A crypto exchange Crypto.com confirmed that hackers stole nearly $34 million during Monday's hack. In a Tuesday update, the exchange revealed that hackers stole 443.93 bitcoin ($18.7 million), 4835.25 ether ($15.2 million) and approximately $66,200 in USD. The company faced criticism over its communication after the incident. The company's CEO only confirmed the hack on Wednesday, three days after it took place. In total, the hack affected 483 users. However, Crypto.com said that they fully reimbursed all of them. The…
Crypto Swap services present an efficient and cumbersome free way of swapping crypto based on different blockchain networks. Without these services, crypto traders would have to create an exchange, sign in and place an order every time they would want to switch cryptos. This would have been an incredibly inept process, let alone the time consumed in swapping crypto. Traders would be required to create multiple accounts and go through the verification and security procedures before being granted the go-ahead to transact on these platforms.
Crypto-swapping platforms step into this space by connecting into exchange APIs and automatically swapping coins to ensure efficient and straightforward crypto swap. This guide will look into the crypto swaps mechanism and the best crypto swap platforms available in the market today.
The Mechanism of Crypto Swapping
As mentioned earlier, crypto swap refers to the premise of moving cryptocurrencies from one blockchain to another, usually using a predetermined rate. Sometimes, swapping cryptocurrencies, especially in instances where coins were on the initial blockchain, becomes incompatible with a newly launched blockchain network- i.e., developers employed when they want to move users from one blockchain to another.
Crypto swapping is usually done when developers want to base their tokens on a new blockchain. When a user initiates a crypto swap, the swapped cryptos from the initial blockchain are burned at a predetermined rate in exchange for coins from the new blockchain. Once a currency has been swapped and burned, a user can never be redeemed, like trading a coin is a continual process.
Cryptocurrency swapping can also be a funding mechanism for upcoming crypto projects. This is usually done by inflating the coin/token supply of the new blockchain and setting aside an amount of the new token, which will later be given to swappers to include any coin such as Bitcoin or Ethereum.
It’s not only projects that want to start working or transfer their token to a new blockchain that uses crypto swapping. Crypto traders looking to exchange their cryptos without really going through the long, tedious process of using an exchange also use crypto swapping. If you are looking for a platform to get started with, here are the best three crypto swapping platforms.
Top 3 Best Crypto Swapping Platforms
InstaSwap is a non-custodial exchange platform that allows users to swap crypto at the market price within a short time. The platform claims to provide the most convenient way to swap your crypto and FIAT securely, fast, and at the best rates. With InstaSwap, you really don’t need to trade on exchanges as you get to enjoy competitive market rates, fast transactions (10-30 mins), lowest fees from 0.4%, secure transactions with no registration needed, and high exchange limits.
The steps of swapping crypto on InstaSwap are simple and straightforward, as indicated below:
- Transfer funds to InstaSwap from your wallet
- Search the best available rate on the market
- You can exchange at the best price you think is right for you.
- InstaSwap charges a transparent fee of 0.4% from the final amount.
- Funds are then directly delivered to a recipient address that you submitted on signing up.
InstaSwap is much focused on privacy, meaning that your data is kept safe and never shared. You can also swap crypto anonymously on the platform.
Changelly is among the best exchange platforms and was established in 2015. It currently supports over 150 cryptocurrencies. The swap platform is quite fast and maintains a high anonymity level, allowing users to swap virtually every cryptocurrency out there securely. The platform supports a rate-fixed crypto exchanging mechanism that goes a long way to protect users from the risk of market fluctuations during the swapping of tokens. Changelly achieves token stability by setting aside a small reserve inside the exchange rate when the user submits the final quote.
Users pay a 0.25% fee on all swaps. Some of the notable stand-alone features of Changelly include:
- Swap cryptocurrencies with any other supported cryptos
- Exchange fees are 0.25% on all swaps.
- Users can buy crypto, usually Bitcoin using a credit/debit card.
- Users are required to create an account so that they can track their past exchanges.
When signing up on the platform, users must submit a valid email address with Changelly having permission to apply AML/KYC to particular users, addresses, and individual transactions. This condition may, however, compromise privacy.
CoinSwitch is a crypto exchange platform that enables users to switch or convert cryptocurrencies across several exchanges anonymously. Founded in 2017 in India, CoinSwitch functions like a crypto aggregator. It integrates with several well-known exchanges across the globe and allows users to convert, trade, or pair the crypto of their choice at the best rates.
This means that users can purchase crypto coins at the best rates from exchanges such as Binance, HUOBI, KuCoin, HitBTC, and DEX, among others from the platform. This, in turn, saves time and money for traders looking to convert one coin to another without the involvement of FIAT currency.
CoinSwitch supports more than 300 cryptocurrencies, including BTC, BCH, ADA, ETH, XVG, VET, XRP, among others. Regarding the payment method, the platform doesn’t accept FIAT currency from popular payment platforms such as PayPal and Wire Transfer. Users are, however, allowed to buy crypto coins directly from the website using Visa and Master credit card. Users are also not allowed to hold their funds in the account and purchase crypto coins on market fluctuations. Users can only instantly buy coins and use them to exchange with other available coins.
CoinSwitch charges exchange fees based on the crypto being exchanged and also the exchange platform. The exchange fee ranges from 0% to 0.98%, depending on the user’s exchange for a transaction. In addition to the exchange fees, CoinSwitch also charges management and other services fee separately. The platform has a user-friendly interface with an anonymity feature, making it a top crypto swap platform.
Crypto swapping is beneficial to both crypto traders and developers seeking to move their token from an old blockchain to a new network. Crypto traders can trade their coins through crypto swapping platforms such as InstantSwap or Changelly without really going through the cumbersome process synonymous with other crypto exchanges. In essence, crypto swapping platforms provide a fast, affordable, and efficient way of exchanging cryptos and will surely replace exchanges in the future.
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