As cryptocurrencies are on the rise, more and more people are looking to dive into this world for various reasons. Some of them like to use these digital assets as a payment method, while some of them want to trade them and make profit.
When it comes to using cryptocurrencies as a payment method, stablecoins are the best choice because as the word itself suggests, their value is always stable. On the flip side, highly volatile cryptocurrencies are the best investment choice if you are looking to make money.
The good thing about both stablecoins and highly volatile cryptocurrencies is that if you want to trade stablecoins for a highly volatile digital asset, you are more than free to do so. This process is completed at exchange platforms. There are two types of exchange platforms – centralized and decentralized.
In a centralized exchange, the ownership of the coins is solely held by the exchange itself. That is not the case with decentralized exchanges. Here, there aren’t any third parties that interfere with the transactions and their system is built on blockchain.
As cryptocurrencies are expected to rise a lot in 2022, many traders, both new and experienced ones, are looking for the best crypto swap apps where they can have the best service. We decided to weigh in on the debate by checking out three rather reputable exchanges and using the information to determine which one is the best. Without any further ado, let’s start breaking down the details.
Bisq Bisq is a decentralized exchange and is considered by many as the best swap app for the world’s most popular cryptocurrencies. Thanks to the fact that it is decentralized, its users can enjoy massive security while they swap crypto. Moreover, the app does not have any geo-restrictions, meaning that you can trade cryptocurrencies, regardless of your current location. That’s a decent benefit as it provides you with great trading flexibility.
Bisq’s code is open-source and the project strategy is openly discussed on GitHub and Keybase. Not only that, but as a decentralized network, you don’t have to verify your identity – once you access its platform, you will be able to use it instantly. Considering the fact that your data is locally on-disk, it is never sent to a central server, hence, you are in control of everything.
To get started with Bisq, you just need to complete the following steps:
Moving on to one important part of every exchange, you will be pleased to know that the featured fees on the Bisq platform are rather low. The fees are the following:
- 0.001 BTC create offer fee
- 0.001 BTC take offer fee
- 0.0003 BTC Bitcoin mining fee
- 0.1 BTC security deposit
- 2 BTC arbitrator’s security deposit (only for arbitrators)
Pros
- Low fees
- No verification needed
- No geolocation restrictions
- Prone to frauds
ChangeHero Moving on, we got ChangeHero, a reputable platform that supports more than 100 cryptocurrencies. Aside from the fact that it supports a lot of digital assets, its customer service team is always on standby and ready to answer your inquiries 24/7. Furthermore, since ChangeHero does not have any limitations or restrictions on exchanges, you can enjoy the flexibility as you will be able to trade both huge and small amounts of crypto each day.
Similar to Bisq, ChangeHero is a decentralized platform, meaning that you are not required to register an account in order to gain access to all of its services. Trading on this app is rather simple as you just need to complete the following steps:
There are two types of fees that are charged on the ChangeHero network. First, we have a 0.5% fee for Best Rate Transactions. The second fee is the Fixed Rate Transaction fee, which is 0.7%. As you can see, the commissions are more or less, standard/average.
Pros and Cons There’s no denying the fact ChangeHero is a rather reputable crypto swap app. After all, that is why we decided to feature it on our list. But, just like any other platform, it does come with a few pros and cons, which are listed below.
Pros
- Supports numerous cryptocurrencies
- Transactions are processed really fast
- 24/7 customer service
- Registration-free service
- Limits to crypto swaps
Crypto swapping at ChangeNOW is done within a blink of an eye. To successfully execute a swap, you just need to follow these steps:
When it comes to the fees, ChangeNOW is very flexible and that is why it always makes sure that it finds the best deals on the current market for its traders. With that being said, the fees of this exchange vary depending on the currency and the exchange amount. On their website, ChangeNOW advertises a no-extra-fees policy, which, to our understanding, means that all fees are included in the spread.
Pros and Cons Before we conclude everything, it is worth sharing a few words on the advantages and disadvantages that ChangeNOW has. They are listed in the bulleted list below, so feel free to take a look at them.
Pros
- Transactions are processed within 5 minutes
- 350 cryptocurrencies available for swapping
- No upper limit on exchanges
- DeFi-based
- No special desktop app
If you are looking to choose one of our listed swap apps, compare the advantages and disadvantages and determine which one has the most irrelevant con to your trading experience. That will help you determine where you should continue your trading journey. The time to dive into the crypto world is now as many experts are confident that cryptocurrencies will experience massive expansion in 2022.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.