Quickly verify your wallet, network, and funds before connecting to SpookySwap.
Confirm token contract addresses, set safe slippage, and review price impact to avoid surprises.
Limit contract approvals, use hardware or well-audited wallets, and double-check URLs to reduce risk.
Understand gas fees on the Fantom network and how to set transaction deadlines.
Short answer:
SpookySwap for Beginners: First Trade Checklist helps you prepare your wallet, secure approvals, set appropriate slippage and gas, and confirm token details so your first swap goes through safely and predictably. Start by connecting a compatible wallet, switching to the correct network, and verifying token contract addresses on official sources before executing a trade on SpookySwap.
SpookySwap is a decentralized exchange (DEX) running on the Fantom network that lets you swap tokens without a central intermediary. It uses automated liquidity pools and smart contracts to execute trades, making it a popular choice for low-cost swaps compared with some other L1/L2 networks.
Context:
SpookySwap operates within the broader DeFi ecosystem, where decentralized protocols replace traditional financial intermediaries. Think of SpookySwap as a marketplace where users trade directly from their own wallets.
Action:
Use a supported wallet (MetaMask, Ledger via MetaMask, or another reputable wallet). Confirm it can send and receive small amounts.
Why:
Misconfigured wallets or wrong networks cause failed transactions or lost funds.
Example:
Before a $50 swap, send a $1 test transfer to confirm connectivity.
Action:
Set your wallet to Fantom Opera and ensure you have enough FTM for gas.
Why:
Gas must be paid in FTM. Sending assets on the wrong chain can make them inaccessible.
Actionable takeaway:
Keep 0.05–0.2 FTM for small swaps; more if doing multiple transactions.
Action:
Open the official SpookySwap site and bookmark it. Verify token contract addresses from official project pages or reputable explorers.
Why:
Phishing sites and fake tokens are the most common beginner mistakes.
Example:
If a token name matches but the contract address differs from official sources, do not trade.
Action:
Approve only the amount needed for the transaction. Periodically review and revoke unused allowances.
Why:
Unlimited approvals increase risk if a contract is compromised.
Takeaway:
Use minimal approvals for first trades.
Action:
Adjust slippage tolerance based on liquidity:
- 0.5%–1% for liquid pairs
- 3%–12% for low-liquidity or new tokens
Why:
Low slippage can cause failures; high slippage increases front-running risk.
Rule of thumb:
If price impact exceeds 5%, reduce trade size or split the order.
Action:
Review quoted price, price impact, and pool liquidity before confirming.
Example:
A $100 trade in a $1,000 pool has far more impact than in a $100,000 pool.
Action:
Check estimated gas and choose a reasonable speed. Fantom fees are low, but avoid setting them too low.
Why:
Too-low gas may cause stuck transactions; too-high gas wastes funds.
Confirm all of the following:
- Correct wallet address (not an exchange address)
- Network is Fantom Opera
- Token contracts match official sources
- Slippage and deadline are set
- Approval amounts are limited
- Expected output and price impact are acceptable
Only then sign the transaction.
Scenario: Swap $50 USDC to TOKENX on Fantom.
Before connecting (3):
- Official URL
- Correct network
- Verified token address
Transaction settings (3):
- Slippage
- Deadline
- Approval amount
**After trade (3):
Transaction stuck or failed
- Increase gas slightly and resubmit
- Reduce trade size or slippage
- Check transaction hash on FTMScan
Wrong token received
- Check contract permissions immediately
- Revoke approvals and avoid further interaction
Learn more about:
- Automated Market Makers (AMMs)
- Fantom ecosystem basics
- Liquidity pools and yield mechanics
Yes. All transactions require FTM for gas on Fantom.
0.5%–1% for liquid pairs. Higher slippage may be needed for new tokens but increases risk.
Check the project’s official website, GitHub, or verified channels and cross-check on FTMScan.
Revoke the allowance immediately and consider moving funds to a new wallet.
It can be, if you follow best practices: verify URLs, limit approvals, confirm contracts, and use hardware wallets for larger amounts.