> For the complete documentation index, see [llms.txt](https://crosschain-docs.gitbook.io/crosschain-docs-docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://crosschain-docs.gitbook.io/crosschain-docs-docs/cowswap-3-steps-to-your-first-token-swap.md).

# cowswap: 3 Steps to Your First Token Swap

cowswap is a decentralized trading interface that lets you swap tokens while keeping control of your wallet. It suits you best when you can wait for an order to fill at an acceptable price. You choose the trade terms, then sign an order instead of sending the swap yourself.

### What Is cowswap?

CoW Swap is the interface, while CoW Protocol handles the orders behind it. In [cowswap](https://cowswap.dev), you choose which token to sell, which to buy, and how much. Your sell tokens remain in your wallet until a trade settles.

You can request a swap at the available quote or place a limit order. A limit order sets the worst price you will accept and can wait for a better market. Neither type promises an instant fill, so check the order status before assuming you have bought the new token.

### How Do Batch Auctions Fill Your Order?

A batch auction groups signed orders and asks competing *solvers* to work out how to fill them. Solvers are programs that seek a good trade for each order. They may match two users who want opposite trades, or use on-chain liquidity: tokens available in blockchain trading pools.

Say you sell 1,000 USDC for ETH. If another user wants to sell ETH for USDC, a solver may match part of your orders directly. It can get the rest from a pool, then settle the trades together on Ethereum. If it cannot meet your minimum price, your order stays unfilled.

This design helps protect against MEV, value that other traders can take by exploiting transaction order. In a common MEV attack, someone trades around your swap and worsens your price. Your signed minimum still matters: it is the price boundary the settlement must respect, even if the earlier quote changes.

### What Will You Pay?

“Gasless” means a normal signed swap order needs no upfront network fee from your wallet. It does not mean the trade has no cost. Settlement costs and any applicable trading fee affect the amount shown in your quote.

Volume fees vary by network and token pair; a typical quoted range is 0% to around 0.1%. A fee may also take a share of any price improvement above your minimum. I would judge a trade by its **net tokens received**, rather than by a fee label alone.

For example, a 0.1% volume fee on a 1,000 USDC trade is 1 USDC. Your actual quote also depends on the trading price and available liquidity. Before signing, compare the expected output with the minimum received: the latter is what protects you if the price moves.

### How Do You Place and Check a Swap?

Use these three steps for an ordinary token swap. Read each wallet prompt before signing, since an approval and an order give different permissions.

1. Connect your wallet on the correct network and select the sell and buy tokens. Check each token’s identity, especially when several tokens share a name. Cow Swap will show a quote for the amount you enter.
2. Review the expected output, minimum received, and slippage. Slippage is the price movement your order allows; for example, 1% below a quoted 0.40 ETH is about 0.396 ETH. If you need to approve the sell token, check the spending amount and the contract your wallet names.
3. Sign the order, then watch its status in your order history. A signature places the order; it does not prove the swap has filled. Check your wallet balance after settlement before making another trade with the expected proceeds.

A first token approval may require an on-chain transaction and a network fee. Some tokens support a gasless approval, which the interface can offer when available. For an occasional trade, I would choose a limited spending allowance if my wallet offers one.

### What Else Should You Know Before Trading?

#### Can I sell ETH without paying gas?

Selling native ETH is an exception to the usual gasless order flow. You can wrap it into WETH first, which takes an on-chain transaction, or use an ETH-flow swap that places the order on-chain. Both need upfront gas. If I planned several trades, I would consider wrapping once; for one trade, I would compare the quoted total cost.

#### What if my order does not fill?

A swap may expire if no solver can meet your minimum price. Your sell tokens then remain in your wallet. You can also request a free off-chain cancellation while an order is pending, but cancellation is not instant; it might settle first. An on-chain cancellation costs gas. Check the final status before placing a replacement order.

#### Should I use a limit order?

Use a limit order when your chosen price matters more than trading soon. Set both the price and how long the order may wait. It may fill in parts, and reaching your limit price may still be insufficient to cover settlement costs. For a trade you want now, start with a fresh swap quote and review its minimum before signing.