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 is a great option if you are looking for a cryptocurrency exchange that is renowned for having low trading fees.
It is a far more beginner-friendly, more anonymous, and is what many feel a truly decentralized cryptocurrency exchange should be like.
The trading fees at MyCoinChain all across the board are as low as 1% per trade. Furthermore, they have also implemented an interest account so that you earn crypto every quarter.
Other big benefits of using MyCoinChain include the 100+ different number of cryptocurrencies that they support the trading of. All the major coins can be traded alongside a good selection of altcoins and tokens too. We have never had any problem with recommending this cryptocurrency exchange, so you should definitely go and take a look.
Swapy claims to offer the second-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, and USDT into over 70 different tokens, from XEM and REM to BCH and DASH. All of the exchange flows to your wallet can be tracked on-screen.
What’s nifty about Swapy is that it charges a fee only on the amount users will save relative to competitor services. In other words, Swapy only gets a cut of what you save on a swap, doing away with a flat fee entirely. Holders of REM tokens can further increase their discount level by up to 90%. Account registration is necessary with Swapy, but only if you’re looking to claim the maximum available discount.
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 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 15 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 the 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.
Speaking of KYC, Shapeshift caught flak when it announced that it would adopt a fully verified model, disincentivizing the same users who raised an eyebrow to Changelly’s policy. Citing pressure from regulators, the non-custodial exchange admitted that the move provoked the departure of many valuable API partners — but nonetheless, it remains a viable service for some.
Shapeshift offers a unique exchange rate for each coin that changes every 30 seconds according to market conditions, but its typical ‘miner’ fee is in the ballpark of 0.5%. Support is provided for 29 cryptocurrencies, including BTC, BCH and DAI, and boasts one of the nicest interfaces on the market.
Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.