in your TrustWallet account and search for PancakeSwap. The option to ‘link wallet’ may be found in the upper right-hand corner; pick it. The PancakeSwap exchange is now linked to your TrustWallet.
Next, go to CoinMarketCap and search for Swift Finance (SWIFT). A link to ‘contracts’ and the option to copy a link can be found on this page. Copy the address and paste it into PancakeSwap, which is currently open in your TrustWallet App. This will enable you to ‘import’ the BNB/SWIFT trading pair.
You may now exchange BNB SmartChain for SWIFT. It is prudent to investigate various trading alternatives, such as ‘slippage,’ and choose the most suited form of trading option for you.
Last Step: Store SWIFT Securely
Now that you have some of your very own SWIFT, you need to start thinking about how you’ll keep them. You have a few options when it comes to SWIFT, ranging from soft wallet browser extensions like TrustWallet and MetaMask to hardware wallets like the Ledger Nano S and Ledger Nano X series.
When choosing a wallet system, it’s crucial to think about your demands, thus shopping around is a good idea. Once you’ve found a system that supports SWIFT, just paste your wallet address into the withdrawal option on PancakeSwaps and click ‘withdraw money.’
While CryptoWallet presently does not support the SWIFT token, it is worth keeping an eye on in the future. This wallet system is both versatile and simple to use, and it provides a roadmap for future features and currency hosting.
Other Useful Tools for Trading SWIFT
While we are not at liberty to provide trading advice or recommendations, we can provide information on trading tools that, when used properly, can assist you in making better trading decisions.
Most trading tools include on-screen information that allows you to watch the asset’s movements, growth size, price points, volume, or intensity, and by combining these tools, you can make better judgments with your money.
On-Balance-Volume (OBV) is a straightforward indicator that shows both positive and negative volume movement, as well as the value direction of an asset’s movement trend.
The Average Directional Index (ADI) is a simple indicator that informs traders about the current or historical strength of a trend. The asset’s movement intensity provides a better indication of how often long movements occur.
The Stochastic Oscillator shows traders the asset price points over a specific time range, as well as a specific situation inside that time frame.
Latest News for SWIFT
There can be a lot of hype and buzz about different altcoins, with a host of different social media platforms creating content and articles being written about a new coin, so in this section, we are going to provide a very brief summary about some of the most recent news associated with SWIFT.
On March 11, 2022, SWIFT released an article in regards to their V2 relaunch. Relaunch or system updates carry a high degree of significance for coin holders and this article breaks down what to expect from the overhaul.
On February 12 SWIFT released a breakdown of its new feature Aave-Like Compounding. This article discusses the releases of new yield farming features that parole already working models on other blockchain systems.
Can I buy SWIFT with cash?
SWIFT, like virtually other altcoins, can rarely be purchased with cash or ordinary fiat currency. The most common way to obtain SWIFT is to swap an existing cryptocurrency such as BTC on an altcoin exchange. Check out the video above for a step-by-step explanation of how to acquire your own SWIFT.
Are there any quick ways to buy SWIFT in Europe?
PancakeSwap (V2) is a European cryptocurrency exchange that is simple to use and navigate. In general, most cryptocurrency exchanges in Europe are secure and easy to use. As a result, follow the steps outlined above to register for an altcoin exchange and obtain your own SWIFT.
Are there any alternative platforms to buy SWIFT or Bitcoin with credit cards?
SWIFT may be acquired simply on an altcoin exchange, however, many platforms do not allow credit cards for this type of transaction. Instead, check out our how-to guide for these platforms. Bitcoin, on the other hand, may be purchased directly with a credit card. To accomplish this, look at services like eToro.