Welcome to the world of crypto! đ Itâs exciting, a little wild, and full of opportunitiesâif you know where to look. If youâre new to DeFi and trading crypto onchain, this guide is for you. Weâll help you get the basics down, avoid common pitfalls, and have some fun along the way.
Getting Started
What is Slingshot?
Slingshot is a simple, powerful trading app that makes buying, selling, and managing crypto onchain easy â no DeFi knowledge required. We help you skip the headaches typically associated with trading onchain so you can enjoy the benefits of DeFi (tokens tradeable on launch, no waiting for it to get listed) with a simple, familiar UX.
Do I Need to Be a DeFi Expert to Use Slingshot?
Nope! Slingshot is built for everyone, from those new to crypto to pros. Our goal is to make your trading experience seamless, even if youâve never heard of âslippageâ or âbridging.â
What Do I Need to Start?
Hereâs what you need to dive in:
Download the Slingshot mobile app and create an account
Funds to trade â you can deposit crypto from a crypto wallet or centralized exchange, or purchase crypto using credit card, debit card, Apple Pay, Venmo, or PayPal
A curious mind and some research, especially on the token youâre considering buying
Trading & Wallet Basics
How Do I Buy My First Token?
Itâs easy:
Deposit funds into your Slingshot wallet.
Search for the token you want to buy.
Enter the amount and confirm the trade. Done!
Where Should I Withdraw My Tokens?
When withdrawing funds, you will need to specify a blockchain address to send the funds to.
Verify Token and Network Compatibility: Ensure the receiving wallet supports the token and blockchain network youâre withdrawing. This is critical to double check if you are withdrawing to an exchange, as many centralized exchanges (CEXs) have limited token and network support.
Check for Smart Contract Support: Slingshot withdrawals are sent from a smart contract. If you are withdrawing to a centralized exchange, check whether it supports deposits from smart contracts. If youâre unsure, reach out to their support team before initiating the withdrawal. Once a withdrawal is sent and confirmed by the blockchain, it is irreversible.
Can I Send My Money Back to My Bank?
Currently Slingshot doesnât support off-ramping, which is the process of converting crypto to fiat and withdrawing to a bank account. You can send your funds to a platform that offers off-ramping services, such as a centralized exchange (CEX).
Whatâs a Gas Fee?
Gas fees are transaction costs on blockchain networks. Each network has its own gas token, meaning that trading onchain typically requires time, money, and energy on gas token management. Slingshot eliminates that burden for you by handling gas payments in the background. Gas fees are included in the total fee charged by Slingshot.
Managing Tokens
Can Slingshot Revert My Transaction?
No. Slingshot is non-custodial, meaning we donât have access to or control over your funds. Once you start a transactionâwhether a swap or a withdrawalâitâs final. Unlike traditional financial systems, blockchain transactions process in minutes or seconds and canât be reverted once initiated.
Transactions recorded on the blockchain are permanent and irreversible. When withdrawing funds, always double-check the wallet address and network before submitting the transaction. Before withdrawing large amounts, consider first testing a small amount to familiarize yourself with the process.
What Happens If I Send Crypto to the Wrong Address?
Unfortunately, blockchain transactions are permanent and irreversible. If you send crypto to the wrong address, the funds can only be recovered if the recipient willingly returns them. Slingshot does not have the ability to move or control your funds at any point in time, including reversing erroneous transactions.
To avoid mistakes, always triple-check wallet addresses before sending funds. Carefully copy and paste addresses to avoid typos.
I Received a Token in My Wallet. Is It Legit?
Probably not. Spam tokens are common in crypto. Theyâre often scams designed to trick you into interacting with malicious contracts. Either hide the token from your wallet balance or research the token before selling or interacting with it.
How Do I Hide Unwanted Tokens?
Are spam tokens cluttering your wallet and affecting your balance? Hereâs how to clean up:
Open your wallet and navigate to the token list.
Long-press the token you want to hide.
Tap âHideâ to remove it from view.
What are Common Scams to Watch For?
Phishing Links: Never click on suspicious links claiming to be from Slingshot or other apps.
Honeypot Tokens: A type of scam token that can only be bought and cannot be sold. Scammers lure buyers with big promises, then lock everyone in.
Spam Tokens: Unsolicited tokens in your wallet are often scamsâignore them.
Fake Support: Always contact Slingshot through official channels.
Recommended reading: Newly Launched Tokens: Best Practices
How to Avoid Honeypots:
Research the token contract and community.
Check if the contract is editable or has high taxes. Slingshot provides token audit details for some tokens in the Safety and Security section of a tokenâs page. Please note that this information is provided by third parties and is not audited by Slingshot. Always do your own research and avoid relying solely on this data.
Third-party tools like Dexscreener or Dextools and their audit features on each token page are also great resources.
Be cautious with newly launched tokensâif it sounds too good to be true, it probably is!
I Canât Sell a Token And it is Not a Honeypot
If you're unable to sell a token and it's not a honeypot, it might be due to low liquidity. Transaction failures are more common when trading tokens with low liquidity. These tokens are more susceptible to significant price changes when larger trades are made relative to the total liquidity available. These price changes can cause your transaction to fail.
Token stats including liquidity, are available on every tokenâs page on Slingshot so you can check this information before trading.
To increase the chances of your transaction going through:
Trade smaller amounts: Breaking your trade into smaller portions can help reduce the impact on the token's price.
Adjust your slippage tolerance: Increasing the slippage tolerance in your settings allows for greater price movement during the transaction, which increases the likelihood of success.