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We’re currently seeing a diverse set of different cryptocurrencies trying to establish their roots in the global financial landscape. With this, the demand for platforms that allow crypto users to exchange between different assets also continues to grow.
Crypto swaps and exchanges make it possible for the average crypto user to have easy access to various cryptocurrencies at any given time. Crypto exchanges are primarily used to buy and sell coins in exchange for fiat currencies, but many crypto exchange platforms also allow users to exchange one type of coin for another.
Meanwhile, crypto swaps facilitate the quick and easy exchanging of one crypto asset for another without using fiat currency. There are various reasons people do crypto swaps and exchanges, like trying out a new crypto asset, reacting to market events, or withdrawing from an unstable asset.
There are two types of crypto exchanges: Centralised exchanges (CEX), which are traditional exchanges where a third-party runs the exchange, and Decentralised exchanges (DEX), a new type of exchange that relies on smart contracts instead of a third party.
In this article, you’ll learn about some of the top platforms for crypto swaps and exchanges, as well as their important features. Whether you’re a first-time cryptocurrency buyer or a more seasoned enthusiast looking for something new, there’s something for you on this list.
Binance is undoubtedly the world’s top centralized exchange. They pride themselves as ‘The largest crypto exchange by trade volume and one of the fastest.’ Users can buy bitcoin and altcoins with over 40 different fiat currencies through the platform. If you’re a crypto newbie looking for something reliable and virtually foolproof, Binance may be a good starting point.
Binance offers the option of trading with over 100 types of cryptocurrencies and is well suited for any individual looking to buy and sell at low fees. They have their own Binance chain and Binance coin (BNB), which is widely available across several exchanges and can be used to pay for fees on the exchange.
Uniswap describes itself as ‘a protocol for exchanging ERC-20 tokens on Ethereum.’ Launched on November 2, 2018, Uniswap is now regarded as the top DEX. It functions by having a reserve of tokens that come from liquidity providers. When a swap is done, the user receives coins from the reserves. It has an open-source frontend interface for traders and liquidity providers and is committed to providing decentralized asset exchange.
Anyone can quickly swap between ETH and any ERC-20 token through Uniswap. Users can also earn fees by supplying liquidity.
By leveraging smart contracts, Uniswap is able to offer autonomous on-chain transactions at marginal costs with no listing fees, no native tokens required, and the cheapest gas cost of any DEX. Uniswap officially upgraded to Version 2 in May 2020 with new and improved features like ERC-20 to ERC-20 token pools, native price oracles, and flash swaps.
Founded in 2012, Coinbase is now one of the biggest cryptocurrency companies available in 102 countries and offering one of the easiest and fastest buying processes in existence. At Coinbase, you’re able to buy and sell bitcoin as well as 20 other cryptocurrencies. It offers a competitive fee structure that consists of a 0.5% premium over the market price and a transaction fee relative to the amount transacted.
An advantage Coinbase users get is that all digital currency held online by Coinbase is insured. It’s also important to note that Coinbase is a custodial service, meaning you don’t get full control of the coins stored at Coinbase or access to the private keys controlling them.
KeyKey is a promising platform for users who are new to the DEX space or simply looking for a new platform to invest in.
Aptly summarised as a Uniswap fork with governing tokens, KeyKey is a new decentralized exchange powered by the UniSwapV2 engine. It’s governed by an LP reward token, LOCK, which entitles you to 0.5% of the fees generated by exchanges in the pool. This is on top of the 2.5% you earn as a liquidity provider.
KeyKey is currently at its early stages, so now is a great time to mine LOCK tokens for yourself. Since LOCK is non-dilutive, your investment doesn’t get outweighed by infinite-supply tokenomics. KeyKey guarantees that pre-miners will own 18% of the total LOCK supply, and as a LOCK token holder, you will be entitled to a part of the protocol fees even if you decide to withdraw your liquidity. Read more about it here.
Founded in 2013, Coinmama is a veteran crypto exchange with support in 188 countries. It allows you to buy and sell cryptocurrencies in a fast and easy way while charging a premium for its services. Their verification process is quite fast, taking only 30 minutes and all you need to do is submit a government-issued ID and a selfie.
Overall fees vary depending on the payment method, with wire transfers having a fee of around 6% while credit card purchases can charge up to 11%. Although their fees can be relatively high, Coinmama makes up for it with its responsive support team and efficient services.
The crypto sphere is ever-changing and evolving, but no matter which exchanges and swaps you choose, the earning potential brought by the industry is evident. Massive overall trade volume and the vast number of individuals invested in exchanges have solved many of the issues initially faced by crypto. Really, it’s now up to you to make the most out of the tools and platforms that are currently available in the space.