Explained: How to use MetaMask for exchanging tokens

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Bringing the functionality of Uniswap to Metamask.

With 1 million active users, Chrome extension MetaMask remains the most popular wallet for interacting with dapps on Ethereum, and the addition of its new Swap feature seems certain to only reinforce that position. 

Added as an option alongside Send and Receive for each token, Swap is simple to use, effectively bringing the functionality of Uniswap or 1inch within the existing wallet UX. 

This accessibility hides plenty of complexity, which happens as MetaMask looks for the best deal by checking multiple exchanges and aggregators, and then providing users with a number of quotes – including estimated gas fee – to choose from.

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Of course, the main advantage of using MetaMask in this way is that users don’t have to navigate to and through other dapps, streamlining the whole exchange process. 

It is worth noting, however, that there is a fee added to each quote, which ranges from 0.875% to 0.3% depending on the size of the trade. 

Other exchanges offer lower fees, notably Uniswap which charges a flat rate of 0.3%, so if you’re exchanging large amounts of tokens, MetaMask might not be the best option. But for small value swaps, it looks ideal.

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