Swapspace is a crypto exchange aggregator that supports over 300 digital currencies. The platform allows traders and investors to hunt for the best rates in the crypto market. The best thing about SwapSpace is that it has officially partnered with other global exchanges to offer its customers the best and current rates on the market.
Here is everything you need to know about SwapSpace and if it is legit and safe to use.
What is SwapSpace?
SwapSpace is more of an information intermediary between various exchanges and traders. The platform also provides aggregate prices of different cryptocurrencies allowing investors to swap coins with the best rates. The platform works together with exchanges such as Changelly, SimpleSwap, and ChangeNow.
How Does Swapspace Work?
A trader would have to create an account with different exchanges in normal circumstances to find one with the best rates. Swapspace does the hard work and creates a platform that aggregates rates from different exchanges.
✅ You can instantly swap crypto to crypto coins anonymously within a few minutes. What’s more, is that SwapSpace locks the prices until a trader has completed a transaction.
✅ The first step when transacting at SwapSpace is identifying the coins you want to swap from the selection of 300 coins.
✅ Next, compare the rates and choose the best offer.
✅ Enter the number of coins you want to exchange. You’ll then be required to transfer the funds, after which you’ll receive the coins in your wallet (best to choose a good hardware wallet).
Is it Safe to Transact at SwapSpace?
Unlike other platforms where your coins are stored on the site’s servers, Swapspace doesn’t hold any funds, making it safe from hacker attacks. They instantly send the coins you swapped to your wallet. Besides, the platform doesn’t require any personal information to use it.
SwapSpace is, therefore, safe to use and has almost no security downside.
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What are the Rates Offered by Swapspace?
As mentioned earlier, Swapspace aggregates the rates offered by different exchanges. All the rates are displayed on a screen where users can compare and choose the best. Swapspace doesn’t add any other fees other than the ones offered by the partnering exchanges.
How can I Swap Cryptocurrency Using Swapspace?
Assuming you want to swap one coin for another, here are the steps to follow.
1. Choose the pairs
You’ll find a list of over 300 cryptocurrencies to swap from the drop-down menu. The first step is to pick the coins you want to trade, for example, you may want to swap Bitcoin for Ethereum.
2. Enter the amount you want to swap
The next step is to indicate the amount you want to exchange.
3. Choose a favorable rate
After indicating the coins you want to swap, you’ll see rates from different exchange platforms. You need to choose one, and of course, it will be the cheapest one, and click on the exchange button. Remember, the exchange you choose may require some personal information at this point. This is part of knowing your customer policy.
4. Enter transaction details
You also want to make sure you correctly enter the transaction details, including the receiving wallet address. Ensure to indicate the correct coin; otherwise, you could end up losing your investment. After indicating the transaction details, accept the terms and conditions, then click “next.”
5. Transfer funds
The final step involves transferring funds to receive the coins you want. It can take between 15 minutes to 1 hour to complete the transaction. The length of the transaction largely depends on the exchange platform in question and the number of transactions going through at that particular moment.
What are the Pros and Cons of SwapSpace?
If you’re wondering why Swapspace is a trusted crypto to crypto swap platform, here are the pros and cons.
- Variety of cryptocurrencies (over 300)
- No KYC requirements (partnering exchange might want your personal info though)
- Aggregates market rates to help you choose the best
- Crypto coins are sent directly to your wallet
- Relatively new
- Has only partnered with a few exchanges until now
Frequently Asked Questions
Is SwapSpace legit?
As far as we’re concerned, Swapspace is legit. The platform only acts as an intermediary between exchange platforms and investors. Besides, SwapSpace doesn’t add any other additional fees except those charged by the exchanges.
How can I make a profit with SwapSpace?
The platform gives the investors and customers two main options to make a profit. The first option is the affiliate program, where you’ll earn from referring other users to the platform. Alternatively, you can integrate SwapSpace into your service through API.
How can I buy cryptocurrency with a credit card on SwapSpace?
Currently, you can only transact using cryptocurrencies. Hopefully, the platform will allow users to buy or sell crypto coins using fiat money in the future.
What are the minimum and maximum amounts to transact?
The minimum amount to swap on Swapspace ranges between 2-20 coins, and there isn’t a maximum amount. This means that you can transact as much as you want without worrying about restrictions.
Will I have to go through KYC?
SwapSpace doesn’t require any verification from the users. Noteworthy, the exchanges partnering with SwapSpace may require you to go through quick KYC verification. Usually, the exchanges may require verification if the risk departments detect any alarming actions from the users.
What is the difference between a floating rate and a fixed exchange rate?
Floating rates happen because the cryptocurrency market is very volatile, and rates may change during transactions. This means that the rates can change in the middle of your transaction, making you receive more or fewer coins than expected.
If you are risk averse, you can choose a fixed rate where the exchange platform will freeze the rate for 15-20 minutes. By this time, you’ll have completed the transaction and will receive the exact amount as you expected.
SwapSpace is a legitimate crypto intermediary and aggregator and deals with over 300 cryptocurrencies. The platform allows users to compare rates offered by various exchanges to choose the most profitable. The platform has a friendly interface favorable for experts and beginners alike. This guide gives an honest review of SwapSpace, its safety, and legitimacy.
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