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The evolution of the crypto market has led to several new digital assets coming onto the scene. These projects use blockchains and tokens and aim for specific goals such as offering traders lower fees and other benefits. Due to the number of different cryptos, the need to exchange one coin for another or simply, “crypto swap arises”. This is similar to the way traders swap one fiat currency for another. Typically to swap crypto, you need to identify a reliable platform to carry out the exchange for you.
Choosing a crypto swap platform
As you look for a place or platform where you can swap cryptocurrency, it would first be best to know what things you need to look for. Below are the crucial considerations when picking a swapping platform:
· Security – While crypto swaps need to be simple, they should be secure. You need to scrutinize any platform you consider and be sure that it has measures in place to protect you.
· Variety – Besides security, the platform you intend to use to swap crypto should support the digital assets you want to exchange. Ideally, it should offer several of the most sought-after coins. For example, the exchange should allow one to swap Bitcoin for other cryptocurrencies such Ethereum, Litecoin, or Dash, etc.
· Customer service– the best platforms have top-notch customer service, support customers’ requests, and carefully note any feedback they get; for example, concerning adding new cryptos in demand. The channels also endeavor to offer user-friendly interfaces that work well with customers, including new ones used to fiat-focused marketplaces.
Having looked at the crucial qualities of the best crypto swap platforms, you may wonder which exchanges meet all these. Luckily, there is Nakitcoins which is a reliable swapping platform. NakitCoins offers the best crypto swap services, allowing users to do a Bitcoin swap. Customers can exchange BTC for other coins such as Monero, Zcash, Tether, Ethereum, and Litecoin, etc. Some key advantages of Nakitcoins are:
· Offers crypto-to-crypto exchange services for large amounts without restrictions and are undoubtedly the fastest online swap crypto exchange service.
· Provide non-custodial services, this means they do not require traders to open an account and undergo rigorous KYC checks. It is a real decentralized crypto swap service, so it cannot block customers’ transactions.
· Offer a wide variety of coins and have a reasonable fee of 1%.
Different ways for crypto-to-crypto swap
There are three main approaches to exchange cryptos:
· Centralized Exchanges – These target traders and outdo each other by the number of trading pairs they offer. Unfortunately, the diversity of digital currencies they offer come at a cost, and they adjust as per customer demands. Centralized crypto swap services have several downsides, including high fees, price fluctuations, and complex and rigorous KYC procedures that can take weeks to have an account approved.
· Decentralized exchanges – These came about to offer an alternative to centralized exchanges, and they have indeed succeeded in providing solutions to some of the challenges. The most significant advantage is that they do not need any verification since the digital currencies are transferred directly between the customers’ wallets. They are also accessible across the globe because, as ‘decentralized’ platforms, they do not rely on any central server. Unfortunately, decentralized exchanges have serious drawbacks of limited liquidity; hence transacting in massive amounts may be a problem. They also have a restricted variety of assets. Typically, they are far less popular projects and have inadequate budgets for listing on key centralized exchanges.
· Over-the-counter exchanges (OTCs)- They are most likely the friendliest crypto exchange services for users who are not tech-savvy. They usually use the approach of integrating with centralized exchanges through an API. They offer the users simple interfaces with no complex graphs. Their significant disadvantages are that transactions are opaque, so they subject clients to manipulations and offer the worst exchange rates.
Conclusion
You can do a crypto swap through various platforms including centralized, decentralized, and OTC exchanges. The critical things to check as you choose a swap service include the platform’s security, variety of assets, customer service, and the control that you will have over your coins.
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