I’m sorry I wrote you such a long letter. I did not have time to write you a short one.
– Blaise Pascal –
Clearly, Blaise Pascal understood that conveying an important message in just a few words is no easy task. It takes a lot of thoughtfulness and time to speak briefly about a rich topic, as is the case of this article about SwapSpace. Today, we will try to understand SwapSpace in brief, a platform that combines the best of CEX and DEX. Because time is of the essence, this article is an ultimate guide to SwapSpace presented in as compact a format as possible. In just under two minutes, you will be introduced to the salient aspects of SwapSpace. The article is straight to the point, but no important information has been left out.
To illustrate how SwapSpace works, a real example will be taken from an actual transaction done on the platform.
The transaction in this example is to convert 0.7 FARM to USDT. This transaction is particularly important because FARM is not listed on many CEX’s, and so if you need to swap your FARM tokens you would probably swap them on a DEX such as Uniswap. You should know by now that swapping fees on an ETH-based DEX like Uniswap will burn a hole in your pocket (or in your wallet).
Where I started...
I visited the website swapspace.co. The website is very user-friendly even a first-timer will easily find their way around. The homepage looks as follows:
What I did next...
From the homepage, I chose the pair for my transaction, which is FARM to USDT (TRC20). I put in the amount of my FARM I wanted to exchange (0.7 FARM). Note that there are hundreds of assets to choose from (450+), and therefore thousands of pair combinations are possible. I had the option of getting a floating rate or fixed rate exchange. I ticked both. Here’s the difference: with floating rate, you accept to receive fewer or more tokens/coins depending on market volatility during the transaction. Fixed rate means you choose to receive the estimated amount as shown on the exchange. You will have a window of 15 – 120 minutes to make the transaction. Note that prices may vary due to the differences in the risk involved between floating rate and fixed rate.
I was shown two offers available for my transaction from SwapSpace’s exchange partners. The first offer (47.26 USDT) from StealthEX was higher than the second offer (47.22 USDT) from ChangeNOW so I chose the first offer because it was a better deal. Then, I was prompted to enter my USDT (TRC20) address as well as FARM refund address (in case of a disputed transaction and FARM tokens have to be returned to the sender). Then, I accepted the terms and conditions, and pressed “NEXT”.
This page showed me the details of the transaction I was about to make so that I could confirm the transaction if I verified that everything was in order. After confirming the details of the transaction, I had to send a payment from my TRUST Wallet of 0.7 FARM to the showed exchange address. After about 2 – 5 minutes of anxiously (but patiently) waiting, 47 USDT was received in my Trust Wallet.
My final thoughts
What SwapSpace is doing is a revolutionary concept in the crypto space. Based on the above transaction, a few important pros can be noticed, namely:
- SwapSpace website is very easy to use. It is user-friendly, easy to navigate and the interface is fairly simple
- Thousands of crypto pairs to exchange directly. This is something you can’t get on a CEX. If you can get the same pair on a DEX, the swapping fees will discourage you.
- There is no KYC, no log in, and no personal data needed to use the platform.
- It is cheaper than Uniswap and other leading DEX’s
- There is 24/7 customer support in case something goes wrong. You won’t find this feature on a regular DEX.