Unlike traditional exchanges Wigwam is a self-custodial wallet, which means all trading operations are executed directly on the blockchain. For this reason, make sure your account has enough blockchain gas tokens (such as ETH, BNB, SOL etc.) to cover the transaction fees when you are doing swaps.
If you are doing swaps on a single blockchain, you only need the gas token of that blockchain.
If you are doing swaps across different blockchains, you must have gas tokens on both blockchains.
For example, when swapping BNB on the BNB Chain to USDC on the Ethereum blockchain, you need some BNB (at least ~$0.15 worth) and some ETH on the Ethereum blockchain (at least ~$0.50 worth). This is because, under the hood, you are performing two swaps: one on the first blockchain and another on the second.
What is a transaction fee?
A transaction fee in blockchain is a small payment made when you send cryptocurrency. It goes to the miners or validators who process and confirm your transaction on the blockchain (these fees charged by blockchain and not our wallet). Higher fees can help your transaction get confirmed faster.
What are the advantages of self-custodial wallets?
In a self-custodial wallet, only you have access to your funds, which eliminates the risk of theft or account freezes by third parties. You also gain instant access to the liquidity of all decentralized exchanges, allowing you to trade any tokens as soon as they appear on the market.
