Commonly known as cryptocurrency pairs, convert, or digital asset pairs. Functionally, it’s the ability to exchange a cryptocurrency amount to another cryptocurrency using the two cryptocurrencies' exchange rates.
We at Rain offer this feature in trade options to enable swapping available cryptocurrencies in your Rain wallets with other cryptocurrencies available on the platform.
Available Cryptocurrency Swaps:
Bitcoin (BTC) Swaps: To Tether (USDt), Ethereum, Litecoin, XRP and Chainlink
Tether (USDt) Swaps: To Bitcoin, Ethereum, Litecoin, XRP and Chainlink
Ethereum (ETH) Swaps: To Bitcoin, Tether (USDt), Litecoin, XRP and Chainlink
Litecoin (LTC) Swaps: To Bitcoin, Tether (USDt), Ethereum, XRP and Chainlink
XRP (XRP) Swaps: To Bitcoin, Tether (USDt), Ethereum, Litecoin and Chainlink
Chainlink (Link) Swaps: To Bitcoin, Tether (USDt), Ethereum, Litecoin and XRP
The Swap feature requires funding your source cryptocurrency wallet (From) in order to get to the destination cryptocurrency (To). For more information on how to fund your cryptocurrency wallets refer to buying Bitcoin with fiat currency, or receiving Bitcoin in Rain wallet.
Example: If Bitcoin (BTC) is your source wallet and Tether (USDt) is the destination cryptocurrency, then you will be swapping from BTC → to USDt.
Listed below you will find the detailed steps and requirements to successfully complete a cryptocurrency Swap using BTC → to USDt as an example.
A verified Rain account. If you haven't already signed up, you can create an account here.
Add funds to your source wallet. Before you can use any wallet as the source you need to have funds in that wallet.
NOTE: We charge a flat fee of 1.5% of transaction value for Swaps. For more information about Rain fees click here.
Steps (Rain website):
Sign in to your Rain account.
Click on Market at the top of the page.
Select Bitcoin wallet
Click on Swap option in the tab
Enter the source amount you would like to swap. It can be in your pre-set local base currency such as USD, BHD or AED. For information on changing local base currency click here.
NOTE: Minimum allowed Bitcoin Swap amount is BTC 0.0005
6. Select the destination cryptocurrency you want to receive the amount in (Tether USDt)
7. Review the Swap details and click Confirm to execute the transaction
8. You will be redirected to the Swap status immediately and be able to view the transaction in your Bitcoin wallet history. You will also receive a confirmation email summarizing the Swap details once it’s successfully completed.
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