Crypto Swap: What it is & how to do it with Easy Crypto?
Imagine creating an exchange account, then having to log in to place an order just because you’re wanting to swap your cryptocurrencies. Most people will think that’s too painful and never quite get around to that. Fair enough, that is a pretty inefficient way to switch between crypto assets. And given that no exchange has all the coins, you will almost need to create multiple accounts, go through the different verification process and orientate yourself with the “Know How” of each exchange. Not to mention, all that risks it entails!
But does crypto swapping need to be so complicated?
Before diving straight into the convenience that crypto swap brings, I’ll quickly touch on what a crypto swap is.
What is crypto swap?
Swaps allow users to exchange directly between supported cryptocurrency pairs. Want Bitcoin but only have Ethereum? With crypto swap, you can select the relevant crypto assets, tap the swap button, and voila!
Now you have Bitcoin.
As crypto swap streamlines the process of exchanging your crypto assets, there are more and more providers entering the space. While some are platforms dedicated to offering crypto swaps services, you will notice that crypto wallets too, sometimes offer such a service.
Each of these providers charges a different rate, and we’ll compare some of the more well known crypto swap providers.
As the name suggests, this platform is centred on crypto swaps. Swapy manages this by combining over 10 exchanges to give users more low-cap and low liquidity tokens at spot price. They currently offer swaps from Bitcoin, Ethereum and Tether into over 70 different tokens. All of the exchange flows to your wallet can be tracked on-screen.
However, what is 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 takes a cut of what you save on a swap, doing away with a flat fee entirely.
Changelly was founded in 2015 and supports over 150 cryptocurrencies. They do. however, take a 0.25% fee for all swaps.
In terms of reputation, Changelly has been known to be one of the more user-friendly 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.
AirSwap exchange is relatively new and is an interesting platform. The exchange claims that there are no fees, no deposits and that users do not have to sign-up to the platform.
AirSwap also has its own token, AirSwap-token. Instead of charging users with a trading fee, it simply requires all “makers to stake 250 AirSwap-tokens”, one exchange review reveals.
It is built on the Ethereum blockchain, and claims that the exchange is very secure, intuitive and boasts a high trading volume.
4. Crypto Wallets
Some popular crypto wallets that offer cryptocurrency swap services are Atomic Wallet and Exodus Wallet. Exodus, for example, charges between 2%-5% in exchange fees, depending on the market condition.
Exodus wallet allows you to see the exact exchange fees when you open your wallet and go to the exchange tab. The fee is based on how many people are trading and how many people are looking for exchange rates.
In other words, when there are thousands of transactions a second, the fees may be lower. However, in times where people are not making as many transactions, the charges may be higher. As for Atomic wallet, the fees vary depending on the swap pair.
While it seems like you are spoilt with choices to choose from the different cryptocurrency swap providers, it can also be daunting for someone to compare the different platforms and wallets to make a swap.
Well, good news, to simplify this process for you, Easy Crypto offers a competitive crypto swap feature. And did we mention that any swaps through EC are automatically added to your portfolio tracker?
How to do a crypto swap with Easy Crypto?
You can follow these steps below to use the Crypto Swap feature from Easy Crypto:
- Log into your account
To swap between the cryptocurrencies, you will first need to log into your Easy Crypto account.
- Find the “Swap” option
When you hover over the “Buy & Sell” tab, you’ll notice a “Swap” option in the drop down menu. Click onto that and you will be redirected.
- Enter the amount of crypto assets that you want to swap
You’re able to look up the different crypto-pair swap options. Once you’ve entered the amount of crypto asset you are wanting to swap, a quote is generated.
Please note that this is an approximate and the swap rate is subject to changes, depending on what the quoted cryptocurrency gets deposited into the provided exchange wallet.
- Complete the delivery details
Once you’re happy with the swap quote, you can select the crypto wallet which you would like for your newly swapped crypto asset to be deposited into.
You may also select the address from your address book. If you are keying in a new wallet address, please ensure that you’ve copied and pasted it, and double checked the wallet manually.
Once you’ve confirmed your wallet address, you can proceed by clicking on the “Create Swap” button.
- Receive the payment instructions
Payment instructions will be generated.
On this instruction, you are provided with a designated wallet address which you are to deposit the crypto asset you’re wanting to swap. As soon as our automated system picks up your swap deposit, your crypto swap request will be actioned and the newly swapped cryptocurrency will be deposited into your choice of wallet.
At Easy Crypto, we promise to do the hard work for you when it comes to all things related to cryptocurrencies. With the Easy Crypto Swap feature, you will not need to worry about navigating yourself through exchanges, logging in and out, just to make a swap. At Easy Crypto, we currently have over 100 crypto swap pairs available with highly competitive rates. Next time when you’re wanting to rebalance your cryptocurrencies portfolio and are looking to swap between crypto assets, give the Easy Crypto Swap feature a try!
Get the latest updates on your email
Having secure storage to manage your digital cryptocurrency assets is an important part of your…
NOTE: the Easy Crypto wallet is no longer offered for new customers. If you have…
If you’ve been active in the crypto space recently, you’ve likely heard or come across…