Crypto swap sites are crypto exchanges, where users can exchange or swap their crypto assets seamlessly. Usually, when a crypto trader uses a cryptocurrency exchange to swap tokens, they may have to pay trading fees before they can get the other digital assets.
Swapping is the process of exchanging a set of digital currencies for another. When traders want to swap crypto, they tend to opt for currency swap platforms. Crypto swap platforms work in different forms. Some act as a bridge between different parties that want to exchange crypto, while acting in a non-custodial system eg our exchange- Whalesheaven.
During the decision process of the cryptocurrency swap services to use, crypto investors should consider some important factors. How many digital assets can be exchanged on the platform? Is it an instant cryptocurrency exchange? What is the trading volume? What are the exchange rates for different currencies? Does it have low trading fees? What is the exchange process like? Is it a noncustodial exchange? Does it accept fiat currency? What constitutes the transaction fee? Does it have a good support team where you can have your opinions expressed? What is its trading volume? What are its security risks? Does it have a user-friendly interface or is it designed for only professional crypto traders? Does it require your personal data through a stringent KYC process?
What are the criteria to consider while choosing crypto swap sites?
Before we proceed any further, it is crucial to note that this is not investment advice, meaning that crypto investors should do their due diligence and make decisions for themselves.
The crypto market is filled with swap platforms that offer different cryptocurrency trading functionalities. Some are designed for users to swap crypto assets, while other cryptocurrency exchanges may offer trading services like margin trading. While opting for crypto swap sites, consider the following criteria:
• Security risks
How secure is the cryptocurrency exchange? What are the security measures that have been put in place to reduce fraudulent activity? Has it been hacked in the past?
• Transaction fee
Some crypto swap sites like our exchange- Whalesheaven- charge only trading fees, but do not request withdrawal fees. Withdrawal fees are free on exchanges like the aforementioned. In other exchanges, the crypto enthusiast may be asked to pay for both transaction fees and withdrawal fees.
• Trading option
For high-volume traders that swap large amounts of cryptocurrency, choosing the best crypto exchange may improve your profitability. For instance, some exchanges are designed with crypto whales in mind, charging very low trading fees for a large volume of the crypto exchange process. On the other hand, some swap platforms do not have a discounted fee scale for whales.
Our exchange, Whalesheaven is designed to allow high volume traders to exchange their cryptocurrency without paying high trading fees or unnecessarily affecting the value of the currency in the crypto market.
• KYC process
Some crypto swap sites ask their potential users to submit personal data through a stringent KYC process before they can use their services. This can be a Herculean task, in some cases, as the crypto investor, may have to jump through hoops and spend days, trying to be verified. If the aforementioned process is not for you, it is crucial to opt for crypto swap platforms that have an optional KYC process like our exchange, Whalesheaven. Users can trade crypto in anonymity.
• User-friendly interface
Some trading platforms are designed to cater to both new and professional traders. These types possess user-friendly interfaces for crypto investors to navigate through the features. On the other hand, some are designed for only professional traders, and may not be easy to use by novices.
What are the popular examples of crypto swap sites?
Our exchange, Whalesheaven was designed to create a haven for both low volume and high volume traders to swap their tokens for other cryptocurrencies. A typical exchange, be it a centralized or decentralized exchange, may not offer the features that the typical user especially a crypto whale wants.
For example, when a crypto whale disposes of a large number of tokens in the crypto market, it could affect the value of that digital asset negatively. On Whalesheaven, whales do not have to worry about an adverse event when they buy or dispose of a large volume of crypto.
We have a competitively low transaction fee and no withdrawal fees. At the moment, it has the lowest commissions in the market. Crypto enthusiasts that want to automate their trading on Whalesheaven by enabling WH Cypher. Its security measures are second-to-none, and it uses multisig wallets to provide the best-decentralized protection for the trader’s funds.
Whalesheaven doesn’t require its users to pass through a stringent KYC process, offering them the privacy that they need. Our exchange has a responsive customer support team that is always present to cater to the needs of clients. The team will solve any issues encountered, and take suggestions from users.
SushiSwap uses the Automated Market Maker system to ensure that users do not face any liquidity issues. It is based on the Ethereum network, and it is non-custodial. Traders can automatically exchange their digital assets on this exchange. While using Sushiswap, traders can transfer their tokens to their wallets because the exchange doesn’t hold any funds or interfere with trades.
Liquidity providers on Sushiswap are rewarded with passive income. By doing liquidity migration, users are rewarded with Sushi tokens. This may not be a great option for whales that do not want to affect the value of the token that they are trading. Apart from that, Sushiswap has faced some security breaches in the past.
SimpleSwap is an instant cryptocurrency exchange that allows users to deal with different digital assets. It works with some notable centralized exchanges like Bitfinex and Binance. The trading platform doesn’t request for identity verification process through KYC. Users can transfer their tokens to their wallets because the exchange doesn’t hold any funds.
As a decentralized exchange, it allows users to exchange crypto assets without depending on any custodial authority. Its support team is available to solve any issues faced.
UniSwap is a popular swap platform that users utilize to purchase, sell or swap cryptocurrencies. Like Sushiswap, it is based on the Ethereum network. As a non-custodial exchange, users can trade while having control of their funds. Like other platforms that use the AMM system, users that inject liquidity into liquidity pools are rewarded with profits. It has a seamless user interface designed to be used by anyone to swap their Ethereum-based token.
This is an exchange aggregator platform that offers users access to different crypto assets, and does not require the user to sign in before it can be used. Traders can use SwapSpace to compare the rates from other platforms and decide on the one that tickles their fancy. The exchange is easy to use and traders can access its support team.
Another decentralized exchange that uses the AMM functionality is the Pancakeswap. Unlike its counterpart above, it is based on the Binance Smart Chain. Those uses that offer liquidity or farm on this DEX are rewarded with lucrative APYs. Crypto investors that are staking in the SYRUP liquidity pools may be eligible for higher rewards. This is an easy-to-use swap service because of its user-friendly interface. The trading fee is 0.2%, and 0.17% is meant for the liquidity providers, while the remaining 0.03% is earmarked for the PancakeSwap treasury. Users can transfer their tokens to their wallets because the exchange doesn’t hold any funds.
This is another non-custodial exchange designed to allow users to swap one crypto for the other. It claims to have partners that are used in gathering data. Users do not have to carry out the KYC process before they can use Swapzone. Its interactive interface makes it easy to use, allowing users to choose the outlay for its display. The exchange is done using APIs, and if the user runs into an issue, they can contact the customer support team.
While opting for crypto swap sites, the user should those that offer the features that the user craves. If they are looking for an intuitive decentralized exchange that is non-custodial, with no requirement for KYC process, they should consider using our exchange, Whalesheaven. In those cases that they want an easy-to-use swap platform with low trading fees and no withdrawal fees designed for both whales and low volume traders, Whalesheaven ticks the boxes. For crypto investors that are seeking crypto exchanges with a high level of security with the peer-to-peer element, our exchange is here to help.
Choosing the best crypto exchange is important because it could make or mar your transaction. Opting for a centralized exchange comes with some issues like security risks. Centralized exchanges tend to store the crypto for their users, making them a target for hackers. Before you use any exchange, do your own research and make the decision.