People want to swap crypto for other tokens, and they need crypto swap platforms to achieve that purpose. Some platforms may be a decentralized exchange while others are centralized exchanges.
The best crypto swaps are designed to create a haven for users to swap crypto in a safe manner and a user-friendly interface. A centralized cryptocurrency exchange allows users to swap cryptocurrency instantly while they hold the funds of the user. To instantly swap Bitcoin in many custodial crypto exchanges, the cryptocurrencies enthusiasts have to undergo a stringent KYC process. Sometimes, they may be allowed to use the cryptocurrency swap service without ID verification but have to deal with exchange limits.
Another type of the best swap exchange is a decentralized exchange. Traders use this type of cryptocurrency exchange to swap crypto in a non-custodial manner. As a non-custodial platform, there is the absence of a centralized authority that holds the funds before users can exchange crypto. Some examples are automated market make swap platforms and peer-to-peer non-custodial exchanges.
Before a cryptocurrency exchange can be ranked as one of the best crypto swap platforms, they should tick some boxes. For example, the best swap exchange should have affordable trading fees. Usually, a crypto exchange process comes with trading fees. Some platforms have high trading fees which cut into the profits that a trader makes. Apart from the aforementioned, the crypto enthusiast may also be charged withdrawal fees.
In the crypto market, traders always prefer exchanges that allow them to trade a high volume of coins without paying extravagant transacting fees.
Secondly, it is crucial to consider the level of anonymity and privacy the platform offers. For a trader that is seeking the utmost privacy, a decentralized exchange with no KYC procedure is necessary. An instant cryptocurrency exchange may allow its new users to utilize its features without verifying their identity if it is decentralized. Users may trade against one another without the intervention of a third party or against a liquidity pool.
Thirdly, the best cryptocurrency swap platform offers a wide array of coins to choose from such as stable coins, DeFi coins, Ethereum, Bitcoin and even gaming tokens. This allows people to exchange one crypto for another from the myriad of choices available.
Fourthly, the security of the platform should be considered. Security risks attached to custodial or centralized exchanges are higher compared to their non-custodial counterparts. The former holds the funds of their users, making them a target of hackers. If a centralized exchange must be used, it is important to find out the percentage of crypto holdings is held in hot and cold wallets. What are the security elements of the trading ecosystem? Does the platform have an insurance policy? These and more should be analyzed so as not to be a victim of another Mt. Gox’s incident. On the other hand, non-custodial exchanges do not hold the funds of users, especially peer-to-peer platforms. They match buyers and sellers together, allowing them to carry out transactions without interference. Some decentralized exchanges use multi-sig wallets to protect both parties in the transaction.
Fifthly, its user experience should be considered. Some instant exchanges have a seamless user interface that is designed to be used by both new and professional traders. On the other hand, some trading platforms are esoteric and used easily by advanced traders.
Lastly, speed should be considered while choosing an exchange to use. Custodial exchanges tend to take a longer period to sign up because most of them need to verify the KYC documents that were uploaded by the user. It could span for days or even weeks. Apart from that, a custodial exchange has the power to blacklist its users on a whim. Once this is done it may take weeks and even months to access the account again. Sometimes, the account is locked forever and the funds in it are frozen.
The aforementioned and more should be considered before opting for the swap exchange.
While choosing what trading pair and crypto exchange to use, independent financial advice and due diligence should be done to make an informed decision.
What are the best crypto swap platforms in existence?
This is a popular crypto swap platform with affordable trading fees and no withdrawal fees, thereby reducing the number of funds that the user pays in commission while utilizing the features. Our exchange, Whalesheaven is notably known for allowing buyers and sellers of crypto like Bitcoin, Ethereum, stable coins, gaming coins, and so on to trade without any intervention. Its multi-sig wallet feature allows people to interact in a highly secure decentralized ecosystem.
Account registration on this swapping platform is an easy process. Once you create the account, you can start swapping without ID verification. As a peer-to-peer platform, it offers a competitive exchange for the multiple trading pairs it hosts. People can buy and sell cryptos at the best prices. There are no upper limits of withdrawal or deposits in this non-custodial platform. Users can exchange cryptocurrencies for others after the registration process.
Our exchange allows high volume traders to exchange cryptocurrencies without affecting the market in any way. We have designed our trading platform to reduce the effects of volatility.
In the exchange, sellers create an auction. where they set the volume and submit it. Anyone can set up an auction in a matter of seconds. Once it is running, the crypto seller is contacted for different offers from buyers via varying communication means. Offers to buy come in instantaneously. The seller then enters into a transaction with the buyer in a multi-sig environment thereby protecting the funds.
Another instant cryptocurrency exchange is the SimpleSwap which has hundreds of trading pairs. It can be accessed on both Android and iOS devices. Traders can opt for either floating or fixed rate swaps depending on what they want to achieve. It currently has one of the best exchange rates in the crypto world. People can use it without signing up.
Exolix is an Estonian based exchange that was created in 2018. Users can download their apps on Android and iOS devices to swap cryptocurrencies. Anyone can use the platform without undergoing any KYC process. it has no upper withdrawal limits and the rests are highly competitive.
Another swap platform that ticks some of the boxes that users want is the SwapSpace. This exchange also acts as a search engine that aggregates the different exchange rates of multiple platforms. Users can check out the best rates available and purchase them.
Like others, there is no KYC process needed. It supports hundreds of coins. It starts with entering the amount of crypto that will be swapped, checking the offers, choosing one, entering your wallet address, transfer the funds to the seller, then ends in waiting for the coins to be sent to you. As always, this does not constitute investment advice.
This is an instant exchange that allows people to swap their digital assets for others with the lightning network.
Fees are affordable, the rates are some of the best in the market, and transactions are swift. Users do not need to register an account to use this platform.
For those that opt for a fixed rate, it charges at least 1% in fees, then 0.5% + network fee if you opt for a floating rate. As most of the swap services on this list, it does not have an upper limit.
This exchange is based in Seychelles and supports hundreds of coins. Like the others in this list, it doesn’t have any withdrawal or deposit limits, and nor do users have to engage in any KYC process. Its user interface is designed for both new and professional traders.
Users have to deposit funds into the exchange’s wallet, then input the address that will receive the coins. In less than thirty minutes, the tokens are sent to them.
Swapzone can be likened to its counterpart, SwapSpace because they both act as cryptocurrency aggregators that allow users to access exchange rates from different exchanges and choose the rate that satisfies their needs. The platform does not request any registration and possesses no upper limit. It has hundreds of trading pairs available.
Every exchange has its perks and some may have greater drawbacks than others. It is crucial to consider what you intend to achieve in an exchange, and opt for the best swap exchange that tickles your fancy. Do your research about the platform and read their reviews to find out what past users encountered while utilizing their features. Some exchanges offer little or no security mechanism to protect the different participants, meaning that there is a higher risk of losing one’s funds during a transaction. Our exchange, Whalesheaven ticks the right boxes such as security, speed, no KYC, low transaction fees, no withdrawal fees, a large number of trading pairs, non-custodial and much more. We offer a peer-to-peer custody-free trading feature that bridges different participants together without the need for a centralized authority, while offering security in the best possible decentralized means.