Recently while analyzing the potential of a low cap gem, I came across a decentralized exchange, which at first gave me some pause and after spending time to learn it came away in a much better place. Exchange Series - 5 of 7 Instaswap
Which Swap are you using?
So as I was doing all of the due diligence on this little low market cap gem to make the go / no go decision, of course part of my questioning is around how to get in and out. Where do you swap it if you're not a HODL'r?
This led me to finding Instaswap. During this time where there seems to be Unicorn swaps on every page it was a little shocking at first to see a bull. Welcomed, but still shocking.
The site was simple and straightforward which leaves you with one of those feelings of, is this really good enough to get the job done? Granted I was on mobile as well, which made it even more sleek.
After adding my source funding, target address as well as an address for a refund if needed, it was literally as quick as the push of a button.
In some ways I realized that I have let myself be programmed by the Uniswaps of the world.
Don't get me wrong, I love Uniswap and think it is brilliant. But in this case, all I needed was 3 addresses? I guess I did have to enter an email to have as a contact, which updates in the process were sent to.
But the fact of the matter is that I didn't need to connect a wallet. I didn't need to create an account. There definitely wasn't any KYC to be requested. Just easy.
The fee structure seemed pretty straight forward but I would say they had some lattitude in setting prices as laid out in their FAQ.
This does beg the question especially during these times of very high fees for some coins. How are the fees paid then and how is that difference made up. I would assume this is coming at the costs of the different price spreads.
Either way, for some of the coins that are covered in Instaswap, and check prices across the various sources, they really didn't seem that far off. If the prices were off by more than a satoshi or two, that wasn't surprising.
Overall, it seemed pretty straight forward.
What are others saying about Instaswap?
When we look across all of the different platforms, I am seeing consistency at least in terms of inconsistency. For example in some of the other exchanges that we have looked at so far in different articles both positive and negative information is out there.
In this case, Trust Pilot results are really favorable for Instaswap with a 4.5 out of 5 rating. I believe this is the highest we have seen so far.
The reviews on trust pilot included everything from timely processing to "getting exactly what they expected". Much of success is around coming through on expectations.
When we look at another source such as Bitcointalk.org there is quite a bit of conversation around InstaSwap looking legit and having been around for a while.
While I always don't appreciate the tone and tenor of many on BTCtalk, what I ABSOLUTELY appreciate is that folks know their stuff! They boot scammers and phishers faster than a dog in the rain and are quick to call someone out if their content is wrong or out of line.
My 2 cents
With my exposure to Instaswap being focused yet limited, I am pleased with the service. You may have read my writings about the 80% solution and what it can do in your life. I find that Instaswap so far, has been the 80% solution.
For the pair you need to swap it's most likely the 100% solution, but only you know what works for you. Always DYOR and make your own decisions. I am just speaking about my experiences and perspective to date.
NOTE: I really appreciate you taking the time to engage. It's really great you're here. Before you go I wanted to share with you one of the other articles that I have put together.
Check it out on Twitter and be sure to follow to see when these come out ahead of everyone else!