A. Ahmad An open-minded individual that's enthusiastic about Bitcoin, with all of its freedom and purity that it provides.

What Are The Best Crypto Swap Exchanges

2 min read

2 laptops connected to a blockchain that is connected to a globe illustration while one laptop has two coins on top of it.

The best cryptocurrency exchanges available in the market are determined by various factors, from the ease of its use, the number of crypto assets available for trading, if these are centralized or decentralized exchanges, and how crypto trading, the buy and to sell or to swap, is conducted. Let’s go through what’s the current popular cryptocurrency exchanges are with these factors are.

Centralized cryptocurrency exchanges

The current most popular cryptocurrency exchanges that are categorized as centralized ones can be counted on your hand. Binance, arguably the most popular one out there, allows you to deposit various crypto tokens and on various networks, where you’d then be able to look for the pair you desire, like BTC/UST, to buy and sell with that pair, then at the end of it, withdraw whatever token you’ve got on your custodial Binance wallet, but you’ll most likely have to pay up a withdrawal fee, one that differs depending on what coin you’d like to withdraw. For Example, the current Binance has a withdrawal fee of 0.0005 BTC for a Bitcoin withdrawal.

There’s also worth mentioning that you’d have to go through its KYC process to convert your fiat to crypto and back to fiat again, as well as if you’d like to use some of its services.

Most CEX platforms generally have the same setup but with different speeds, trading and withdrawal fees, KYC requirements, complementary features/services, and some come with a mobile app as well, and so on. KuCoinBitrueCoinbaseBitfinixKrakenBithumbBitstamp, and Huobi are the top centralized crypto trading platforms, and there are still many more.

Decentralized crypto exchanges

As people came to realize the importance of having decentralized exchanges in the crypto scene after centralized ones took the opportunity to capture the crypto trading market initially, one decentralized exchange after the other started to appear, and they’ve been improving their UX ever since to compete and outperform centralized crypto exchanges, and we’re no exception to that with WhalesHeaven, but in our case, we’re removing the cons that popular crypto DEXs offer.

There are various DEXs with differences in how they perform or execute crypto trading between individuals. One type of crypto decentralized exchange is ones similar to PancakeSwap, where you’d be able to connect your wallet, like MetaMask or Trust Wallet, to their platform, select the cryptocurrency network you’d like to exchange your token for (and that token is on the same network), look for other tokens on the same network and then you’d begin the swapping process through the utilization of a smart contract, where this and other DEX platforms, such as SushiSwap, ApeSwap, UniTrade and so on, take a swapping fee on top of your normal transaction fee, sent to the liquidity provides.

Pretty much all of these swapping servers behave the same, some with lower fees than others for some token pairs, and some of these crypto trading DEXs only work with one network like Ethereum. All of these cryptocurrency exchange platforms usually don’t require to go through any KYC process, nor create an account.

What’s interesting though, is that there’s now a decentralized cryptocurrency exchange platform that allows you to trade/exchange various digital assets between different blockchains, all while keeping custody of your tokens throughout your buy and sell orders, with zero withdrawal fees and fast trading (under 3 minutes), with minimum transaction fees as well. This non-custodial exchange is our very own WhalesHeaven, a trading platform that handles buyers’ and sellers’ swaps through the use of threshold signatures (multi-signatures).

Determining the best crypto swap exchanges

With the above categorizing crypto swap exchanges as a CEX or DEX, we can go ahead and look into what would be the best and most beneficial ones for the average person.

A good crypto exchange should be decentralized, where you don’t need to give up custody of your crypto assets, considering the nature of cryptocurrencies. Low to no withdrawal fees, doesn’t require trust, simple and fast, without collecting private information about you (making you go through a KYC process) and ideally, it wouldn’t require you to create an account at all.

Centralized exchanges have custody of your digital assets, make you go through a KYC process, and impose trading and withdrawal feels. Decentralized exchanges, on the other hand, allow you to keep custody of your crypto assets, not let you go through the KYC process, and usually don’t require you to even make an account, but usually, they’re limited to trading between tokens on the same network. With WhalesHeaven, however, that last limitation is not present, as you’d be able to swap crypto tokens from different blockchains, like trading BTC for ETH, or BNB with TRX.

A. Ahmad An open-minded individual that's enthusiastic about Bitcoin, with all of its freedom and purity that it provides.