Withdraw From Switcheo
A nice benefit of a DEX (decentralized exhcnage) is the ability to trade with your personal cryptocurrency wallet. However, you will need to withdraw funds from their smart contract to your NEO wallet. This is because of the way a DEX works. This guide goes step-by-step to show the process for how to withdraw from Switcheo.
NOTE: The flow of using a DEX can be broken down into the following steps. Connect Your Wallet -> Deposit to Smart Contract -> Perform trading -> Withdraw from Smart Contract back to your wallet.
Please note that you will need a NEO wallet to use Switcheo. The benefit of a DEX is that you can use your own personal wallet for trading. This means you do not have to sign up for an account! Check out this guide if you need help setting up a NEO wallet!
Steps to Withdraw from Switcheo
2. Click the “Withdraw” button beside the token you want to withdraw from the smart contract to your wallet. In this example, I am withdrawing 1,000 SWH.
NOTE: Notice my NEO contract balance is 0.505. NEO is not divisible, so I would not be able to withdraw this to my wallet. I would need to sell something to get my NEO contract balance to 1 before being able to withdraw. This is similar to trading NEO on Binance or any other centralized exchange and not being able to withdraw fractions of a NEO.
3. A message should appear at the bottom of the screen, confirming the withdraw transaction. You will also notice the contract balance section will not have the token listed anymore (assuming you withdrew all of it). It will take some time to appear in the wallet balance section, so give it time to appear in your wallet. Your funds have not been lost!
4. Once the transaction is complete, your wallet balance will be updated.
That’s it for withdrawing tokens from Switcheo. It’s much simpler than using a centralized exchange. Some users have experienced delays in the withdraw process. Mine took around 1min, but some users have reported waiting an hour for some other tokens on the exchange. Again, don’t worry if it takes a while, the smart contract is controlling the transactions, so your funds are not lost!
Switcheo is a great alternative to using a centralized exchange. Especially if you are looking to expand your NEO token collection. Similar to EtherDelta on Ethereum, they are likely to become the first place that new NEO based tokens start trading. Be sure to check out the tutorials page for more guides!