AltcoinSwap Review | Fees, Security, Pros and Cons
Crypto exchanges provide customers with services that allow them to trade digital assets. Although this has been used for years, more convenient platforms are emerging to make swapping cryptocurrencies even easier. One of these is AltcoinSwap, a platform where users can easily swap altcoins compared to the traditional use of exchanges. In this AltcoinSwap review, we will explore the service provided, how to use the platform, and many other important details to consider.
AltcoinSwap is a cryptocurrency swapping website that allows users to swap cryptos instantly. Unlike most centralized exchanges, it does not require users to sign up or do a KYC verification before using the service. Anyone can just get on the website and swap digital assets instantly within minutes. It also has no trading limit, meaning that all users can trade as much of any digital asset as they want.
AltcoinSwap gets liquidity from ChangeNow, one of the top exchanges in the world. It uses the exchange’s API. Due to the fact that it has a very simple user interface, nearly any user can trade with it, even if it is their first time using cryptocurrencies.
How Does AltcoinSwap Work?
Using AltcoinSwap is pretty simple. To swap Bitcoin for Ethereum, for instance, users need to buy Bitcoin from any exchange of their choice, or if they already have Bitcoins in their wallet, they can use it to trade. From the homepage, you enter the asset you want to trade, in this case, Bitcoin, in the “You send” space. If you wish to trade a different asset, you should click on the drop-down arrow to the right and select the asset you wish to trade. Enter the quantity of the asset you want to trade, e.g., 0.5 BTC.
Next, go to the “You get” space below. It is set to ETH by default, but you can also click on the drop-down arrow to select a different asset if you wish. The system will automatically calculate how much of the asset you will receive, depending on the exchange rate at the time. Then click on the orange “Exchange Now” button under it, and you will be taken to the next page.
On the next page, you will be required to enter your wallet address where you wish to receive the asset you are trading for. In this case, it is your Ethereum wallet address.
Click on the “Next” button and go to the next page. There, you will need to check the box to indicate you have read and agree with the terms and conditions. Click “Next” again, and you will be taken to the next page, where you will see the BTC address where you are to send your BTC for swapping. Send the required quantity of Bitcoin and wait for confirmation and the final transfer of ETH to your wallet. The whole process takes between 10 and 60 minutes to complete.
Supported Currencies and Available Countries
There are over 150 cryptocurrencies available with more than 1000 trading pairs. This includes top cryptocurrencies, such as BTC, ETH, USDT, BNB, LINK, and DOGE. There are enough assets to choose from for every user. AltcoinSwap intends to have as many as 300 cryptocurrencies available on the platform to give users more options to choose from. There are no geographical restrictions to the use of AltcoinSwap, so anyone from any part of the world can use it, majorly because it does not require signup or KYC.
AltcoinSwap charges 3% of the transaction amount for all swaps between assets. The price of the assets is, however, determined by the liquidity provider, ChangeNow.
Security Features and Regulation
AltcoinSwap does not have any clear security measure in place on the website, nor is there evidence of registration or certification with any regulatory bodies. This may, however, be because the platform is non-custodial and does not collect KYC information from users, which removes any risk of losing sensitive information.
There are email addresses available through which customers can easily reach the team to receive 24/7 support. There is also a contact form to fill under the “Contact Us” section to reach the team. They also provide answers to a few questions under the frequently asked questions (FAQ) section.
AltcoinSwap Review: Verdict
The digital asset swapping platform is an excellent way to swap cryptocurrencies instantly. Due to the simplicity of the process, any person, even without experience, can use it. This makes it a great place to swap cryptocurrencies without providing any information about yourself. Moreover, considering the need to maintain privacy nowadays, this AltcoinSwap review shows that it is a great alternative to traditional centralized exchanges.
- It is easy to use with a simple user interface;
- There is no need for KYC, so no personal information is revealed;
- Anyone from any country can use AltcoinSwap;
- There is a large number of digital assets to choose from.
- The 3% fee is relatively high.