Creating an exchange account, signing in, and placing an order every time you want to switch cryptos is like using a sledgehammer to crack a walnut. It’s an incredibly inefficient way to jump between cryptos, and given that no exchange has all the coins, it necessitates creating multiple accounts, with the added verification and security risks this entails. Crypto-swapping platforms promise to do the hard work for you, plugging into exchange APIs and exchanging coins on your behalf.
MyCoinChain claims to offer the best exchange rate possible without the need to manually place buy/sell orders. It manages this by combining over 10 exchanges to give users more low-cap and low liquidity tokens at spot price. Currently, you can swap BTC, ETH, XMR, XRP, BCH, and LTC. All of the exchange flows to your wallet can be tracked on-screen.
What’s nifty about MyCoinChain is that it charges a flat fee of 2% for exchanges to stay ahead and competitive against other services. In other words, MyCoinChain only gets a cut of what you exchange regardless of transaction volume. They offer cold storage wallets, 25.5% interest quarterly on their Bitcoin wallets, and comprehensive insurance on all assets and transactions done via their platform. Furthermore, this platform enforces a no-log policy, 30-second account creation required, and available for every customer.
Changenow only entered the marketplace last year but has captured a significant share of the market already. The fact that it enables purchases to be made with a credit card is a useful feature that’s unusual to see with crypto-swapping services. The platform enforces AML/KYC: if a transaction is marked as suspicious, the exchange is paused, and the customer is asked to confirm their identity. Otherwise, Changenow doesn’t require any sort of registration. There’s no limit on the maximum amount that can be exchanged, and more than 170 coins can be converted, from BTC and ETH to BCH, LTC, and more niche altcoins. All transactions take under 45 minutes to complete, and a fee of 0.5% is incorporated into the exchange rate you pay.
Changelly is one of the best-known platforms, delivering a fixed-rate mechanism that protects against the risk of market fluctuations when tokens are being swapped. Changelly claims the stability is assured by integrating a small reserve inside the exchange rate when the final quote is given to the user. This month, the platform launched an iOS app as well as a second version of its Android app, making it even easier for users to convert coins on the go.
Changelly was founded in 2015 and supports over 150 cryptocurrencies, taking a 0.25% fee for all swaps. You’ll need an email address to use the service though, and Changelly reserves the right to apply AML/KYC to certain users, addresses and particular transactions, which may deter privacy absolutists. Like Changenow, Changelly enables credit card purchases of crypto thanks to a partnership with Simplex.