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Swap Ethereum tokens with Paraswap

Swap Ethereum and ERC-20 tokens within Ledger Live to benefit from the optimal level of security offered by your Ledger device. This service is offered through our third-party partner ParaSwap and supports swapping ETH, USDT, USDC, DAI, and many more! See all the crypto supported for swap here.

What’s ParaSwap?

ParaSwap is a decentralized application (dApp) that aggregates multiple decentralized exchanges (DEXs) in a comprehensive and convenient interface. Paraswap checks the rates on all supported decentralized exchanges to provide the best exchange rate possible.

Before you begin

  • Update Ledger Live through the notification banner or download the latest version.
  • Ensure your Ledger device runs the latest firmware version.
  • Make sure the Ethereum app is installed on your device.
  • Add an Ethereum account. Learn more.
  • Install the Paraswap app. Learn more.

Paraswap interface overview

Paraswap’s interface consists of five main elements:

  1. Ethereum account selection: select the Ethereum account you want to use for swap.
  2. ParaSwap settings: customize global settings such as slippage tolerance, gas price, dark mode theme, and the interface language.
  3. Swap Token: select the coins you want to swap and enter the amount to swap.
  4. Order routing: check the exchanges and pools used to settle your trade.
  5. ParaSwap support: reach out to the ParaSwap team if you need help.

paraswap

Swapping Ethereum and ERC-20 tokens

  1. In Ledger Live, click Swap on the left panel.
  2. Select ParaSwap, then click on Continue.
  3. At the top-right corner, select the Ethereum account you want to use for swap.

    paraswap

  4. In Swap Token, enter the amount you want to exchange.
  5. Select the crypto assets you want to exchange from and to.

        Note that you first need to unlock ERC-20 tokens to swap them. For more information, see the following section: Unlocking ERC-20 tokens.

  6. (optional) If you want to send the received tokens to a different account, click the Swap & Transfer toggle ( ) and enter the Ethereum address of this account. Sending two distinct operations in one single transaction will allow you to save on fees.
  7. Click on the Swap button.
    A Review & Confirm window appears.

    review

  8. Review the transaction details, then click on the Confirm Order button.
    To better understand the transaction details, see the following section: Understanding ParaSwap transaction details.
    The Sign transaction window appears.

    sign

  9. Select the network fees. Learn more.
  10. Verify and confirm the Swap operation on your Ledger device.
    • Open the Paraswap app after you've connected and unlocked your device.
    • Press the right button to review all operation details: Paraswap, Send, Receive Min, and Max Fees.
    • Press both buttons to Accept and send the operation.

Unlocking ERC-20 tokens

Before you can swap ERC-20 tokens, you need to unlock the ERC-20 token. Unlocking the ERC-20 token allows the ParaSwap contract to process future transactions.

To unlock ERC-20 tokens:

  1. In Swap Token, select the ERC-20 token you want to swap.
  2. Click on the Unlock [the ERC-20 token of your choice] button.

    unlock

  3. Select one of the following unlocking options:
    • Unlock permanently 
    • Unlock this time only
  4. Select the network fees. Learn more.
  5. Verify and confirm the Swap operation on your Ledger device.
    • Open the Paraswap app after you've connected and unlocked your device.
    • Press the right button to review all operation details: Type, Amount, Address, and Max Fees.
    • Press both buttons to Accept and send the operation.

You have successfully unlocked the ERC-20 token. Once the unlock transaction is confirmed, you will be able to swap the ERC-20 token you have unlocked.

Understanding ParaSwap transaction details

Transaction details Description
Gas Price Amount of Ethereum used per unit of Gas. This determines the speed of your transaction.
Max Slippage Rate The maximal difference between the expected amount and the received amount.
Order Routing The exchanges and pools used to settle your trade
Price Impact The average slippage expected on the various pools involved to settle your trade
Minimum Received The minimum amount you will receive despite the market fluctuations.

Need help?

Ledger does not have access to any information regarding your swap transactions via ParaSwap.

If you have a question:

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