Those who want to simply exchange one cryptocurrency for another as soon as possible will barely be satisfied with what the regular cryptocurrency exchange offers. The one will have to sign up, probably get through the KYC procedure, the difference between KYC and AML, pay trading fees, most likely buy the coins for the worst price, and then withdraw it, paying withdrawal fees. The lucky ones will do all these actions without stumbling upon different time-devouring problems that occur on exchanges here and there. Thankfully, there is another way to exchange cryptocurrencies quickly. There are several platforms created straight for that kind of exchange. They don't consume much time, don't collect too much data, and let users convert their coins really fast. In this article, we will review 5 platforms that can be useful for quick crypto coins swaps.
Freewallet
The COVID-19 pandemic triggered many business companies around the world to make special offers in order to bring people relief in the moment of hardship. Freewallet and Changelly came up with the collaborative project providing a highly anonymous platform for quick cryptocurrency exchange. The service can be accessed through the Freewallet account interface. Transactions are cheap as the fees correspond with the fees on Changelly. Transactions take from 2 to 3 minutes. The list of the supported coins includes most of the best-known currencies (BTC, USDT, ETH, XRP, DOGE, XMR, and so on) and numerous ERC20 tokens. Moreover, Freewallet users can swap crypto for one of the available fiat currencies (USD, EURO, or GBP). What makes this feature special is the high anonymity level of transactions. The identities of the traders can be revealed only retroactively by the platform by request of law enforcement.
Swapy
Swapy is a platform that doesn't require placing orders. The Swapy app provides users with access to low liquidity assets of around 10 exchanges by the spot price. Bitcoins, ethers, and tether coins can be quickly converted into one of 70 other cryptocurrencies. The exchange is orchestrated via the "You Send - You Get" form. The registration on the platform is not necessary (but required to access extended options). The fee system is quite unusual and allows users not to spend much money on the coins exchange.
ShapeShift
ShapeShift requires full verification of the user's identity however it still remains one of the most well-known non-custodial exchange platforms. The reason is clear: on ShapeShift users are able to swap the coins in half of a minute! Moreover, the platform has a nice and clear interface. It provides the opportunity to swap roughly 30 cryptocurrencies. The downside of the platform is the fees that are relatively high at times reaching up to 0.5%.
Flyp.me
Flyp.me requires no registration and doesn't subject its users to the KYC checks. This platform provides the opportunity for a quick and fully private exchange of cryptocurrencies. There are around 30 coins including Bitcoin, Litecoin, Dash, available for mutual exchange on Flyp.me. The platform allegedly provides the currencies at the best rates coming from a row of the connected cryptocurrency exchanges. The fee is 0.5%. Users can watch the exchange rate adjusting in real-time. When the rate is fine, the user should click on "Flip now". This action freezes the exchange rate for some time. It gives users relative freedom and a little opportunity to change the coins at a better rate.
Changenow
Unlike most of the platforms providing the instant cryptocurrency swaps, Changenow supports the banking cards. Registration is not required however at times, this service requires passing the KYC check. It happens if the Changenow system marks a certain user's actions as suspicious. If this happens the user cannot apply any actions until the end of the KYC procedure. When the identity is verified and everything is OK, the user is free to continue performing activity on the platform. As for functionality, Changenow boasts 170 supported coins and a total lack of the maximum trading limit. It's understood that most of the popular currencies can be found among these 170 coins. The fee is 0.5%. The transaction time can last up for 15 minutes.
Final Thoughts
As many developers are working on bringing cryptocurrencies closer to a wider audience, the token swap platforms will continue to emerge and progress. Adoption is possible via the ease of use without additional knowledge. Intuitive design and quick solutions to everyday tasks are what make instant currency converters a promising technology.