Decentralized Exchange

LetsExchange Review 2022.

Written by: Coinpedia

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Coinpedia

Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

    Feb 7, 2022

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    Today more than ever, traders and investors have many options to transact cryptocurrencies and other digital assets.

    There is a myriad of exchange platforms available out there, and the number of them is continuously increasing.

    Occasionally, a particular platform among the large pool of trading options in the crypto sphere catches our attention.

    That’s the case of LetsExchange, a relatively new platform that has been growing in popularity by leaps and bounds.

    LetsExchange is an instant cryptocurrency exchange. The first thing that one notices is the simplicity of its interface. Through an easy-to-use widget, this platform allows swapping around 350 cryptocurrencies.

    Very few exchanges offer such a large selection of digital coins and tokens for trading. Another striking feature is the anonymity this platform allows.

    Traders don’t need to register to transact on the platform. There are no KYC or AML checks either. For some users, remaining anonymous in the crypto sphere is critical for various reasons.

    This platform has more features that explain its rapid progress. For example, LetsExchange utilizes proprietary technology to look for the most competitive rate for every cryptocurrency swap.

    Users can get the most out of every transaction in this way. Swaps are processed instantly and no upper limits are applied to all transactions.

    It means that you can convert the amount of cryptocurrency that you decide without restrictions. As such, this platform is ideal for beginners and experienced traders alike.

    What Is LetsExchange?

    This exchange platform was founded in 2020 with headquarters registered in Seychelles. On its website, LetsExchange states its founders are a team of crypto visionaries with 10+ years of experience in blockchain and fintech.

    Although we could not verify this claim, judging by the well-structured exchange platform they’ve created, we conclude its developers know their niche very well.

    As an instant crypto exchange, LetsExchange aggregates prices and liquidity from various leading custodial exchanges.

    As a result, customers won’t experience any liquidity problems when transacting on this platform. LetsExchange offers a non-custodial service, which means customers’ private keys and assets are not stored by the platform.

    It is a plus for the security of customers’ crypto holdings. However, newcomers usually prefer to use a wallet on the exchange itself until they get familiar with more sophisticated crypto wallets.

    For new traders, LetsExchange continuously provides educational materials on the different aspects of cryptocurrencies and blockchain technology.

    Through various press releases, LetsExchange has announced major upgrades to its platform. These include user accounts and other advanced features.

    These improvements are welcome since they will likely make the exchange experience on the platform more enjoyable.

    Traders that cherish their anonymity can opt to continue transacting without creating a user account.

    How Do You Exchange Cryptocurrencies on LetsExchange?

    When trading cryptocurrencies, we immediately notice that one of the main focuses of LetsExchange is on ease of use.

    While other exchanges offer different types of orders and trading tools, LetsExchange relies on an easy-to-use widget. On one side you input the information of the cryptocurrency that You Send, and on the other side, you see the information of what You Get. It cannot get any simpler than that.

    Such an intuitive interface will save you a lot of time and effort. So, these are the steps to swap cryptocurrencies on LetsExchange:

    • Select the crypto pair of your preference. You have 100,000+ pairs to choose from, a number rarely seen in other exchanges. In the “You Send” field, you indicate the cryptocurrency and sum that you want to exchange. In the “You Get” field, you select the cryptocurrency you will get in exchange for the crypto you send. The widget will display the amount that you’d get in your wallet.
    • Next, you should provide the address of the wallet for the cryptocurrency that you get.
    • If you have a promo code, enter it at this moment.
    • Next, select the type of rate. You can choose between “Fixed” and “Floating” rates. This feature gives you more flexibility for your trading strategy.
    • Send the exchange amount to the deposit wallet that the platform provides.
    • The exchange is then processed automatically and the coins are sent straight to your wallet.

    As you can see, the process is quite simple. You don’t need any trading experience to follow these steps. The only thing you need is a wallet to store, send and receive crypto.

    LetsExchange Fees

    LetsExchange doesn’t charge any deposit or withdrawal fees. The only fees that customers pay to transact on this platform are network fees and exchange processing fees.

    These fees vary depending on the selected crypto pair and are always included in the quotation provided by the widget. No additional fees are charged from this amount.

    When using the Fixed Rate option, the exact amount indicated in the widget will be sent to the user’s wallet. With a floating rate, the amount might change only due to crypto price fluctuations during the exchange execution.

    Is LetsExchange Secure?

    Throughout all our tests on the platform, we didn’t find a single sign that could indicate this company is a scam. We made several swaps with different crypto pairs and, in all cases, the transactions went smoothly.

    Being a non-custodial exchange, you are required to use your own wallet for each swap on this platform. It allows you the flexibility to choose the crypto wallet that you deem safest and most convenient for your needs.

    LetsExchange validates and double-checks each digital coin featured on the platform. So, you can trade confidently.

    All communication channels are encrypted, and the website has an SSL certificate. Sophisticated DDoS protection prevents the platform’s outage.

    Without the need to sign up and pass a KYC check, you don’t share any personal data when using the platform, which ensures your privacy.

    Pros and Cons

    Pros:

    • An impressive selection of listed cryptocurrencies with over 100,000 crypto pairs available
    • Privacy: sharing your personal information is not required
    • Security: a non-custodial platform with secure and transparent on-chain transactions
    • Fixed rates supported
    • Offers and liquidity aggregated from multiple exchanges for fast swaps with competitive rates
    • Responsive customer support available 24/7 in real time

    Cons:

    • Crypto-to-crypto swaps only, fiat currencies are not supported
    • Limit and stop-limit trade orders are not available

    Final Thoughts

    LetsExchange is a reliable cryptocurrency exchange platform with a set of distinct features beneficial for crypto users of different preferences. Its focus on simplicity and functionality makes it ideal for a newcomer to the world of cryptocurrency trading.

    Advanced traders and investors will find it equally appealing to swap digital coins quickly, anonymously, and without hassle. With 350 supported cryptocurrencies, customers have plenty of investment and trading options.

    If anything, we would like to see fiat-money options since the platform allows crypto-to-crypto swaps only.

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    Coinpedia

    Crypto Journalist and Editor of guest articles in CoinPedia. I am also handling Outreach & Partnerships Manager. Contact me: [email protected]

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