BitSwap Review 2024 - Is It Safe?
BitSwap.kr is a cryptocurrency exchange based in East Asia. Today, we will review this exchange and see if it’s worth using.
What Is BitSwap?
BitSwap is a non-custodial cryptocurrency exchange that has been operating since 2019. Based in East Asia, BitSwap says it provides a fast and secure platform for trading cryptocurrencies eliminating the need for intermediaries. The platform supports over 700 cryptocurrencies, including major ones like Bitcoin and Ethereum as well as hundreds of various altcoins.
With its user-friendly interface, competitive fees, and lightning-fast transaction processing, BitSwap seems suitable for beginner and advanced traders. According to the official website, this exchange places a big focus on privacy and security—this is proven by the lack of registration requirements and the ability of users to swap crypto directly from their wallets.
Features
The BitSwap crypto exchange offers a wide range of features that can appeal to crypto users of all levels. Here are some highlights of the platform:
- Non-Custodial Platform: BitSwap doesn’t hold user funds, giving users complete control of their assets. All trades happen directly from the user’s own wallet, enhancing security.
- Support for 700+ Cryptocurrencies: BitSwap has one of the largest selections of supported digital assets, including major coins like Bitcoin and Ethereum and a variety of altcoins and tokens.
- User-Friendly Interface: The platform’s clean and intuitive interface makes trading simple, even for those new to the world of cryptocurrency.
- Lightning-Fast Transactions: BitSwap is known for its rapid trade execution, allowing users to exchange cryptocurrencies almost instantly, with minimal delays.
- 24/7 Customer Support: With 24/7 customer service and a live chat option, BitSwap ensures that users can get assistance anytime they need it, enhancing the overall trading experience. The BitSwap support team speaks both English and Korean.
- No Registration Required: Users can start swapping crypto immediately, without having to enter their email address or any other login credentials.
The one downside is, BitSwap doesn’t offer fixed exchange rates due to the inherent volatility of the crypto market.
BitSwap Fees
BitSwap promises a transparent fee structure with no hidden charges. The non-custodial nature of the platform helps users save on withdrawal fees, as assets are transferred directly between wallets without involving a central exchange wallet. Additionally, there are no deposit fees.
How to Exchange Crypto on BitSwap
Here’s how users can exchange crypto on Bitswap.
First of all, the exchange widget is easily accessible right on the platform’s main page. Enter the amount and select the cryptocurrencies you want to swap.
After clicking the ‘Exchange Now’ button, you must enter your destination wallet address. This crypto wallet should support the cryptocurrency you want to get. Make sure to double-check the address before clicking ‘Next step.’
Next, you need to confirm the exchange details and enter your email address.
Then, the exchange provides you with a wallet address to which you should send your funds. There are clear onscreen instructions and some warnings to minimize the chances of transaction failure or any other issues.
After that, all you have to do is wait. BitSwap claims their transactions usually take 10–30 minutes to complete, and in our experience, that is correct.
Is BitSwap Safe?
BitSwap places a strong emphasis on security and privacy. As a non-custodial exchange, BitSwap does not store user funds, which reduces the risk of hacks or thefts. Their users always have full control of their private keys and can trade directly from their wallets, ensuring that their funds are not exposed to third-party risks. The exchange also does not require users to create an account to exchange crypto, making it a solid option for those who prioritize anonymity in their transactions.
Conclusion
From what we’ve seen, BitSwap seems to be a reputable non-custodial cryptocurrency exchange. It’s also fairly easy to use. With support for over 700 cryptocurrencies, 24/7 live chat support, and fast transactions, BitSwap can be a good option for users who want quick swaps, especially if they’re based in Korea.
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