Many investors use exchange platforms for trading their assets. There are different types of exchange platforms like traditional or P2P, designed for spot or derivatives trading.
However, in the fast-paced world, there are a lot of casual investors that do not have time to watch graphs and conduct technical analysis on the exchange.
These investors are interested in getting the funds to their wallets and swapping one asset to another in the most streamlined way possible. This is where crypto swap platforms would be the best option offering fast and easy exchange with a straightforward fee structure.
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What is Crypto Swap
Crypto swap is the process of exchanging one crypto asset for another, for example, buying BTC with ETH. Right now 1 BTC would be equivalent to 13.37 ETH so that’s how much ETH will be needed to receive 1 BTC without counting transaction or service fees.
Swapping crypto helps to diversify your crypto portfolio and reduce costs since the currencies are exchanged directly without having to buy stablecoins or fiat.
Where Can You Swap Crypto
Crypto exchanges and wallets often have built-in or partner swap features. Using these features only requires you to have an account with the service. Then you can exchange assets you are holding for other assets instantly. This may even include bank card purchases that allow users to buy assets with fiat and send them directly to their wallets.
There are also dedicated crypto swap services that offer fast crypto swaps. Even if your wallet or exchange doesn’t support swaps, these services make it easy to do crypto-to-crypto exchange.
In this article, we will take a closer look at 4 options that are offered by reputable services that allow crypto investors to swap crypto in an easy and secure way.
Swap Services Overview
Liquid Swap by Binance
Binance is a leading cryptocurrency exchange that offers trading on over 365 cryptocurrencies. In 2020, Binance has also introduced Liquid Swap. It’s a liquidity pool that lets users access services typically accessible on DeFi platforms. Participants can swap crypto with low rates, provide liquidity and earn pool rewards.
To put it simply, these liquidity pools take funds from users who provide their assets to earn rewards. Then traders can exchange one of the crypto assets for another in these pools. For example, exchange SHIB to USDT in a SHIB/USDT pool. There are over 90 pools available on Liquid Swap with more to come in the future.
This service has the characteristics of a DEX but it’s built and managed by Binance, one of the largest crypto platforms. This comes with a more familiar and intuitive user interface compared to other popular liquidity pools that offer users crypto swaps. However, registering an account is required in order to use this feature.
DeFi Swap by Crypto.com
Crypto.com is a centralized cryptocurrency exchange that has been operating since 2016. This exchange. has also utilized popular DeFi technology to provide decentralized services to its users.
DeFi Swap is a DeFi protocol within Crypto.com that lets its participants swap crypto with the use of liquidity pools. Besides swaps, users can provide liquidity and forecast their annual percentage yield (APY). They can also stake their Crypto.com Coin (CRO) to earn returns and receive selected bonus liquidity pool rewards.
Users can access DeFi Swap by connecting an existing wallet supported by WalletConnect or via Crypto.com DeFi Wallet.
SimpleSwap is an instant exchange founded in 2018. It offers crypto-to-crypto and fiat-to-crypto swaps through an integration with large crypto exchanges like Binance.
It’s a simple and straightforward tool that allows users to swap crypto at both floating and fixed rate. Fixed rate is useful for highly volatile assets in order to protect assets from price fluctuation.
No registration is required to access SimpleSwap services. Users only need to provide a receiving wallet address in order to get their funds.
ChangeNOW is a dedicated instant crypto exchange that offers fast and easy swaps on over 300 crypto currencies. DeFi-based, it offers DEX-exclusive cross-chain swaps that are not available on centralized exchanges. This allows investors to save on network and on-chain transaction fees.
There are no registration or verification requirements. One can simply swap, buy and sell crypto and transact directly via their crypto wallet. Besides buying rare tokens in exchange for more common crypto assets, users can also purchase crypto with a fiat bank card.
This is a non-custodial service and all transactions are sent directly to and from your crypto wallet. None of the funds are kept by ChangeNOW which makes it more secure than centralized exchanges that are prone to hacks and malware attacks.
Things to Consider
Sometimes it’s better to use several different tools before deciding which one suits you best. The rates might also differ due to liquidity pool differences so may be one platform will be a better fit for a certain currency or if you need to make several transactions for the same pair which could change the prices in the liquidity pool.
With hundreds of crypto platforms offering swaps, it’s impossible to try each service yourself. This is why we have highlighted the most trusted and reputable services that will suit both a beginner and an experienced investor. Whether you want to have an all-in-one tool or instantly swap crypto without any extra hassle, these platforms are going to provide the service responsibly.