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What is Best Wallet’s Expert Mode?
What is Best Wallet’s Expert Mode?

Learn about Expert Mode and how to toggle it on/off in Best Wallet.

Updated over a week ago

When transacting in Best Wallet, you may see an option to toggle on Expert Mode. But what exactly is it?

Expert Mode is an option for executing transactions (mainly when swapping crypto) within the Best Wallet app. Toggling on Expert Mode allows users to set their own trade parameters rather than use the default Best Wallet trade settings.

Whilst this may offer some advantages, Expert Mode is only advised for very experienced crypto traders.

How to turn Expert Mode on

When swapping your crypto in Best Wallet, you will be able to turn on/off Expert Mode by pressing the Settings icon on the right.

You can then toggle Expert Mode on/off. This will then allow you to set your own slippage tolerance and transaction deadline.

By enabling Expert Mode, you can allow trades with exceptionally high slippage tolerance, which when used incorrectly, can lead to unfavourable exchange rates and the potential loss of part of your original assets or funds.

Therefore, if you are new or inexperienced with crypto trading, we highly recommend you keep Expert Mode toggled off and keep to the default Best Wallet trade settings.

What is slippage?

Slippage is a trading term that describes the difference between the expected price of an order and the actual price when the order executes.

The slippage percentage shows how much the price for a specific asset has moved. For example, if you're buying Ethereum ($ETH) tokens, it might experience a 0.50% dip between when you start your purchase and when your purchase is confirmed, leaving you with less Ethereum than expected. This happens often due to the volatility of cryptocurrency trading, and the price of a cryptocurrency like Ethereum can fluctuate depending on trade volume and activity.

Best Wallet has an automatic, default slippage tolerance of 0.10%. What this means is that if your transaction moves beyond this range (+0.10% or -0.10%) for the actual price, your transaction won't go through. This way, you prevent potentially receiving far less in your swap than expected.

For example, say you're swapping your Tether ($USDT) tokens to get some Wall Street Memes ($WSM) tokens. You see the hypothetical exchange rate of 1 $USDT to 125 $WSM tokens. But as you're executing, the price begins to dump, and now the exchange rate is 1 $USDT to 135 $WSM. Your swap in Best Wallet will fail, because the 0.10% slippage range was exceeded. This would mean you can re-execute your swap and get more $WSM tokens for your $USDT.

Best Wallet's default settings are designed to prevent losing money by halting unfavourable trades during volatile trading conditions.

So why might you want to use Expert Mode?

If you are a very experienced crypto trader, Expert Mode allows you to react instantly to small market movements by customising your own trading experience. By configuring high slippage and disabling confirmation transaction prompts, expert traders can execute swaps much faster than the average user, avoiding slow transaction times and missing out on optimal trading prices.

Why is Expert Mode risky?

However, it's crucial to understand that for many users, using Expert Mode might result in receiving less of the desired asset in terms of its current market value. Therefore, Expert Mode is specifically designed for experienced traders confident in their ability to generate profit from a trade, even considering potential unrealised losses from the initial swap.

For new and regular crypto users, Best Wallet recommends keeping the default trade settings to ensure that they don’t lose large parts of their crypto assets whilst trading within Best Wallet.

By using Best Wallet's Expert Mode, you might end up losing significant amounts of money compared to using the default settings, and it's better to ensure you know how much you will receive before confirming the transaction.

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