1) What is Solana Swap?
Solana Swap is a BingX feature that uses a custodial wallet to enable on-chain swap functionality. It's currently supported for the Solana network.
2) How to use Solana Swap?
1. Visit "Solana Swap" to create a custodial wallet for free.
2. After wallet creation, deposit a certain amount of SOL (we recommend 0.1 SOL or above). You can transfer SOL from your BingX account.
3. Crypto purchase is done through on-chain swap with the following steps:
a. Select the payment cryptocurrency, including SOL, USDT, USDC, ETH, etc., and enter the amount.
b. Choose the cryptocurrency you want to receive. It can be any crypto on the Solana network. You can search for the crypto by its name or contract address.
4. Confirm the maximum slippage and network fee. Then, click "Confirm" to complete the swap.
3) What is slippage?
Slippage refers to the maximum acceptable price deviation during each swap. The swap will not be executed if the price deviation exceeds this range. When the prices of smaller cryptocurrencies fluctuate rapidly, it’s easier to reach the maximum slippage. This often happens with smaller cryptos experiencing rapid price changes or when transactions take too long to process.
For example:
You spent 1,000 USDC to buy SOL at a rate of 1 SOL = 100 USDC, expecting to get 10 SOL. However, there may be slippage during the swap. The maximum slippage tolerance is 20%, meaning the filled price could be 1 SOL = 120 USDC. Thus, the minimum purchase amount would be 1,000 ÷ 120 = 8.33. If the average filled price exceeds 120 USDC or the minimum purchase amount falls below 8.33 SOL, the transaction will not be executed.
4) What are network fees?
1. Making a transaction on the blockchain requires paying network fees. On Solana, these fees are paid in SOL and the fee amount may vary based on the level of network congestion.
2. Paying higher network fees can result in faster network confirmations and quicker transactions.
3. If the paid network fee is too low, your transaction may fail after a period of time due to timeout or excessive slippage.
4. Network fees are different from trading fees. They are not collected by the platform.
5. Notably, the network fees you paid may not be refunded if your transaction fails, as these fees are paid to the network nodes.
5) How much are the trading fees?
1. BingX does not charge trading fees. The on-chain swap platform used by BingX is Jupiter Swap.
2. While Jupiter Swap currently doesn't charge trading fees, the liquidity pools used in on-chain swaps do incur fees. Please refer to Jupiter Swap for the specific fees.
6) Why can't I choose the cryptocurrency when receiving funds?
With a Solana wallet, you only need a Solana address to receive any cryptocurrency.
7) Why can't I send (withdraw) all my SOL?
1. You need to reserve some SOL to cover network fees that are paid to network nodes.
2. If you hold other Solana assets, the network has a rent mechanism requiring your Solana wallet to reserve some SOL for maintaining your account.
8. What's the relationship between BingX assets and Solana wallet assets?
They are completely separate. BingX asset statistics don't include Solana wallet. To use your Solana wallet assets for Spot/Futures Trading on BingX, you need to transfer them to your BingX deposit address via on-chain first.
9) Can users export their private keys?
It's currently not supported. BingX uses top-security custodial wallets that don't support exporting private keys.
BingX Operation Team
2024-05-30