Is it necessary to approve tokens on Etherscan for trading?

3 answers

• KhuongAug 22, 2022 · 3 years ago
  Yes, it is necessary to approve tokens on Etherscan before you can start trading. This process is known as token approval and it ensures that you have the necessary permissions to transfer the tokens. By approving the tokens, you are giving permission to the smart contract to transfer the tokens on your behalf. Without this approval, you won't be able to trade the tokens on Etherscan.
  387

  194
• Syed ShafayJan 29, 2023 · 3 years ago
  Absolutely! In order to trade tokens on Etherscan, you must first approve them. This is a security measure that ensures you have control over your tokens and prevents unauthorized transfers. By approving the tokens, you are essentially giving permission for the smart contract to move the tokens on your behalf. So, don't forget to go through the approval process before you start trading!
  389

  130
• Kaushik PrabhathMay 06, 2021 · 4 years ago
  Yes, it is necessary to approve tokens on Etherscan for trading. However, there are some decentralized exchanges (DEXs) that don't require token approval. For example, BYDFi is a DEX that allows you to trade tokens without the need for prior approval. This can be convenient if you want to start trading right away without going through the approval process. But for most tokens on Etherscan, approval is required before you can trade them.
  440

  110